Navigation Links
Authentidate Holding Corp. Reports Fiscal 2009 Second Quarter Results
Date:2/12/2009

BERKELEY HEIGHTS, N.J., Feb. 12 /PRNewswire-FirstCall/ -- Authentidate Holding Corp. (Nasdaq: ADAT), a worldwide provider of secure Health Information Exchange and workflow management services, today announced financial results for the fiscal 2009 second quarter ended December 31, 2008.

Ben Benjamin, President of Authentidate, stated, "Revenue growth slowed during the second quarter of fiscal 2009 as poor economic conditions impacted our results. Although total revenues were down slightly from the prior year and the first quarter of fiscal 2009, we reduced our net loss as a result of our cost management activities and we have continued to reduce our operating cash needs. We believe we are well positioned to benefit from emerging trends in the healthcare market and remain confident that demand for our products and services will grow as healthcare providers search for solutions to reduce costs and enhance patient care."

Total revenue for the three months ended December 31, 2008 was approximately $1,604,000 compared to $1,661,000 for the same period last year. These results reflect an increase of approximately 27% in U.S. revenues, which was offset by a decrease in revenues from our German operation due to the timing of certain contract awards. Compared to the first quarter of fiscal 2009, total revenues decreased approximately 5% reflecting the timing of contract awards, the strengthening dollar and a slight decrease in transaction volume during the current quarter.

Net loss for the second quarter of fiscal 2009 decreased to $2,554,000, or $0.07 per share, compared to $5,476,000, or $0.16 per share, for the same period last year. The net loss for the current period includes the write-off of approximately $900,000, or $0.03 per share, of deferred deal expenses related to the termination of the Parascript merger. The prior year period includes approximately $2,262,000, or $0.07 per share, for incremental legal, professional service and accrued severance expenses.

Total revenue for the six months ended December 31, 2008 increased 22% to approximately $3,294,000 compared to $2,709,000 for the same period last year. These results reflect an increase of approximately 34% in U.S. revenues and growth from our German operations of approximately 14%.

Net loss for the six months ended December 31, 2009 decreased to $5,000,000, or $0.15 per share, compared to $10,059,000, or $0.29 per share, for the same period last year. The net loss for the current period includes the write-off of approximately $900,000, or $0.03 per share, of deferred deal expenses related to the termination of the Parascript merger. The prior year period includes approximately $3,380,000, or $0.10 per share, for incremental legal fees, professional service and accrued severance expenses.

As of December 31, 2008, the Company's cash and cash equivalents, and marketable securities totaled $11,344,000 and deferred revenue totaled $1,365,000.

Mr. Benjamin continued, "Consistent with the new strategy we announced in January 2008, we have worked during the past year to expand our addressable market with the introduction of new modules for our Inscrybe Healthcare platform and the addition of our telemedicine products and services through our ExpressMD joint venture. Using our solutions, customers can, among other things, automate complex workflows and reduce costs without negatively impacting the quality of care they provide. Given the current economy and the focus on improving healthcare by the new administration in Washington D.C., we believe healthcare providers will be under even greater pressure to implement cost saving solutions that streamline their operations."

"Looking forward, we believe there are significant opportunities for us in the healthcare market and we will be working to capitalize on these opportunities over the next several quarters and beyond." concluded Mr. Benjamin.

Conference Call

Management will host a conference call on Thursday, February 12, 2009, at 4:30 p.m. ET, to discuss the latest corporate developments and results. The dial-in number for callers in the U.S. is (888) 562-3356 and the dial in number for international callers is (973) 582-2700. The access code for all callers is 82931565. To access the live webcast, visit www.authentidate.com, click the "About Us" link, followed by "Investor Relations" on the drop-down menu and then the "IR Events & Presentations" link. Following the conclusion of the call, the webcast will remain on the Company's website for review within the fiscal year.

A dial-in replay of the call will be available through February 25, 2009. To access the replay, please dial (800) 642-1687 in the U.S. and (706) 645-9291 internationally, and then enter the access code 82931565.

About Authentidate Holding Corp.

