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TECSYS Reports Financial Results for Second Quarter of Fiscal 2017

Recurring Revenue up 15%, Dividend increases by 50%

MONTREAL, QUEBEC -- (Marketwired) -- 12/01/16 -- TECSYS Inc. (TSX:TCS), an industry-leading supply chain management software company, today announced its results for the second quarter of fiscal year 2017, ended October 31, 2016. All dollar amounts are expressed in Canadian currency and are prepared in accordance with International Financial Reporting Standards (IFRS) and are unaudited.

Second Quarter Highlights:


--  Total revenue for Q2 2017 increased to $16.5M, $756K or 5% higher,
    compared to $15.8M for Q2 2016. 
--  Recurring revenue on an annualized basis grew 15% compared to Q2 2016 to
    $26.5M which represents 38% of the last 12 months trailing revenue. 
--  Total gross margin percentage in Q2 2017 was 50% compared to 49% in Q2
    2016. 
--  Operating expenses for Q2 2017 increased to $8.0M, higher by $682K or
    9%, compared to $7.3M for the same three-month period last fiscal year. 
--  EBITDA of $935K in Q2 2017 compared to $1.2M in Q2 2016. 
--  Net profit of $206K, or $0.02 per share, in Q2 2017 compared to $367K,
    or $0.03 per share, for Q2 2016. 
--  Total contract value bookings amounted to $10.9M in Q2 2017 in
    comparison to $13.4M for Q2 2016. 
--  Cash and cash equivalents totalled $11.5M at the end of Q2 2017 compared
    to $9.7M at the end of fiscal 2016. 

"In the second quarter of fiscal 2017, we continued to grow our account base with four new customer contracts signed, including two complex distribution customers, one healthcare organization, and one large hospital network," said Peter Brereton, President and CEO of TECSYS Inc. "Our strategy to grow the complex distribution channel is proving successful with the total contract value signed in the first half of fiscal 2017 already higher than the total amount signed in all of fiscal year 2016".

"New account sales did very well during the quarter with total new account bookings up 50% for the quarter and 30% for the first six months. We experienced some delays in base account upgrades which we believe is attributable to the uncertainty of the U.S. election. Since then, business is coming back to normal and we are optimistic we will be able to execute our strong pipeline in the back-half of our fiscal year.

We were pleased to see our recurring revenues rise by 15% over Q2 of last year. We believe we are entering a new phase in the business with the re-write of our software platform behind us and the heavy ramp up in sales & marketing yielding results and beginning to normalize as a percentage of the business model. With this in mind, the board has decided to increase the dividend by 50% as outlined below. We believe this brings projected dividend payout into the 30-35% of projected free cash flow range." added Mr. Brereton.

Berty Ho-Wo-Cheong, Vice President, Finance & Administration and CFO commented "If we compare the operating expenses during the quarter to the previous year's quarter, we had three significant cost items worth mentioning. First our September user conference, which is held every 18 months, incurred net expenses of approximately $250,000. Second, R&D capitalization during the second quarter was $27K against $280,000 in the second quarter of fiscal 2016. Third, we had an exceptional legal expense that accounted for about $416,000 compared to $162,000 for the same period last year. With a decision rendered in our favour in September, we look forward to potentially recouping a substantial portion of our legal expenses. Adjusting for these costs for both periods, our Profit from Operations in the quarter would have been $959,000 against $383,000 for the same period of last year. We believe that the exceptional legal fees and the R&D capitalization are now behind us.


----------------------------------------------------------------------------
Results                                                 Trailing   Trailing 
 from       3 Months   3 Months   6 Months   6 Months  12 Months  12 Months 
 Operations    Ended      Ended      Ended      Ended      Ended      Ended 
             Oct. 31    Oct. 31    Oct. 31   Oct. 31,   Oct. 31,   Oct. 31, 
                2016       2015       2016       2015       2016       2015 
----------------------------------------------------------------------------
                                                                            
