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Authentidate Holding Corp. Reports Fiscal 2013 Third Quarter Results

Stocks in this article: ADAT

Mr. Benjamin concluded, "Although the economic environment has remained challenging, we believe we are well positioned for future growth and profitability. As our markets develop, we have continued to manage our expenses, including expanding our compensation modification program during the quarter to further reduce employee cash compensation. We also converted all director compensation to non-cash equity based grants. We believe the conversion of our Series C preferred stock into common stock will strengthen our balance sheet and allow us to allocate resources to support our growth plans. We remain very excited about the future prospects for our company and will continue to update our shareholders in the coming months as opportunities in our market develop."

Revenues for the quarter ended March 31, 2013 were $1,410,000 compared to $764,000 for the prior year period. These results reflect an increase in revenues from both our telehealth products and services and our hosted software services. Revenues for the third quarter increased approximately 34% compared to the second quarter of fiscal 2013 due to higher revenues from our telehealth products and services.

Net loss for the quarter ended March 31, 2013 was $2,670,000, or $0.11 per share, compared to $2,018,000, or $0.08 per share, for the prior year period. The increase in net loss for the quarter is due primarily to the non-cash amortization of the debt discount on the company's senior secured notes of approximately $822,000 and the acquired licenses and higher selling, legal, special shareholder meeting, investor relations and product development expenses. 

Revenues for the nine months ended March 31, 2013 were $3,382,000 compared to $2,176,000 for the prior year period. The increase in revenues for the period reflects the same trends as the quarter.

Net loss for the nine months ended March 31, 2013 was $7,918,000, or $0.33 per share, compared to $5,597,000, or $0.23 per share, for the prior year period. The increase in net loss for the period is due primarily to the non-cash amortization of the debt discount on the company's senior secured notes of approximately $2,195,000 and the acquired licenses and the expenses discussed above. The prior year period also reflects a payroll tax credit which lowered expenses for the period.

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