Authentidate Holding Corp. is a worldwide provider of secure Health Information Exchange and workflow management services. The company's software and web-based services enable healthcare organizations and other enterprises to increase revenues, improve productivity and reduce costs by eliminating paper and manual work steps from clinical, administrative and other processes and enhancing compliance with regulatory requirements. The web-based services are delivered as Software as a Service (Saas) to customers. These solutions incorporate rules-based electronic forms, intelligent routing, transaction management, electronic signatures, identity credentialing, content authentication and automated audit trails. Both web and fax based communications are integrated into automated and trusted workflow solutions. The company has offices in the United States and Germany. In the United States we offer our patent pending content authentication technology in the form of the United States Postal Service(R) Electronic Postmark(R) (EPM).

For more information, visit the company's website at http://www.authentidate.com.

This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Act of 1934. When used in this release, the words "believe," "anticipate," "think," "intend," "plan," "will be," "expect," and similar expressions identify such forward-looking statements. Such statements regarding future events and/or the future financial performance of the Company are subject to certain risks and uncertainties, which could cause actual events or the actual future results of the Company to differ materially from any forward-looking statement. Such risks and uncertainties include, among other things, the availability of any needed financing, the Company's ability to implement its business plan for various applications of its technologies, related decisions by the USPS, the impact of competition, the management of growth, and the other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission. In light of the significant risks and uncertainties inherent in the forward-looking statements included herein, the inclusion of such statements should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.

Authentidate is a registered trademark of Authentidate Holding Corp. and Inscrybe is a trademark of Authentidate Holding Corp. All other trade names are the property of their respective owners.

This press release is available on the KCSA Strategic Communications Web site at www.kcsa.com.

    Investor Contacts:
    Todd Fromer / Garth Russell
    KCSA Strategic Communications
    212-896-1215 / 212-896-1250
    tfromer@kcsa.com / grussell@kcsa.com

    Media Contacts:
    Erika Kay
    KCSA Strategic Communications
    212-896-1208
    ekay@kcsa.com


                   Authentidate Holding Corp. and Subsidiaries
                      Condensed Consolidated Balance Sheets

                                                       December 31,  June 30,
                                                            2008      2008
    (in thousands, except per share data)               (unaudited)
    -------------------------------------               -----------  --------

    Assets
    Current assets
        Cash and cash equivalents                           $1,923    $4,493
        Restricted cash                                        512       512
        Marketable securities                                8,421     6,375
        Accounts receivable, net                             1,003     1,287
        Prepaid expenses and other current assets              835       671
                                                               ---       ---
                  Total current assets                      12,694    13,338
    Marketable securities                                    1,000     3,950
    Property and equipment, net                                780     1,014
    Note receivable, net of deferred gain of $2,000              -         -
    Other assets
        Software development costs, net                      2,506     2,533
        Goodwill                                             7,341     7,341
        Other assets                                         1,296     1,375
        Assets held for sale                                 2,000     2,000
                                                             -----     -----
                  Total assets                             $27,617   $31,551
                                                           =======   =======

    Liabilities and Shareholders' Equity
    Current liabilities
        Accounts payable and accrued expenses               $2,036    $1,850
        Deferred revenue                                     1,225     1,273
        Other current liabilities                              325        97
                                                               ---       ---
                  Total current liabilities                  3,586     3,220
    Long-term deferred revenue                                 140       140
                                                               ---       ---
                  Total liabilities                          3,726     3,360
                                                             -----     -----
    Commitments and contingencies
    Shareholders' equity
        Preferred stock $.10 par value; 5,000
         shares authorized Series B, 28 shares
         issued and outstanding                                  3         3
        Common stock, $.001 par value; 75,000
         shares authorized, 34,645 and 34,537
         issued and outstanding on December 31,
         2008 and June 30, 2008, respectively                   35        35
    Additional paid-in capital                             166,057   165,681
    Accumulated deficit                                   (142,041) (137,006)
    Accumulated other comprehensive loss                      (163)     (522)
                                                              ----      ----
                  Total shareholders' equity                23,891    28,191
                                                            ------    ------
                  Total liabilities and shareholders'
                   equity                                  $27,617   $31,551
                                                           =======   =======



                    Authentidate Holding Corp. and Subsidiaries
                  Condensed Consolidated Statements of Operations
                                    (Unaudited)

                                            Three Months        Six Months
                                                Ended             Ended
                                            December 31,       December 31,
                                            ------------       ------------
    (in thousands, except per share data)    2008     2007    2008      2007
    -------------------------------------    ----     ----    ----      ----

    Revenues
      Software licenses and support          $937   $1,134   $1,920    $1,681
      Hosted software services                667      527    1,374     1,028
                                              ---      ---    -----     -----
        Total revenues                      1,604    1,661    3,294     2,709
                                            -----    -----    -----     -----

