MARKHAM, ON, July 29 /CNW/ -- - Achieved $1.2 million in EBITDA for
the year, and generated fifth consecutive quarter of positive
EBITDA - Subsequent to year end, completed a comprehensive debt
restructuring MARKHAM, ON, July 29 /CNW/ - 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 and year ended March 31, 2010. All results are
reported in Canadian dollars unless otherwise stated. Q4 and Fiscal
2010 Year End Financial Summary
--------------------------------------------- - Q4 revenue was $4.2
million, compared to $4.7 million in Q4 F2009, but essentially flat
on a constant currency basis. These numbers reflect a $0.5 million
decrease in transcription revenue and a negative foreign exchange
impact of $0.6 million (the Company generated 71% of Q4 F2010
revenue in the US). Revenue for F2010 was $16.6 million, compared
to $18.5 million in F2009, reflecting a $1.3 million decrease in
transcription revenue, a negative foreign exchange impact of $0.4
million and softer EMR market conditions due to a delay in EMR
buying decisions in anticipation of government funding
announcements. - Gross profit margin for Q4 was 76%, up from 70% in
Q4 F2009, and for F2010, gross profit margin increased to 74% from
73% in F2009 as a result of the Company's increased focus on
generating high-margin software revenue. - Q4 expenses decreased to
$3.5 million from $4.0 million in Q4 F2009, and F2010 expenses
decreased to $13.7 million from $16.8 million in F2009,
demonstrating the Company's success in reducing its overall cost
base. - Q4 EBITDA(1) increased to $0.4 million from $9,000 in Q4
F2009, and F2010 EBITDA increased to $1.2 million from $(0.7)
million for F2009 as a result of increased cost efficiencies. - Q4
net loss was $1.5 million compared to $1.0 million for Q4 F2009. Q4
F2010 net loss was $0.8 million, excluding a one-time non-cash
interest adjustment related to the write-up of the Company's debt
to its face value. Net loss for F2010 was $3.4 million, an
improvement from a loss of $4.6 million for F2009. F2010 net loss
was $2.7 million, excluding the one-time interest adjustment. -
Subsequent to year end, the Company completed a comprehensive debt
restructuring that it expects will result in reduced interest
expense, starting in Q2 F2011, and increased overall financial
flexibility. Q4 and Fiscal 2010 Year End Operational Highlights
-------------------------------------------------- - Cross-sold
Nightingale On Demand platform to existing New York state- based
practice management customer, Center for Disability Services. The
transaction is expected to contribute more than $1.2 million in
revenue over a two-year period, $0.6 million of which the Company
recognized in fiscal 2010. - Expanded customer base in Ontario with
two sizable contracts, despite a delay in the release of EMR
targeted government funding. The Company won a contract to provide
EMR and Practice Management software to more than 30 physicians at
a Southern Ontario-based clinic, and signed an agreement with a
major sports medicine clinic that is affiliated with a leading
Southern Ontario university. - Signed exclusive license and
distribution agreement with Canadian Patient Access to launch an
online patient portal to the Canadian market. The portal will
provide patients with online access to their physician and clinic
administrators to schedule appointments; access medical files and
laboratory results; request prescription refills and eConsults; and
receive medication and appointment reminders. - October 29, 2009,
Ontario Medical Association (OMA) announced it secured $236 million
in funding to facilitate the adoption of funding eligible EMRs
among practice-based family physicians and specialists across
Ontario. Nightingale offers one of three funding approved web-
based EMR solutions. "Heading into fiscal 2010, we recognized there
would be some short-term delays in EMR buying decisions as
physicians were awaiting government funding announcements," said
Sam Chebib, President and CEO of Nightingale. "With that in mind, a
major focus for the year was improving our operational efficiency.
