Streamline Health Solutions, (STRM)

Q2 2011 Earnings Call

September 12, 2011 4:30 pm ET


Unknown Speaker -

Robert Blum - Lytham Partners

Stephen H. Murdock - Chief Financial Officer

Gary M. Winzenread - Chief Operating Officer and Senior Vice President of Product Development & Strategy

Robert Watson - Chief Executive Officer, President and Director


Frank Sparacino - First Analysis Securities Corporation, Research Division

Joseph Mondillo - Sidoti & Company, LLC



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Good afternoon, and welcome to the Streamline Health Solutions Reports Second Quarter 2011 Financial Results Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Robert Blum of Lytham Partners. Please go ahead.

Robert Blum

Thank you, Amy, and thank you all for joining us to review the financial results of Streamline Health Solutions for the second quarter of fiscal year 2011, which ended July 31, 2011. As the conference call operator indicated, my name is Robert Blum. I am with Lytham Partners. We are the investor relations consulting firm for Streamline Health.

With us on the call representing the company today are Bob Watson, President and Chief Executive Officer; Steve Murdock, Chief Financial Officer; Gary Winzenread, Senior Vice President and Chief Operating Officer; and Rick Leach, Senior Vice President and Chief Marketing Officer.

At the conclusion of today’s prepared remarks, we will open the call for a question-and-answer session. If anyone participating on today’s call does not have a full text copy of the release, you can retrieve it from the company’s website at or numerous financial websites.

Before we begin with prepared remarks, we submit for the record the following statements: Statements made by the management team of Streamline Health Solutions during the course of this conference call that are not historical facts are considered to be forward-looking statements subject to risks and uncertainties.

The Private Securities Litigation Reform Act of 1995 provides a Safe Harbor for such forward-looking statements. The words believe, expect, anticipate, estimate, will and other similar statements of expectation identify forward-looking statements. The forward-looking statements contained herein are subject to certain risks, uncertainties and important factors that could cause actual results to differ materially from those reflected in the forward-looking statements included herein.

These risks and uncertainties include, but are not limited to the impact of competitive products and pricing; product demand and market acceptance; new product developments; key strategic alliances with vendors that resell the company's products; the ability of the company to control costs; availability of products produced from third-party vendors; the healthcare regulatory environment; healthcare information systems' budgets; availability of healthcare information systems trained personnel for implementation of new systems, as well as maintenance of legacy systems, fluctuations in operating results and other risks detailed from time to time in the Streamline Health Solutions' filings with the U.S. Securities and Exchange Commission.

Participants on this call are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The company undertakes no obligation to publicly release the results of any revision to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

With that said, let me turn the call over to Bob Watson, President and Chief Executive Officer of Streamline Health Solutions. Bob?

Robert Watson

Thank you, Robert. And good afternoon to all of you participating on today's call. We thank you for your time today and for your continued interest and support of the company.

With 2 quarters of tenure behind this management team, we are making real and meaningful progress towards transforming Streamline Health into a world-class market-facing healthcare information technology company. As I noted in prior calls, this is a process, but we are well engaged in the orderly transition steps that this team committed to when joining the company. I will go into more detail on our progress against our strategic plan after Steve Murdock's review of our Q2 financial performance.

However, before passing this call to Steve, I do want to draw your attention to one of our announcements made during the quarter and highlight the meaningful use certification of accessANYware 5.1. This is an important step in the previously discussed process of transformation. This product will be commercially released later this year, and we'll do so with certification for meaningful use already in place. This is an important step for Streamline Health. The power of this product to support the needs and requirements facing our clients is indicative of not only our movement towards being more market facing, but also our commitment to our current and future clients.

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 through the second quarter ended July 31, 2011. Total revenues for the 3 months ended July 31 were $4.1 million compared to $4.7 million in the comparable quarter of 2010, a decrease of 11%. On a year-to-date basis, total revenues for the 6 months ended July 31, 2011, were $8.3 million compared to $8.2 million for the comparable prior-year period.

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