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Nightingale Reports Fiscal 2014 Results

MARKHAM, ON, July 31, 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 three months and year ended March 31, 2014.

Q4 Fiscal 2014 Financial and Operational Summary

  • Revenue was $4.0 million, down 24% compared to $5.2 million in Q4 F2013, and up 4% from $3.8M in Q3 F2014. The variance from F2013 primarily reflects a decrease in software license revenues from enterprise contracts as well as a decrease in professional services revenues.
  • Gross profit was $3.6 million, or 90% of revenue, compared to $4.7 million, or 91% of revenue, in Q4 F2013 and $3.4 million, or 88% of revenue, in Q3 F2014.
  • Operating Expenses, excluding stock based compensation, depreciation and amortization costs were $3.2 million compared to $4.3 million in Q4 F2013 and $3.2 million in Q3 F2014.
  • Adjusted EBITDA1 was $0.4 million, 10% of revenue, down from $1.0 million or 20% of revenue in Q4 F2013 and up from $0.1 million or 4% of revenue in Q3 F2014.
  • Net loss was $0.6 million compared to net income of $0.9 million in Q4 F2013 and net loss of $1.4 million in Q3 F2014.
  • Cash provided by operations was $1.5 million compared to cash used by operations of $0.7 million in Q4 F2013.
  • Total deferred revenue was $4.8 million down from $5.9 million at March 31, 2013.

Fiscal 2014 Financial and Operational Summary

  • Revenue was $15.3 million, down 27% compared to $20.9 million from F2013, primarily reflecting a decrease in software license revenues from enterprise contracts.
  • Gross profit was $13.5 million, or 88% of revenue, compared to $18.6 million, or 89% of revenue for F2013.
  • Operating Expenses, excluding stock based compensation, depreciation and amortization costs were $12.6 million compared to $15.5 million for F2013.
  • Adjusted EBITDA1 was $0.9 million, or 6% of revenue, down from $3.7 million, or 18% of revenue for F2013.
  • Net loss was $3.0 million compared to net income of $2.0 million for F2013.
  • Cash provided by operations was $0.9 million compared to cash used in operations of $1.7 million in F2013.

"This past fiscal year was effectively a transitional year for the Company, reflecting the large investment in our next generation product, the negative impact the product delays had on our perpetual licence revenues and the shift to a SaaS based sales model for the SMB space," said Sam Chebib, President and CEO. "We are at the tail end of this transition, and with the bulk of the investment in Nightingale EHR ("Nexia") behind us, we will be reducing our spending on research and development.  Nexia will be initially sold in the US and Ontario market, and in other Canadian provinces later in the year. Going forward we will be focusing our energy on sales and marketing as we are very optimistic about the impact Nexia will have on our market position and consequently, our ability to drive incremental recurring revenues and increase the predictability of our business model."

Fiscal 2014 Fourth Quarter and Annual 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 Q4 F2014 was $4.0 million, a decrease of $1.2 million from $5.2 million for Q4 F2013.  F2014 revenue was $15.3 million compared to $20.9 million for F2013.  These decreases are primarily associated with a decrease in software revenues from enterprise contracts (which can vary significantly from quarter to quarter) as well as a decrease in revenues from professional services.  These decreases were partially offset by an increase in recurring revenues from the Company's Nightingale On Demand EHR.

Recurring Revenue2 for Q4 F2014 was $2.8 million (70% of revenue), an increase of $0.2 million, or 8%, from $2.6 million (50% of revenue) in Q4 F2013.  Recurring revenue for F2014 was $11.0 million (72% of revenue), an increase of $0.4 million, or 4% from $10.6 million (51% of revenue) for F2013.  The increase in Recurring Revenue in Q4 was primarily the result of an increase in revenues from the Company's Nightingale On Demand EHR product which was partially offset by a decrease in revenue from the Company's low-margin transcription business. In the YTD period, decreases in revenues from the Company's low-margin transcription business and a decrease in transaction based revenues on the Company's US based product lines offset the increase in recurring revenues from the Company's EHR product.

