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Nightingale Reports First Quarter Fiscal 2015 Results

MARKHAM, ON, Aug. 27, 2014 /CNW/ - Nightingale Informatix Corporation ("Nightingale" or the "Company") (TSX-V: NGH), an application service provider (ASP) of electronic health record (EHR) software and related services, announces its financial results for the quarter ended June 30, 2014.

Q1 Fiscal 2015 Financial and Operational Summary

  • Revenue was $3.7 million, down 1% compared to $3.8 million in Q1 F2014, and down 7% from $4.0 million in Q4 F2014. The variance from F2014 primarily reflects a decrease in non-recurring revenues which was partially offset by a 9% increase in recurring revenues.
  • Gross profit was $3.3 million, or 88% of revenue, compared to $3.3 million, or 89% of revenue, in Q1 F2014 and $3.6 million, or 90% of revenue, in Q4 F2014.
  • Operating Expenses, excluding stock based compensation, depreciation and amortization costs were $2.9 million compared to $3.2 million in Q1 F2014 and $3.2 million in Q4 F2014.
  • Adjusted EBITDA1 was $0.3 million, 9% of revenue, an increase of 19% from $0.1 million, or 3% of revenue, in Q1 F2014 and down from $0.4 million or 10% of revenue, in Q4 F2014.
  • Net loss was $0.1 million compared to a net loss of $0.8 million in Q1 F2014 and net loss of $0.6 million in Q4 F2014.
  • Cash provided by operations was $1.6 million compared to cash provided by operations of $0.2 million in Q1 F2014.
  • Total deferred revenue was $5.5 million up from $4.8 million at March 31, 2014.
  • In May 2014, the Company announced the promotion of Jamie Cappelli to Executive Vice President of Operations and in July 2014, the Company announced the appointment of Ray Payette as Chief Technology Officer. 
  • In July 2014, unveiled its next generation cloud-based EHR – Nightingale EHR (Nexia).
  • In August 2014, the Company announced a commitment for an investment of $3.5 million in the form of a subordinated term loan to fund the sales and marketing programs to capitalize on its next generation product Nexia.

"We are at the tail-end of our transition phase. Nexia, our next generation product, has started to attract the attention of buying organizations and we are very encouraged by the rate of growth of our pipeline," said Sam Chebib, President and CEO. "We have started to shift our investment from product development towards sales and marketing, the result of which will start to become evident in the next few financial periods."

Fiscal 2015 First Quarter Financial Review

The Company's results are prepared in accordance with International Financial Reporting Standards (IFRS) and in Canadian dollars unless otherwise stated.

Revenue for Q1 F2015 was $3.7 million, a decrease of $76,966 from $3.8 million for Q1 F2014.  This decrease was primarily due to a decrease in non-recurring revenues which was partially offset by a 9% increase in recurring revenues.

Recurring Revenue2 for Q1 F2015 was $2.8 million (77% of revenue), an increase of $0.2 million, or 9%, from $2.6 million (69% of revenue) in Q1 F2014.  The increase in Recurring Revenue in Q1 was primarily the result of an increase in revenues from the Company's Nightingale On Demand and NightingaleEHR (Nexia) products.

For Q1 F2015, gross margin was 88% ($3.3 million gross profit) compared to 89% ($3.3 million gross profit) for Q1 F2014. 

Operating expenses for Q1 F2015 decreased 7% to $2.9 million (79% of revenue), excluding charges for stock based compensation and depreciation and amortization, compared to operating expenses of $3.2 million (85% of revenue), excluding charges for stock based compensation and depreciation and amortization, for Q1 F2014.

For Q1 F2015, Adjusted EBITDA was $0.3 million (9% of revenue), compared to $0.1 million (3% of revenue) in Q1 F2014.  

The impact of fluctuations in the rate of exchange between the US Dollar and Canadian Dollar on Q1 F2015 EBITDA were negligible.  The $0.1 million gain from foreign currency in Q1 F2015 is predominantly the result of the re-measurement of the Company's term loans (denominated in US Dollars) into Canadian Dollars.

Included in net loss for Q1 F2015 is a financial gain of $0.03 million.  The financial gain is related to the change in valuation of a derivative asset that is embedded in the Company's Series B convertible debentures.    

