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Streamline Health® Reports Improved Income and EPS For Third Quarter 2012

Adjustment in Tax Valuation Allowance Improves Quarterly Net Income to $2.3 Million and EPS to $.18

ATLANTA, Dec. 14, 2012 /PRNewswire/ -- Streamline Health Solutions, Inc. (NASDAQ: STRM), a leading provider of enterprise content management, business analytics, computer assisted coding (CAC), and clinical documentation improvement (CDI) solutions for healthcare providers, today announced that following the release of its third quarter 2012 earnings on December 13, 2012, after having received approval for that press release from its independent auditors, the company has been encouraged by its auditors to take a non-cash adjustment in its tax valuation allowance, as a result of the deferred tax liabilities recorded in conjunction with the Meta Health Technology acquisition, thereby altering its net income and earnings per share (EPS) performance for the quarter.  

The adjustment in the tax valuation allowance also increased the company's year-to-date net income and EPS, to $2.3 million and $.20 respectively.

About Streamline Health

Streamline Health Solutions, Inc. (NASDAQ: STRM) is a leading provider of SaaS-based healthcare information technology (HCIT) solutions for hospitals and physician groups with offices in Atlanta, Cincinnati, and New York. The company's comprehensive suite of solutions includes: enterprise content management (ECM), business analytics, integrated workflow systems, clinical documentation improvement (CDI), and computer assisted coding (CAC). Across the revenue cycle, these solutions offer healthcare enterprises a flexible, customizable way to communicate between disparate departments and information systems to improve processes, boost productivity, and optimize clinical, administrative and financial performance.  For more information, please visit our website at http://www.streamlinehealth.net.  

* Non-GAAP Financial Measures

Streamline Health reports its financial results in accordance with generally accepted accounting principles in the United States ("GAAP"). Streamline Health's management also evaluates and makes operating decisions using various other measures. One such measure is adjusted EBITDA, which is a non-GAAP financial measure. Streamline Health's management believes that these measures provide useful supplemental information regarding the performance of Streamline Health's business operations.

Streamline Health defines "adjusted EBITDA" as net earnings (loss) plus interest expense, tax expense, depreciation and amortization expense of tangible and intangible assets, stock-based compensation expense, and non-recurring transaction costs. A table illustrating this measure is included in this publication.

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 and are no guarantee of future performance. 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 timing of contract negotiations and execution of contracts and the related timing of the revenue recognition related thereto, the potential cancellation of existing contracts or clients not completing projects included in the backlog, the impact of competitive products and pricing, product demand and market acceptance, new product development, key strategic alliances with vendors that resell the Company's products, the ability of the Company to control costs, availability of products obtained from third party vendors, the healthcare regulatory environment, potential changes in legislation, regulation and government funding affecting the healthcare industry, 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, effects of critical accounting policies and judgments, changes in accounting policies or procedures as may be required by the Financial Accountings Standards Board or other similar entities, changes in economic, business and market conditions impacting the healthcare industry, the markets in which the Company operates and nationally, and the Company's ability to maintain compliance with the terms of its credit facilities, 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 management's 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.

Company Contact:

Ashley Moore

Director, Marketing

(404)-446-2057

ashley.moore@streamlinehealth.net

 

Investor Contacts:

Randy Salisbury

Investor Relations

(404)-229-4242

randy.salisbury@streamlinehealth.net


 

BPC Financial Marketing

John Baldissera

800-368-1217

 

 

STREAMLINE HEALTH SOLUTIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


Three and Nine Months Ended October 31,

(Unaudited)












Three Months


Nine Months



2012


2011


2012


2011

Revenues:









  Systems sales

$

290,294

$

232,395

$

719,495

$

526,597

  Professional services


1,089,814


833,592


3,153,672


2,708,824

  Maintenance and support


3,148,442


2,279,886


7,797,263


6,558,484

  Software as a service


2,005,813


966,218


5,358,120


2,804,141

        Total revenues


6,534,363


4,312,091


17,028,550


12,598,046










Operating expenses:









