MARKHAM, ON, Nov. 26, 2014 /CNW/ - Nightingale Informatix
Corporation ("Nightingale" or the "Company") (TSX-V: NGH), a
cloud-based provider of electronic health record (EHR) software and
related services, announces its financial results for the quarter
ended September 30, 2014.
Q2 Fiscal 2015 Financial and Operational Summary
- Revenue was $3.7 million compared
to $3.8 million in Q2 F2014, and
$3.7 million in Q1 F2015. The
variance from F2014 primarily reflects a decrease in non-recurring
revenues which was partially offset by a 5% increase in recurring
revenues from Q2 F2014 and an increase of 3% from Q1 F2015.
- Recurring revenue from the EHR business grew by 21% from
Q2 F2014
- Gross profit was $3.3 million, or
89% of revenue, compared to $3.3
million, or 87% of revenue, in Q2 F2014 and $3.3 million, or 88% of revenue, in Q1
F2015.
- Operating Expenses, excluding stock based compensation,
depreciation and amortization costs were $3.0 million compared to $3.0 million in Q2 F2014 and $2.9 million in Q1 F2015.
- Adjusted EBITDA was $0.33
million, or 9% of revenue, an increase of 19% from
$0.27 million, or 7% of revenue, in
Q2 F2014 and flat at $0.3 million, or
9% of revenue, in Q1 F2015.
- Net loss was $0.3 million
compared to a net loss of $0.2
million in Q2 F2014 and net loss of $0.1 million in Q1 F2015.
- Total deferred revenue was $5.6
million up from $4.8 million
at March 31, 2014.
- In Q2, the Company added $0.5
million of new annualized EHR recurring revenue to its
backlog.
- In July 2014, the Company
announced the appointment of Ray
Payette as Chief Technology Officer.
- In July 2014, the Company
introduced its next generation cloud-based EHR – Nightingale 10
(formerly known as Nexia).
- In September 2014, the Company
secured a $4.2 million investment in
the form of a subordinated term loan to fund the sales and
marketing programs for its next generation product, Nightingale
10.
Fiscal 2015 YTD Financial and Operational Summary
- Revenue was $7.4 million, down 2%
compared to $7.5 million for the same
period in F2014, primarily reflecting a decrease in non-recurring
professional services revenues from enterprise contracts.
- Recurring revenue from the core EHR business grew by 23% over
the same period in F2014.
- Gross profit was $6.6 million, or
89% of revenue, compared to $6.6
million, or 88% of revenue, for the same period in
F2014.
- Operating Expenses, excluding stock based compensation,
depreciation and amortization costs were $5.9 million compared to $6.2 million for the same period in F2014.
- Adjusted EBITDA was $0.6 million,
or 9% of revenue, compared to $0.4
million, or 5% of revenue for the same period in F2014.
- Net loss was $0.4 million
compared to a net loss of $1.0
million for the same period in F2014.
"During the quarter, we added over $500,000 of new annualized recurring revenue to
our backlog, which will start to gradually contribute to our
recognized recurring revenue starting in the December quarter. Our
recurring revenue from the EHR business has grown 23% year over
year, we expect this trend to continue for the balance of the year.
This brings us one step closer to achieving profitability from our
recurring revenues." said Sam
Chebib, President and CEO. "The shift in our investment from
product development towards sales and marketing started to make an
impact, the result of which will start to become evident in the
next few financial periods."
Fiscal 2015 Second Quarter and YTD Financial Review
The Company's results are prepared in accordance with
International Financial Reporting Standards (IFRS) and in Canadian
dollars unless otherwise stated.
Revenue for Q2 F2015 was $3.7
million, a decrease of 1% from $3.8
million for Q2 F2014. YTD F2015 revenue was
$7.4 million compared to $7.5 million for the same period in F2014.
This decrease was primarily due to a decrease in non-recurring
revenues which was partially offset by a 7% increase in recurring
revenues.
Recurring revenue2 for Q2 F2015 was $2.9 million (79% of revenue), an increase of
$0.1 million, or 5%, from
$2.8 million (74% of revenue) in Q2
F2014. Recurring revenue for YTD 2015 was $5.8 million (78% of revenue), an increase of
$0.4 million, or 7%, from
$5.4 million (72% of revenue) for the
same period in F2014. The increase in recurring revenue in
F2015 was primarily the result of an increase in revenue from the
Company's Nightingale EHR business.
