Streamline Health Solutions, Inc. 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 26, 2007
Streamline Health Solutions, Inc.
(Exact name of registrant as specified in its charter)
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Delaware
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0-28132
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31-1455414 |
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.) |
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10200 Alliance Road, Suite 200, Cincinnati, OH
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45242-4716 |
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(Address of principal executive offices)
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(Zip Code) |
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Registrants
telephone number, including area code (513) 794-7100 |
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
TABLE OF CONTENTS
Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On November 26, 2007, Streamline Health Solutions, Inc. (Streamline Health) issued the press
release attached hereto as Exhibit 99.1, which press release contains financial information about
Streamline Healths third fiscal quarter ended October 31, 2007. The information hereunder shall
not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934
(the Exchange Act) or otherwise subject to the liabilities of that section, nor shall it be
incorporated by reference into a filing under the Securities Act of 1933 or the Exchange Act,
except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits
(c) Exhibits
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EXHIBIT |
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NUMBER |
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DESCRIPTION |
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99.1
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News Release of Streamline Health
Solutions, Inc. dated November 26, 2007 Third Quarter Earnings News Release |
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Signatures
Pursuant to the requirements of the Securities Act of 1934, registrant has duly caused this report
to be signed on its behalf by the undersigned hereunto duly authorized.
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Streamline Health Solutions, Inc.
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Date: November 26, 2007 |
By: |
/s/ Paul W. Bridge, Jr.
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Paul W. Bridge, Jr. |
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Chief Financial Officer |
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2
INDEX TO EXHIBITS
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Exhibit No. |
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Description of Exhibit |
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99.1
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News Release of Streamline Health
Solutions, Inc. Dated November 26, 2007 Third Quarter Earnings News Release |
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3
EX-99.1
Exhibit 99.1
STREAMLINE HEALTH SOLUTIONS, INC.
News Release of Streamline Health Solutions, Inc. Dated November 26, 2007
News
Release
Visit our web site at: www.streamlinehealth.net
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COMPANY CONTACT: |
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Paul W. Bridge, Jr. |
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Chief Financial Officer |
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(513) 794-7100 |
FOR IMMEDIATE RELEASE
STREAMLINE HEALTH SOLUTIONS, INC.
REPORTS THIRD QUARTER RESULTS
Cincinnati, Ohio, November 26, 2007 - Streamline Health Solutions, Inc. (NASDAQ Capital Market:
STRM) today announced the financial results for the third fiscal quarter and first nine months
ended October 31, 2007.
GAAP Revenues for the fiscal third quarter increased 10% to $3.9 million, compared with $3.6
million reported in the third quarter of last year. The operating profit for the quarter was $16
thousand compared with an operating loss of $297 thousand in the comparable prior quarter. The net
earnings for the third quarter were $3 thousand, or $0.00 per basic and diluted common share,
compared with a net loss of $334 thousand, or a $0.04 loss per basic and diluted common share in
the third quarter of last year.
GAAP Revenues for the first nine months were $10.9 million, when compared with $12 million reported
in the comparable period of last year. The operating loss was $1.5 million compared with an
operating loss of $127 thousand in the comparable prior period. The net loss for the period was
$1.5 million, or a $0.16 loss per basic and diluted common share, when compared with a net loss of
$199 thousand, or a $0.02 loss per basic and diluted common share in the comparable prior period.
4
In addition to using GAAP results in evaluating the business, management also believes it is useful
to evaluate results using non-GAAP measures. Using a non-GAAP measure, the Company reported
non-GAAP revenue year-to-date of $12 million, which includes approximately $1.1 million in software
licensing revenues and excludes approximately $1 million in services and 3rd party
components contracted for in the second quarter. On a non-GAAP basis, to include the software
licensing revenues noted above, the operating loss year-to-date was $384 thousand, and the net loss
was $411 thousand, or a $0.04 loss per basic and diluted common share. This software license
revenue can not be recognized under GAAP until such time as the site specific integration of our
standard software required by the customer can be completed.
