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TECSYS Reports Fiscal 2014 Fourth Quarter and Year-End Financial Results, Doubles Annual Net Profit

MONTREAL, QUEBEC -- (Marketwired) -- 07/08/14 -- TECSYS Inc. (TSX: TCS), an industry-leading supply chain management software company, today announced its results for the fourth quarter and 2014 fiscal year, ended April 30th, 2014.

All dollar amounts are expressed in Canadian currency and are prepared in accordance with the International Financial Reporting Standards (IFRS).

Fourth Quarter Highlights:


--  Revenue increased by 12% to $12.5M in Q4 2014 compared to $11.1M in Q4
    2013.
--  EBITDA grew by 68% to $1,258K compared to $748K in Q4 2013.
--  Profit from Operations increased to $757K in Q4 2014, compared to $256K
    in Q4 2013.
--  Net profit increased to $640K or $0.06 per share, compared to $181K or
    $0.02 per share in Q4, 2013.
--  Services revenue improved by 6% to $7.8M and enhanced services profit
    margin to 35% from 29% as the professional services organization
    continued improving their capacity.
--  Recurring revenue on an annualized basis grew to $17.6M, a 15% jump
    compared to the end of Q4 2013, representing 38% of the last twelve
    months trailing revenue.
--  Bookings for the quarter were $9M, including $1.8M in total contract
    value from six new accounts.
--  Go-lives at twelve customers' sites, most notably: one Hospital Network,
    three service parts operations of which two are in the heavy equipment
    industry and the other one is in the imaging industry.
--  Backlog was a record $29.2M at the end of Q4 2014 compared to $27.2M at
    the end of Q4 2013.
--  Cash and cash equivalents amounted to $8.8M compared to $5.3M at the end
    of Q4 2013.
--  Subsequent to the quarter, the Company acquired Logi-D Holding Inc., a
    leading provider of point-of-use technology for supply chain automation
    servicing hospitals and healthcare organizations based in Laval, Quebec
    for a total purchase price of $3.05M.

TECSYS also announced that the Company's Board of Directors has approved changing the dividend policy from a semi-annual basis to a quarterly basis. To this effect, the Board has declared a quarterly dividend of $0.0225 per share, an increase of 12.5%, to be paid on August 6th, 2014 to shareholders of record on July 22nd, 2014.

"In the fourth quarter we continued building momentum, growing our bottom line through improved services margin and realizing higher proprietary product revenues," said Peter Brereton, President and CEO of TECSYS Inc. "The investments we made in the Company started to show their value this year as we improved operationally, and with the acquisition of Logi-D in the first quarter of 2015, we are in an excellent position to accelerate our growth and extend our leadership in our key markets."

Highlights of the 2014 Fiscal Year:


--  Revenue increased 6% to $46.6M compared to $43.8M for the last fiscal
    year. Service revenue increased 10% to $30.2M compared to $27.5M in
    fiscal 2013. Service gross profit margin improved to 35% from 27% last
    fiscal year.
--  Profit from operations was $2.3M for fiscal 2014 compared to $1.3M for
    fiscal 2013, a 77% improvement.
--  EBITDA was $4.1M in fiscal 2014 compared to $3.0M last year.
--  Net profit was $1.8M or $0.16 per share for fiscal 2014 compared to
    $0.9M or $0.08 per share for the same period last year.

Fourth Quarter 2014 Results Conference Call

Date: July 8th, 2014

Time: 4:30 pm EST

Phone number: 800-732-8470 or 416-981-9035

The call can be replayed by calling 800-558-5253 (access code: 21722138) or 416-626-4100 (access code: 21722138).

About TECSYS

TECSYS is a leading supply chain management software provider that delivers powerful enterprise distribution, warehouse and transportation logistics software solutions. The company's customers include over 600 mid-size and Fortune 1000 corporations in healthcare, heavy equipment, third-party logistics, and general wholesale high-volume distribution industries. TECSYS' shares are listed on the Toronto Stock Exchange under the ticker symbol TCS.

The statements in this news release relating to matters that are not historical fact are forward looking statements that are based on management's beliefs and assumptions. Such statements are not guarantees of future performance and are subject to a number of uncertainties, including but not limited to future economic conditions, the markets that TECSYS Inc. serves, the actions of competitors, major new technological trends, and other factors beyond the control of TECSYS Inc., which could cause actual results to differ materially from such statements. More information about the risks and uncertainties associated with TECSYS Inc.'s business can be found in the MD&A section of the Company's annual report and annual information form for the fiscal year ended April 30th, 2013. These documents have been filed with the Canadian securities commissions and are available on our website (www.tecsys.com) and on SEDAR (www.sedar.com).

Copyright © TECSYS Inc. 2014. All names, trademarks, products, and services mentioned are registered or unregistered trademarks of their respective owners.