For Q4 F2014, gross margin was 90% ($3.6 million gross profit) compared to 91% ($4.7 million gross profit) for Q4 F2013.  For F2014, gross margin was 88% ($13.5 million) compared to 89% ($18.6 million) for F2013.

Operating expenses for Q4 F2014 decreased 26% to $3.2 million (79% of revenue), excluding charges for stock based compensation and depreciation and amortization, compared to operating expenses of $4.3 million (83% of revenue), excluding charges for stock based compensation and depreciation and amortization, for Q4 F2013. Operating expenses for F2014 decreased 19% to $12.6 million (82% of revenue), excluding charges for stock based compensation and depreciation and amortization, compared to operating expenses of $15.5 million (74% of revenue), excluding charges for stock based compensation and depreciation and amortization, for F2013.

For Q4 F2014, Adjusted EBITDA was $0.4 million (10% of revenue), compared to $1.0 million (20% of revenue) in Q4 F2013.  For F2014, Adjusted EBITDA was $0.9 million (6% of revenue), compared to $3.7 million (18% of revenue) for F2013.

The impact of fluctuations in the rate of exchange between the US Dollar and Canadian Dollar on Q4 F2014 EBITDA were negligible.  The $0.5 million loss from foreign currency in F2014 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 F2014 is a financial loss of $0.7 million.  The financial loss is predominantly related to the write off of a portion of the financial derivative asset that is embedded in the Company's Series B convertible debentures.  The Company wrote off a significant portion of the financial asset in Q3 F2014 when a substantial number of debenture holders (85%) converted their investment to common shares or transferred their investment to the Company's Series C convertible debentures.

For Q4 F2014, net loss was $0.6 million compared to net income of $0.9 million in Q4 F2013. For F2014, net loss was $3.0 million compared to net income of $2.0 million for F2013.

Cash and cash equivalents on March 31, 2014 were $0.5 million, a decrease of $3.0 million, or 85%, from March 31, 2013, of which $3.5 million was for product development costs related to the Company's long-term strategic growth initiatives.

At March 31, 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 July 31, 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 Friday, August 1, 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 82566313 prior to the beginning of the call to ensure participation. The conference call will be archived for replay until Friday, August 8, 2014. To access the archived conference call, dial (416) 849-0833 or (855) 859-2056 and enter reference 82566313#. 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: 





 Three Months Ended 


 Year Ended 





 Mar 31, 2014 


 Mar 31, 2013 


 Mar 31, 2014 


 Mar 31, 2013 





$


$


$


$












Income (Loss) and Comprehensive Income (Loss)

(560,353)


892,659


(2,989,256)


1,992,555

Adjustments for









Current Tax Expense (Recovery)

30,655


(1,009,423)


95,405


(1,079,452)


Other Income (Loss)

139,967


(28,268)


481,433


(23,029)


Interest

355,245


232,079


1,027,193


537,598


Depreciation and Amortization

395,190


439,861


1,524,108


1,625,089


Stock-Based Compensation

50,185


10,135


128,297


139,793


Other financing gain (loss)

(22,177)


(134,942)


658,963


(134,942)


Acquisition, Integration and Other

-


625,833


-


675,804

Adjusted EBITDA

388,712


1,027,934


926,143


3,733,416

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:





 Three Months Ended 


 Year Ended 





 Mar 31, 2014 


 Mar 31, 2013 


 Mar 31, 2014 


 Mar 31, 2013 





$


$


$


$












Non-Recurring Revenue

1,151,761


2,593,780


4,285,147


10,324,405

Recurring Revenue

2,816,806


2,605,505


11,011,861


10,600,447





3,968,567


5,199,285


15,297,008


20,924,852

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
FOR THE TWELVE MONTHS ENDED MARCH 31, 2014 AND MARCH 31, 2013
Unaudited (Canadian Dollars)






 Year Ended 


 Year Ended 






 March 31, 2014 


 March 31, 2013 






$


$









Revenue


15,297,008


20,924,852









Cost of sales


1,762,503


2,342,467









Gross profit


13,534,505


18,582,385









Expenses






General and administration


3,313,888


3,489,350


Sales and marketing


2,808,039


3,366,065


Research and development


3,523,188


5,500,278


Client services


4,615,652


4,258,158


Business acquisition, integration and other


-


675,804














14,260,767


17,289,655









Operating income (loss)