  Cost of systems sales


717,901


583,388


1,936,761


1,751,890

  Cost of professional services


854,997


572,056


1,910,951


1,923,576

  Cost of maintenance and support


918,750


513,868


2,349,745


1,651,884

  Cost of software as a service


550,875


480,368


1,849,962


1,334,659

  Selling, general and administrative


2,926,830


1,494,891


6,800,794


4,742,084

  Product research and development


866,659


303,973


1,833,865


1,063,903

        Total operating expenses


6,836,012


3,948,544


16,682,078


12,467,996

Operating income (loss)


(301,649)


363,547


346,472


130,050

Other income (expense):









  Interest expense


(895,142)


(25,896)


(1,494,161)


(67,529)

  Miscellaneous income (expenses)


43,549


(36,885)


55,805


(42,155)

Earnings (loss) before income taxes


(1,153,242)


300,766


(1,091,884)


20,366

  Income tax benefit (expense)


3,552,879


(5,000)


3,519,879


(12,315)

Net earnings

$

2,399,637

$

295,766

$

2,427,995

$

8,051

Less: deemed dividends on Series A Preferred Shares


(139,133)




(139,133)



Net earnings attributable to common shareholders

$

2,260,504



$

2,288,862



Basic net earnings per common share

$

0.18

$

0.03

$

0.20

$

0.00

Number of shares used in basic per common share computation


12,393,352


9,943,567


11,346,428


9,823,937

Diluted net earnings per common share

$

0.15

$

0.03

$

0.18

$

0.00

Number of shares used in diluted per common share computation


15,365,238


9,958,947


12,417,256


9,837,750

 

STREAMLINE HEALTH SOLUTIONS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS


Assets








(Unaudited) October 31, 2012


January 31,

2012






Current assets:





  Cash and cash equivalents

$

10,528,695

$

2,243,054

  Accounts receivable, net of allowance for doubtful





    accounts of $134,000 and $100,000, respectively


3,389,738


4,484,605

  Contract receivables


648,736


430,370

  Prepaid hardware and third party software for future delivery


22,777


38,193

  Prepaid client maintenance contracts


1,038,035


788,917

  Prepaid and other assets


555,310


256,104

  Deferred income taxes


-


167,000

        Total current assets


16,183,291


8,408,243






Non-current assets:





Property and equipment:





  Computer equipment


3,418,500


2,892,885

  Computer software


2,196,236


2,131,730

  Office furniture, fixtures and equipment


818,231


756,375

  Leasehold improvements


693,890


667,000



7,126,857


6,447,990

  Accumulated depreciation and amortization


(5,778,675)


(5,232,321)

Property and equipment, net


1,348,182


1,215,669






 Contract receivables, less current portion


142,021


221,596

 Capitalized software development costs, net of accumulated amortization of $16,733,274 and $14,805,236, respectively


13,119,354


9,830,175

Intangible assets, net


8,517,084


417,666

Deferred financing cost, net


1,211,912


145,857

Goodwill


12,038,226


4,060,504

 Other, including deferred income taxes of $0 and $711,000, respectively


366,857


841,348

       Total non-current assets


36,743,636


16,732,815


$

52,926,927

$

25,141,058

 


STREAMLINE HEALTH SOLUTIONS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS


Liabilities and Stockholders' Equity








(Unaudited) October 31, 2012


January 31, 2012






Current liabilities:





  Accounts payable

$

832,657

$

879,027

  Accrued compensation


1,603,355


887,130

  Accrued other expenses


1,373,307


479,526

  Deferred revenues


6,262,960


6,496,938

  Contingent consideration for earn-out


1,319,559


-

  Current portion of long-term debt


1,250,000


-

        Total current liabilities


12,641,838


8,742,621






Non-current liabilities:





  Term loans


12,750,000


4,120,000

  Convertible note payable, net of unamortized discount of

  $1,822,255 and $0, respectively


3,877,322


3,000,000

  Warrants liability


4,138,783


-

  Lease incentive liability


101,453


47,193

  Contingent consideration for earn-out, less current portion


-


1,232,720

        Total non-current liabilities


20,867,558


8,399,913

        Total liabilities


33,509,396


17,142,534






Series A 0% Convertible Redeemable Preferred Stock, $.01 par





    value per share, $7,250,355 redemption value, 5,000,000





    shares authorized, 2,416,785 shares issued


2,979,170


-






Stockholders' equity:










  Common stock, $.01 par value per share, 25,000,000 shares

authorized, 12,582,598  and 10,433,716 shares issued and

outstanding, respectively                                                                                                   


125,826


104,338






   Convertible Redeemable Preferred Stock, $0.01 par value per share, 1,000,000 authorized, no shares issued


-


-






  Additional paid in capital


44,351,334


38,360,980

  Accumulated deficit


(28,038,799)


(30,466,794)

        Total stockholders' equity


16,438,361


7,998,524


$

52,926,927

$

25,141,058


 

STREAMLINE HEALTH SOLUTIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


Nine Months Ended October 31,

(Unaudited)








2012


2011

Operating activities:





  Net earnings

$

2,427,995

$

8,051

  Adjustments to reconcile net earnings to net cash

    provided by operating activities, net of effect of acquisition:





    Depreciation and amortization


2,847,665


2,008,432

    Loss on disposal of equipment


-


26,667

    Share-based compensation expense


645,407


529,104

    Deferred tax benefit


(3,564,612)


-

    Provision for accounts receivable


-


40,000

    Amortization of debt discount


111,584


-

    Fair value adjustment for contingent earnout


86,839


-

    Net loss from conversion of convertible note


56,682


-

  Change in assets and liabilities:





    Accounts and contract receivables


(1,351,935)


419,517

    Other assets


(482,785)


(89,066)

    Accounts payable


(137,107)


161,609

    Accrued expenses


947,630


(574,012)

    Deferred revenues


881,677


(1,904,641)

  Net cash provided by operating activities


2,469,040


625,661






Investing activities:





  Purchases of property and equipment


(546,061)


(245,262)

  Capitalization of software development costs


(1,571,420)


(1,970,000)

  Payment for acquisition, net of cash acquired


(12,161,634)


-

  Net cash used in investing activities


(14,279,115)


(2,215,262)






Financing activities:





  Net change in borrowings


9,880,000


550,000

  Payment of deferred financing costs


(1,246,107)


-

  Proceeds from exercise of stock options and stock purchase plan


161,823


92,711

  Proceeds from private placement


12,000,000


-

  Payment of success fee


(700,000)


-

  Payments on capital lease obligation


-


(156,621)

  Net cash provided by financing activities


20,095,716


486,090

Increase (decrease) in cash and cash equivalents


8,285,641


(1,103,511)

Cash and cash equivalents at beginning of period


2,243,054


1,403,949

Cash and cash equivalents at end of period

$

10,528,695

$

300,438

Supplemental cash flow disclosures:





  Interest paid

$

1,181,929

$

61,532

  Income taxes paid

$

78,041

$

19,136


Supplemental Disclosure of Non-Cash Financing and Investing Activities:

- In June 2012, the $3,000,000 convertible note and accrued interest was converted to 1,529,729 common shares at $2.00 per share. 

- In August 2012, we issued 393,086 shares of our common stock at a price of $4.07, as part of the Meta acquisition purchase price.

- In October 2012, we issued approximately 200,000 common stock warrants, convertible into common stock shares at $4.06 per share.

- During the third quarter of 2012, we recorded approximately $139,000 of deemed dividends from preferred shares discount accretion.

 

STREAMLINE HEALTH SOLUTIONS, INC.