 In thousands of dollars except per share amounts                           
----------------------------------------------------------------------------
Total                                                                       
 Revenue     $16,518    $15,762    $32,615    $30,693    $69,388    $61,417 
----------------------------------------------------------------------------
Gross                                                                       
 Margin       $8,291     $7,790    $15,897    $15,210    $35,512    $30,079 
----------------------------------------------------------------------------
Gross                                                                       
 Margin %         50%        49%        49%        50%        51%        49%
----------------------------------------------------------------------------
Operating                                                                   
 Expenses     $7,971     $7,289    $15,334    $14,502    $31,108    $28,430 
----------------------------------------------------------------------------
Op. Ex. As                                                                  
 % of                                                                       
 Revenue          48%        46%        47%        47%        45%        46%
----------------------------------------------------------------------------
Profit from                                                                 
 Operations     $320       $501       $563       $708     $4,404     $1,649 
----------------------------------------------------------------------------
EBITDA          $935     $1,153     $1,749     $1,984     $6,929     $4,225 
----------------------------------------------------------------------------
EPS            $0.02      $0.03      $0.03      $0.04      $0.38      $0.10 
----------------------------------------------------------------------------
Contract                                                                    
 Bookings    $10,920    $13,415    $16,936    $20,102    $39,029    $48,107 
----------------------------------------------------------------------------

First Half Highlights:


--  Revenue for the first six months of fiscal 2017 was $32.6, up 6% from
    $30.7M in the first half of last fiscal year. 
--  EBITDA for the first half of FY 2017 was $1.7M compared to $2.0M in the
    same period of fiscal 2016. 
--  Profit from operations for the first half of fiscal 2017 was $563K
    compared to $708K in the same period of fiscal 2016. 
--  Net profit for the first six months of fiscal 2017 was $334K, or $0.03
    per share, compared to $436K, or $0.04 per share, for the same period of
    the prior fiscal year. 
--  Total contract bookings for the first six months of fiscal 2017 totalled
    $16.9M. 

The Company has declared a dividend of $0.045 per share to be paid on January 12, 2017 to shareholders of record at the close of business on December 22, 2016.

Pursuant to the Canadian Income Tax Act, dividends paid by the Company to Canadian residents are considered to be "eligible" dividends.


Second Quarter 2017 Results Conference Call                                 
Date: December 2, 2016 Time: 8:30 am EST                                    
Phone number: (416) 981-9001 or (800) 920-3356                              
The call can be replayed by calling (416) 626-4100 or (800) 558-5253 (access
code: 21822170).                                                            

About TECSYS

TECSYS provides transformative supply chain solutions that equip our customers to succeed in a rapidly- changing omni-channel world. TECSYS solutions are built on a true enterprise supply chain platform, and include warehouse management, distribution and transportation management, as well as complete financial management and analytics. Customers running on TECSYS' Supply Chain Platform are confident knowing they can execute, day in and day out, regardless of business fluctuations or changes in technology, they can adapt and scale to any business needs or size, and they can expand and collaborate with customers, suppliers and partners as one borderless enterprise. From demand planning to demand fulfillment, TECSYS puts power into the hands of both front line workers and back office planners, and unshackles business leaders so they can see and manage their supply chains like never before.

TECSYS is the market leader in supply chain solutions for health systems and hospitals. Over 600 mid-size and Fortune 1000 customers trust their supply chains to TECSYS in the healthcare, service parts, 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, 2016. 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. 2016. All names, trademarks, products, and services mentioned are registered or unregistered trademarks of their respective owners.


TECSYS Inc.                                                                 
Condensed Interim Consolidated Statements of Financial Position             
(Unaudited)                                                                 
As at October 31, 2016 and April 30, 2016                                   
(in thousands of Canadian dollars)                                          
                                                                            
----------------------------------------------------------------------------
                                             October 31,           April 30,
                                                    2016                2016
----------------------------------------------------------------------------
                                                                            
Assets                                                                      
                                                                            
Current assets                                                              
  Cash and cash equivalents           $           11,474 $             9,704
  Accounts receivable                             13,504              18,239
  Work in progress                                 1,844                 513
  Other accounts receivable                          935               1,393
  Tax credits                                      4,188               4,893
  Inventory                                          908                 744
  Prepaid expenses                                 1,418               1,622
----------------------------------------------------------------------------
Total current assets                              34,271              37,108
----------------------------------------------------------------------------
                                                                            