As we successfully reduced our overall cost base, we recorded our
first year and fifth consecutive quarter of positive EBITDA. In
addition, we completed a debt and private placement financing
subsequent to year end that has enabled us to repay our
subordinated debt, strengthening our balance sheet." "We are seeing
a significant increase in the adoption of EMR solutions now that
government funding has become available to physicians," Mr. Chebib
added. "In Ontario, we are already winning contracts with funding
approved physicians, as evidenced by the signing of over 200 new
EMR seats, which we announced earlier this month. We anticipate
some near-term fluctuations in EMR adoption as funding is rolled
out. However, over the long-term, we believe the technology
leadership of our web-native EMR offering and our new online
patient portal, positions us to continue to expand our customer
base and drive further improvements in our financial results."
Financial Review ---------------- Revenue for fiscal 2010 was $16.6
million, compared to $18.5 million for fiscal 2009. The decline
reflects a decrease in lower-margin transcription revenue, a
decrease in one-time license revenues and foreign exchange
headwinds, which predominantly affect the Company's recurring
revenue results. Recurring Revenue(2) for fiscal 2010 was $13.1
million, compared to $14.5 million for fiscal 2009. The
year-over-year decline is primarily a result of a reduction in
transcription revenue and a negative impact due to foreign
exchange. Transcription revenue decreased to $1.5 million from $2.8
million in fiscal 2009. Nightingale expects to realize further
reductions in transcription revenue in fiscal 2011, which the
Company believes will be offset by revenue generated from software
sales over the longer term. Absent transcription revenue and the
negative foreign exchange impact, recurring revenue generated by
Nightingale's core business was $12.0 million, up from $11.7
million in fiscal 2009. Non-Recurring Revenue(2) for fiscal 2010
was $3.5 million, compared to $3.9 million for fiscal 2009. The
decline in non-recurring revenue was primarily the result of a
decrease in software license revenue, as Nightingale recorded $1.0
million in one-time license revenue related to a Canadian
government agency contract in Q1 fiscal 2009. In fiscal 2010,
Nightingale generated 72% of its revenue from the US market. With
the decrease in the value of the US dollar relative to the Canadian
dollar, the Company estimates that fiscal 2010 revenue was
negatively impacted by approximately 2%, or $0.4 million, compared
to the previous fiscal year. For fiscal 2010, gross profit margin
was 74% of revenue, compared to 73% of revenue for the previous
fiscal year, reflecting a greater proportion of higher margin sales
in fiscal 2010. Expenses for fiscal 2010 decreased 19% to $13.7
million from $16.8 million for fiscal 2009. This decrease in
expenses was primarily a result of the Company's implementation of
several cost reduction measures throughout fiscal 2010. The
decrease in the value of the Canadian dollar compared to the US
dollar also contributed to the decline in expenses. In fiscal 2010,
approximately 44% of Nightingale's expenses were incurred in the
US, providing the Company with a natural hedge position that offset
some of the effects on revenue. The Company estimates that expenses
were positively impacted by approximately 3% or $0.4 million over
the year compared to the previous year. Going forward, Nightingale
is focused on prudent expense management. However, the Company
expects to make select investments to support long-term revenue
generating activities, particularly as the Company is seeing an
increase in buying activity in the North American EMR market.
Reflecting Nightingale's success in reducing its overall cost base,
EBITDA increased to $1.2 million, from $(0.7) million in fiscal
2009. Interest expense for fiscal 2010 was $2.0 million, of which
approximately $0.7 million was a one-time expense related to the
adjustment of the Company's subordinated debt to its face value.
Subsequent to year end, Nightingale completed a comprehensive
senior debt, convertible debt and private placement financing, and
used the proceeds to repay its subordinated debt. As a result,
Nightingale has strengthened its balance sheet. In addition, given
the more favourable terms of the new debt facilities, the Company
expects to realize a decrease in its interest expense starting in
Q2 F2011. For fiscal 2010, net loss was $3.4 million. This is down
from $4.6 million in fiscal 2009, primarily reflecting the numerous
cost reduction initiatives the Company implemented throughout the
year. Cash and cash equivalents were $1.8 million at March 31,
2010, compared to $3.5 million at March 31, 2009. At March 31,
2010, total common shares issued and outstanding were 70,534,543.