For Q2 F2015, gross margin was 89% ($3.3
million) compared to 87% ($3.3
million) for Q2 F2014. For YTD F2014, gross margin was
89% ($6.6 million) compared to 88%
($6.6 million) for the same period in
F2014.
Operating expenses for Q2 F2015 remained flat at $2.9 million, excluding charges for stock based
compensation and depreciation and amortization, compared to Q2
F2014. Operating expenses for YTD F2015 decreased 5% to
$5.9 million, excluding charges for
stock based compensation and depreciation and amortization,
compared to operating expenses of $6.2
million, excluding charges for stock based compensation and
depreciation and amortization, for the same period in F2014.
For Q2 F2015, Adjusted EBITDA was $0.3
million (9% of revenue), compared to $0.3 million (7% of revenue) in Q2 F2014.
For YTD F2015, Adjusted EBITDA was $0.6 million (9% of revenue), compared to
$0.4 million (5% of revenue) for the
same period in F2014.
The impact of fluctuations in the rate of exchange between the
US Dollar and Canadian Dollar on Q2 F2015 EBITDA were
negligible. The $0.1 million
loss from foreign currency in Q2 F2015 is predominantly the result
of the re-measurement of the Company's term loans (denominated in
US Dollars) into Canadian Dollars.
For Q2 F2015, net loss was $0.3
compared to a net loss of $0.2
million in Q2 F2014. For the YTD F2014 period, net
loss was $0.4 million compared to net
loss of $1.0 million for the same
period in F2014.
Cash and cash equivalents on September
30, 2014 were $0.9 million, an
increase of $0.4 million, or 66%,
from March 31, 2014.
At September 30, 2014, total
common shares issued and outstanding were 94,758,915.
Stock Option Grants
In August 2014, Nightingale
granted 450,000 options to certain employees and Officers of the
Company, pursuant to the Company's employee stock option plan (the
"Plan"). Of the total options granted, 400,000 were granted to
Officers of the Company. Each option under the Plan is exercisable
to acquire one common share at a price of $0.14 per share. The options granted have been
approved by the Board of Directors and are due to expire on
August 4, 2019.
In November 2014, Nightingale's
Board of Directors approved the grant of 960,000 options to certain
employees, Directors and Officers of the Company pursuant to the
Company's employee stock option plan (the "Plan"). Of the total
options granted, 850,000 were granted to Directors and Officers of
the Company. Each option under the Plan is exercisable to acquire
one common share and the strike price will be equal to the closing
price of the Company's common stock on November 28, 2014. The options granted have been
approved by the Board of Directors and are due to expire on
November 27, 2019.
The Plan has been approved by the Company's shareholders.
The financial statements and MD&A will be available at
www.nightingalemd.com and filed on www.sedar.com on November 26, 2014. This press release
should be read in conjunction with Nightingale's Consolidated
Financial Statements and the accompanying Management Discussion and
Analysis for the year ended March 31,
2014.
Notice of Conference Call
Nightingale will host a
conference call on Thursday, November 27,
2014 at 8:30 a.m. Eastern Standard
Time. To access the conference call by telephone, dial (888)
231-8191 (or (647) 427-7450 for international). Please connect
approximately fifteen minutes prior to the call, and reference
conference ID 37737366 prior to the beginning of the call to ensure
participation. The conference call will be archived for replay
until Thursday, December 4, 2014. To
access the archived conference call, dial (416) 849-0833 or (855)
859-2056 and enter reference 37737366#. To listen to the conference
call replay on the internet please visit the Nightingale website
shortly after the call at www.nightingalemd.com.
Non-IFRS Financial Measures
The Company internally
measures its performance and results of initiatives through a
number of measures that are not recognized under IFRS and may not
be comparable to similar measures used by other
companies.
1. Adjusted
EBITDA
Adjusted EBITDA is a non-IFRS measure that management
believes is a useful measurement to evaluate the performance of the
Company. Investors should be cautioned, however, that Adjusted
EBITDA should not be construed as an alternative to net earnings as
determined in accordance with IFRS. The Company's method of
calculating Adjusted EBITDA may differ from the methods used by
other companies and, accordingly, it may not be comparable to
similarly titled measures used by other companies.
Adjusted EBITDA is defined as earnings before other loss
(income), interest, income taxes, depreciation, amortization,
stock-based compensation, and business acquisition, integration and
other costs. Management believes it is useful to exclude these
items as they are either non-cash expenses, items that cannot be
influenced by management in the short term, or items that do not
impact core operating performance, and Management uses this
information internally for forecasting and budgeting purposes.
