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

ly due to the loss of a large hosted customer that built its own locally-installed solution and commenced operations in July 2008. For the full year, application-hosting service revenues were $2.9 million versus $3.5 million the previous year. Revenue from hosted customers signed in recent quarters will commence over the next few quarters and the Company expects that approximately 85% of the quarterly revenue attributable to that lost client will be replaced by the hosting contracts entered into in fiscal year 2008.

Revenues for fiscal year 2008 were $16.3 million, compared to $16.7 million last year; a decrease of 2%. The Company reported a net loss for the year of $1.4 million, or $(0.15) per fully diluted share, compared with a loss of $736,000, or $(0.08) per fully diluted share last year. During the year the Company was awarded 10 new contracts, eight of which were application-hosting contracts that added approximately $17.0 million to revenue and backlog over the life of those contracts. That compares with four new contracts, one of which was an application-hosting contract, won in fiscal 2007 that generated $6.8 million in combined revenue and backlog.

Throughout the year the Company aggressively managed operating expenses as it executed its shift away from license software transactions to SaaS-based hosted contracts. Additionally, during the third quarter of fiscal 2008 the Company further reduced expenses in order to offset some of the effects of the slower revenue ramp-up and up-front cash needs of the application-hosting model. These actions are expected to lower the Company's cost structure in fiscal 2009 in excess of $700 thousand per quarter exclusive of variable cost of sale expenses, capitalized software amortization, and planned minor increases in headcount and operating expenses planned in fiscal 2009.

Total backlog at the end of the year increased to $26.2 million, primarily as a result of the l
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SOURCE Streamline Health Solutions, Inc.
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