Subsequent Event - Funding of Senior Loan Facility, Conversion of
Subscription Receipts and Refinancing of Outstanding Third-Party
Debt
---------------------------------------------------------------------
In April 2010, subsequent to year end, Nightingale announced that
it had completed private placement financings (collectively, the
"Private Placement") of common shares and subscription receipts,
for aggregate gross proceeds of $3.3 million, and entered into a
commitment with a third-party financial institution for additional
aggregate gross proceeds of approximately $3.0 million in revolving
and term debt (collectively, the "Senior Loan Facility"). On July
29, 2010, the Company used the proceeds of the Private Placement
and the Senior Loan Facility for general corporate purposes and to
refinance its outstanding subordinated debt on more favourable
terms. The Company completed the Private Placement on April 20,
2010, whereby it issued an aggregate of 5.7 million common shares
of the Company at a price of $0.22 per Common Share for gross
proceeds of $1.3 million and concurrently issued 2,074 subscription
receipts ("Subscription Receipts") for gross proceeds of $2.1
million, all on a non-brokered private placement basis. The
Subscription Receipts were all automatically converted on July 29,
2010 pursuant to their terms. On conversion, each Subscription
Receipt entitled the holder to receive, without additional
consideration, a convertible unsecured subordinated debenture in
the aggregate principal amount of $1,000 (collectively, the
"Debentures"). The Debentures bear interest at a rate of 12% per
annum, payable monthly and are scheduled to mature in July 2013.
Following the first year anniversary of the Debentures, the Company
has the right to redeem the Debentures, in whole or in part, at a
price equal to their principal amount plus accrued and unpaid
interest. The Debentures are convertible at the holder's option
into fully-paid Common Shares at any time prior to maturity or
redemption at a conversion price of $0.35 per share. Upon the
automatic conversion of the Subscription Receipts, an amount of
escrowed funds equal to $2.1 million was released to the Company.
Concurrently, the Company completed the funding of the Senior Loan
Facility. The proceeds of the Private Placement and the Senior Loan
Facility were used for general corporate purposes and to refinance
the Company's outstanding subordinated debt in the amount of $5.3
million. The financial statements and MD&A will be available at
www.nightingalemd.ca and filed on www.sedar.com on July 29, 2010.
This press release should be read in conjunction with Nightingale's
Consolidated Financial Statements for the year ended March 31, 2010
and the accompanying Management Discussion and Analysis. Notice of
Conference Call and Webcast -------------------------------------
Nightingale will host a conference call on Friday, July 30, 2010 at
8:30 a.m. Eastern Standard Time. To access the conference call by
telephone, dial (647) 427-7450 or (888) 231-8191. Please connect
approximately fifteen minutes prior to the call, and reference
conference ID 90270224 prior to the beginning of the call to ensure
participation. The conference call will be archived for replay
until Friday, August 6, 2010. To access the archived conference
call, dial 1-800-642-1687 and enter reference 90270224 followed by
the number sign. To listen to the conference call on-demand at your
convenience please send an email to info@nightingale.md and a copy
of the call recording will be emailed directly to you. Non-GAAP
Financial Measures The Company internally measures its performance
and results of initiatives through a number of measures that are
not recognized under Canadian generally accepted accounting
principles (GAAP) and may not be comparable to similar measures
used by other companies. 1. EBITDA EBITDA is a non-GAAP measure
that management believes is a useful measurement to evaluate the
performance of the Company. Investors should be cautioned, however,
that EBITDA should not be construed as an alternative to net
earnings as determined in accordance with GAAP. The Company's
method of calculating 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. EBITDA is
defined as earnings before other loss (income), interest, income
taxes, depreciation, amortization, and stock-based compensation.