See DISCUSSION OF NON-GAAP FINANCIAL MEASURES below for further information on the Companys
non-GAAP measures.
Brian Patsy, Streamline Healths president and chief executive officer commented, The results for
the third quarter reflect a significant increase in our professional services revenues as we
accelerate the implementation of contracts in our backlog. However, system sales, as with the two
previous quarters, were below our expectations as negotiations continue on several significant
contracts. Subsequent to the end of the quarter we did sign and announced a large anticipated
system sale with a multi-hospital healthcare organization located in the northeastern region of the
US. This was an important win for us because of the significant revenue and backlog contribution
for software and services from this transaction as a result of the culmination of protracted
contract negotiations through our largest remarketing partner. When considering revenue and
backlog, we are on track for annual revenue and backlog contribution approximately equal to last
years annual performance irrespective of any other transactions anticipated throughout the
remainder of the fiscal year. It is also important to note that, as in prior quarters, we continue
to be the vendor of choice with several other potential new customers as contract negotiations
continue with each of these prospects.
Mr. Patsy concluded: As we announced last quarter, we signed a new agreement with an existing
customer for the expansion of our advanced solution on an enterprise wide basis, in the amount of
$2.1 million, of which $1.1 million would have been currently recognized as system sales under
normal circumstances. However, revenue on this contract can not be recognized in fiscal year 2007
as site specific integration of our standard software is required by the customer, which we expect
to complete in 2008. Had we been able to recognize the $1.1 million as system sales revenue, our
year-to-date revenues and operating results would be approximately the same as last year-to-date
through the third quarter. Although the reported operating performance is below our expectations,
we are encouraged by the completion of the recent large system sale agreement early in the fourth
quarter, and the prospect of eventually closing several other contracts still in negotiations.
5
Conference Call Information
The third quarter conference call is scheduled at 10:00 a.m. Eastern Time, on Tuesday, November 27,
2007. The call will feature remarks from J. Brian Patsy, president and chief executive and Paul W.
Bridge, Jr., chief financial officer.
The Conference Call will be broadcast live via the Internet. To listen, please go to
www.streamlinehealth.net approximately twenty minutes before the conference call is scheduled to
begin. You will need to download and install any necessary audio software. The webcast will be
available at our website for the next 30 days.
About Streamline Health
Streamline Health is a leading supplier of workflow and document management tools, applications
and services that assist healthcare organizations and strategic business partners customers to
improve operational efficiencies through business process optimization. The Company provides
integrated technology solutions for automating document-intensive environments, including document
workflow, document management, e-forms, portal connectivity, optical character recognition (OCR),
and interoperability.
The Companys workflow-based services offer solutions to inefficient and labor-intensive
healthcare business processes throughout the revenue cycle, such as chart coding, abstracting and
completion, remote physician order processing, pre-admission registration scanning and signature
capture, insurance verification, secondary billing services, explanation of benefits processing,
and release of information processing. The Companys solutions also address the document workflow
needs of the Human Resource and Supply Chain Management processes of the healthcare enterprise.
All solutions are available for purchase or through a remote hosting services model that better
matches customers capital or operating budget needs.
Streamline Healths solutions create a permanent document-based repository of historical health
information that is complementary and can be seamlessly integrated with existing disparate
clinical, financial and administrative information systems, providing convenient electronic access
to all forms of patient information from any location, including secure web-based access. These
integrated solutions allow providers and administrators to link existing systems with documents,
which can dramatically improve the availability of patient information while decreasing direct
costs associated with document retrieval, work-in-process, chart processing, document retention,
and archiving.
For additional information please visit our website at http://www.streamlinehealth.net.
