Streamline Health Solutions, Inc. Reports Fourth Quart... ( CINCINNATI Ohio April 9 /- Streamli...)

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Streamline Health Solutions, Inc. Reports Fourth Quarter Results

Date:4/9/2009

CINCINNATI, Ohio, April 9 /PRNewswire-FirstCall/ -- Streamline Health Solutions, Inc. (Nasdaq: STRM) today announced financial results for the fourth quarter and the fiscal year 2008, ended January 31, 2009.

Reflective of the Company's shift to the Software as a Service (SaaS) recurring revenue model, highlights of the fiscal year 2008 included:

SaaS-based hosting backlog increased to $13 million compared to $3 million at the end of the previous year; a 330% increase;

Total Company backlog increased 64% to $26.2 million;

The Company expects approximately 50% of the total backlog to be recognized as revenue in fiscal 2009;

The Company was awarded 10 new contracts during fiscal 2008 that added approximately $17 million to revenue and backlog over the life of those contracts, compared to 4 new contracts in fiscal 2007; 8 of the 10 new contracts were hosting contracts;

Recent cost reduction initiatives are generating in excess of $700 thousand in quarterly savings, exclusive of variable cost of sale expenses, capitalized software amortization and minor increases in headcount and operating expenses planned in fiscal 2009; and

The Company was cash flow positive for the fiscal year.

Revenues for the fourth quarter of 2008 were $3.4 million compared to $5.7 million in the fourth quarter in 2007, which benefited from a large system sale of nearly $1.9 million through one of the Company's remarketing partners. Net loss for t
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SOURCE Streamline Health Solutions, Inc.
Copyright©2009 PR Newswire.
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