Backlog

(Unaudited)

Table A

Backlog










October 31, 2012


January 31, 2012


October 31, 2011

Streamline Health Software Licenses

$

3,650,000

$

181,000

$

67,000

Hardware and Third Party Software


84,000


194,000


190,000

Professional Services


4,348,000


5,945,000


4,946,000

Software as a service


19,117,000


10,542,000


6,237,000

Maintenance and support


21,535,000


10,504,000


5,374,000

    Total

$

48,734,000

$

27,366,000

$

16,814,000

 

STREAMLINE HEALTH SOLUTIONS, INC.

Bookings

 (Unaudited)

Table B


New bookings (1)








Three Months Ended



October 31, 2012



Value


% of Total

Bookings

Streamline Health Software licenses

$

-


-%

Software as a service


2,200,000


76%

Maintenance and support


-


-%

Professional services


684,000


23%

Hardware & third party software


20,000


1%

    Total bookings

$

2,904,000


100%






Nine Months Ended



October 31, 2012



Value


% of Total

Bookings

Streamline Health Software licenses

$

50,000


-%

Software as a service


9,757,000


86%

Maintenance and support


64,000


1%

Professional services


1,160,000


10%

Hardware & third party software


368,000


3%

    Total bookings

$

11,399,000


100%


(1)      Bookings are the aggregate of signed contracts and/or completed customer purchase orders approved and accepted by the Company as binding commitments to purchase its products and/or services. New bookings do not include maintenance services as these tend to be recurring in nature on an annual or more frequent basis.

 

Reconciliation of Non-GAAP Financial Measures

(Unaudited)

Table C


This press release contains a non-GAAP financial measure under the rules of the U.S. Securities and Exchange Commission for adjusted EBITDA. This non-GAAP information supplements and is not intended to represent a measure of performance in accordance with disclosures required by generally accepted accounting principles. Non-GAAP financial measures are used internally to manage the business, such as in establishing an annual operating budget. Non-GAAP financial measures are used by Streamline Health's management in its operating and financial decision-making because management believes these measures reflect ongoing business in a manner that allows meaningful period-to-period comparisons. Accordingly, the Company believes it is useful for investors and others to review both GAAP and non-GAAP measures in order to (a) understand and evaluate current operating performance and future prospects in the same manner as management does and (b) compare in a consistent manner the company's current financial results with past financial results. The primary limitations associated with the use of non-GAAP financial measures are that these measures may not be directly comparable to the amounts reported by other companies and they do not include all items of income and expense that affect operations. The Company's management compensates for these limitations by considering the company's financial results and outlook as determined in accordance with GAAP and by providing a detailed reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures in the tables attached to this press release.

Reconciliation of net earnings (loss) to non-GAAP adjusted EBITDA (in thousands)










Adjusted EBITDA Reconciliation


Three Months Ended,


Nine Months Ended,



October 31,

2012


October 31,

2011


October 31,

2012


October 31,

2011

Net earnings

$

2,400

$

296

$

2,428

$

8

    Interest expense


895


26


1,494


68

    Income tax benefit (expense) 


(3,553)


5


(3,520)


12

    Depreciation and other amortization


184


163


548


553

    Amortization of capitalized software 
development  costs


708


454


1,930


1,455

    Amortization of intangible assets


229


-


254


-

EBITDA


863


944


3,134


2,096

    Stock-based compensation expense


245


133


645


529

    Transaction  expenses


494


-


1,043


-

Adjusted EBITDA

$

1,602

$

1,077

$

4,822

$

2,625










Adjusted EBITDA per diluted share









Earnings per share - diluted

$

0.15

$

0.03

$

0.18

$

0.00

Adjusted EBITDA per adjusted diluted share

$

0.10

$

0.11

$

0.39

$

0.27










Diluted weighted average shares


15,365,238


9,958,947


12,417,256


9,837,750

 

SOURCE Streamline Health Solutions, Inc.

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