MARKHAM, ON, July 31, 2014 /CNW/ - Nightingale Informatix
Corporation ("Nightingale" or the "Company") (TSX-V: NGH), an
application service provider (ASP) of electronic health record
(EHR) software and related services, announces its financial
results for the three months and year ended March 31, 2014.
Q4 Fiscal 2014 Financial and Operational Summary
- Revenue was $4.0 million, down
24% compared to $5.2 million in Q4
F2013, and up 4% from $3.8M in Q3
F2014. The variance from F2013 primarily reflects a decrease in
software license revenues from enterprise contracts as well as a
decrease in professional services revenues.
- Gross profit was $3.6 million, or
90% of revenue, compared to $4.7
million, or 91% of revenue, in Q4 F2013 and $3.4 million, or 88% of revenue, in Q3
F2014.
- Operating Expenses, excluding stock based compensation,
depreciation and amortization costs were $3.2 million compared to $4.3 million in Q4 F2013 and $3.2 million in Q3 F2014.
- Adjusted EBITDA1 was $0.4
million, 10% of revenue, down from $1.0 million or 20% of revenue in Q4 F2013 and up
from $0.1 million or 4% of revenue in
Q3 F2014.
- Net loss was $0.6 million
compared to net income of $0.9
million in Q4 F2013 and net loss of $1.4 million in Q3 F2014.
- Cash provided by operations was $1.5
million compared to cash used by operations of $0.7 million in Q4 F2013.
- Total deferred revenue was $4.8
million down from $5.9 million
at March 31, 2013.
Fiscal 2014 Financial and Operational Summary
- Revenue was $15.3 million, down
27% compared to $20.9 million from
F2013, primarily reflecting a decrease in software license revenues
from enterprise contracts.
- Gross profit was $13.5 million,
or 88% of revenue, compared to $18.6
million, or 89% of revenue for F2013.
- Operating Expenses, excluding stock based compensation,
depreciation and amortization costs were $12.6 million compared to $15.5 million for F2013.
- Adjusted EBITDA1 was $0.9
million, or 6% of revenue, down from $3.7 million, or 18% of revenue for F2013.
- Net loss was $3.0 million
compared to net income of $2.0
million for F2013.
- Cash provided by operations was $0.9
million compared to cash used in operations of $1.7 million in F2013.
"This past fiscal year was effectively a transitional year for
the Company, reflecting the large investment in our next generation
product, the negative impact the product delays had on our
perpetual licence revenues and the shift to a SaaS based sales
model for the SMB space," said Sam
Chebib, President and CEO. "We are at the tail end of this
transition, and with the bulk of the investment in Nightingale EHR
("Nexia") behind us, we will be reducing our spending on research
and development. Nexia will be initially sold in the US and
Ontario market, and in other
Canadian provinces later in the year. Going forward we will be
focusing our energy on sales and marketing as we are very
optimistic about the impact Nexia will have on our market position
and consequently, our ability to drive incremental recurring
revenues and increase the predictability of our business
model."
Fiscal 2014 Fourth Quarter and Annual 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 Q4 F2014 was $4.0
million, a decrease of $1.2
million from $5.2 million for
Q4 F2013. F2014 revenue was $15.3
million compared to $20.9
million for F2013. These decreases are primarily
associated with a decrease in software revenues from enterprise
contracts (which can vary significantly from quarter to quarter) as
well as a decrease in revenues from professional services.
These decreases were partially offset by an increase in recurring
revenues from the Company's Nightingale On Demand EHR.
Recurring Revenue2 for Q4 F2014 was $2.8 million (70% of revenue), an increase of
$0.2 million, or 8%, from
$2.6 million (50% of revenue) in Q4
F2013. Recurring revenue for F2014 was $11.0 million (72% of revenue), an increase of
$0.4 million, or 4% from $10.6 million (51% of revenue) for F2013.
The increase in Recurring Revenue in Q4 was primarily the result of
an increase in revenues from the Company's Nightingale On Demand
EHR product which was partially offset by a decrease in revenue
from the Company's low-margin transcription business. In the YTD
period, decreases in revenues from the Company's low-margin
transcription business and a decrease in transaction based revenues
on the Company's US based product lines offset the increase in
recurring revenues from the Company's EHR product.
