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Streamline Health Solutions' CEO Discusses Q3 2012 Results - Earnings Call Transcript

Before I turn the call over to Steve Murdock to review our Q3 financial performance, I'd like to briefly comment on the announcement we made earlier today related to the acquisition of Interpoint Partners. As outlined in the press release this morning, we have signed a definitive asset purchase agreement with Interpoint, which is scheduled to close shortly, subject to the satisfaction of standard closing conditions. Interpoint delivers information technology solutions that have been shown to positively impact their clients' ability to accelerate cash flow, improve accounts receivable levels and manage payment denials and audits. The acquisition will deepen our product offering in the business intelligence and revenue cycle space. This acquisition also advances Streamline Health forward in its goal of becoming a world-class healthcare information technology company. I will provide more detail about this transaction later in the call.

At this point, I'd like to turn the call over to Steve Murdock, our Chief Financial Officer, for a summary of our financial results for the quarter. At the conclusion of Steve's remarks, I'll provide additional perspective on the results of the quarter, and then we'll open the call for your questions. Steve?

Stephen H. Murdock

Thanks, Bob. I'd like to highlight the more significant aspects of the financial results for the third quarter ended October 31, 2011.

Total revenues for the 3 months ended October 31, 2011 were $4.3 million compared to $4.5 million in the comparable quarter of 2010, a decrease of 4%. On a year-to-date basis, total revenues for the 9 months ended October 31, 2011 were $12.6 million compared to $12.7 million for the comparable prior-year period. Professional services revenue decreased 15% over the comparable third quarter, while on a year-to-date basis, professional services revenue increased 6% over the prior-year comparable 9-month period, primarily as a result of meeting milestones on systems implementations and services sold in prior quarters. Recurring revenue for maintenance contracts increased $270,000 or 13% over the prior comparable third quarter as a result of revenue recognized from backlog and from commencement of maintenance period subsequent to the third quarter of 2010.

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