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 EBITDA to Loss and Comprehensive Loss:
-------------------------------------------------------------------------
Fiscal Fiscal Quarter Quarter Year Year Ended Ended Ended Ended
March March March March Definition 31, 2010 31, 2009 31, 2010 31,
2009
-------------------------------------------------------------------------
Loss and Comprehensive Loss $ (1,524) $ (1,004) $ (3,444) $ (4,632)
-------------------------------------------------------------------------
Adjustments for: Current Tax Expense $ 33 $ - $ 40 $ - Other Loss
(Income) (6) (23) (63) (197) Interest 1,191 370 2,011 1,418
Depreciation and Amortization 628 674 2,379 2,609 Stock-based
Compensation 84 (8) 279 83
-------------------------------------------------------------------------
EBITDA $ 406 $ 9 $ 1,203 $ (719)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
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 GAAP.
Recurring Revenue is comprised of utilization fees, hosting,
support and maintenance revenue, data management and transcription
services, billing and financial management services and
transactional fees. Non-Recurring Revenue is comprised of revenues
generated from sales of software and systems and related training,
data conversion and installation services. The following provides a
reconciliation of Recurring Revenue and Non-Recurring Revenue to
Revenue:
-------------------------------------------------------------------------
Fiscal Fiscal Quarter Quarter Year Year Ended Ended Ended Ended
March March March March Definition 31, 2010 31, 2009 31, 2010 31,
2009
-------------------------------------------------------------------------
Non-Recurring Revenue $ 1,324 $ 971 $ 3,485 $ 3,934 Recurring
Revenue 2,849 3,746 13,096 14,531
-------------------------------------------------------------------------
Revenue $ 4,173 $ 4,717 $ 16,581 $ 18,465
-------------------------------------------------------------------------
-------------------------------------------------------------------------
About Nightingale Nightingale is one of the fastest growing health
care service and software companies in North America and is
recognized as an industry leader in Web-based clinician and
community based electronic medical records (EMR) serving the needs
of small primary care practices, multi-physician outpatient
clinics, and large scale regional health organizations and
networks. Coupled with integrated practice management,
transcription and revenue cycle management, Nightingale's
comprehensive service offering allows customers to enhance patient
care, increase revenue opportunities and optimize operations.
Nightingale is continuously innovating and enhancing its services
to meet the needs of its growing and diverse customer base.
Nightingale - Healthcare connected. 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", "is expected", "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" or "will be taken", "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
integrate its acquisitions and any liabilities arising as a result
of such acquisitions, access to capital and agreements with its
Lenders; the existence of present and possible future government
regulation; access to debt or equity financing and agreements with
its Lenders; the significant and increasing competition that exists
in the medical software industry; the early stage of Nightingale's
business; and therefore it is subject to the 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. Although
management believes the assumptions used to make such statements
are reasonable at this time, our assumptions may not to be as
anticipated, estimated or intended. Certain material factors or
assumptions applied by management in making forward-looking
statements, include without limitation, factors and assumptions
regarding Nightingale's continued ability to fund its business,
rates of customer defaults, relationships with, and payments to,
lenders, demand for Nightingale's products, 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. CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE
LOSS FOR THE YEAR ENDED MARCH 31, 2010
