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» Streamline Health Solutions' CEO Discusses Q3 2012 Results - Earnings Call Transcript
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These risks and uncertainties include, but are not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, 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 E. Watson Thank you, Landon, and good morning to all of you participating on today's call. We thank you for your time today and for your continued interest and support of our company. With 4 full quarters behind this management team, it is clear that we are making meaningful progress towards becoming a best-in-class healthcare information technology company, delivering solutions that improve our clients' operating and financial performance. Looking back at the fourth quarter, which ended January 31, 2012, we're pleased with our financial performance for the period. We achieved breakeven after accounting for the transaction cost associated with the December acquisition of Interpoint Partners. Absent the impact of that transaction, net income would have exceeded $400,000 for the quarter even with the cost of this important acquisition, we returned the company to profitability.
As noted in our press release, the company achieved net earnings of $13,000 for the year. This is a $3 million improvement approximately over the prior year. This was accomplished on revenue with nearly 3% less than fiscal 2010 which was in line with our 2011 guidance. Adjusting for the revenue contribution from the acquisition in Q4, revenues for the year were down 5% on the core electronic content management business. Again, this was in line with our previous guidance for the fiscal year 2011.In our earnings release, we have included a table reconciling our net earnings to the non-GAAP financial measure of adjusted EBITDA. We defined adjusted EBITDA as net earnings plus interest expense, tax expense, depreciation, amortization of tangible and intangible assets and stock-based compensation expense. Given the relatively large amount of noncash charges included in our financial results, we believe that adjusted EBITDA is a more meaningful measure in understanding our underlying cash-based earnings. For the fiscal year ended January 31, 2012, adjusted EBITDA was $3.8 million, an improvement of approximately $1 million over the prior year. As we have noted previously, we will continue to provide this non-GAAP financial measure in future earnings releases. We believe that this is a very meaningful improvement which was achieved despite the burden of high severance costs in 2011, the cost of on boarding new executives and associates as part of the overall transition of our human capital talent and the cost of the Interpoint Partners acquisition in December. Read the rest of this transcript for free on seekingalpha.com