The following provides a reconciliation of Adjusted EBITDA to
Loss and Comprehensive Loss:
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
Sept 30,
2014
|
|
Sept 30,
2013
|
|
Sept 30,
2014
|
|
Sept 30,
2013
|
|
|
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
Loss and
Comprehensive Loss
|
(343,289)
|
|
(245,477)
|
|
(405,021)
|
|
(1,025,106)
|
Adjustments
for
|
|
|
|
|
|
|
|
|
Current Tax
Expense
|
14,291
|
|
62,321
|
|
26,799
|
|
64,504
|
|
Other Income
(Loss)
|
13,441
|
|
(92,832)
|
|
(78,607)
|
|
215,729
|
|
Interest
|
131,192
|
|
146,600
|
|
225,560
|
|
334,358
|
|
Depreciation and
Amortization
|
383,872
|
|
381,068
|
|
769,482
|
|
761,954
|
|
Stock-Based
Compensation
|
22,397
|
|
21,783
|
|
42,920
|
|
51,276
|
|
Other financing gain
(loss)
|
96,044
|
|
(7,100)
|
|
66,561
|
|
(5,467)
|
Adjusted
EBITDA
|
317,948
|
|
266,363
|
|
647,694
|
|
397,248
|
2. Recurring and
Non-Recurring Revenue
The Company has included recurring
revenue and non-recurring revenue measurements since it believes
that this information is useful to investors to evaluate its
performance. Investors should be cautioned, however, that recurring
revenue and non-recurring revenue should not be construed as an
alternative to revenue as determined in accordance with IFRS.
Recurring revenue is comprised of utilization fees, hosting,
support and maintenance revenue, data management and transcription
services and transactional fees. Non-recurring revenue is
comprised of revenues generated from sales of perpetual software
and systems licenses and related training, data conversion and
installation services.
The following provides a reconciliation of recurring revenue and
non-recurring revenue to total revenue:
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
Sept 30,
2014
|
|
Sept 30,
2013
|
|
Sept 30,
2014
|
|
Sept 30,
2013
|
|
|
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
Non-Recurring
Revenue
|
781,699
|
|
963,928
|
|
1,642,385
|
|
2,130,712
|
Recurring
Revenue
|
2,924,415
|
|
2,794,835
|
|
5,755,944
|
|
5,397,232
|
|
|
|
|
3,706,114
|
|
3,758,763
|
|
7,398,329
|
|
7,527,944
|
About Nightingale
For more than a decade, Nightingale
(TSX-V: NGH) has been delivering innovative cloud-based Electronic
Health Record (EHR) and Practice Management solutions to healthcare
organizations across the United
States and Canada. Our goal
is to uncomplicate the day-to-day challenges of healthcare
providers. We achieve this by creating software that is truly
intuitive—minimizing training and maximizing adoption. We believe
so strongly in building easy-to-use software that we structured our
entire product team around user-centric design. Our clients are
benefiting from this focus through a well-supported and robust
solution that presents a holistic view of a person's well-being in
a simple, clean interface, so that the best health decisions can be
made. Nightingale – One Patient.
One Record.
www.nightingalemd.com
Forward Looking Statement
This press release contains "forward-looking statements" respecting
the issuance and cancellation of securities of the Company within
the meaning of applicable Canadian securities legislation.
Generally, forward-looking statements can be identified by the use
of forward- looking terminology such as "plans", "expects" or "does
not expect", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain
actions, events or results "may" ,"could", "would", "might",
"occur" or "be achieved". Forward-looking statements are subject to
known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or
achievements of Nightingale to be materially different from those
expressed or implied by such forward-looking statements, including
but not limited to: risks related to the speculative nature of the
medical software industry, which is affected by numerous factors
beyond Nightingale's control; the ability of Nightingale to
successfully secure customer contracts and the timing of securing
such contracts; the ability of Nightingale to complete and
successfully integrate its acquisitions on an accretive basis,
Nightingale's access to debt and capital facilities, including
compliance with current debt arrangements; the existence of present
and possible future government regulation; the significant
competition that exists in the medical software industry; the early
stage of Nightingale's business, and risks associated with early
stage companies, including uncertainty of revenues, markets and
profitability and the need to raise additional funding. All
material assumptions used in making forward-looking statements are
based on management's knowledge of current business conditions and
expectations of future business conditions and trends. Certain
material factors or assumptions applied by management in making
forward-looking statements, include without limitation, factors and
assumptions regarding future trends in healthcare spending,
economic conditions affecting Nightingale and North American
economies; Nightingale's ability to continue to fund its business,
rates of customer defaults, relationships with, and payments to
lenders, as well as Nightingale's operating cost structure.
