Nightingale reports fiscal 2010 fourth quarter and year end results

    
    -   Achieved $1.2 million in EBITDA for the year, and generated fifth
        consecutive quarter of positive EBITDA

    -   Subsequent to year end, completed a comprehensive debt restructuring
    

MARKHAM, ON, July 29 /CNW/ - Nightingale Informatix Corporation ("Nightingale" or the "Company") (TSX-V: NGH), an application service provider (ASP) of electronic medical record (EMR) software and related services announces its financial results for the quarter and year ended March 31, 2010. All results are reported in Canadian dollars unless otherwise stated.

    
    Q4 and Fiscal 2010 Year End Financial Summary
    ---------------------------------------------
    -   Q4 revenue was $4.2 million, compared to $4.7 million in Q4 F2009,
        but essentially flat on a constant currency basis. These numbers
        reflect a $0.5 million decrease in transcription revenue and a
        negative foreign exchange impact of $0.6 million (the Company
        generated 71% of Q4 F2010 revenue in the US). Revenue for F2010 was
        $16.6 million, compared to $18.5 million in F2009, reflecting a $1.3
        million decrease in transcription revenue, a negative foreign
        exchange impact of $0.4 million and softer EMR market conditions due
        to a delay in EMR buying decisions in anticipation of government
        funding announcements.

    -   Gross profit margin for Q4 was 76%, up from 70% in Q4 F2009, and for
        F2010, gross profit margin increased to 74% from 73% in F2009 as a
        result of the Company's increased focus on generating high-margin
        software revenue.

    -   Q4 expenses decreased to $3.5 million from $4.0 million in Q4 F2009,
        and F2010 expenses decreased to $13.7 million from $16.8 million in
        F2009, demonstrating the Company's success in reducing its overall
        cost base.

    -   Q4 EBITDA(1) increased to $0.4 million from $9,000 in Q4 F2009, and
        F2010 EBITDA increased to $1.2 million from $(0.7) million for F2009
        as a result of increased cost efficiencies.

    -   Q4 net loss was $1.5 million compared to $1.0 million for Q4 F2009.
        Q4 F2010 net loss was $0.8 million, excluding a one-time non-cash
        interest adjustment related to the write-up of the Company's debt to
        its face value. Net loss for F2010 was $3.4 million, an improvement
        from a loss of $4.6 million for F2009. F2010 net loss was $2.7
        million, excluding the one-time interest adjustment.

    -   Subsequent to year end, the Company completed a comprehensive debt
        restructuring that it expects will result in reduced interest
        expense, starting in Q2 F2011, and increased overall financial
        flexibility.

    Q4 and Fiscal 2010 Year End Operational Highlights
    --------------------------------------------------

    -   Cross-sold Nightingale On Demand platform to existing New York state-
        based practice management customer, Center for Disability Services.
        The transaction is expected to contribute more than $1.2 million in
        revenue over a two-year period, $0.6 million of which the Company
        recognized in fiscal 2010.

    -   Expanded customer base in Ontario with two sizable contracts, despite
        a delay in the release of EMR targeted government funding. The
        Company won a contract to provide EMR and Practice Management
        software to more than 30 physicians at a Southern Ontario-based
        clinic, and signed an agreement with a major sports medicine clinic
        that is affiliated with a leading Southern Ontario university.

    -   Signed exclusive license and distribution agreement with Canadian
        Patient Access to launch an online patient portal to the Canadian
        market. The portal will provide patients with online access to their
        physician and clinic administrators to schedule appointments; access
        medical files and laboratory results; request prescription refills
        and eConsults; and receive medication and appointment reminders.

    -   October 29, 2009, Ontario Medical Association (OMA) announced it
        secured $236 million in funding to facilitate the adoption of funding
        eligible EMRs among practice-based family physicians and specialists
        across Ontario. Nightingale offers one of three funding approved web-
        based EMR solutions.
    

"Heading into fiscal 2010, we recognized there would be some short-term delays in EMR buying decisions as physicians were awaiting government funding announcements," said Sam Chebib, President and CEO of Nightingale. "With that in mind, a major focus for the year was improving our operational efficiency. As we successfully reduced our overall cost base, we recorded our first year and fifth consecutive quarter of positive EBITDA. In addition, we completed a debt and private placement financing subsequent to year end that has enabled us to repay our subordinated debt, strengthening our balance sheet."