Non-current assets                                                          
  Tax credits                                      1,633               1,483
  Property and equipment                           2,453               2,633
  Deferred development costs                       3,161               3,817
  Other intangible assets                          1,674               1,831
  Goodwill                                         3,596               3,596
  Deferred tax assets                              2,229               2,222
----------------------------------------------------------------------------
Total non-current assets                          14,746              15,582
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Total assets                          $           49,017 $            52,690
----------------------------------------------------------------------------
                                                                            
Liabilities                                                                 
                                                                            
Current liabilities                                                         
  Accounts payable and accrued                                              
   liabilities                        $            9,109 $            10,399
  Current portion of long-term debt                1,474               1,455
  Deferred revenue                                10,810              11,205
----------------------------------------------------------------------------
Total current liabilities                         21,393              23,059
----------------------------------------------------------------------------
                                                                            
Non-current liabilities                                                     
  Long-term debt                                   1,153               1,889
  Other non-current liabilities                      291                 296
----------------------------------------------------------------------------
Total non-current liabilities                      1,444               2,185
----------------------------------------------------------------------------
Total liabilities                                 22,837              25,244
----------------------------------------------------------------------------
                                                                            
Equity                                                                      
                                                                            
  Share capital                                    8,349               8,349
  Contributed surplus                              9,577               9,577
  Retained earnings                                8,508               8,913
  Accumulated other comprehensive                                           
   (loss) income                                    (254)                607
----------------------------------------------------------------------------
Total equity attributable to the                                            
 owners of the Company                            26,180              27,446
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            
----------------------------------------------------------------------------
Total liabilities and equity          $           49,017 $            52,690
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            
TECSYS Inc.                                                                 
Condensed Interim Consolidated Statements of Income and Comprehensive       
 Income                                                                     
(Unaudited)                                                                 
Three and six-month periods ended October 31, 2016 and 2015                 
(in thousands of Canadian dollars, except per share data)                   
                                                                            
----------------------------------------------------------------------------
                    Three Months   Three Months   Six Months     Six Months 
                           Ended          Ended        Ended          Ended 
                     October 31,    October 31,  October 31,    October 31, 
                            2016           2015         2016           2015 
----------------------------------------------------------------------------
                                                                            
Revenue:                                                                    
  Proprietary                                                               
   products        $       2,922  $       3,000 $      5,278  $       5,148 
  Third-party                                                               
   hardware and                                                             
   software                                                                 
   products                1,831          2,092        4,001          4,156 
  Services                11,181         10,172       22,200         20,488 
  Reimbursable                                                              
   expenses                  584            498        1,136            901 
----------------------------------------------------------------------------
Total revenue             16,518         15,762       32,615         30,693 
----------------------------------------------------------------------------
                                                                            
Cost of revenue:                                                            
  Products                 1,578          1,914        3,276          3,522 
  Services                 6,065          5,560       12,306         11,060 
  Reimbursable                                                              
   expenses                  584            498        1,136            901 
----------------------------------------------------------------------------
Total cost of                                                               
 revenue                   8,227          7,972       16,718         15,483 
----------------------------------------------------------------------------
                                                                            
Gross profit               8,291          7,790       15,897         15,210 
                                                                            
Operating                                                                   
 expenses:                                                                  
  Sales and                                                                 
   marketing               3,769          3,503        7,355          7,095 
  General and                                                               
   administration          1,719          1,391        3,059          2,760 
  Research and                                                              
   development,                                                             
   net of tax                                                               
   credits                 2,483          2,395        4,920          4,647 
----------------------------------------------------------------------------
Total operating                                                             
 expenses                  7,971          7,289       15,334         14,502 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Profit from                                                                 
 operations                  320            501          563            708 
----------------------------------------------------------------------------
                                                                            
Net finance costs             55             32          151             72 
                                                                            
----------------------------------------------------------------------------
Profit before                                                               
 income taxes                265            469          412            636 
----------------------------------------------------------------------------
                                                                            
