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Greenway Reports Fourth-Quarter And Fiscal 2013 Results

During the 2013 fourth quarter, revenue from recurring sources grew by 28%, year over year, and comprised 57.6% of revenue for the period, up from 43.8% for the prior-year period. For all of 2013, revenue from recurring sources grew by 31%, year over year, and as a percent of revenue increased by 933 basis points to 55.2% from the prior year. Revenue from one-time systems sales and training and consulting services declined by 26% for the 2013 fourth quarter, and by 10% for the fiscal year, when compared to prior-year periods.

For the three months ended June 30, 2013, gross profit was $18.3 million and gross profit margin was 51.5%. These figures compare with gross profit of $21.8 million and gross margin of 60% for the three months ended June 30, 2012. Overall gross profit and gross margin for the 2013 fourth quarter declined from the prior year as a result of lower revenue and gross profit from one-time systems sales and training and consulting services offset by a 28% increase in gross profit from recurring items. For the year ended June 30, 2013, gross profit was $70.4 million, up 3% from $68.1 million for the prior-year period. Gross margin for fiscal year 2013 was 52.2%, which compares with 55.0% for the prior-year period.

Greenway reported a loss from operations of ($2.1 million) for the three months ended June 30, 2013, and ($6.9 million) for fiscal 2013. This compares to operating income of $3.5 million for the 2012 fourth quarter and $4.9 million for fiscal 2012.

For the fiscal 2013 fourth quarter and full year, Greenway had a net loss of ($3.5 million), or (12 cents) per share, and ($5.1 million) or (17 cents) per share, respectively. This compares with net income of $2.2 million for the three months ended June 30, 2012, or seven cents per diluted share for the fiscal 2012 fourth quarter and $2.9 million, or 11 cents per diluted share, for fiscal 2012.

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