TECSYS Inc.
Consolidated Statements of Financial Position
As at April 30, 2014 and April 30, 2013
(in thousands of Canadian dollars)

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                              April 30,            April 30,
                                                   2014                 2013
----------------------------------------------------------------------------

Assets

Current assets
  Cash and cash equivalents       $               8,839 $              5,348
  Accounts receivable                             9,076                7,959
  Work in progress                                  524                1,291
  Other accounts receivable                          46                  132
  Tax credits                                     2,704                4,675
  Inventory                                         293                  545
  Prepaid expenses                                1,037                1,153
----------------------------------------------------------------------------
Total current assets                             22,519               21,103
----------------------------------------------------------------------------

Non-current assets
  Restricted cash equivalents                        80                  120
  Non-current receivables                             -                   39
  Tax credits                                     1,350                1,219
  Property and equipment                          2,627                2,928
  Deferred development costs                      4,088                3,317
  Other intangible assets                           508                  544
  Goodwill                                        2,239                2,239
  Deferred tax assets                               714                  710
----------------------------------------------------------------------------
Total non-current assets                         11,606               11,116
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Total assets                      $              34,125 $             32,219
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Liabilities

Current liabilities
  Accounts payable and accrued
   liabilities                    $               5,406 $              4,997
  Loan payable to related party                       -                   70
  Term loan                                       1,000                1,000
  Deferred revenue                                8,326                7,161
----------------------------------------------------------------------------
Total current liabilities                        14,732               13,228
----------------------------------------------------------------------------

Non-current liabilities
  Term loan                                       2,500                3,500
  Other non-current liabilities                     299                  225
----------------------------------------------------------------------------
Total non-current liabilities                     2,799                3,725
----------------------------------------------------------------------------
Total liabilities                                17,531               16,953
----------------------------------------------------------------------------

Equity

  Share capital                                   2,153                1,748
  Contributed surplus                             9,577                9,588
  Retained earnings                               4,864                3,930
----------------------------------------------------------------------------
Total equity attributable to the
 owners of the Company                           16,594               15,266
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Total liabilities and equity      $              34,125 $             32,219
----------------------------------------------------------------------------
----------------------------------------------------------------------------



TECSYS Inc.
Consolidated Statements of Comprehensive Income
Three-month periods and years ended April 30, 2014 and 2013
(in thousands of Canadian dollars, except per share data)

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                      Three Months  Three Months          Year          Year
                             Ended         Ended         Ended         Ended
                         April 30,     April 30,     April 30,     April 30,
                              2014          2013          2014          2013
                       (unaudited)   (unaudited)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Revenue:
  Software products  $       2,749 $       1,986 $       8,081 $       9,307
  Third-party
   hardware and
   software products         1,506         1,421         6,833         5,853
  Services                   7,807         7,376        30,176        27,458
  Reimbursable
   expenses                    389           334         1,468         1,141
----------------------------------------------------------------------------
Total revenue               12,451        11,117        46,558        43,759
----------------------------------------------------------------------------

Cost of revenue:
  Products                   1,351         1,046         5,112         4,263
  Services                   5,112         5,232        19,685        20,072
  Reimbursable
   expenses                    389           334         1,468         1,141
----------------------------------------------------------------------------
Total cost of
 revenue                     6,852         6,612        26,265        25,476
----------------------------------------------------------------------------

Gross profit                 5,599         4,505        20,293        18,283

Operating expenses:
  Sales and
   marketing                 2,406         2,087         8,755         7,796
  General and
   administration            1,080           909         4,050         3,881
  Research and
   development, net
   of tax credits            1,356         1,253         5,223         5,338
----------------------------------------------------------------------------
Total operating
 expenses                    4,842         4,249        18,028        17,015
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Profit from
 operations                    757           256         2,265         1,268
----------------------------------------------------------------------------

Net finance costs               41             5           244           308

----------------------------------------------------------------------------
Profit before income
 taxes                         716           251         2,021           960
----------------------------------------------------------------------------

Income taxes                    76            70           226            75

----------------------------------------------------------------------------
Profit attributable
 to the owners of
 the Company and
 comprehensive
 income for the
 period              $         640 $         181 $       1,795 $         885
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Basic and diluted
 earnings per common
 share               $        0.06 $        0.02 $        0.16 $        0.08
----------------------------------------------------------------------------
----------------------------------------------------------------------------



TECSYS Inc.
Consolidated Statements of Cash Flows
Years ended April 30, 2014 and 2013
(in thousands of Canadian dollars)

