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Streamline Health® Solutions Reports Q2 Results
Date:9/8/2010

CINCINNATI, Sept. 8 /PRNewswire-FirstCall/ -- Streamline Health Solutions, Inc. (Nasdaq: STRM) today announced financial results for the second quarter of fiscal year 2010, ended July 31, 2010.

Highlights for the quarter included:

  • Revenue for the quarter increased 15% over prior year comparable quarter;
  • System Sales up 118% compared to last year's second quarter;
  • Adjusted EBITDA* for the quarter was up 31% to $999,000 from $760,000 in Q2 of 2009; Net loss for the quarter was $76,000, or $0.01 per share, versus a net loss of $18,000, or $0.00 per share in Q2 of 2009;
  • Awarded purchase contracts for two new accessANYware™ enterprise licenses and three new departmental workflows with total contract values of over $1.5 million; of which $680,000 of systems revenue was recognized during the quarter;  
  • Application hosting recurring revenues increased 7% and 14% respectively, over the prior three and six month periods;
  • New bookings for the quarter, excluding maintenance revenue, increased 71% to $2.0 million sequentially compared to $1.2 million in the previous quarter ended April 30, 2010.

  • Revenues for the quarter totaled $4.7 million, compared to $4.0 million in the prior year second quarter, an increase of 15%. The increase in revenues is primarily attributed to higher license systems sales and increased recurring revenues recognized from application hosting and maintenance contracts. System sales for the quarter increased 118% versus the comparable prior year quarter to $961,000, primarily from contracts sold during the second quarter. Recurring revenues from application-hosted contracts were up 7% for the quarter, or $56,000, due to the growth in hosted customers and the implementation and activation of their software solutions. Recurring maintenance revenue for the quarter increased $54,000 or 3% over the p
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    SOURCE Streamline Health Solutions, Inc.
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