For Q4 F2014, gross margin was 90% ($3.6
million gross profit) compared to 91% ($4.7 million gross profit) for Q4 F2013.
For F2014, gross margin was 88% ($13.5
million) compared to 89% ($18.6
million) for F2013.
Operating expenses for Q4 F2014 decreased 26% to $3.2 million (79% of revenue), excluding charges
for stock based compensation and depreciation and amortization,
compared to operating expenses of $4.3
million (83% of revenue), excluding charges for stock based
compensation and depreciation and amortization, for Q4 F2013.
Operating expenses for F2014 decreased 19% to $12.6 million (82% of revenue), excluding charges
for stock based compensation and depreciation and amortization,
compared to operating expenses of $15.5
million (74% of revenue), excluding charges for stock based
compensation and depreciation and amortization, for F2013.
For Q4 F2014, Adjusted EBITDA was $0.4
million (10% of revenue), compared to $1.0 million (20% of revenue) in Q4 F2013.
For F2014, Adjusted EBITDA was $0.9
million (6% of revenue), compared to $3.7 million (18% of revenue) for F2013.
The impact of fluctuations in the rate of exchange between the
US Dollar and Canadian Dollar on Q4 F2014 EBITDA were
negligible. The $0.5 million
loss from foreign currency in F2014 is predominantly the result of
the re-measurement of the Company's term loans (denominated in US
Dollars) into Canadian Dollars.
Included in net loss for F2014 is a financial loss of
$0.7 million. The financial
loss is predominantly related to the write off of a portion of the
financial derivative asset that is embedded in the Company's Series
B convertible debentures. The Company wrote off a significant
portion of the financial asset in Q3 F2014 when a substantial
number of debenture holders (85%) converted their investment to
common shares or transferred their investment to the Company's
Series C convertible debentures.
For Q4 F2014, net loss was $0.6
million compared to net income of $0.9 million in Q4 F2013. For F2014, net loss was
$3.0 million compared to net income
of $2.0 million for F2013.
Cash and cash equivalents on March 31,
2014 were $0.5 million, a
decrease of $3.0 million, or 85%,
from March 31, 2013, of which
$3.5 million was for product
development costs related to the Company's long-term strategic
growth initiatives.
At March 31, 2014, total common
shares issued and outstanding were 94,758,915.
The financial statements and MD&A will be available at
www.nightingalemd.com and filed on www.sedar.com on July 31, 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 Friday, August 1,
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 82566313 prior to the beginning of the call to ensure
participation. The conference call will be archived for replay
until Friday, August 8, 2014. To
access the archived conference call, dial (416) 849-0833 or (855)
859-2056 and enter reference 82566313#. 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
|
|
Year
Ended
|
|
|
|
|
Mar 31,
2014
|
|
Mar 31,
2013
|
|
Mar 31,
2014
|
|
Mar 31,
2013
|
|
|
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) and
Comprehensive Income (Loss)
|
(560,353)
|
|
892,659
|
|
(2,989,256)
|
|
1,992,555
|
Adjustments
for
|
|
|
|
|
|
|
|
|
Current Tax Expense
(Recovery)
|
30,655
|
|
(1,009,423)
|
|
95,405
|
|
(1,079,452)
|
|
Other Income
(Loss)
|
139,967
|
|
(28,268)
|
|
481,433
|
|
(23,029)
|
|
