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Authentidate Holding Corp. Reports Fiscal 2011 Second Quarter Results

Stocks in this article: ADAT

The complete ExpressMD telehealth solution combines Electronic House Call, an FDA 510(k) market clearance approved, in-home patient vital signs monitoring system with a web application that streamlines the practitioner's job anywhere they have Internet or a Windows mobile communication device.

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This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Act of 1934. When used in this release, the words "believe," "anticipate," "think," "intend," "plan," "will be," "expect," and similar expressions identify such forward-looking statements. Such statements regarding future events and/or the future financial performance of the company are subject to certain risks and uncertainties, which could cause actual events or the actual future results of the company to differ materially from any forward-looking statement. Such risks and uncertainties include, among other things, the availability of any needed financing, the company's ability to implement its business plan for various applications of its technologies, the impact of competition, the management of growth, and the other risks and uncertainties that may be detailed from time to time in the company's reports filed with the Securities and Exchange Commission. In light of the significant risks and uncertainties inherent in the forward-looking statements included herein, the inclusion of such statements should not be regarded as a representation by the company or any other person that the objectives and plans of the company will be achieved. 

Authentidate and Inscrybe are registered trademarks of Authentidate Holding Corp. All other trade names are the property of their respective owners.

Authentidate Holding Corp. and Subsidiaries
Condensed Consolidated Balance Sheet Data
(in thousands, except per share data)
     
     
     
  December 31, 2010 (Unaudited) June 30, 2010
Assets    
Current assets    
Cash and cash equivalents  $ 3,116  $ 433
Restricted cash 256 256
Marketable securities 980 1,079
Accounts receivable, net  1,092 1,138
Inventory 4,756 4,589
Prepaid expenses and other current assets  845 585
Total current assets  11,045 8,080
Property and equipment, net  432 553
Other assets    
Software development costs, net  1,081 1,467
Goodwill 1,941 7,341
Other assets 1,052 1,103
Assets held for sale  -- 2,000
Total assets   $ 15,551  $ 20,544
     
Liabilities, Redeemable Preferred Stock and Shareholders' Equity    
Current liabilities    
Accounts payable and accrued expenses  $ 3,724  $ 4,457
Deferred revenue 973 942
Other current liabilities 134 127
Total current liabilities  4,831 5,526
Long-term deferred revenue 140 140
Total liabilities  4,971 5,666
Commitments and contingencies     
Redeemable preferred stock 2,783 --
Shareholders' equity     
Preferred stock $.10 par value; 5,000 shares authorized Series B, 28 shares issued and outstanding on June 30, 2010 -- 3
Common stock, $.001 par value; 75,000 shares authorized, 45,986 and 38,436 issued and outstanding on December 31, 2010 and June 30, 2010, respectively 46 38
Additional paid-in capital  172,362 170,490
Accumulated deficit  (164,491) (155,518)
Accumulated other comprehensive loss (120) (135)
Total shareholders' equity  7,797 14,878
Total liabilities, redeemable preferred stock and shareholders' equity   $ 15,551  $ 20,544
Authentidate Holding Corp. and Subsidiaries
Condensed Consolidated Statements of Operations Data
(Unaudited)
in thousands, except per share data)
         
         
         
  Three Months Ended Six Months Ended
  December 31, December 31,
  2010 2009 2010 2009
         
Revenues        
Software licenses and support  $ 880  $ 904  $ 1,562  $ 2,400
Hosted software services 698 624 1,378 1,150
Total revenues 1,578 1,528 2,940 3,550
         
Operating expenses        
Cost of revenues 766 676 1,358 1,546
Selling, general and administrative 1,998 2,480 4,031 5,058
Product development 396 470 806 977
Depreciation and amortization 293 273 583 547
Goodwill impairment 5,400  -- 5,400  --
Total operating expenses 8,853 3,899 12,178 8,128
         
Operating loss (7,275) (2,371) (9,238) (4,578)
         
Other income (expense), net  -- (448) 366 (354)
         
Net loss   $ (7,275)  $ (2,819)  $ (8,872)  $ (4,932)
         
Basic and diluted loss per common share  $ (0.16)  $ (0.08)  $ (0.22)  $ (0.14)
CONTACT:  For Authentidate Holding Corp.
          Investor Contacts:
          Robert Schatz
          Wolfe Axelrod Weinberger Assoc. LLC
          (212) 370-4500; (212) 370-4505 fax

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