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Authentidate Holding Corp. Reports Fiscal 2011 Second Quarter Results

BERKELEY HEIGHTS, N.J., Feb. 10, 2011 (GLOBE NEWSWIRE) -- Authentidate Holding Corp. (Nasdaq:ADAT), a worldwide provider of secure health information exchange, workflow management services and telehealth solutions, today announced financial results for the three and six month periods ended December 31, 2010.

Selected highlights for the six month period ended December 31, 2010 include:

  • Added several new projects for Inscrybe® Healthcare and ExpressMD's Electronic House Call™ telehealth solution, including Visiting Nursing Association of Western New York, Chicago VNA, Inc., Lehigh Valley Respiratory Care, Primary Wound Care and a telehealth distribution agreement with Rotech Healthcare Inc. that have been announced.
  • Increased U.S. revenues for the quarter and six month periods over the same periods last year and, excluding the non-cash goodwill impairment charge discussed below, reduced operating and net loss amounts for the current year periods.
  • Announced a settlement agreement that, if final approval is granted by the court, resolves the shareholder class action suit.
  • Strengthened our balance sheet with the sale of certain non-core assets in July 2010 for net proceeds of approximately $2.35 million and the private placement of the company's securities in October 2010 for net proceeds of approximately $4.46 million.

Ben Benjamin, President of Authentidate, stated "Over the past two quarters we have made progress on multiple fronts, including marketing our Inscrybe® Healthcare, telehealth, and hospital discharge solutions, and continue to open new doors for future sales. Stemming from this progress, our U.S. revenues have improved during fiscal 2011 due to increases in transaction volumes and new customer projects. In addition, we have continued to manage our operating expenses which has resulted in improved operating results for the current periods before considering the non-cash goodwill impairment charge we incurred in the quarter ended December 31, 2010. This charge relates to our German operations and is based on an updated analysis of current operating results, revised expectations for future growth and uncertainty regarding the recovery of the market for comparable assets."

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