6
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995
Statements made by Streamline Health Solutions, Inc. that are not historical facts are
forward-looking statements that are subject to risks and uncertainties. The forward-looking
statements contained herein are subject to certain risks, uncertainties and important factors that
could cause actual results to differ materially from those reflected in the forward-looking
statements, included herein. These risks and uncertainties include, but are not limited to, the
impact of competitive products and pricing, product demand and market acceptance, new product
development, key strategic alliances with vendors that resell the Company products, the ability of
the Company to control costs, availability of products produced from third party vendors, the
healthcare regulatory environment, healthcare information systems budgets, availability of
healthcare information systems trained personnel for implementation of new systems, as well as
maintenance of legacy systems, fluctuations in operating results and other risks detailed from time
to time in the Streamline Health Solutions, Inc. filings with the U. S. Securities and Exchange
Commission. Readers are cautioned not to place undue reliance on these forward-looking statements,
which reflect managements analysis only as of the date hereof. The Company undertakes no
obligation to publicly release the results of any revision to these forward-looking statements,
which may be made to reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.
DISCUSSION OF NON-GAAP FINANCIAL MEASURES
Management utilizes a number of different financial measures, both GAAP and non-GAAP, in analyzing
and assessing the overall performance of our business, for making operating decisions and for
forecasting and planning for future periods. We consider the use of non-GAAP revenue helpful in
understanding the performance of our business, as it includes certain software revenue that can not
be recognized due to the provision of certain product roadmaps or future deliverables as a part of
the selling or contract process. We also consider the use of non-GAAP earnings helpful in assessing
the performance of the continuing operation of our business. By continuing operations we mean the
ongoing results of the business inclusive of software revenue that generates cash but can not be
recognized due to contract provisions that include product roadmaps or future product deliverables.
While our management uses these non-GAAP financial measures as a tool to enhance their
understanding of certain aspects of our financial performance, our management does not consider
these measures to be a substitute for, or superior to, the information provided by GAAP revenue and
operating results. Consistent with this approach, we believe that disclosing non-GAAP revenue and
non-GAAP operating results to the readers of our financial statements provides such readers with
useful supplemental data that, while not a substitute for GAAP revenue, operating results and
earnings (loss) per share, allows for greater transparency in the review of our financial and
operational performance. We believe that providing non-GAAP information for certain software
revenue that can not be recognized allows the users of our financial
7
statements to review both the GAAP revenue in the period, as well as the non-GAAP revenue, thus
providing for enhanced understanding of our historic and future financial results. We further
believe that providing this information allows investors to not only better understand our
financial performance but more importantly, to evaluate the efficacy of the methodology and
information used by management to evaluate and measure such performance.
The non-GAAP financial measures described above, and used in this press release, should not be
considered in isolation from, or as a substitute for a measure of financial performance prepared in
accordance with GAAP. Furthermore, investors are cautioned that there are material limitations
associated with the use of non-GAAP financial measures as an analytical tool.
8
Streamline Health Solutions, Inc.
Reconciliation of Supplemental Financial Information
Unaudited
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Three months ended |
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Nine months ended |
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GAAP total Revenue |
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$ |
3,994,074 |
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$ |
3,592,113 |
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$ |
10,926,689 |
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$ |
12,023,242 |
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Software license adjustment |
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1,100,000 |
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Total Non-GAAP revenue |
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$ |
3,994,074 |
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$ |
3,592,113 |
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$ |
12,026,689 |
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$ |
12,023,242 |
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GAAP Operating income (loss) |
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$ |
16,367 |
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$ |
(296,882 |
) |
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$ |
(1,484,550 |
) |
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$ |
(127,368 |
) |
Software license adjustment |
