CINCINNATI, Dec. 8, 2010 /PRNewswire-FirstCall/ — Streamline
Health Solutions, Inc. (Nasdaq:
STRM) today announced financial results for the third quarter
of fiscal year 2010, ended October 31, 2010.
Highlights for the quarter included:
Revenue for the quarter increased 9% over prior year’s comparable
quarter; System sales increased 241% compared to last year’s third
quarter; Adjusted EBITDA* for the quarter increased 140% to $1.2
million from $0.5 million in the third quarter of 2009; Net
earnings for the quarter were $95,000, or $0.01 per share, compared
to a net loss of $296,000, or $(0.03) per share, in the third
quarter of 2009; Company was awarded purchase contracts for one
new, and one add-on, accessANYware™ enterprise licenses –
total contracts valued at approximately $500,000; of which $300,000
of systems revenue was recognized during the quarter; Company was
also awarded a purchase contract for a new enterprise Referral
Order Workflow (ROW) license with a total contract value in excess
of $400,000; of which $220,000 of systems revenue was added to
backlog; Year-to-date application hosting recurring revenues
increased 8% over the prior 9 month period; New bookings for the
quarter, excluding maintenance revenue, were in excess of $1.2
million; Backlog at quarter’s end was $19.5 million; a net increase
of $600,000 compared to the end of the second fiscal quarter of
2010.
Revenues for the quarter totaled $4.5 million, compared to $4.1
million in the prior year third quarter, an increase of 9%. The
increase in revenues is primarily attributed to higher license
systems sales and increased recurring revenues recognized from
maintenance contracts. Application-hosting revenues for the third
quarter remained consistent with the comparable prior year period.
System sales for the quart
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