Interest
|
355,245
|
|
232,079
|
|
1,027,193
|
|
537,598
|
|
Depreciation and
Amortization
|
395,190
|
|
439,861
|
|
1,524,108
|
|
1,625,089
|
|
Stock-Based
Compensation
|
50,185
|
|
10,135
|
|
128,297
|
|
139,793
|
|
Other financing gain
(loss)
|
(22,177)
|
|
(134,942)
|
|
658,963
|
|
(134,942)
|
|
Acquisition,
Integration and Other
|
-
|
|
625,833
|
|
-
|
|
675,804
|
Adjusted
EBITDA
|
388,712
|
|
1,027,934
|
|
926,143
|
|
3,733,416
|
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 Revenue:
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
|
|
Mar 31,
2014
|
|
Mar 31,
2013
|
|
Mar 31,
2014
|
|
Mar 31,
2013
|
|
|
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
Non-Recurring
Revenue
|
1,151,761
|
|
2,593,780
|
|
4,285,147
|
|
10,324,405
|
Recurring
Revenue
|
2,816,806
|
|
2,605,505
|
|
11,011,861
|
|
10,600,447
|
|
|
|
|
3,968,567
|
|
5,199,285
|
|
15,297,008
|
|
20,924,852
|
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
FOR THE TWELVE MONTHS ENDED
MARCH 31, 2014 AND MARCH 31, 2013
Unaudited (Canadian
Dollars)
|
|
|
|
|
Year
Ended
|
|
Year
Ended
|
|
|
|
|
|
March 31,
2014
|
|
March 31,
2013
|
|
|
|
|
|
$
|
|
$
|
|
|
|
|
|
|
|
|
Revenue
|
|
15,297,008
|
|
20,924,852
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
1,762,503
|
|
2,342,467
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
13,534,505
|
|
18,582,385
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
General and
administration
|
|
3,313,888
|
|
3,489,350
|
|
Sales and
marketing
|
|
2,808,039
|
|
3,366,065
|
|
Research and
development
|
|
3,523,188
|
|
5,500,278
|
|
Client
services
|
|
4,615,652
|
|
4,258,158
|
|
Business acquisition,
integration and other
|
|
-
|
|
675,804
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,260,767
|
|
17,289,655
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
(726,262)
|
|
1,292,730
|
|
|
|
|
|
|
|
|
|
Interest
|
|
1,027,193
|
|
537,598
|
|
Other finance
loss
|
|
658,963
|
|
(134,942)
|
|
Foreign currency
loss
|
|
481,433
|
|
(23,029)
|
|
|
|
|
|
|
|
|
Income (loss)
before tax
|
|
(2,893,851)
|
|
778,161
|
Current tax
expense (benefit)
|
|
95,405
|
|
(1,079,452)
|
|
|
|
|
|
|
|
|
Income (loss) and
comprehensive income (loss)
|
|
(2,989,256)
|
|
1,857,613
|
|
|
|
|
|
|
|
|
Basic and diluted
income (loss) per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
income (loss) per share
|
|
$
(0.04)
|
|
$
0.02
|
|
|
|
|
|
|
|
|
|
Weighted number of
common shares - basic
|
|
81,173,948
|
|
76,310,915
|
|
Weighted number of
common shares - diluted
|
|
81,173,948
|
|
92,882,264
|
CONDENSED CONSOLIDATED BALANCE SHEET
AS AT
MARCH 31, 2014
Unaudited
(Canadian Dollars)
|
|
|
|
|
March 31,
2014
|
|
March 31,
2013
|
|
|
|
|
|
$
|
|
$
|
ASSETS
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
|
532,038
|
|
3,491,780
|
|
Accounts receivable
and unbilled accounts receivable
|
|
5,016,958
|
|
5,820,214
|
|
Other
receivables
|
|
82,958
|
|
196,127
|
|
Prepaid
expenses
|
|
289,379
|
|
415,958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,921,333
|
|
9,924,079
|
Long-term
assets
|
|
|
|
|
|
Unbilled accounts
receivable
|
|
415,124
|
|
339,752
|
|
Financial
asset
|
|
149,731
|
|
808,694
|
|
Property and
equipment
|
|
1,225,676
|
|
857,270
|
|
Intangible
assets
|
|
11,153,240
|
|
7,974,606
|
|
Goodwill
|
|
4,792,399
|
|
4,792,399
|
|
|
|
|
|
|
|
|
Total
assets
|
|
23,657,503
|
|
24,696,800