"We are seeing a significant increase in the adoption of EMR solutions now that government funding has become available to physicians," Mr. Chebib added. "In Ontario, we are already winning contracts with funding approved physicians, as evidenced by the signing of over 200 new EMR seats, which we announced earlier this month. We anticipate some near-term fluctuations in EMR adoption as funding is rolled out. However, over the long-term, we believe the technology leadership of our web-native EMR offering and our new online patient portal, positions us to continue to expand our customer base and drive further improvements in our financial results."

    
    Financial Review
    ----------------
    

Revenue for fiscal 2010 was $16.6 million, compared to $18.5 million for fiscal 2009. The decline reflects a decrease in lower-margin transcription revenue, a decrease in one-time license revenues and foreign exchange headwinds, which predominantly affect the Company's recurring revenue results.

Recurring Revenue(2) for fiscal 2010 was $13.1 million, compared to $14.5 million for fiscal 2009. The year-over-year decline is primarily a result of a reduction in transcription revenue and a negative impact due to foreign exchange. Transcription revenue decreased to $1.5 million from $2.8 million in fiscal 2009. Nightingale expects to realize further reductions in transcription revenue in fiscal 2011, which the Company believes will be offset by revenue generated from software sales over the longer term.

Absent transcription revenue and the negative foreign exchange impact, recurring revenue generated by Nightingale's core business was $12.0 million, up from $11.7 million in fiscal 2009.

Non-Recurring Revenue(2) for fiscal 2010 was $3.5 million, compared to $3.9 million for fiscal 2009. The decline in non-recurring revenue was primarily the result of a decrease in software license revenue, as Nightingale recorded $1.0 million in one-time license revenue related to a Canadian government agency contract in Q1 fiscal 2009.

In fiscal 2010, Nightingale generated 72% of its revenue from the US market. With the decrease in the value of the US dollar relative to the Canadian dollar, the Company estimates that fiscal 2010 revenue was negatively impacted by approximately 2%, or $0.4 million, compared to the previous fiscal year.

For fiscal 2010, gross profit margin was 74% of revenue, compared to 73% of revenue for the previous fiscal year, reflecting a greater proportion of higher margin sales in fiscal 2010.

Expenses for fiscal 2010 decreased 19% to $13.7 million from $16.8 million for fiscal 2009. This decrease in expenses was primarily a result of the Company's implementation of several cost reduction measures throughout fiscal 2010. The decrease in the value of the Canadian dollar compared to the US dollar also contributed to the decline in expenses. In fiscal 2010, approximately 44% of Nightingale's expenses were incurred in the US, providing the Company with a natural hedge position that offset some of the effects on revenue. The Company estimates that expenses were positively impacted by approximately 3% or $0.4 million over the year compared to the previous year.

Going forward, Nightingale is focused on prudent expense management. However, the Company expects to make select investments to support long-term revenue generating activities, particularly as the Company is seeing an increase in buying activity in the North American EMR market.

Reflecting Nightingale's success in reducing its overall cost base, EBITDA increased to $1.2 million, from $(0.7) million in fiscal 2009.

Interest expense for fiscal 2010 was $2.0 million, of which approximately $0.7 million was a one-time expense related to the adjustment of the Company's subordinated debt to its face value. Subsequent to year end, Nightingale completed a comprehensive senior debt, convertible debt and private placement financing, and used the proceeds to repay its subordinated debt. As a result, Nightingale has strengthened its balance sheet. In addition, given the more favourable terms of the new debt facilities, the Company expects to realize a decrease in its interest expense starting in Q2 F2011.

For fiscal 2010, net loss was $3.4 million. This is down from $4.6 million in fiscal 2009, primarily reflecting the numerous cost reduction initiatives the Company implemented throughout the year.

Cash and cash equivalents were $1.8 million at March 31, 2010, compared to $3.5 million at March 31, 2009. At March 31, 2010, total common shares issued and outstanding were 70,534,543.

