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Streamline Health(R) Solutions Reports First Quarter Results
Date:6/9/2009

CINCINNATI, June 9 /PRNewswire-FirstCall/ -- Streamline Health Solutions, Inc. (Nasdaq: STRM) today announced financial results for the first quarter, ended April 30, 2009.

Highlights for the quarter included:

  • Company wins new multi-facility Canadian health institution contract;
  • Total Operating Expenses declined by 16%;
  • Year-over-Year Backlog up 59%;
  • Net income: $16,000 vs net loss of $0.8 million in Q1 2008;
  • EPS: $0.00 vs. $(0.09) in comparable quarter last year.

Revenues for the first quarter of 2009 were $3.8 million compared to $3.6 million in the first quarter in 2008. Net earnings for the quarter were $16,000, or $0.00 per fully diluted share, compared to a net loss of $815,000, or $(0.09) per fully diluted share, in the first quarter of 2008.

Systems sales increased 12% to $347,000 in the first quarter of 2009 when compared with the first quarter of 2008. The increase in system sales for the quarter was attributed to increases in software license sales.

Services, maintenance and support revenues for the first quarter totaled $2.7 million, reflecting a 12% increase over the $2.4 million of services, maintenance and support revenues in the first quarter of 2008. Revenue growth was principally driven by a $195,000 increase in maintenance revenues and an $89,000 increase in professional services revenues.

J. Brian Patsy, Chief Executive Officer of Streamline Health, commented, "During the quarter we operated more efficiently and consequently profitably, as revenues increased over the prior comparable quarter. We continue to make progress in moving this business forward to the point of becoming consistently profitable; that is our main strategic g
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SOURCE Streamline Health Solutions, Inc.
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