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Authentidate Holding Corp. Reports Fiscal 2013 Third Quarter Results

As of March 31, 2013 cash, cash equivalents and marketable securities were $764,000 and the company had working capital of $3,298,000. After adjusting for the conversion of the Series C preferred stock into common stock on April 5, 2013, and the reclassification of the Series B preferred stock, pro-forma total shareholders' equity was $1,521,000 at March 31, 2013.

Conference Call Details

Management will host a conference call on Wednesday, May 15, 2013, at 4:30 p.m. ET, to discuss the latest corporate developments and results. The dial-in number for callers in the U.S. is (877) 869-3847 and the dial in number for international callers is (201) 689-8261.

A dial-in replay of the call will be available through May 29, 2013. To access the replay, please dial (877) 660-6853 in the U.S. and (201) 612-7415 internationally, and then enter the conference ID # 413687.

About Authentidate Holding Corp.

Authentidate Holding Corp. is a provider of secure web-based software applications and telehealth products and services that enable healthcare organizations to coordinate care for patients and enhance related administrative and clinical workflows. Authentidate's products and services enable healthcare organizations to increase revenues, reduce costs and enhance patient care by eliminating paper and manual work steps from clinical and administrative processes. Authentidate's telehealth solutions combine patient vital signs monitoring with a web application that streamlines patient care management. Delivered as Software as a Service (SaaS), customers only require an Internet connection and web browser to access our web-based applications thereby utilizing previous investments in systems and technology. The company's healthcare customers and users include leading homecare companies, health systems, physician groups and governmental entities. These organizations utilize the company's products and services to coordinate care for patients outside of acute-care.

For more information, visit the company's website at  www.authentidate.com

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
     
  March 31,  
  2013 June 30,
( in thousands, except per share data ) (Unaudited) 2012
     
Assets    
Current Assets    
Cash and cash equivalents $554 $2,036
Restricted cash 256 256
Marketable securities 210 210
Accounts receivable, net  997 645
Inventory 4,469 4,016
Prepaid expenses and other current assets  861 1,286
Total current assets  7,347 8,449
Property and equipment, net  808 917
Other assets    
Software development costs, net  43 171
Licenses, net 2,030 2,196
Other assets 1,072 1,128
Total assets  $11,300 $12,861
     
Liabilities, Redeemable Preferred Stock and Shareholders' (Deficit) Equity    
Current liabilities    
Accounts payable, accrued expenses and other liabilities $3,960 $3,547
Deferred revenue 89 100
Total current liabilities  4,049 3,647
Senior secured notes, net of unamortized discount 5,449 2,866
Long-term deferred revenue 263 281
Total liabilities 9,761 6,794
Commitments and contingencies     
Redeemable preferred stock  3,554 3,254
Shareholders' (deficit) equity     
Common stock, $.001 par value; 100,000 shares authorized, 27,075 and 26,999 issued and outstanding on March 31, 2013 and June 30, 2012, respectively  27 27
Additional paid-in capital  183,333 179,890
Accumulated deficit  (185,375) (177,104)
Total shareholders' (deficit) equity  (2,015) 2,813
Total liabilities, redeemable preferred stock and shareholders' (deficit) equity  $11,300 $12,861
     
Pro-forma - Total shareholders' equity $1,521 $2,813
         
Authentidate Holding Corp. and Subsidiaries
Condensed Consolidated Statement of Operations and Comprehensive Operations Data
(Unaudited)
         
  Three Months Ended Nine Months Ended
  March 31, March 31,
(in thousands, except per share data) 2013 2012 2013 2012
         
Revenues        
Hosted software services $675 $635 $2,050 $1,921
Telehealth products and services 735 129 1,332 255
Total revenues 1,410 764 3,382 2,176
Operating expenses        
Cost of revenues 1,004 638 2,521 1,688
Selling, general and administrative 1,778 1,527 5,140 4,605
Product development 273 227 834 644
Depreciation and amortization 213 292 621 740
Total operating expenses 3,268 2,684 9,116 7,677
Operating loss (1,858) (1,920) (5,734) (5,501)
Other (expense) income, net (812) (98) (2,184) (96)
Net loss ($2,670) ($2,018) ($7,918) ($5,597)
Basic and diluted loss per common share ($0.11) ($0.08) ($0.33) ($0.23)
Comprehensive operations        
Net loss ($2,670) ($2,018) ($7,918) ($5,597)
Comprehensive loss ($2,670) ($2,018) ($7,918) ($5,597)
CONTACT: Investor Contacts:
         Robert Schatz
         Wolfe Axelrod Weinberger Assoc. LLC
         (212) 370-4500; (212) 370-4505 fax

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