    
    Subsequent Event - Funding of Senior Loan Facility, Conversion of
    Subscription Receipts and Refinancing of Outstanding Third-Party Debt
    ---------------------------------------------------------------------
    

In April 2010, subsequent to year end, Nightingale announced that it had completed private placement financings (collectively, the "Private Placement") of common shares and subscription receipts, for aggregate gross proceeds of $3.3 million, and entered into a commitment with a third-party financial institution for additional aggregate gross proceeds of approximately $3.0 million in revolving and term debt (collectively, the "Senior Loan Facility"). On July 29, 2010, the Company used the proceeds of the Private Placement and the Senior Loan Facility for general corporate purposes and to refinance its outstanding subordinated debt on more favourable terms.

The Company completed the Private Placement on April 20, 2010, whereby it issued an aggregate of 5.7 million common shares of the Company at a price of $0.22 per Common Share for gross proceeds of $1.3 million and concurrently issued 2,074 subscription receipts ("Subscription Receipts") for gross proceeds of $2.1 million, all on a non-brokered private placement basis. The Subscription Receipts were all automatically converted on July 29, 2010 pursuant to their terms. On conversion, each Subscription Receipt entitled the holder to receive, without additional consideration, a convertible unsecured subordinated debenture in the aggregate principal amount of $1,000 (collectively, the "Debentures"). The Debentures bear interest at a rate of 12% per annum, payable monthly and are scheduled to mature in July 2013. Following the first year anniversary of the Debentures, the Company has the right to redeem the Debentures, in whole or in part, at a price equal to their principal amount plus accrued and unpaid interest. The Debentures are convertible at the holder's option into fully-paid Common Shares at any time prior to maturity or redemption at a conversion price of $0.35 per share. Upon the automatic conversion of the Subscription Receipts, an amount of escrowed funds equal to $2.1 million was released to the Company.

Concurrently, the Company completed the funding of the Senior Loan Facility. The proceeds of the Private Placement and the Senior Loan Facility were used for general corporate purposes and to refinance the Company's outstanding subordinated debt in the amount of $5.3 million.

The financial statements and MD&A will be available at www.nightingalemd.ca and filed on www.sedar.com on July 29, 2010. This press release should be read in conjunction with Nightingale's Consolidated Financial Statements for the year ended March 31, 2010 and the accompanying Management Discussion and Analysis.

    
    Notice of Conference Call and Webcast
    -------------------------------------
    

Nightingale will host a conference call on Friday, July 30, 2010 at 8:30 a.m. Eastern Standard Time. To access the conference call by telephone, dial (647) 427-7450 or (888) 231-8191. Please connect approximately fifteen minutes prior to the call, and reference conference ID 90270224 prior to the beginning of the call to ensure participation. The conference call will be archived for replay until Friday, August 6, 2010. To access the archived conference call, dial 1-800-642-1687 and enter reference 90270224 followed by the number sign. To listen to the conference call on-demand at your convenience please send an email to info@nightingale.md and a copy of the call recording will be emailed directly to you.

Non-GAAP Financial Measures

The Company internally measures its performance and results of initiatives through a number of measures that are not recognized under Canadian generally accepted accounting principles (GAAP) and may not be comparable to similar measures used by other companies.

1. EBITDA

EBITDA is a non-GAAP measure that management believes is a useful measurement to evaluate the performance of the Company. Investors should be cautioned, however, that EBITDA should not be construed as an alternative to net earnings as determined in accordance with GAAP. The Company's method of calculating 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.

EBITDA is defined as earnings before other loss (income), interest, income taxes, depreciation, amortization, and stock-based compensation. 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 EBITDA to Loss and Comprehensive Loss:

    
    -------------------------------------------------------------------------
                            Fiscal        Fiscal
                           Quarter       Quarter          Year          Year
                             Ended         Ended         Ended         Ended
                             March         March         March         March
    Definition            31, 2010      31, 2009      31, 2010      31, 2009
    -------------------------------------------------------------------------

    Loss and
     Comprehensive Loss   $ (1,524)     $ (1,004)     $ (3,444)     $ (4,632)
    -------------------------------------------------------------------------

    Adjustments for:
    Current Tax Expense   $     33      $      -      $     40      $      -
    Other Loss (Income)         (6)          (23)          (63)         (197)
    Interest                 1,191           370         2,011         1,418
    Depreciation and
     Amortization              628           674         2,379         2,609
    Stock-based
     Compensation               84            (8)          279            83
    -------------------------------------------------------------------------

    EBITDA                $    406      $      9      $  1,203      $   (719)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

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 GAAP. Recurring Revenue is comprised of utilization fees, hosting, support and maintenance revenue, data management and transcription services, billing and financial management services and transactional fees. Non-Recurring Revenue is comprised of revenues generated from sales of software and systems and related training, data conversion and installation services.