(726,262)


1,292,730










Interest


1,027,193


537,598


Other finance loss


658,963


(134,942)


Foreign currency loss


481,433


(23,029)









Income (loss) before tax


(2,893,851)


778,161

Current tax expense (benefit)


95,405


(1,079,452)









Income (loss) and comprehensive income (loss)


(2,989,256)


1,857,613









Basic and diluted income (loss) per share














Basic and diluted income (loss) per share


$                (0.04)


$                  0.02










Weighted number of common shares - basic


81,173,948


76,310,915


Weighted number of common shares - diluted


81,173,948


92,882,264

 

 

CONDENSED CONSOLIDATED BALANCE SHEET
AS AT MARCH 31, 2014
Unaudited (Canadian Dollars)






 March 31, 2014 


 March 31, 2013 






$


$

ASSETS






Current assets






Cash and cash equivalents


532,038


3,491,780


Accounts receivable and unbilled accounts receivable


5,016,958


5,820,214


Other receivables


82,958


196,127


Prepaid expenses


289,379


415,958














5,921,333


9,924,079

Long-term assets






Unbilled accounts receivable


415,124


339,752


Financial asset


149,731


808,694


Property and equipment


1,225,676


857,270


Intangible assets


11,153,240


7,974,606


Goodwill


4,792,399


4,792,399









Total assets


23,657,503


24,696,800









LIABILITIES





Current liabilities






Line of credit


1,000,000


1,000,000


Accounts payable and accrued liabilities


5,122,303


4,271,996


Current portion of deferred revenue


3,791,558


4,176,876


Current portion of finance lease obligations


104,731


64,397


Current portion of term loan


1,634,461


1,521,720


Current portion of convertible debentures


-


1,064,428














11,653,053


12,099,417

Long-term liabilities






Term loan


1,403,557


2,686,704


Convertible debentures


5,015,180


5,353,050


Deferred revenue


978,015


1,713,326


Finance lease obligations


82,745


36,739









Total liabilities


19,132,550


21,889,236

SHAREHOLDERS EQUITY






Capital stock


34,177,890


29,629,683


Contributed surplus


5,939,511


5,781,073


Equity portion of convertible debentures


811,558


811,558


Warrants


4,407


4,407


Deficit


(36,408,413)


(33,419,157)














4,524,953


2,807,564









Total liabilities and shareholders equity


23,657,503


24,696,800

 

 

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE TWELVE MONTHS ENDED MARCH 31, 2014 AND MARCH 31, 2013
Unaudited (Canadian Dollars)







 Year Ended 


 Year Ended 







 Mar 31, 2014 


 Mar 31, 2013 







$


$

Cash flow from operating activities







Income (loss) from operations:



(2,989,256)


1,992,555


Adjustments for:








Depreciation and amortization



1,524,108


1,625,089



Charge to bad debt expense



55,847


63,115



Amortization of transaction costs related to debt financing


230,791


65,310



Tax recovery on warrant expiry



-


(399,229)



Stock based compensation



128,297


139,793



Other financial gain



658,963


(134,942)



Unrealized foreign exchange (gain) loss



427,263


(53,507)



Interest accretion



288,556


222,159
















324,569


3,520,343


Changes in non-cash working capital balances








Accounts receivable and unbilled accounts receivable


960,294


(3,598,762)



Prepaid expenses



126,579


165,635



Other receivables



(43,169)


(91,211)



Other assets



(75,372)


(339,752)



Accounts payable and accrued liabilities



754,718


767,762



Income taxes payable



20,000


(686,921)



Deferred revenue



(1,120,629)


(1,418,421)

Cash flows provided by (used in) operating activities



946,990


(1,681,327)










Cash flow from investing activities







Purchase of property and equipment



(509,374)


(711,684)


Capitalized development costs



(4,414,489)


(3,455,981)

Cash flows used in investing activities



(4,923,863)


(4,167,665)










