Streamline Health Solutions Reports Q3 Results
CINCINNATI, Dec. 8, 2010 /PRNewswire-FirstCall/ -- Streamline Health Solutions, Inc. (Nasdaq: STRM) today announced financial results for the third quarter of fiscal year 2010, ended October 31, 2010.
Highlights for the quarter included:Revenue for the quarter increased 9% over prior year's comparable quarter; System sales increased 241% compared to last year's third quarter; Adjusted EBITDA* for the quarter increased 140% to $1.2 million from $0.5 million in the third quarter of 2009; Net earnings for the quarter were $95,000, or $0.01 per share, compared to a net loss of $296,000, or $(0.03) per share, in the third quarter of 2009; Company was awarded purchase contracts for one new, and one add-on, accessANYware™ enterprise licenses - total contracts valued at approximately $500,000; of which $300,000 of systems revenue was recognized during the quarter; Company was also awarded a purchase contract for a new enterprise Referral Order Workflow (ROW) license with a total contract value in excess of $400,000; of which $220,000 of systems revenue was added to backlog; Year-to-date application hosting recurring revenues increased 8% over the prior 9 month period; New bookings for the quarter, excluding maintenance revenue, were in excess of $1.2 million; Backlog at quarter's end was $19.5 million; a net increase of $600,000 compared to the end of the second fiscal quarter of 2010.
Revenues for the quarter totaled $4.5 million, compared to $4.1 million in the prior year third quarter, an increase of 9%. The increase in revenues is primarily attributed to higher license systems sales and increased recurring revenues recognized from maintenance contracts. Application-hosting revenues for the third quarter remained consistent with the comparable prior year period. System sales for the quart