For Q1 F2015, net loss was $61,732 compared to a net loss of $0.8 million in Q1 F2014.

Cash and cash equivalents on June 30, 2014 were $0.2 million, a decrease of $0.4 million, or 71%, from March 31, 2014.

At June 30, 2014, total common shares issued and outstanding were 94,758,915.

The financial statements and MD&A will be available at www.nightingalemd.com and filed on www.sedar.com on August 27, 2014.  This press release should be read in conjunction with Nightingale's Consolidated Financial Statements and the accompanying Management Discussion and Analysis for the year ended March 31, 2014.

Notice of Conference Call
Nightingale will host a conference call on Thursday, August 28, 2014 at 8:30 a.m. Eastern Standard Time. To access the conference call by telephone, dial (888) 231-8191 (or (647) 427-7450 for international). Please connect approximately fifteen minutes prior to the call, and reference conference ID 93452990 prior to the beginning of the call to ensure participation. The conference call will be archived for replay until Thursday, September 4, 2014. To access the archived conference call, dial (416) 849-0833 or (855) 859-2056 and enter reference 93452990#. To listen to the conference call replay on the internet please visit the Nightingale website shortly after the call at www.nightingalemd.com.

Non-IFRS Financial Measures
The Company internally measures its performance and results of initiatives through a number of measures that are not recognized under IFRS and may not be comparable to similar measures used by other companies. 

1.  Adjusted EBITDA
Adjusted EBITDA is a non-IFRS measure that management believes is a useful measurement to evaluate the performance of the Company. Investors should be cautioned, however, that Adjusted EBITDA should not be construed as an alternative to net earnings as determined in accordance with IFRS. The Company's method of calculating Adjusted EBITDA may differ from the methods used by other companies and, accordingly, it may not be comparable to similarly titled measures used by other companies.

Adjusted EBITDA is defined as earnings before other loss (income), interest, income taxes, depreciation, amortization, stock-based compensation, and business acquisition, integration and other costs. Management believes it is useful to exclude these items as they are either non-cash expenses, items that cannot be influenced by management in the short term, or items that do not impact core operating performance, and Management uses this information internally for forecasting and budgeting purposes.

The following provides a reconciliation of Adjusted EBITDA to Loss and Comprehensive Loss: 







 Quarter Ended 







June 30, 2014


June 30, 2013







$


$










Loss and Comprehensive Loss



(61,732)


(779,629)

Adjustments for







Current Tax Expense



12,508


2,183


Other Income (Loss)



(92,048)


308,561


Interest



94,368


187,758


Depreciation and Amortization



385,610


380,886


Stock-Based Compensation



20,523


29,493


Other financing (gain) loss



(29,483)


1,633

Adjusted EBITDA



329,746


130,885


2.  Recurring and Non-Recurring Revenue
The Company has included recurring revenue and non-recurring revenue measurements since it believes that this information is useful to investors to evaluate its performance. Investors should be cautioned, however, that recurring revenue and non-recurring revenue should not be construed as an alternative to revenue as determined in accordance with IFRS.  Recurring Revenue is comprised of utilization fees, hosting, support and maintenance revenue, data management and transcription services and transactional fees.  Non-Recurring Revenue is comprised of revenues generated from sales of perpetual software and systems licenses and related training, data conversion and installation services. 

The following provides a reconciliation of Recurring Revenue and Non-Recurring Revenue to Revenue:








 Quarter Ended 








 June 30, 2014 


 June 30, 2013 








$


$











Non-Recurring Revenue




860,687


1,166,784

Recurring Revenue




2,831,528


2,602,397








3,692,215


3,769,181


About Nightingale
For more than a decade, Nightingale (TSX-V: NGH) has been delivering innovative cloud-based Electronic Health Record (EHR) and Practice Management solutions to healthcare organizations across the United States and Canada. Our goal is to uncomplicate the day-to-day challenges of healthcare providers. We achieve this by creating software that is truly intuitive—minimizing training and maximizing adoption. We believe so strongly in building easy-to-use software that we structured our entire product team around user-centric design. Our clients are benefiting from this focus through a well-supported and robust solution that presents a holistic view of a person's well-being in a simple, clean interface, so that the best health decisions can be made. Nightingale – One Patient. One Record. www.nightingalemd.com