Cash flow from financing activities







Proceeds from issuance of common stock



2,436,207


-


Repayment of capital lease obligations



(60,946)


(88,486)


Proceeds of convertible debentures



1,428,628


4,705,723


Proceeds from line of credit borrowing, net



-


330,000


Proceeds from landlord inducement



-


120,000


Repayment of convertible debentures



(1,141,000)


-


Proceeds from term loan (net of costs)



(28,232)


1,946,850


Repayment of term loan



(1,620,574)


(882,087)

Cash flows provided by (used in) financing activities



1,014,083


6,132,000










Foreign exchange losses on cash in foreign currency



3,048


9,714










Net increase (decrease) in cash



(2,959,742)


292,722










Cash and cash equivalents







Beginning of period



3,491,780


3,199,058


End of period



532,038


3,491,780











Interest Paid



1,099,530


682,671


Taxes Paid (Refunded)



75,405


11,689

 

 

OVERALL PERFORMANCE, RESULTS OF OPERATIONS AND FINANCIAL CONDITION






Year

Quarter Ended

Year

In $000's

Quarter Ended

Ended

Ended

(except per

June 30,

Sept. 30,

Dec. 31,

March 31,

March 31,

June 30,

Sept. 30,

Dec. 31,

March 31,

March 31,

share data)

2012

2012

2012

2013

2013

2013

2013

2013

2014

2014


$

$

$

$

$

$

$

$


$

Revenue






















  Recurring

2,705

2,665

2,625

2,606

10,601

2,602

2,794

2,798

2,817

11,012

  Non-recurring

2,856

2,403

2,471

2,594

10,324

1,167

964

1,002

1,152

4,285

  Total

5,561

5,068

5,096

5,200

20,925

3,769

3,758

3,800

3,969

15,297












  Software











  Business

5,480

4,993

5,014

5,145

20,632

3,767

3,755

3,800

3,967

15,288












Gross Profit

4,940

4,570

4,336

4,736

18,582

3,338

3,259

3,360

3,576

13,534












Operating











  Expenses

4,516

4,040

3,949

4,784

17,289

3,618

3,396

3,614

3,633

14,261












Adjusted











  EBITDA

916

962

828

1,027

3,733

131

266

140

389

926












Operating











Income (Loss)

425

529

387

(48)

1,293

(279)

(136)

(254)

(57)

(726)












Income (Loss) and











Comprehesive











Income (Loss)

250

624

227

893

1,994

(780)

(245)

(1,404)

(560)

(2,989)












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

76,311

77,518

94,759

81,174

  Diluted

82,360

90,086

90,083

92,870

92,882

76,311

76,311

77,518

94,759

81,174












Total Assets

17,962

19,761

19,059

24,697

24,697

22,787

23,493

23,709

23,657

23,657












Total Long-Term











  Liabilities

7,244

8,421

7,861

9,790

9,790

9,386

10,083

7,651

7,479

7,479












Total Deferred











  Revenue

7,479

6,605

5,913

5,890

5,890

5,837

5,473

5,233

4,770

4,770

 

SOURCE Nightingale Informatix Corporation

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DevOps promotes continuous improvement through a culture of collaboration. But in real terms, how do you: Integrate activities across diverse teams and services? Make objective decisions with system-wide visibility? Use feedback loops to enable learning and improvement? With technology insights and real-world examples, in his general session at @DevOpsSummit, at 21st Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, explored how leading organizations use data-driven DevOps to close th...
"CA has been doing a lot of things in the area of DevOps. Now we have a complete set of tool sets in order to enable customers to go all the way from planning to development to testing down to release into the operations," explained Aruna Ravichandran, Vice President of Global Marketing and Strategy at CA Technologies, in this SYS-CON.tv interview at DevOps Summit at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
"The reason Tier 1 companies are coming to us is we're able to narrow the gap where custom applications need to be built. They provide a lot of services, like IBM has Watson, and they provide a lot of hardware but how do you bring it all together? Bringing it all together they have to build custom applications and that's the niche that we are able to help them with," explained Peter Jung, Product Leader at Pulzze Systems Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2,...