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

    
    -------------------------------------------------------------------------
                            Fiscal        Fiscal
                           Quarter       Quarter          Year          Year
                             Ended         Ended         Ended         Ended
                             March         March         March         March
    Definition            31, 2010      31, 2009      31, 2010      31, 2009
    -------------------------------------------------------------------------
    Non-Recurring
     Revenue              $  1,324      $    971      $  3,485      $  3,934

    Recurring Revenue        2,849         3,746        13,096        14,531
    -------------------------------------------------------------------------

    Revenue               $  4,173      $  4,717      $ 16,581      $ 18,465
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

About Nightingale

Nightingale is one of the fastest growing health care service and software companies in North America and is recognized as an industry leader in Web-based clinician and community based electronic medical records (EMR) serving the needs of small primary care practices, multi-physician outpatient clinics, and large scale regional health organizations and networks. Coupled with integrated practice management, transcription and revenue cycle management, Nightingale's comprehensive service offering allows customers to enhance patient care, increase revenue opportunities and optimize operations. Nightingale is continuously innovating and enhancing its services to meet the needs of its growing and diverse customer base. Nightingale - Healthcare connected. 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", "is expected", "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" or "will be taken", "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 integrate its acquisitions and any liabilities arising as a result of such acquisitions, access to capital and agreements with its Lenders; the existence of present and possible future government regulation; access to debt or equity financing and agreements with its Lenders; the significant and increasing competition that exists in the medical software industry; the early stage of Nightingale's business; and therefore it is subject to the 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. Although management believes the assumptions used to make such statements are reasonable at this time, our assumptions may not to be as anticipated, estimated or intended. Certain material factors or assumptions applied by management in making forward-looking statements, include without limitation, factors and assumptions regarding Nightingale's continued ability to fund its business, rates of customer defaults, relationships with, and payments to, lenders, demand for Nightingale's products, 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.

    
    CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
    FOR THE YEAR ENDED MARCH 31, 2010

    -------------------------------------------------------------------------
                                                     12 months     12 months
                                                         ended         ended
                                                         March         March
                                                      31, 2010      31, 2009
    -------------------------------------------------------------------------

    Revenue                                       $ 16,580,622  $ 18,465,149

    Cost of sales                                    4,342,634     5,055,039
                                                  ------------- -------------

    Gross profit                                    12,237,988    13,410,110
                                                  ------------- -------------

    Expenses
    General and administration                       2,934,844     3,457,051
    Sales and marketing                              1,499,425     2,417,913
    Research and development                         2,665,338     3,630,108
    Client services                                  3,934,915     4,623,546
    Stock based compensation                           279,426        82,981
    Amortization                                     2,378,987     2,608,753
                                                  ------------- -------------
                                                    13,692,935    16,820,352
                                                  ------------- -------------

    Operating loss                                  (1,454,947)   (3,410,242)
                                                  ------------- -------------

    Interest                                         2,011,147     1,418,057
    Foreign currency gain                              (62,653)     (196,773)
                                                  ------------- -------------

    Loss before tax                                 (3,403,441)   (4,631,526)

    Current tax expense                                 40,215             -
                                                  ------------- -------------

    Loss and comprehensive loss                   $ (3,443,656) $ (4,631,526)
                                                  ------------- -------------
                                                  ------------- -------------

    Basic and diluted loss per common share
                                                  ------------- -------------

    Loss and comprehensive loss per common share  $      (0.05) $      (0.07)
                                                  ------------- -------------
                                                  ------------- -------------

    Weighted average number of common shares        70,232,292    67,845,301
                                                  ------------- -------------
                                                  ------------- -------------

                                                  ---------------------------



    CONSOLIDATED BALANCE SHEET
    AS AT MARCH 31, 2010

    -------------------------------------------------------------------------
                                                         As at         As at
                                                         March         March
                                                      31, 2010      31, 2009
    -------------------------------------------------------------------------