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1,100,000 |
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Total Non-GAAP Operating
income (loss) |
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$ |
16,367 |
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$ |
(296,882 |
) |
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$ |
(384,550 |
) |
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$ |
(127,368 |
) |
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GAAP Net earnings (loss) |
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$ |
3,231 |
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$ |
(334,350 |
) |
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$ |
(1,511,385 |
) |
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$ |
(199,501 |
) |
Software license adjustment |
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1,100,000 |
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Total Non-GAAP Net earnings
(loss) |
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$ |
3,231 |
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$ |
(334,350 |
) |
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$ |
(411,385 |
) |
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$ |
(199,501 |
) |
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GAAP earnings (loss) per share |
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$ |
0.00 |
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$ |
(0.04 |
) |
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$ |
(0.16 |
) |
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$ |
(0.02 |
) |
Software license adjustment |
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0.12 |
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Total Non-GAAP earnings
(loss) per share |
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$ |
0.00 |
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$ |
(0.04 |
) |
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$ |
(0.04 |
) |
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$ |
(0.02 |
) |
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9
STREAMLINE HEALTH SOLUTIONS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
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Three Months Ended |
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Nine Months Ended |
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October 31, |
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October 31, |
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2007 |
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2006 |
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2007 |
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2006 |
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Revenues: |
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Systems sales |
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$ |
40,753 |
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$ |
561,213 |
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$ |
905,092 |
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$ |
3,476,521 |
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Services, maintenance and
support |
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3,031,478 |
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2,212,044 |
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7,356,497 |
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6,110,393 |
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Application-hosting
services |
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871,843 |
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818,856 |
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2,665,100 |
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2,436,328 |
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Total revenues |
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3,944,074 |
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3,592,113 |
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10,926,689 |
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12,023,242 |
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Operating expenses: |
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Cost of systems sales |
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443,167 |
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493,343 |
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1,806,789 |
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2,049,261 |
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Cost of services,
maintenance and support |
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1,101,417 |
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956,938 |
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3,088,605 |
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2,649,273 |
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Cost of
application-hosting
services |
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263,216 |
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278,271 |
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818,375 |
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855,647 |
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Selling, general and
administrative |
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1,509,344 |
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1,452,044 |
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4,331,015 |
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4,369,664 |
