Nightingale Informatix Corporation ("Nightingale" or the "Company") (TSX-V: NGH), an application service provider (ASP) of electronic medical record (EMR) software and related services announces its financial results for the quarter ended June 30, 2009. All results are reported in Canadian dollars unless otherwise stated.
Q1 Fiscal 2010 Summary
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- Despite a significant decline in revenues from $4.9 million in the quarter ended June 30, 2008 to $4.1 million in the quarter ended June 30, 2009, primarily the result of the Company's recognition of $1 million of software revenue related to a Canadian government agency in the same quarter last fiscal year, recurring revenue increased 8%
from $3.3 million to $3.6 million in the quarter ended June 30, 2009.
- The Company achieved its second consecutive quarter of positive EBITDA in the quarter ended June 30, 2009. EBITDA was a positive $0.02 million for the quarter ended June 30, 2009, compared to an EBITDA loss of $0.2 million for the same quarter last fiscal year and compared to positive EBITDA of $0.01 million for the previous quarter.
- Net loss was $0.8 million, or $(0.01) per share, compared to a loss of $1.3 million, or $(0.02) per share, for the same quarter last fiscal year.
- Expenses decreased $1.1 million, or 23%, to $3.5 million in the quarter ended June 30, 2009 from $4.6 million in the year ago quarter and decreased $0.5 million, or 11%, from $4 million in the previous quarter.
- The change in the value of the US dollar is estimated to have positively impacted revenue during the fiscal quarter ended June 30, 2009 by approximately 10%, or $0.4 million, compared to the same quarter last fiscal year.
- In July 2009, the Company amended its debt financing agreements and extended the term through July 2012.