    ASSETS

    Current assets
    Cash and cash equivalents                     $  1,798,247  $  3,514,056
    Accounts receivable                              2,626,757     2,324,377
    Other receivables                                  134,459        21,218
    Inventory                                           30,708        62,182
    Prepaid expenses                                   454,070       448,275
                                                  ------------- -------------
                                                     5,044,241     6,370,108
                                                  ------------- -------------

    Long-term assets
    Deferred costs                                      83,385       129,104
    Property and equipment                             821,243     1,216,596
    Intangible assets                                4,010,143     5,497,436
    Goodwill                                         4,692,399     4,692,399
                                                  ------------- -------------
                                                     9,607,170    11,535,535
                                                  ------------- -------------

    Total assets                                  $ 14,651,411  $ 17,905,643
                                                  ------------- -------------
                                                  ------------- -------------

    LIABILITIES

    Current liabilities
    Accounts payable and accrued liabilities      $  2,549,237  $  3,693,844
    Income taxes payable                               705,940       948,701
    Current portion of deferred revenue              3,488,382     3,935,954
    Current portion of capital lease obligations       296,649       178,655
                                                  ------------- -------------
                                                     7,040,208     8,757,154
                                                  ------------- -------------

    Long term liabilities
    Subordinated debt                                5,250,000     4,938,425
    Deferred revenue                                 1,750,643     1,296,842
    Capital lease obligations                          211,578       281,463
                                                  ------------- -------------
                                                     7,212,222     6,516,730
                                                  ------------- -------------

    Total liabilities                               14,252,430    15,273,884
                                                  ------------- -------------

    SHAREHOLDERS' EQUITY
    Capital stock                                   28,348,960    27,596,692
    Contributed surplus                              4,501,027     3,274,607
    Warrants                                           701,452     1,469,262
    Deficit                                        (33,152,458)  (29,708,802)
                                                  ------------- -------------
                                                       398,981     2,631,759
                                                  ------------- -------------

    Total liabilities and shareholders' equity    $ 14,651,411  $ 17,905,643
                                                  ------------- -------------
                                                  ------------- -------------

                                                  ---------------------------



    CONSOLIDATED STATEMENT OF CASH FLOWS
    FOR THE YEAR ENDED MARCH 31, 2010

    -------------------------------------------------------------------------
                                                     12 months     12 months
                                                         ended         ended
                                                         March         March
                                                      31, 2010      31, 2009
    -------------------------------------------------------------------------

    Cash flow from operating activities
    Loss from operations                          $ (3,443,656) $ (4,631,526)

    Adjustments for:
    Depreciation and amortization                    2,378,987     2,608,753
    Amortization of transaction costs related
     to debt financing                                 177,745       219,099
    Stock based compensation                           279,426        82,981
    Unrealized foreign exchange gain (loss)            (37,822)      132,513
    Interest accretion                               1,108,927       423,678
                                                  ------------- -------------
                                                       463,609    (1,164,502)

    Changes in non-cash working capital balances
      Accounts receivable                             (610,371)    1,154,497
      Prepaid expenses                                  (5,795)      200,932
      Inventory                                         31,474       106,766
      Deferred costs                                    45,719        72,836
      Other receivables                               (113,806)    1,100,117
      Accounts payable and accrued liabilities        (589,811)     (818,042)
      Income taxes payable                            (242,761)     (691,204)
      Deferred compensation payable                    (70,519)            -
      Deferred revenue                                   6,230      (181,004)
                                                  ------------- -------------
    Cash flows used in operating activities         (1,086,031)     (219,604)
                                                  ------------- -------------

    Cash flow from investing activities
    Purchase of property and equipment                (111,001)     (204,164)
    Acquisition of intangible assets                   (81,000)            -
                                                  ------------- -------------
    Cash flows used in investing activities           (192,001)     (204,164)
                                                  ------------- -------------

    Cash flow from financing activities
    Repayment of subordinated debt financing                 -    (1,000,000)
    Repayment of capital lease obligations            (239,037)     (343,138)
                                                  ------------- -------------
    Cash flows used in financing activities           (239,037)   (1,343,138)
                                                  ------------- -------------

    Foreign exchange losses on cash in foreign
     currency                                         (198,740)     (247,216)

    Decrease) in cash                               (1,715,809)   (1,519,690)
    Cash and cash equivalents, beginning of period   3,514,056     5,033,746
                                                  ------------- -------------