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Product research and
development |
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610,554 |
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708,399 |
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2,366,455 |
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2,226,765 |
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Total operating expenses |
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3,927,698 |
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3,888,995 |
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12,411,239 |
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12,150,610 |
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Operating profit (loss) |
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16,376 |
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(296,882 |
) |
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(1,484,550 |
) |
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(127,368 |
) |
Other income expense: |
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Interest income |
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327 |
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11,774 |
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17,559 |
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|
64,274 |
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Interest expense |
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(4,472 |
) |
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(24,242 |
) |
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(23,848 |
) |
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|
(107,407 |
) |
Other expense |
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(11,546 |
) |
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Earnings (Loss) before taxes |
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12,231 |
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|
(309,350 |
) |
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|
(1,502,385 |
) |
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|
(170,501 |
) |
Tax (provision) benefit |
|
|
(9,000 |
) |
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|
(25,000 |
) |
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|
(9,000 |
) |
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|
(29,000 |
) |
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|
|
|
|
|
|
|
|
|
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|
Net earnings (loss) |
|
$ |
3,231 |
|
|
$ |
(334,350 |
) |
|
$ |
(1,511,385 |
) |
|
$ |
(199,501 |
) |
|
|
|
|
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|
Basic net earnings (loss)
per common share |
|
$ |
0.00 |
|
|
$ |
(0.04 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.02 |
) |
|
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|
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|
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|
Diluted net earnings (loss)
per common share |
|
$ |
0.00 |
|
|
$ |
(0.04 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.02 |
) |
|
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|
Number of shares used in
per common
Share computation basic |
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|
9,245,320 |
|
|
|
9,211,399 |
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|
|
9,227,526 |
|
|
|
9,190,028 |
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|
|
|
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|
|
|
|
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|
Number of shares used in
per common
Share computation diluted |
|
|
9,361,189 |
|
|
|
9,211,399 |
|
|
|
9,227,526 |
|
|
|
9,190,028 |
|
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10
STREAMLINE HEALTH SOLUTIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
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|
October 31, |
|
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October 31, |
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January 31, |
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2007 |
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2006 |
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2007 |
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Assets
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Current assets: |
|
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Cash |
|
$ |
628,665 |
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|
$ |
1,640,225 |
|
|
$ |
3,316,614 |
|
Accounts receivable |
|
|
1,759,878 |
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|
|
2,161,596 |
|
|
|
2,481,313 |
|
Contract receivables |
|
|
1,285,995 |
|
|
|
2,286,239 |
|
|
|
1,357,433 |
|
Allowance for doubtful accounts |
|
|
(100,000 |
) |
|
|
(200,000 |
) |
|
|
(200,000 |
) |
Other |
|
|
1,590,688 |
|
|
|
1,200,773 |
|
|
|
1,170,430 |
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
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|
5,165,226 |
|
|
|
7,088,833 |
|
|
|
8,125,790 |
|
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Property and equipment: |
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|
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|
|
|
|
|
|
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Computer equipment |
|
|
2,228,439 |
|
|
|
2,353,969 |
|
|
|
2,132,853 |
|
Computer software |
|
|
998,049 |
|
|
|
1,083,440 |
|
|
|
847,328 |
|
Office furniture, fixtures and equipment |
|
|
806,341 |
|
|
|
782,768 |
|
|
|
733,320 |
|
Leasehold improvements |
|
|
577,737 |
|
|
|
543,318 |
|
|
|
568,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,610,566 |
