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sylogist February 11 , 2021 Q1 Fiscal 2021 Results : Revenue Growth & Strong Profitability Continues , Dividend Declared - CALGARY , February 11 , 2021 / Marketwired / Sylogist Ltd. ( TSXV : SYZ ) ( " Sylogist " or the " Company " ) , a provider of enterprise information management solutions , is pleased to announce its unaudited financial results for the first quarter of the 2021 fiscal year , ended December 31 , 2020 . Q1 2021 Summary ( comparisons are to Q1 2020 , unless otherwise noted ) • • • • Total Revenues were $ 9.5 million , compared to $ 8.8 million in the first quarter of fiscal 2020 , an increase of 7 % . Gross Profit of $ 7 million , compared to $ 6.8 million in the same period in the prior year , an increase of 2 % . Gross Profit Margin was 73 % , compared to 77 % in the first quarter of 2020 . Profit before income tax of $ 2.8 million , compared to a loss before income taxes of $ 8.6 million in the first quarter of 2020. ( Q1 '20 period reflected a one - time charge for the buy out of senior executives ' historical compensation arrangements ) . Adjusted EBITDA ( 1 ) of $ 4.9 million , compared to $ 5.2 million in the same period last year . • Adjusted EBITDA Margin ( 1 ) of 52 % , compared to 59 % in the first quarter of 2020 . • • • • • • • • Adjusted EBITDA per share ( 1 ) of $ 0.21 per share , compared to $ 0.22 per share in the first quarter of fiscal 2020 . Cash generated from operating activities ( before non - cash changes in working capital ) totalled $ 4.9 million ( $ 0.20 per share ) , compared to cash used in operations ( before non- cash changes in working capital ) of $ 6.7 million ( $ 0.28 per share ) in Q1 2020 . The Company paid regular dividends to shareholders totalling $ 3 million during the quarter , compared to $ 2.4 million in same period of fiscal 2020 , an increase of 25 % . Working Capital was $ 32.3 million , or $ 1.35 per share , compared to $ 30.2 million or $ 1.27 per share in Q1 2020 , an increase of 7 % . Adjusted Working Capital ( 1 ) was $ 42.6 million , or $ 1.78 per share , compared to $ 40.8 million or $ 1.71 per share in Q1 2020 , an increase of 5 % . Combined tax pools at the end of the first quarter 2021 totalled approximately $ 12.7 million ( CAD ) . During the three - month period ended December 31 , 2020 , the Company repurchased 68,400 shares at an average price of $ 10.56 . The Company's Board of Directors approved a quarterly dividend of $ 0.125 per common share for shareholders of record as of February 26 , 2021 to be paid on March 10 , 2021 , which is to be treated as an eligible dividend under the Income Tax Act ( Canada ) . Bill Wood , President and CEO of Sylogist commented , " Q1 delivered strong financial performance . We grew revenue while maintaining very strong profit margins , despite market headwinds from 1