-------------------------------------------------------------------------
12 months 12 months ended ended March March 31, 2010 31, 2009
-------------------------------------------------------------------------
Revenue $ 16,580,622 $ 18,465,149 Cost of sales 4,342,634 5,055,039
------------- ------------- Gross profit 12,237,988 13,410,110
------------- ------------- Expenses General and administration
2,934,844 3,457,051 Sales and marketing 1,499,425 2,417,913
Research and development 2,665,338 3,630,108 Client services
3,934,915 4,623,546 Stock based compensation 279,426 82,981
Amortization 2,378,987 2,608,753 ------------- -------------
13,692,935 16,820,352 ------------- ------------- Operating loss
(1,454,947) (3,410,242) ------------- ------------- Interest
2,011,147 1,418,057 Foreign currency gain (62,653) (196,773)
------------- ------------- Loss before tax (3,403,441) (4,631,526)
Current tax expense 40,215 - ------------- ------------- Loss and
comprehensive loss $ (3,443,656) $ (4,631,526) -------------
------------- ------------- ------------- Basic and diluted loss
per common share ------------- ------------- Loss and comprehensive
loss per common share $ (0.05) $ (0.07) ------------- -------------
------------- ------------- Weighted average number of common
shares 70,232,292 67,845,301 ------------- -------------
------------- ------------- ---------------------------
CONSOLIDATED BALANCE SHEET AS AT MARCH 31, 2010
-------------------------------------------------------------------------
As at As at March March 31, 2010 31, 2009
-------------------------------------------------------------------------
ASSETS Current assets Cash and cash equivalents $ 1,798,247 $
3,514,056 Accounts receivable 2,626,757 2,324,377 Other receivables
134,459 21,218 Inventory 30,708 62,182 Prepaid expenses 454,070
448,275 ------------- ------------- 5,044,241 6,370,108
------------- ------------- Long-term assets Deferred costs 83,385
129,104 Property and equipment 821,243 1,216,596 Intangible assets
4,010,143 5,497,436 Goodwill 4,692,399 4,692,399 -------------
------------- 9,607,170 11,535,535 ------------- -------------
Total assets $ 14,651,411 $ 17,905,643 ------------- -------------
------------- ------------- LIABILITIES Current liabilities
Accounts payable and accrued liabilities $ 2,549,237 $ 3,693,844
Income taxes payable 705,940 948,701 Current portion of deferred
revenue 3,488,382 3,935,954 Current portion of capital lease
obligations 296,649 178,655 ------------- ------------- 7,040,208
8,757,154 ------------- ------------- Long term liabilities
Subordinated debt 5,250,000 4,938,425 Deferred revenue 1,750,643
1,296,842 Capital lease obligations 211,578 281,463 -------------
------------- 7,212,222 6,516,730 ------------- ------------- Total
liabilities 14,252,430 15,273,884 ------------- -------------
SHAREHOLDERS' EQUITY Capital stock 28,348,960 27,596,692
Contributed surplus 4,501,027 3,274,607 Warrants 701,452 1,469,262
Deficit (33,152,458) (29,708,802) ------------- -------------
398,981 2,631,759 ------------- ------------- Total liabilities and
shareholders' equity $ 14,651,411 $ 17,905,643 -------------
------------- ------------- -------------
--------------------------- CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED MARCH 31, 2010
-------------------------------------------------------------------------
12 months 12 months ended ended March March 31, 2010 31, 2009
-------------------------------------------------------------------------
Cash flow from operating activities Loss from operations $
(3,443,656) $ (4,631,526) Adjustments for: Depreciation and
amortization 2,378,987 2,608,753 Amortization of transaction costs
related to debt financing 177,745 219,099 Stock based compensation
279,426 82,981 Unrealized foreign exchange gain (loss) (37,822)
132,513 Interest accretion 1,108,927 423,678 -------------
------------- 463,609 (1,164,502) Changes in non-cash working
capital balances Accounts receivable (610,371) 1,154,497 Prepaid
expenses (5,795) 200,932 Inventory 31,474 106,766 Deferred costs
45,719 72,836 Other receivables (113,806) 1,100,117 Accounts