|
|
|
4,763,495 |
|
|
|
4,281,599 |
|
Accumulated depreciation and amortization |
|
|
(3,090,858 |
) |
|
|
(3,240,928 |
) |
|
|
(2,704,329 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,519,708 |
|
|
|
1,522,567 |
|
|
|
1,577,270 |
|
Contract receivables |
|
|
181,381 |
|
|
|
728,541 |
|
|
|
554,888 |
|
Capitalized software development costs,
net of accumulated
Amortization of $6,261,568, $4,845,734
and $5,116,568 respectively |
|
|
4,376,355 |
|
|
|
3,249,859 |
|
|
|
3,753,361 |
|
Other, primarily deferred tax asset |
|
|
1,281,700 |
|
|
|
1,305,861 |
|
|
|
1,289,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
12,524,370 |
|
|
$ |
13,895,661 |
|
|
$ |
15,300,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities, and stockholders equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
730,725 |
|
|
$ |
365,627 |
|
|
$ |
619,362 |
|
Accrued compensation |
|
|
354,126 |
|
|
|
446,580 |
|
|
|
432,142 |
|
Accrued other expenses |
|
|
459,361 |
|
|
|
615,363 |
|
|
|
541,904 |
|
Deferred revenues |
|
|
3,483,620 |
|
|
|
2,739,739 |
|
|
|
3,693,668 |
|
Current portion of capitalized leases |
|
|
|
|
|
|
89,450 |
|
|
|
91,002 |
|
Current portion of long-term debt |
|
|
|
|
|
|
1,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
5,027,832 |
|
|
|
5,256,759 |
|
|
|
5,378,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current portion of long-term debt |
|
|
|
|
|
|
|
|
|
|
1,000,000 |
|
Non-current portion of capitalized leases |
|
|
|
|
|
|
79,390 |
|
|
|
56,049 |
|
Non-current portion of lease incentives |
|
|
165,515 |
|
|
|
241,474 |
|
|
|
222,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders equity: |
|
|
|
|
|
|
|
|
|
|
|
|
Convertible redeemable preferred stock,
$0.01 par value per share,
5,000,000 shares authorized |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value per
share, 25,000,000 shares Authorized,
9,245,320 shares 9,211,399 shares and
9,211,399 shares issued, respectively |
|
|
92,453 |
|
|
|
92,114 |
|
|
|
92,114 |
|
Capital in excess of par value |
|
|
35,456,283 |
|
|
|
35,256,004 |
|
|
|
35,286,238 |
|
Accumulated (deficit) |
|
|
(28,217,713 |
) |
|
|
(27,030,080 |
) |
|
|
(26,734,118 |
) |
|
|
|
|
|
|
|
|
|
|
Total stockholders equity |
|
|
7,331,023 |
|
|
|
8,318,038 |
|
|
|
8,644,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
12,524,370 |
|
|
$ |
13,895,661 |
|
|
$ |
15,300,845 |
|
|
|
|
|
|
|
|
|
|
|
11
STREAMLINE HEALTH SOLUTIONS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
Nine Months |
|
|
|
2007 |
|
|
2006 |
|
Operating activities: |
|
|
|
|
|
|
|
|
Net (loss) |
|
$ |
(1,511,386 |
) |
|
$ |
(199,501 |
) |
Adjustments to reconcile net earnings to net cash
provided by (used for) operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,648,445 |
|
|
|
1,386,646 |
|
Share-based compensation expense |
|
|
83,553 |
|
|
|
80,903 |
|
Loss on sale of fixed assets |
|
|
11,546 |
|
|
|
|
|
Cash provided by (used for) assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts, contract and installment receivables |
|
|
1,066,381 |
|
|
|
138,573 |
|
Other assets |
|
|
(420,258 |
) |
|
|
(233,042 |
) |
Accounts payable and accrued expenses |
|
|
(21,404 |
) |
|
|
(1,511,668 |
) |
Deferred revenues |
|
|
(210,048 |
) |
|
|
122,555 |
|
|
|
|
|
|
|
|
Net cash provided by (used for) operating activities |
|
|
646,829 |
|
|
|
(215,534 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(596,205 |
) |
|
|
(393,897 |
) |
Proceeds on the sale of fixed assets |
|
|
138,775 |
|
|
|
|
|
Capitalization of software development costs |
|
|
(1,767,994 |
) |
|
|
(1,355,664 |
) |
Other |
|
|
(49,134 |
) |
|
|
(51,055 |
) |
|
|
|
|
|
|
|
Net cash (used for) investing activities |
|
|
(2,274,558 |
) |
|
|
(1,800,616 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
|
|
|
Payment of long-term debt |
|
|
(1,000,000 |
) |
|
|
(1,000,000 |
) |
Payment of capitalized leases |
|
|
(147,051 |
) |
|
|
(63,162 |
) |
Exercise of stock options and stock purchase plan |
|
|
86,831 |
|
|
|
85,318 |
|
|
|
|
|
|
|
|
Net cash (used for) financing activities |
|
|
(1,060,220 |
) |
|
|
(977,844 |
) |
|
|
|
|
|
|
|
Decrease in cash |
|
|
(2,687,949 |
) |
|
|
(2,993,994 |
) |
Cash at beginning of year |
|
|
3,316,614 |
|
|
|
4,634,219 |
|
|
|
|
|
|
|
|
Cash at end of period |
|
$ |
628,665 |
|
|
$ |
1,640,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow disclosures: |
|
|
|
|
|
|
|
|
Interest paid |
|
$ |
25,459 |
|
|
$ |
107,408 |
|
|
|
|
|
|
|
|
Income taxes paid |
|
$ |
9,202 |
|
|
$ |
66,537 |
|
|
|
|
|
|
|
|
12
At October 31, 2007, Streamline Health has master agreements, purchase orders or royalty reports
from remarketing partners for systems and related services which have not been delivered, installed
and accepted which, if fully performed, will generate future revenues of $14,106,058 compared with
$15,805,426 and $13,909,523 at the end of the second and first quarter as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 31, 2007 |
|
|
July 31, 2007 |
|
April 30, 2007 |
|
Streamline Health Software Licenses |
|
$ |
1,360,196 |
|
|
$ |
1,360,196 |
|
|
$ |
201,796 |
|
Custom Software |
|
|
310,572 |
|
|
|
317,238 |
|
|
|
297,238 |
|
Hardware and Third Party Software |
|
|
975,427 |
|
|
|
980,058 |
|
|
|
408,233 |
|
Professional Services |
|
|
3,435,180 |
|
|
|
4,903,871 |
|
|
|
4,448,609 |
|
Application Hosting Services |
|
|
3,187,840 |
|
|
|
4,002,995 |
|
|
|
4,465,106 |
|
Recurring Maintenance |
|
|
4,836,844 |
|
|
|
4,241,068 |
|
|
|
4,088,541 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
14,106,058 |
|
|
$ |
15,805,426 |
|
|
$ |
13,909,523 |
|
|
|
|
|
|
|
|
|
|
|
13