Although Nightingale has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. Nightingale does not undertake to update any
forward-looking statements that are incorporated by reference
herein, except in accordance with applicable securities laws.
Further information on Nightingale Informatix Corporation is
available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND
COMPREHENSIVE INCOME AND LOSS
Unaudited (Canadian
Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Quarter
Ended
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
September
30, 2014
|
|
September
30, 2013
|
|
Sept 30,
2014
|
|
Sept 30,
2013
|
|
|
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
3,706,114
|
|
3,758,763
|
|
7,398,329
|
|
7,527,944
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
401,055
|
|
499,024
|
|
839,284
|
|
929,844
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
3,305,059
|
|
3,259,739
|
|
6,559,045
|
|
6,598,100
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
General and
administration
|
813,405
|
|
836,063
|
|
1,599,105
|
|
1,629,256
|
|
Sales and
marketing
|
473,966
|
|
617,093
|
|
1,087,253
|
|
1,275,130
|
|
Research and
development
|
918,648
|
|
779,103
|
|
1,671,101
|
|
1,824,613
|
|
Client
services
|
1,187,361
|
|
1,163,968
|
|
2,366,294
|
|
2,285,083
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,393,380
|
|
3,396,227
|
|
6,723,753
|
|
7,014,082
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
(88,321)
|
|
(136,488)
|
|
(164,708)
|
|
(415,982)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
131,192
|
|
146,600
|
|
225,560
|
|
334,358
|
|
Other finance (gain)
loss
|
13,441
|
|
(7,100)
|
|
(16,042)
|
|
(5,467)
|
|
Foreign currency
(gain) loss
|
96,044
|
|
(92,832)
|
|
3,996
|
|
215,729
|
|
|
|
|
|
|
|
|
|
|
|
Loss before
tax
|
(328,998)
|
|
(183,156)
|
|
(378,222)
|
|
(960,602)
|
Current tax
expense
|
14,291
|
|
62,321
|
|
26,799
|
|
64,504
|
|
|
|
|
|
|
|
|
|
|
|
Loss and
comprehensive loss
|
(343,289)
|
|
(245,477)
|
|
(405,021)
|
|
(1,025,106)
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
loss per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
loss per share
|
$
(0.00)
|
|
$
(0.00)
|
|
$
(0.00)
|
|
$ (0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted number of
common shares -
|
|
|
|
|
|
|
|
|
basic and
diluted
|
94,758,915
|
|
76,310,915
|
|
94,758,915
|
|
76,310,915
|
CONDENSED CONSOLIDATED BALANCE SHEET
Unaudited
(Canadian Dollars)
|
|
|
|
Sept 30,
2014
|
|
March 31,
2014
|
|
|
|
|
$
|
|
$
|
ASSETS
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
884,206
|
|
532,038
|
|
Accounts receivable
and unbilled accounts receivable
|
5,177,033
|
|
5,016,958
|
|
Other
receivables
|
287,457
|
|
82,958
|
|
Prepaid
expenses
|
439,747
|
|
289,379
|
|
|
|
|
|
|
|
|
|
|
|
6,788,443
|
|
5,921,333
|
Long-term
assets
|
|
|
|
|
Unbilled accounts
receivable
|
377,360
|
|
415,124
|
|
Financial derivative
asset
|
165,773
|
|
149,731
|
|
Property and
equipment
|
1,119,409
|
|
1,225,676
|
|
Intangible
assets
|
13,035,028
|
|
11,153,240
|
|
Goodwill
|
4,792,399
|
|
4,792,399
|
|
|
|
|
|
|
|
Total
assets
|
26,278,412
|
|
23,657,503
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
Current
liabilities
|
|
|
|
|
Line of
credit
|
700,000
|
|
1,000,000
|
|
Accounts payable and
accrued liabilities
|
4,537,044
|
|
5,122,303
|
|
Current portion of
deferred revenue
|
4,474,340
|
|
3,791,558
|
|
Current portion of