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Line of
credit
|
|
1,000,000
|
|
1,000,000
|
|
Accounts payable and
accrued liabilities
|
|
5,122,303
|
|
4,271,996
|
|
Current portion of
deferred revenue
|
|
3,791,558
|
|
4,176,876
|
|
Current portion of
finance lease obligations
|
|
104,731
|
|
64,397
|
|
Current portion of
term loan
|
|
1,634,461
|
|
1,521,720
|
|
Current portion of
convertible debentures
|
|
-
|
|
1,064,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,653,053
|
|
12,099,417
|
Long-term
liabilities
|
|
|
|
|
|
Term loan
|
|
1,403,557
|
|
2,686,704
|
|
Convertible
debentures
|
|
5,015,180
|
|
5,353,050
|
|
Deferred
revenue
|
|
978,015
|
|
1,713,326
|
|
Finance lease
obligations
|
|
82,745
|
|
36,739
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
19,132,550
|
|
21,889,236
|
SHAREHOLDERS
EQUITY
|
|
|
|
|
|
Capital
stock
|
|
34,177,890
|
|
29,629,683
|
|
Contributed
surplus
|
|
5,939,511
|
|
5,781,073
|
|
Equity portion of
convertible debentures
|
|
811,558
|
|
811,558
|
|
Warrants
|
|
4,407
|
|
4,407
|
|
Deficit
|
|
(36,408,413)
|
|
(33,419,157)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,524,953
|
|
2,807,564
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders equity
|
|
23,657,503
|
|
24,696,800
|
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR
THE TWELVE MONTHS ENDED MARCH 31,
2014 AND MARCH 31,
2013
Unaudited (Canadian Dollars)
|
|
|
|
|
|
Year
Ended
|
|
Year
Ended
|
|
|
|
|
|
|
Mar 31,
2014
|
|
Mar 31,
2013
|
|
|
|
|
|
|
$
|
|
$
|
Cash flow from
operating activities
|
|
|
|
|
|
|
Income (loss) from
operations:
|
|
|
(2,989,256)
|
|
1,992,555
|
|
Adjustments
for:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
1,524,108
|
|
1,625,089
|
|
|
Charge to bad debt
expense
|
|
|
55,847
|
|
63,115
|
|
|
Amortization of
transaction costs related to debt financing
|
|
230,791
|
|
65,310
|
|
|
Tax recovery on
warrant expiry
|
|
|
-
|
|
(399,229)
|
|
|
Stock based
compensation
|
|
|
128,297
|
|
139,793
|
|
|
Other financial
gain
|
|
|
658,963
|
|
(134,942)
|
|
|
Unrealized foreign
exchange (gain) loss
|
|
|
427,263
|
|
(53,507)
|
|
|
Interest
accretion
|
|
|
288,556
|
|
222,159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
324,569
|
|
3,520,343
|
|
Changes in non-cash
working capital balances
|
|
|
|
|
|
|
|
Accounts receivable
and unbilled accounts receivable
|
|
960,294
|
|
(3,598,762)
|
|
|
Prepaid
expenses
|
|
|
126,579
|
|
165,635
|
|
|
Other
receivables
|
|
|
(43,169)
|
|
(91,211)
|
|
|
Other
assets
|
|
|
(75,372)
|
|
(339,752)
|
|
|
Accounts payable and
accrued liabilities
|
|
|
754,718
|
|
767,762
|
|
|
Income taxes
payable
|
|
|
20,000
|
|
(686,921)
|
|
|
Deferred
revenue
|
|
|
(1,120,629)
|
|
(1,418,421)
|
Cash flows provided
by (used in) operating activities
|
|
|
946,990
|
|
(1,681,327)
|
|
|
|
|
|
|
|
|
|
Cash flow from
investing activities
|
|
|
|
|
|
|
Purchase of property
and equipment
|
|
|
(509,374)
|
|
(711,684)
|
|
Capitalized
development costs
|
|
|
(4,414,489)
|
|
(3,455,981)
|
Cash flows used in
investing activities
|
|
|
(4,923,863)
|
|
(4,167,665)
|
|
|
|
|
|
|
|
|
|
Cash flow from
financing activities
|
|
|
|
|
|
|
Proceeds from
issuance of common stock
|
|
|
2,436,207
|
|
-
|
|
Repayment of capital
lease obligations
|
|
|
(60,946)
|
|
(88,486)
|
|
Proceeds of
convertible debentures
|
|
|
1,428,628
|
|
4,705,723
|
|
Proceeds from line of