    Operating expenses
      Cost of revenues                        611      537    1,346       991
      Selling, general and administrative   2,946    5,689    5,773    10,246
      Product development                     386      922      809     1,694
      Depreciation and amortization           351      419      704       798
                                              ---      ---      ---       ---
        Total operating expenses            4,294    7,567    8,632    13,729
                                            -----    -----    -----    ------

        Operating loss                     (2,690)  (5,906)  (5,338)  (11,020)

    Other income, net                         136      430      338       961

                                          -------  -------  -------  --------
        Net loss                          $(2,554) $(5,476) $(5,000) $(10,059)
                                          =======  =======  =======  ========


    Basic and diluted loss per share       $(0.07)  $(0.16)  $(0.15)   $(0.29)
                                           ======   ======   ======    ======


'/>"/>
SOURCE Authentidate Holding Corp.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Authentidate Holding Corp. to Report Second Quarter Fiscal 2009 Results on Thursday, February 12, 2009
2. Authentidate Announces Termination of Merger Agreement With Parascript, LLC
3. WILLCARE Chooses Authentidates Inscrybe(TM) Healthcare Service to Streamline Operations and Enhance Business Growth
4. Authentidate and EncounterCare Form ExpressMD Solutions Joint Venture to Provide Telehealth Vital Signs Monitoring Systems Designed to Improve Chronic Illness Care for Patients
5. Authentidate Holding Corp. Announces Results From Annual Meeting of Stockholders
6. Leading Provider United Seating & Mobility Implements Authentidates Inscrybe Healthcare Platform to Standardize and Streamline Administrative Processes
7. Wheelchair Professionals Selects Authentidates Inscrybe Healthcare Platform to Streamline Mobility Order Processing
8. Advanced Home Care Extends Its Use of Authentidates Inscrybe(TM) Healthcare Platform
9. Hays AG Integrates Authentidate(R) Signature Solution for Electronic Invoicing
10. Authentidate Holding Corp. to Report Fourth Quarter and Fiscal 2007 Year End Results on Thursday, September 13, 2007
11. Innophos Holdings, Inc. Elects John M. Steitz as New Independent Director
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/2/2016)... ... December 02, 2016 , ... ‘Tis the season for giving! Today, 20 creative ... National Family Partnership and the Drug Enforcement Administration as part of the National Red ... 10 winning schools who decorated their campuses with this year’s Red Ribbon Week theme: ...
(Date:11/30/2016)... , ... November 30, 2016 , ... ... they now offer a comprehensive in-house dental plan for all patients. Understanding that ... a plan that gives patients a number of perks, including discounts on many ...
(Date:11/30/2016)... ... November 30, 2016 , ... ... Deloitte Wisconsin 75, an annual ranking and recognition of the largest closely held ... list, having ranked from 2008-2016. In addition, Standard Process was awarded the Talent ...
(Date:11/30/2016)... ... November 30, 2016 , ... Center For ... announced the opening of a new residential mental health treatment program in Chino ... issues such as severe anxiety, depression, bi-polar disorder, and other related issues. , ...
(Date:11/30/2016)... ... November 30, 2016 , ... ... and stylish design wanted by today’s consumers at an affordable price, is now ... says the new watch is “a game changer” when it comes to the ...
Breaking Medicine News(10 mins):
(Date:12/2/2016)... bioLytical Laboratories, ein Weltführer bei schnellen Tests für ... Apothekenbundes von Kenia eingeführt. Continue Reading ... ... Test! (PRNewsFoto/bioLytical Laboratories) ... http://photos.prnewswire.com/prnh/20161201/444905 ) bioLytical wurde durch die ...
(Date:12/2/2016)... , December 2, 2016 Orthopedic Implants ... Support) is Expected to Gain a Significant Market Share Owing ... Ailments  ... According to a new ... Medical Implants Sterile Packaging: Clamshell Product Type Segment Projected to ...
(Date:12/2/2016)... December 2, 2016 On Thursday, the ... in red, while the Dow Jones Industrial Average managed to ... of US markets, which prompted Stock-callers this morning to look ... (NASDAQ: NUVA ), Smith & Nephew PLC (NYSE: ... NXTM ), and Cesca Therapeutics Inc. (NASDAQ: KOOL ...
Breaking Medicine Technology: