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Streamline Health Solutions, Inc. Reports Third Quarter Results
Date:12/15/2008

CINCINNATI, Dec. 15 /PRNewswire-FirstCall/ -- Streamline Health Solutions, Inc. (Nasdaq: STRM) today announced the financial results for the third fiscal quarter and first nine months ended October 31, 2008.

Highlights of the quarter and the nine-month periods included:

  • Revenues increased 11% versus comparable quarter in the previous year;
  • Backlog increased by 62% versus October 31, 2007
  • Year-to-date company has won 8 total new contracts compared to 4 all of last year;
  • New contracts are primarily application-hosting services contracts which will generate increased levels of recurring revenue;
  • Cost reduction program expected to generate $800,000 in quarterly savings.

Revenues for the fiscal third quarter increased 11% to $4.4 million, compared with $3.9 million reported in the third quarter of last year. The operating profit for the quarter was $26,000 compared with $16,000 in the comparable quarter last year. Net earnings for the third quarter was $15,000, or $0.00 per basic and diluted common share, compared with net earnings of $3,000, or $0.00 per basic and diluted common share in the third quarter of last year.

During the quarter, three total contracts, including two more application-hosting services contracts were signed. One of the hosting contracts was a renewal and a major system expansion with an existing customer, and the other was a new client. Together these two hosting clients will generate future hosting fees exceeding $8.2 million and total revenue contribution of approximately $9 million.

J. Brian Patsy, Chief Executive Officer of Streamline Health, commented, "We are strategically shifting our business toward our application-hosting model wi
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SOURCE Streamline Health Solutions, Inc.
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