finance lease obligations
|
103,243
|
|
104,731
|
|
Current portion of
term loans
|
1,649,727
|
|
1,634,461
|
|
|
|
|
|
|
|
|
|
|
|
11,464,354
|
|
11,653,053
|
Long-term
liabilities
|
|
|
|
|
Senior term
loans
|
592,076
|
|
1,403,557
|
|
Subordinated term
loan
|
3,504,324
|
|
-
|
|
Convertible
debentures
|
5,114,792
|
|
5,015,180
|
|
Deferred
revenue
|
1,087,577
|
|
978,015
|
|
Finance lease
obligations
|
10,222
|
|
82,745
|
|
|
|
|
|
|
|
Total
liabilities
|
21,773,345
|
|
19,132,550
|
SHAREHOLDERS
EQUITY
|
|
|
|
|
Capital
stock
|
34,177,890
|
|
34,177,890
|
|
Contributed
surplus
|
5,952,291
|
|
5,909,371
|
|
Equity portion of
convertible debentures
|
841,698
|
|
841,698
|
|
Warrants
|
346,622
|
|
4,407
|
|
Deficit
|
(36,813,434)
|
|
(36,408,413)
|
|
|
|
|
|
|
|
|
|
|
|
4,505,067
|
|
4,524,953
|
|
|
|
|
|
|
|
Total liabilities
and shareholders equity
|
26,278,412
|
|
23,657,503
|
CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS
Unaudited (Canadian Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Six Months
Ended
|
|
|
|
|
Sept 30,
2014
|
|
Sept 30,
2013
|
|
Sept 30,
2014
|
|
Sept 30,
2013
|
|
|
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from
operating activities
|
|
|
|
|
|
|
|
|
Loss from
operations:
|
(343,289)
|
|
(245,477)
|
|
(405,021)
|
|
(1,025,106)
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments
for:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
383,872
|
|
381,068
|
|
769,482
|
|
761,954
|
|
|
Amortization of
transaction costs related to debt financing
|
64,123
|
|
59,344
|
|
112,834
|
|
111,722
|
|
|
Stock based
compensation
|
22,397
|
|
21,783
|
|
42,920
|
|
51,276
|
|
|
Other financial
(gain) loss
|
13,441
|
|
(7,100)
|
|
(16,042)
|
|
(5,467)
|
|
|
Unrealized foreign
exchange (gain) loss
|
108,438
|
|
(92,368)
|
|
12,488
|
|
122,649
|
|
|
Interest
accretion
|
13,782
|
|
27,231
|
|
27,564
|
|
122,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
262,764
|
|
144,481
|
|
544,225
|
|
139,588
|
|
Changes in non-cash
working capital balances
|
|
|
|
|
|
|
|
|
|
Accounts receivable
and unbilled accounts receivable
|
(315,887)
|
|
(155,695)
|
|
(170,355)
|
|
302,688
|
|
|
Prepaid
expenses
|
(27,563)
|
|
55,897
|
|
(150,368)
|
|
(224,671)
|
|
|
Other
recievables
|
7,477
|
|
(63,997)
|
|
(204,499)
|
|
(37,484)
|
|
|
Other
assets
|
19,782
|
|
(53,031)
|
|
37,764
|
|
(41,786)
|
|
|
Accounts payable and
accrued liabilities
|
(1,009,510)
|
|
226,958
|
|
(573,369)
|
|
266,710
|
|
|
Deferred
revenue
|
41,988
|
|
(363,666)
|
|
792,344
|
|
(417,286)
|
Cash flows (used in)
provided by operating activities
|
(1,020,949)
|
|
(209,053)
|
|
275,742
|
|
(12,241)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from
investing activities
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment
|
-
|
|
(15,090)
|
|
(74,575)
|
|
(127,624)
|
|
Capitalized
development costs
|
(1,349,902)
|
|
(1,219,756)
|
|
(2,470,428)
|
|
(2,184,185)
|
Cash flows used in
investing activities
|
(1,349,902)
|
|
(1,234,846)
|
|
(2,545,003)
|
|
(2,311,809)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from
investing activities
|
|
|
|
|
|
|
|
|
Line of credit
repayment
|
(300,000)
|
|
-
|
|
(300,000)
|
|
-
|
|
Proceeds from
convertible debentures
|
-
|
|
1,439,905
|
|
-
|
|
298,905
|
|
Proceeds from
issuance of term loan, net of costs
|
3,494,460
|
|
-
|
|
3,494,460
|
|
-
|
|
Proceeds from
issuance of warrants
|
342,215
|
|
-
|
|
342,215
|
|
-
|
|
