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Streamline Health Solutions, Inc. Reports Fourth Quarter Results
Date:4/9/2009

he fourth quarter of 2008 was $146,000, or $(0.02) per fully diluted share, compared to net income of $776,000, or $0.08 per fully diluted share, in the fourth quarter of 2007.

During the fourth quarter of 2008, two new hosting contracts were signed and one existing application-hosting contract was renewed. These contracts expand the Company's backlog by approximately $1.1 million in future hosting revenues.

J. Brian Patsy, Chief Executive Officer of Streamline Health, commented, "We continue to make progress in strategically shifting our business toward our SaaS-based hosted model and the recurring revenue benefit that it will provide. During fiscal year 2008, we increased our backlog by 64 percent to $26.2 million. Based on all our contracts in place as of today, our anticipated recurring revenue, backlog fulfillment and scheduled professional services revenue for fiscal 2009 is in the $16 million to $17 million range, exclusive of any generated new business. We believe that the stage is now set for consistently improving operational and financial performance going forward. The trade-off in focusing on SaaS-based hosted model is giving up short-term revenue recognition in return for achieving long-term revenue visibility. While the challenges endured in 2007 and 2008 were significant and sometimes painful, as we executed this strategic shift, we believe that the more predictable nature of our business going forward justifies confronting those challenges.

"Furthermore," Mr. Patsy added, "we have signed another major new international contract, within the past 30 days, to implement our next generation workflow solutions at another large public sector health network in Canada. This is the second major contract obtained through our partnership with Telus Health - backed by Emergis. We are very excited about our expanding international opportunities through our Telus Health relationship, and we hope to announce spe
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SOURCE Streamline Health Solutions, Inc.
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