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SXC Health Solutions announces second quarter financial results
Date:8/7/2008

HCIT segment was comprised of $34.9 million of recurring revenue and $12.3 million of non-recurring revenue, compared to $35.1 million and $12.3 million, respectively, in the same period last year. Recurring revenue consisted of transaction processing revenue of $26.5 million, down 1% from $26.9 million last year, and maintenance revenue of $8.3 million compared to $8.2 million last year. Overall, recurring revenue accounted for 74% of HCIT revenue for the YTD period, compared to 74% in the same period last year.

Non-recurring revenue for the YTD period consisted of system sales revenue of $5.5 million, down from $5.7 million last year, and professional service revenue of $6.9 million, up from $6.6 million last year.

Product Development Costs

Q2 2008 product development costs were $2.5 million compared to $2.6 million for Q2 2007. Product development costs for the YTD period were $4.9 million, compared to $5.6 million in the prior year period.

Selling, General and Administration ("SG&A") Costs

Q2 2008 SG&A costs were $19.6 million compared to $7.0 million for Q2 2007. SG&A for the YTD period was $25.4 million compared to $13.2 million in the same period last year. $10.7 million of the increase for the Q2 and YTD periods is attributable to the operating expenses related to the April 2008 purchase of NMHC. Also included in the Q2 and YTD SG&A totals is approximately $1.8 million in severance expense.

Adjusted EBITDA(1)

Q2 2008 adjusted EBITDA was $9.6 million compared to $4.9 million for Q2 2007. For the YTD period, adjusted EBITDA was $15.9 million compared to $11.2 million in the same period last year. Adjusted EBITDA increased year-over-year due in part to the addition of the NMHC business, the increase in overall revenue, in particular the multi-million dollar high margin systems sales contract with CVS, synergies generated from the acquisition, and offset in part by the operating expenses related to the purchase of
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SOURCE SXC Health Solutions Inc.
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