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Streamline Health Solutions Reports Q3 Results
Date:12/8/2010

er increased 241% versus the third quarter of 2009 to $579,000. The Company incurred a net profit of $95,000, or $0.01 per fully diluted share, for the quarter ended October 31, 2010, compared to a net loss of $296,000, or $(0.03) per fully diluted share, in the prior year quarter.

Total recurring revenues increased $189,000 or 7% over the prior year third quarter driven by a $217,000 or 12% increase in recurring maintenance revenue and partially offset by a $28,000 reduction in hosting contract revenue for the quarter. The results for the quarter were also impacted by a $233,000 decrease in professional services revenues from the prior comparable quarter, primarily due to customer delays in implementations.  

New bookings for the third quarter, excluding maintenance services, were in excess of $1.2 million. Highlights of the new bookings included a new enterprise license contract signed through our international remarketing partner; a large add-on enterprise license sale signed with a Texas hospital and a Referral Order Workflow solution also sold to a Texas hospital.  

Backlog at October 31, 2010 was $19.5 million, compared with $18.9 million at July 31, 2010 and $22.6 million at October 31, 2009. The increase in the sequential backlog since July 31, 2010 was primarily the result of increased maintenance commitments received during the third quarter of 2010 and the impending delivery of the Referral Order Workflow solution sold during the third quarter that will take place in the upcoming fourth quarter. The delivery of accessANYware 5.0 to our Canadian customer in the fourth quarter of fiscal 2009 and the recognition of approximately $2.0 million of that revenue in that quarter was the main driver in the year-over-year backlog decrease. Current backlog was also impacted by the recognition of revenue for application-hosted and maintenance contracts that were in the prior backlog totals.

Adjusted EBITDA* (a non-GAAP measure) fo
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SOURCE Streamline Health Solutions, Inc.
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