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                  Year                 Year
                                                 Ended                Ended
                                             April 30,            April 30,
                                                  2014                 2013
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Cash flows from (used in)
 operating activities:
Profit for the year                $             1,795  $               885
Adjustments for:
  Depreciation of property and
   equipment                                       728                  907
  Depreciation of deferred
   development costs                             1,045                  883
  Depreciation of other intangible
   assets                                          170                  162
  Net finance costs                                244                  308
  Realized foreign exchange gains,
   unrealized foreign exchange
   losses, and other                               122                  109
  Federal non-refundable research
   and development tax credits                    (300)                (300)
  Income taxes                                     199                   75
----------------------------------------------------------------------------
  Operating activities excluding
   changes in non-cash working
  capital items related to
   operations                                    4,003                3,029

  Accounts receivable                           (1,117)                 248
  Work in progress                                 767                 (646)
  Other accounts receivable                         53                  (41)
  Tax credits                                    1,945               (2,647)
  Inventory                                        252                  151
  Prepaid expenses                                 116                   24
  Accounts payable and accrued
   liabilities                                     516                 (751)
  Deferred revenue                               1,165                  496
----------------------------------------------------------------------------
  Changes in non-cash working
   capital items related to
   operations                                    3,697               (3,166)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Net cash from (used in) operating
 activities                                      7,700                 (137)
----------------------------------------------------------------------------

Cash flows (used in) from
 financing activities:
  Repayment of loan to related
   party                                           (70)                 (15)
  Term loan                                          -                5,000
  Repayment of term loan                        (1,000)                (500)
  Issuance of common shares                        130                   59
  Purchase of common shares for
   cancellation and related fees                   (11)                (462)
  Purchase of share options for
   cancellation                                    (20)                (328)
  Payment of dividends                            (861)                (800)
  Interest paid                                   (162)                (100)
----------------------------------------------------------------------------
Net cash (used in) from financing
 activities                                     (1,994)               2,854
----------------------------------------------------------------------------

Cash flows (used in) from
 investing activities:
  Restricted cash equivalents                       40                   40
  Interest received                                 50                   46
  Acquisitions of property and
   equipment                                      (427)                (685)
  Acquisitions of other intangible
   assets                                         (134)                (348)
  Deferred development costs                    (1,816)              (1,686)
  Current and non-current
   receivables from TECSYS Latin
   America Inc.                                     72                   47
----------------------------------------------------------------------------
Net cash used in investing
 activities                                     (2,215)              (2,586)
----------------------------------------------------------------------------

Net increase in cash and cash
 equivalents during the year                     3,491                  131

Cash and cash equivalents -
 beginning of year                               5,348                5,217

----------------------------------------------------------------------------
Cash and cash equivalents - end of
 year                              $             8,839  $             5,348
----------------------------------------------------------------------------
----------------------------------------------------------------------------



TECSYS Inc.
Consolidated Statements of Changes in Equity
Years ended April 30, 2014 and 2013
(in thousands of Canadian dollars, except number of shares)

----------------------------------------------------------------------------
----------------------------------------------------------------------------

                           Share capital  Contributed   Retained      Total
                      Number      Amount      surplus   earnings

----------------------------------------------------------------------------
Balance, April
 30, 2013         11,449,421 $     1,748 $      9,588 $    3,930 $   15,266

  Profit and
   comprehensive
   income for the
   year                    -           -            -      1,795      1,795
----------------------------------------------------------------------------
Total
 comprehensive
 income for the
 year                      -           -            -      1,795      1,795
----------------------------------------------------------------------------

  Normal course
   issuer bid
   fees for
   repurchase of
   common shares           -           -          (11)         -        (11)
  Share options
   exercised          75,000         130            -          -        130
  Fair value
   associated
   with options
   exercised               -         275            -          -        275
  Dividends to
   equity owners           -           -            -       (861)      (861)
----------------------------------------------------------------------------
Total
 transactions
 with owners of
 the Company          75,000         405          (11)      (861)      (467)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Balance, April
 30, 2014         11,524,421 $     2,153 $      9,577 $    4,864 $   16,594
----------------------------------------------------------------------------
----------------------------------------------------------------------------


Balance, April
 30, 2012         11,603,271 $     1,688 $     10,023 $    3,845 $   15,556

  Profit and
   comprehensive
   income for the
   year                    -           -            -        885        885
----------------------------------------------------------------------------
Total
 comprehensive
 income for the
 year                      -           -            -        885        885
----------------------------------------------------------------------------

  Repurchase of
   common shares    (187,300)        (27)        (435)         -       (462)
  Share options
   exercised          33,450          59            -          -         59
  Fair value
   associated
   with options
   exercised               -          28            -          -         28
  Dividends to
   equity owners           -           -            -       (800)      (800)
----------------------------------------------------------------------------
Total
 transactions
 with owners of
 the Company        (153,850)         60         (435)      (800)    (1,175)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Balance, April
 30, 2013         11,449,421 $     1,748 $      9,588 $    3,930 $   15,266
----------------------------------------------------------------------------
----------------------------------------------------------------------------



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