credit borrowing, net
|
|
|
-
|
|
330,000
|
|
Proceeds from
landlord inducement
|
|
|
-
|
|
120,000
|
|
Repayment of
convertible debentures
|
|
|
(1,141,000)
|
|
-
|
|
Proceeds from term
loan (net of costs)
|
|
|
(28,232)
|
|
1,946,850
|
|
Repayment of term
loan
|
|
|
(1,620,574)
|
|
(882,087)
|
Cash flows provided
by (used in) financing activities
|
|
|
1,014,083
|
|
6,132,000
|
|
|
|
|
|
|
|
|
|
Foreign exchange
losses on cash in foreign currency
|
|
|
3,048
|
|
9,714
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash
|
|
|
(2,959,742)
|
|
292,722
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
|
|
|
Beginning of
period
|
|
|
3,491,780
|
|
3,199,058
|
|
End of
period
|
|
|
532,038
|
|
3,491,780
|
|
|
|
|
|
|
|
|
|
|
Interest
Paid
|
|
|
1,099,530
|
|
682,671
|
|
Taxes Paid
(Refunded)
|
|
|
75,405
|
|
11,689
|
OVERALL PERFORMANCE, RESULTS OF OPERATIONS AND FINANCIAL
CONDITION
|
|
|
|
|
Year
|
Quarter
Ended
|
Year
|
In $000's
|
Quarter
Ended
|
Ended
|
Ended
|
(except
per
|
June 30,
|
Sept. 30,
|
Dec. 31,
|
March 31,
|
March 31,
|
June 30,
|
Sept. 30,
|
Dec. 31,
|
March 31,
|
March 31,
|
share
data)
|
2012
|
2012
|
2012
|
2013
|
2013
|
2013
|
2013
|
2013
|
2014
|
2014
|
|
$
|
$
|
$
|
$
|
$
|
$
|
$
|
$
|
|
$
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring
|
2,705
|
2,665
|
2,625
|
2,606
|
10,601
|
2,602
|
2,794
|
2,798
|
2,817
|
11,012
|
Non-recurring
|
2,856
|
2,403
|
2,471
|
2,594
|
10,324
|
1,167
|
964
|
1,002
|
1,152
|
4,285
|
Total
|
5,561
|
5,068
|
5,096
|
5,200
|
20,925
|
3,769
|
3,758
|
3,800
|
3,969
|
15,297
|
|
|
|
|
|
|
|
|
|
|
|
Software
|
|
|
|
|
|
|
|
|
|
|
Business
|
5,480
|
4,993
|
5,014
|
5,145
|
20,632
|
3,767
|
3,755
|
3,800
|
3,967
|
15,288
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
4,940
|
4,570
|
4,336
|
4,736
|
18,582
|
3,338
|
3,259
|
3,360
|
3,576
|
13,534
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
4,516
|
4,040
|
3,949
|
4,784
|
17,289
|
3,618
|
3,396
|
3,614
|
3,633
|
14,261
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
916
|
962
|
828
|
1,027
|
3,733
|
131
|
266
|
140
|
389
|
926
|
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
|
|
|
|
|
|
|
|
Income
(Loss)
|
425
|
529
|
387
|
(48)
|
1,293
|
(279)
|
(136)
|
(254)
|
(57)
|
(726)
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss)
and
|
|
|
|
|
|
|
|
|
|
|
Comprehesive
|
|
|
|
|
|
|
|
|
|
|
Income
(Loss)
|
250
|
624
|
227
|
893
|
1,994
|
(780)
|
(245)
|
(1,404)
|
(560)
|
(2,989)
|
|
|
|
|
|
|
|
|
|
|
|
Per
share
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
-
|
$ 0.01
|
$
-
|
$ 0.01
|
$ 0.03
|
$ (0.01)
|
$
-
|
$ (0.01)
|
$ (0.01)
|
$ (0.04)
|
Diluted
|
$
-
|
$ 0.01
|
$
-
|
$ 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
|
76,311
|
76,311
|
77,518
|
94,759
|
81,174
|
Diluted
|
82,360
|
90,086
|
90,083
|
92,870
|
92,882
|
76,311
|
76,311
|
77,518
|
94,759
|
81,174
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
17,962
|
19,761
|
19,059
|
24,697
|
24,697
|
22,787
|
23,493
|
23,709
|
23,657
|
23,657
|
|
|
|
|
|
|
|
|
|
|
|
Total
Long-Term
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
7,244
|
8,421
|
7,861
|
9,790
|
9,790
|
9,386
|
10,083
|
7,651
|
7,479
|
7,479
|
|
|
|
|
|
|
|
|
|
|
|
Total
Deferred
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
7,479
|
6,605
|
5,913
|
5,890
|
5,890
|
5,837
|
5,473
|
5,233
|
4,770
|
4,770
|
SOURCE Nightingale Informatix Corporation