Income taxes                  59            102           78            200 
                                                                            
----------------------------------------------------------------------------
                                                                            
Profit                                                                      
 attributable to                                                            
 the owners of the                                                          
 Company           $         206  $         367 $        334  $         436 
----------------------------------------------------------------------------
                                                                            
Other                                                                       
 comprehensive                                                              
 (loss) income:                                                             
  Effective                                                                 
   portion of                                                               
   changes in fair                                                          
   value on                                                                 
   designated                                                               
   revenue hedges           (136)           356         (861)          (227)
----------------------------------------------------------------------------
                                                                            
Comprehensive                                                               
 income (loss)                                                              
 attributable to                                                            
 the owners of the                                                          
 Company           $          70  $         723 $       (527) $         209 
----------------------------------------------------------------------------
                                                                            
Basic and diluted                                                           
 earnings per                                                               
 common share      $        0.02           0.03 $       0.03  $        0.04 
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            
TECSYS Inc.                                                                 
Condensed Interim Consolidated Statements of Cash Flows                     
(Unaudited)                                                                 
Six-month periods ended October 31, 2016 and 2015                           
(in thousands of Canadian dollars)                                          
                                                                            
----------------------------------------------------------------------------
                                           Six Months            Six Months 
                                                Ended                 Ended 
                                          October 31,           October 31, 
                                                 2016                  2015 
----------------------------------------------------------------------------
                                                                            
Cash flows from (used in)                                                   
 operating activities:                                                      
Profit for the period            $                334   $               436 
Adjustments for:                                                            
  Depreciation of property and                                              
   equipment                                      413                   373 
  Depreciation of deferred                                                  
   development costs                              683                   694 
  Depreciation of other                                                     
   intangible assets                              247                   243 
  Gain on disposal of property                                              
   and equipment                                    -                   (12)
  Net finance costs                               151                    72 
  Unrealized foreign exchange                                               
   and others                                     575                   111 
  Non-refundable tax credits                     (457)                 (150)
  Income taxes                                     78                   150 
----------------------------------------------------------------------------
  Operating activities excluding                                            
   changes in non-cash working                                              
   capital items related to                                                 
   operations                                   2,024                 1,917 
                                                                            
  Accounts receivable                           4,735                (1,094)
  Work in progress                             (1,331)                 (505)
  Other accounts receivable                      (598)                 (479)
  Tax credits                                     934                 1,472 
  Inventory                                      (164)                  180 
  Prepaid expenses                                204                   (32)
  Accounts payable and accrued                                              
   liabilities                                 (1,839)                 (643)
  Deferred revenue                               (395)                 (224)
----------------------------------------------------------------------------
  Changes in non-cash working                                               
   capital items related to                                                 
   operations                                   1,546                (1,325)
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Net cash from operating                                                     
 activities                                     3,570                   592 
----------------------------------------------------------------------------
                                                                            
Cash flows used in financing                                                
 activities:                                                                
  Repayment of long-term debt                    (717)                 (727)
  Purchase of share options for                                             
   cancellation                                     -                    (4)
  Payment of dividends                           (739)                 (616)
  Interest paid                                   (49)                  (74)
----------------------------------------------------------------------------
Net cash used in financing                                                  
 activities                                    (1,505)               (1,421)
----------------------------------------------------------------------------
                                                                            
Cash flows (used in) from                                                   
 investing activities:                                                      
  Interest received                                55                    36 
  Acquisitions of property and                                              
   equipment                                     (233)                 (204)
  Proceeds on disposal of                                                   
   property and equipment                           -                    12 
  Acquisitions of other                                                     
   intangible assets                              (90)                  (47)
  Deferred development costs                      (27)                 (679)
----------------------------------------------------------------------------
Net cash used in investing                                                  
 activities                                      (295)                 (882)
----------------------------------------------------------------------------
                                                                            
Net increase (decrease) in cash                                             
 and cash equivalents during the                                            
 period                                         1,770                (1,711)
                                                                            
Cash and cash equivalents -                                                 
 beginning of period                            9,704                10,815 
                                                                            