Costs associated with
term loan
|
-
|
|
-
|
|
-
|
|
(21,874)
|
|
Repayment of term
loan
|
(417,408)
|
|
(382,383)
|
|
(839,886)
|
|
(767,800)
|
|
Repayment of capital
lease obligations
|
(15,516)
|
|
(12,628)
|
|
(74,011)
|
|
(22,844)
|
Cash flows (used in)
provided by financing activities
|
3,103,751
|
|
1,044,894
|
|
2,622,778
|
|
(513,613)
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange
losses on cash in foreign currency
|
(1,349)
|
|
882
|
|
(1,349)
|
|
1,764
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in
cash
|
731,551
|
|
(398,123)
|
|
352,168
|
|
(2,835,899)
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
|
|
|
|
|
Beginning of
period
|
152,655
|
|
1,054,004
|
|
532,038
|
|
3,491,780
|
|
End of
period
|
884,206
|
|
655,881
|
|
884,206
|
|
655,881
|
OVERALL PERFORMANCE, RESULTS OF OPERATIONS AND FINANCIAL
CONDITION
|
|
|
|
|
|
|
|
|
|
|
Year
|
Quarter
Ended
|
Year
|
Quarter
|
Quarter
|
In $000's
|
Quarter
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
(except
per
|
Dec. 31,
|
March 31,
|
March 31,
|
June 30,
|
Sept. 30,
|
Dec. 31,
|
March 31,
|
March 31,
|
June 30,
|
Sept 30,
|
share
data)
|
2012
|
2013
|
2013
|
2013
|
2013
|
2013
|
2014
|
2014
|
2014
|
2014
|
|
$
|
$
|
$
|
$
|
$
|
$
|
|
$
|
$
|
$
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring
|
2,625
|
2,606
|
10,601
|
2,602
|
2,794
|
2,798
|
2,817
|
11,012
|
2,832
|
2,924
|
|
Non-recurring
|
2,471
|
2,594
|
10,324
|
1,167
|
964
|
1,002
|
1,152
|
4,285
|
861
|
782
|
|
Total
|
5,096
|
5,200
|
20,925
|
3,769
|
3,758
|
3,800
|
3,969
|
15,297
|
3,693
|
3,706
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
4,336
|
4,736
|
18,582
|
3,338
|
3,259
|
3,360
|
3,576
|
13,534
|
3,254
|
3,305
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
3,949
|
4,784
|
17,289
|
3,618
|
3,396
|
3,614
|
3,633
|
14,261
|
3,330
|
3,393
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
828
|
1,027
|
3,733
|
131
|
266
|
140
|
389
|
926
|
330
|
318
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
|
|
|
|
|
|
|
|
Income
(Loss)
|
387
|
(48)
|
1,293
|
(279)
|
(136)
|
(254)
|
(57)
|
(726)
|
(76)
|
(88)
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss)
and
|
|
|
|
|
|
|
|
|
|
|
Comprehesive
|
|
|
|
|
|
|
|
|
|
|
Income
(Loss)
|
227
|
893
|
1,994
|
(780)
|
(245)
|
(1,404)
|
(560)
|
(2,989)
|
(62)
|
(343)
|
|
|
|
|
|
|
|
|
|
|
|
Per
share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$ -
|
$ 0.01
|
$ 0.03
|
$ (0.01)
|
$
-
|
$ (0.01)
|
$ (0.01)
|
$ (0.04)
|
$
-
|
$
-
|
|
Diluted
|
$ -
|
$ 0.01
|
$ 0.03
|
$ (0.01)
|
$
-
|
$ (0.01)
|
$ (0.01)
|
$ (0.04)
|
$
-
|
$
-
|
Weighted Avg.
#
|
|
|
|
|
|
|
|
|
|
|
of Common
Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
76,311
|
76,311
|
76,311
|
76,311
|
76,311
|
77,518
|
94,759
|
81,174
|
94,759
|
94,759
|
|
Diluted
|
90,083
|
92,870
|
92,882
|
76,311
|
76,311
|
77,518
|
94,759
|
81,174
|
94,759
|
94,759
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
19,059
|
24,697
|
24,697
|
22,787
|
23,493
|
23,709
|
23,657
|
23,657
|
24,288
|
26,278
|
|
|
|
|
|
|
|
|
|
|
|
Total
Long-Term
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
7,861
|
9,790
|
9,790
|
9,386
|
10,083
|
7,651
|
7,479
|
7,479
|
7,261
|
10,309
|
|
|
|
|
|
|
|
|
|
|
|
Total
Deferred
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
5,913
|
5,890
|
5,890
|
5,837
|
5,473
|
5,233
|
4,770
|
4,770
|
5,520
|
5,562
|
SOURCE Nightingale Informatix Corporation