payable and accrued liabilities (589,811) (818,042) Income taxes
payable (242,761) (691,204) Deferred compensation payable (70,519)
- Deferred revenue 6,230 (181,004) ------------- ------------- Cash
flows used in operating activities (1,086,031) (219,604)
------------- ------------- Cash flow from investing activities
Purchase of property and equipment (111,001) (204,164) Acquisition
of intangible assets (81,000) - ------------- ------------- Cash
flows used in investing activities (192,001) (204,164)
------------- ------------- Cash flow from financing activities
Repayment of subordinated debt financing - (1,000,000) Repayment of
capital lease obligations (239,037) (343,138) -------------
------------- Cash flows used in financing activities (239,037)
(1,343,138) ------------- ------------- Foreign exchange losses on
cash in foreign currency (198,740) (247,216) Decrease) in cash
(1,715,809) (1,519,690) Cash and cash equivalents, beginning of
period 3,514,056 5,033,746 ------------- ------------- Cash and
cash equivalents, end of period $ 1,798,247 $ 3,514,056
------------- ------------- ------------- -------------
--------------------------- Non-cash investing and financing
activities: Acquisition of property and equipment under capital
lease $ 304,341 $ 59,542 Supplemental cash flow information:
Interest paid $ 727,625 $ 953,731 Income taxes paid $ 87,126 $
564,467 OVERALL PERFORMANCE, RESULTS OF OPERATIONS AND FINANCIAL
CONDITION QUARTERLY DATA
-------------------------------------------------------------------------
Fiscal Fiscal Year Q1 Q2 Q3 Q4 Year In $ 000's Ended Ended Ended
Ended Ended Ended (Except per Share March 31, June 30, Sept 30, Dec
31, March 31, March 31, Amounts) 2008 2008 2008 2008 2009 2009
-------------------------------------------------------------------------
Recurring Revenue $ 13,088 $ 3,309 $ 3,431 $ 4,045 $ 3,746 $ 14,531
Non-Recurring Revenue 5,788 1,637 815 511 971 3,934 Revenue 18,876
4,946 4,246 4,556 4,717 18,465 Gross Profit 13,706 3,669 3,164
3,272 3,305 13,410 Expenses 19,957 4,561 4,275 4,022 3,962 16,820
EBITDA (Loss) (non-GAAP measure) (3,526) (236) (458) (34) 9 (719)
Operating Loss for the Period (6,250) (892) (1,112) (750) (656)
(3,410) Loss and Comprehensive Loss (12,811) (1,260) (1,492) (876)
(1,004) (4,632) Loss and Comprehensive Loss per Common Share $
(0.19) $ (0.20) $ (0.02) $ (0.01) $ (0.01) $ (0.07) Weighted Avg.
No. of Common Shares 66,228 67,479 67,479 67,667 67,845 67,845
-------------------------------------------------------------------------
Total Assets $ 23,992 $ 21,807 $ 20,308 $ 20,078 $ 17,906 $ 17,906
Total Long-Term Liabilities $ 6,948 $ 6,366 $ 6,251 $ 6,234 $ 6,517
$ 6,517
-------------------------------------------------------------------------
---------------------------------------------------------------
Year Q1 Q2 Q3 Q4 Fiscal In $ 000's Ended Ended Ended Ended Ended
(Except per Share June 30, Sept 30, Dec 31, March 31, March 31,
Amounts) 2009 2009 2009 2010 2010
---------------------------------------------------------------
Recurring Revenue $ 3,564 $ 3,341 $ 3,342 $ 2,849 $ 13,096
Non-Recurring Revenue 566 585 1,010 1,324 3,485 Revenue 4,130 3,926
4,352 4,173 16,581 Gross Profit 2,937 2,818 3,314 3,169 12,238
Expenses 3,508 3,327 3,384 3,474 13,693 EBITDA (Loss) (non-GAAP
measure) 24 180 593 406 1,203 Operating Loss for the Period (570)
(509) (70) (306) (1,455) Loss and Comprehensive Loss (843) (727)
(350) (1,524) (3,444) Loss and Comprehensive Loss per Common Share
$ (0.01) $ (0.01) $ (0.00) $ (0.02) $ (0.05) Weighted Avg. No. of
Common Shares 69,322 70,535 70,535 70,535 70,232
----------------------------------------------------------------
Total Assets $ 16,413 $ 15,170 $ 14,714 $ 14,651 $ 14,651 Total
Long-Term Liabilities $ 6,309 $ 5,751 $ 6,285 $ 7,212 $ 7,212
----------------------------------------------------------------
%SEDAR: 00022709E Michael Ford, CFO, Nightingale Informatix
Corporation, Tel: 905-307-7870, mford@nightingale.com; Kristen
Dickson, Account Executive, The Equicom Group, Tel: 416-815-0700
ext. 273, kdickson@equicomgroup.com
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