Forward Looking Statement
This press release contains "forward-looking statements" respecting the issuance and cancellation of securities of the Company within the meaning of applicable Canadian securities legislation. Generally, forward-looking statements can be identified by the use of forward- looking terminology such as "plans", "expects" or "does not expect",  "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may" ,"could", "would", "might", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Nightingale to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the speculative nature of the medical software industry, which is affected by numerous factors beyond Nightingale's control; the ability of Nightingale to successfully secure customer contracts and the timing of securing such contracts; the ability of Nightingale to complete and successfully integrate its acquisitions on an accretive basis, Nightingale's access to debt and capital facilities, including compliance with current debt arrangements; the existence of present and possible future government regulation; the significant competition that exists in the medical software industry; the early stage of Nightingale's business, and risks associated with early stage companies, including uncertainty of revenues, markets and profitability and the need to raise additional funding.  All material assumptions used in making forward-looking statements are based on management's knowledge of current business conditions and expectations of future business conditions and trends. Certain material factors or assumptions applied by management in making forward-looking statements, include without limitation, factors and assumptions regarding future trends in healthcare spending, economic conditions affecting Nightingale and North American economies; Nightingale's ability to continue to fund its business, rates of customer defaults, relationships with, and payments to lenders, as well as Nightingale's operating cost structure.

Although Nightingale has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Nightingale does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws. Further information on Nightingale Informatix Corporation is available at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME AND LOSS
Unaudited (Canadian Dollars)






 Quarter Ended 


 Quarter Ended 






 June 30, 2014 


 June 30, 2013 






$


$









Revenue


3,692,215


3,769,181









Cost of sales


438,229


430,820









Gross profit


3,253,986


3,338,361









Expenses






General and administration


785,700


793,193


Sales and marketing


613,287


658,037


Research and development


752,453


1,045,510


Client services


1,178,933


1,121,115














3,330,373


3,617,855









Operating loss


(76,387)


(279,494)










Interest


94,368


187,758


Other finance (gain) loss


(29,483)


1,633


Foreign currency (gain) loss


(92,048)


308,561









Loss before tax


(49,224)


(777,446)

Current tax expense


12,508


2,183









Loss and comprehensive loss


(61,732)


(779,629)









Basic and diluted loss per share














Basic and diluted loss per share


$                   (0.00)


$                   (0.01)










Weighted number of common shares - basic and diluted


94,758,915


76,310,915



CONDENSED CONSOLIDATED BALANCE SHEET
Unaudited (Canadian Dollars)






 June 30, 2014 


 March 31, 2014 






$


$







ASSETS






Current assets






Cash and cash equivalents


152,655


532,038


Accounts receivable and unbilled accounts receivable


4,871,426


5,016,958


Other receivables


294,934


82,958


Prepaid expenses


412,184


289,379














5,731,199


5,921,333

Long-term assets






Unbilled accounts receivable


397,142


415,124


Financial derivative asset


179,214


149,731


Property and equipment


1,208,961


1,225,676


Intangible assets


11,979,446


11,153,240


Goodwill


4,792,399


4,792,399









Total assets


24,288,361


23,657,503









LIABILITIES





Current liabilities






Line of credit


1,000,000


1,000,000


Accounts payable and accrued liabilities


5,558,444


5,122,303


Current portion of deferred revenue


4,305,098


3,791,558


Current portion of finance lease obligations


106,125


104,731


Current portion of term loan


1,573,877


1,634,461














12,543,544


11,653,053

Long-term liabilities






Term loan


958,400


1,403,557


Convertible debentures


5,064,986


5,015,180


Deferred revenue


1,214,831


978,015


Finance lease obligations


22,856


82,745









Total liabilities


19,804,617


19,132,550






SHAREHOLDERS EQUITY






Capital stock


34,177,890


34,177,890


Contributed surplus


5,929,894


5,909,371


Equity portion of convertible debentures


841,698


841,698


Warrants


4,407


4,407


Deficit


(36,470,145)


(36,408,413)














4,483,744


4,524,953









Total liabilities and shareholders equity


24,288,361


23,657,503











CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited (Canadian Dollars)





 Quarter Ended


 Quarter Ended





June 30, 2014


June 31, 2013





$


$








Cash flow from operating activities





Loss from operations:

(61,732)


(779,629)









Adjustments for:






Depreciation and amortization

385,610


380,886



Amortization of transaction costs related to debt financing

48,711


52,378



Stock based compensation

20,523


29,493



Other financial (gain) loss

(29,483)


1,633



Unrealized foreign exchange (gain) loss

(95,950)


215,017



Interest accretion

13,782


95,329












281,461


(4,893)


Changes in non-cash working capital balances






Accounts receivable and unbilled accounts receivable

145,532


458,383



Prepaid expenses

(122,805)


(280,568)



Other recievables

(211,976)


26,513



Other assets

17,982


11,245



Accounts payable and accrued liabilities

436,141


39,752



Deferred revenue

750,356


(53,620)

Cash flows provided by operating activities

1,296,691


196,812








Cash flow from investing activities





Purchase of property and equipment

(74,575)


(112,534)


Capitalized development costs

(1,120,526)


(964,429)

Cash flows used in investing activities

(1,195,101)


(1,076,963)








Cash flow from financing activities





Costs associated with term loan



(21,874)


Repayment of term loan

(422,478)


(385,417)


Repayment of convertible debentures

-


(1,141,000)


Repayment of capital lease obligations

(58,495)


(10,216)

Cash flows used in financing activities

(480,973)


(1,558,507)








Foreign exchange losses on cash in foreign currency

-


882








Net decrease in cash

(379,383)


(2,437,776)








Cash and cash equivalents





Beginning of period

532,038


3,491,780


End of period

152,655


1,054,004








Interest paid

$              93,474


$             187,758

Income taxes paid

$                4,497


$                  2,183








Non-cash investing and financing activities:











Assets acquired under finance lease

$                         -


$                28,860









OVERALL PERFORMANCE, RESULTS OF OPERATIONS AND FINANCIAL CONDITION













Year

Quarter Ended

Year

Quarter

In $000's

Quarter Ended

Ended

Ended

Ended

(except per

Sept. 30,

Dec. 31,

March 31,

March 31,

June 30,

Sept. 30,

Dec. 31,

March 31,

March 31,

June 30,

share data)

2012

2012

2013

2013

2013

2013

2013

2014

2014

2014


$

$

$

$

$

$

$


$

$

Revenue






















  Recurring

2,665

2,625

2,606

10,601

2,602

2,794

2,798

2,817

11,012

2,832

  Non-recurring

2,403

2,471

2,594

10,324

1,167

964

1,002

1,152

4,285

861

  Total

5,068

5,096

5,200

20,925

3,769

3,758

3,800

3,969

15,297

3,693












Gross Profit

4,570

4,336

4,736

18,582

3,338

3,259

3,360

3,576

13,534

3,254












Operating











  Expenses

4,040

3,949

4,784

17,289

3,618

3,396

3,614

3,633

14,261

3,330












Adjusted











  EBITDA

962

828

1,027

3,733

131

266

140

389

926

330












Operating











Income (Loss)

529

387

(48)

1,293

(279)

(136)

(254)

(57)

(726)

(76)












Income (Loss) and











Comprehesive











Income (Loss)

624

227

893

1,994

(780)

(245)

(1,404)

(560)

(2,989)

(62)












Per share











  Basic

$       0.01

$              -

$       0.01

$        0.03

$     (0.01)

$              -

$     (0.01)

$     (0.01)

$     (0.04)

$              -

  Diluted

$       0.01

$              -

$       0.01

$        0.03

$     (0.01)

$              -

$     (0.01)

$     (0.01)

$     (0.04)

$              -

Weighted Avg. #











of Common Shares






















  Basic

76,311

76,311

76,311

76,311

76,311

76,311

77,518

94,759

81,174

94,759

  Diluted

90,086

90,083

92,870

92,882

76,311

76,311

77,518

94,759

81,174

94,759












Total Assets

19,761

19,059

24,697

24,697

22,787

23,493

23,709

23,657

23,657

24,288












Total Long-Term











  Liabilities

8,421

7,861

9,790

9,790

9,386

10,083

7,651

7,479

7,479

7,261












Total Deferred











  Revenue

6,605

5,913

5,890

5,890

5,837

5,473

5,233

4,770

4,770

5,520

 

SOURCE Nightingale Informatix Corporation

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