----------------------------------------------------------------------------
Cash and cash equivalents - end                                             
 of period                       $             11,474   $             9,104 
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            
TECSYS Inc.                                                                 
Condensed Interim Consolidated Statements of Changes in Equity              
(Unaudited)                                                                 
Six-month periods ended October 31, 2016 and 2015                           
(in thousands of Canadian dollars, except number of shares)                 
                                                                            
----------------------------------------------------------------------------
                                                                            
                                                 Share capital   Contributed
                                          Number        Amount       surplus
                                                                            
----------------------------------------------------------------------------
Balance, April 30, 2016               12,315,326       $ 8,349       $ 9,577
                                                                            
  Profit for the period                        -             -             -
  Other comprehensive loss for the                                          
   period:                                                                  
    Effective portion of changes                                            
     in fair value on designated                                            
     revenue hedges                            -             -             -
----------------------------------------------------------------------------
Total comprehensive income (loss)                                           
 for the period                                -             -             -
----------------------------------------------------------------------------
                                                                            
  Dividends to equity owners                   -             -             -
----------------------------------------------------------------------------
Total transactions with owners of                                           
 the Company                                   -             -             -
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Balance, October 31, 2016             12,315,326       $ 8,349       $ 9,577
----------------------------------------------------------------------------
                                                                            
                                                                            
Balance, April 30, 2015               12,315,326       $ 8,349       $ 9,577
                                                                            
  Profit for the period                        -             -             -
  Other comprehensive loss for the                                          
   period:                                                                  
    Effective portion of changes                                            
     in fair value on designated                                            
     revenue hedges                            -             -             -
----------------------------------------------------------------------------
Total comprehensive income (loss)                                           
 for the period                                -             -             -
----------------------------------------------------------------------------
                                                                            
  Dividends to equity owners                   -             -             -
----------------------------------------------------------------------------
Total transactions with owners of                                           
 the Company                                   -             -             -
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Balance, October 31, 2015             12,315,326       $ 8,349       $ 9,577
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            

TECSYS Inc.                                                                 
Condensed Interim Consolidated Statements of Changes in Equity              
(Unaudited)                                                                 
Six-month periods ended October 31, 2016 and 2015                           
(in thousands of Canadian dollars, except number of shares)                 
                                                                            
----------------------------------------------------------------------------
                                                                            
                                     Accumulated       Retained       Total 
                                           other                            
                                   comprehensive       earnings             
                                   income (loss)                            
----------------------------------------------------------------------------
Balance, April 30, 2016                    $ 607        $ 8,913    $ 27,446 
                                                                            
  Profit for the period                        -            334         334 
  Other comprehensive loss for the                                          
   period:                                                                  
    Effective portion of changes                                            
     in fair value on designated                                            
     revenue hedges                         (861)             -        (861)
----------------------------------------------------------------------------
Total comprehensive income (loss)                                           
 for the period                             (861)           334        (527)
----------------------------------------------------------------------------
                                                                            
  Dividends to equity owners                   -           (739)       (739)
----------------------------------------------------------------------------
Total transactions with owners of                                           
 the Company                                   -           (739)       (739)
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Balance, October 31, 2016                 $ (254)       $ 8,508    $ 26,180 
----------------------------------------------------------------------------
                                                                            
                                                                            
Balance, April 30, 2015                     $ 95        $ 5,341    $ 23,362 
                                                                            
  Profit for the period                        -            436         436 
  Other comprehensive loss for the                                          
   period:                                                                  
    Effective portion of changes                                            
     in fair value on designated                                            
     revenue hedges                         (227)             -        (227)
----------------------------------------------------------------------------
Total comprehensive income (loss)                                           
 for the period                             (227)           436         209 
----------------------------------------------------------------------------
                                                                            
  Dividends to equity owners                   -           (616)       (616)
----------------------------------------------------------------------------
Total transactions with owners of                                           
 the Company                                   -           (616)       (616)
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Balance, October 31, 2015                 $ (132)       $ 5,161    $ 22,955 
----------------------------------------------------------------------------
                                                                            
                                                                            

Contacts:
Solutions and general info: [email protected]
Investor relations: [email protected]
(514) 866-5800 ext. 4120
Media relations: [email protected]

TECSYS Inc.
(514) 866-0001 or (800) 922-8649

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