    Cash and cash equivalents, end of period      $  1,798,247  $  3,514,056
                                                  ------------- -------------
                                                  ------------- -------------

                                                  ---------------------------

    Non-cash investing and financing activities:
      Acquisition of property and equipment under
       capital lease                              $    304,341  $     59,542

    Supplemental cash flow information:
      Interest paid                               $    727,625  $    953,731
      Income taxes paid                           $     87,126  $    564,467



    OVERALL PERFORMANCE, RESULTS OF OPERATIONS AND FINANCIAL CONDITION

    QUARTERLY DATA

    -------------------------------------------------------------------------
                    Fiscal                                            Fiscal
                      Year        Q1        Q2        Q3        Q4      Year
    In $ 000's       Ended     Ended     Ended     Ended     Ended     Ended
    (Except per
     Share        March 31,  June 30,  Sept 30,   Dec 31, March 31, March 31,
     Amounts)         2008      2008      2008      2008      2009      2009
    -------------------------------------------------------------------------
    Recurring
     Revenue      $ 13,088  $  3,309  $  3,431  $  4,045  $  3,746  $ 14,531

    Non-Recurring
     Revenue         5,788     1,637       815       511       971     3,934

    Revenue         18,876     4,946     4,246     4,556     4,717    18,465

    Gross Profit    13,706     3,669     3,164     3,272     3,305    13,410

    Expenses        19,957     4,561     4,275     4,022     3,962    16,820

    EBITDA (Loss)
     (non-GAAP
     measure)       (3,526)     (236)     (458)      (34)        9      (719)

    Operating Loss
     for the
     Period         (6,250)     (892)   (1,112)     (750)     (656)   (3,410)


    Loss and
     Comprehensive
     Loss          (12,811)   (1,260)   (1,492)     (876)   (1,004)   (4,632)
    Loss and
     Comprehensive
     Loss per
     Common Share $  (0.19) $  (0.20) $  (0.02) $  (0.01) $  (0.01) $  (0.07)

    Weighted Avg.
     No. of
     Common Shares  66,228    67,479    67,479    67,667    67,845    67,845
    -------------------------------------------------------------------------

    Total Assets  $ 23,992  $ 21,807  $ 20,308  $ 20,078  $ 17,906  $ 17,906

    Total
     Long-Term
     Liabilities  $  6,948  $  6,366  $  6,251  $  6,234  $  6,517  $  6,517
    -------------------------------------------------------------------------


    ---------------------------------------------------------------
                                                              Year
                        Q1        Q2        Q3        Q4    Fiscal
    In $ 000's       Ended     Ended     Ended     Ended     Ended
    (Except per
     Share         June 30,  Sept 30,   Dec 31, March 31, March 31,
     Amounts)         2009      2009      2009      2010      2010
    ---------------------------------------------------------------
    Recurring
     Revenue      $  3,564  $  3,341  $  3,342  $  2,849  $ 13,096

    Non-Recurring
     Revenue           566       585     1,010     1,324     3,485

    Revenue          4,130     3,926     4,352     4,173    16,581

    Gross Profit     2,937     2,818     3,314     3,169    12,238

    Expenses         3,508     3,327     3,384     3,474    13,693

    EBITDA (Loss)
     (non-GAAP
     measure)           24       180       593       406     1,203

    Operating Loss
     for the
     Period           (570)     (509)      (70)     (306)   (1,455)


    Loss and
     Comprehensive
     Loss             (843)     (727)     (350)   (1,524)   (3,444)
    Loss and
     Comprehensive
     Loss per
     Common Share $  (0.01) $  (0.01) $  (0.00) $  (0.02) $  (0.05)

    Weighted Avg.
     No. of
     Common Shares  69,322    70,535    70,535    70,535    70,232
    ----------------------------------------------------------------

    Total Assets  $ 16,413  $ 15,170  $ 14,714  $ 14,651  $ 14,651

    Total
     Long-Term
     Liabilities  $  6,309  $  5,751  $  6,285  $  7,212  $  7,212
    ----------------------------------------------------------------
    

%SEDAR: 00022709E

SOURCE Nightingale Informatix Corporation

For further information: For further information: Michael Ford, CFO, Nightingale Informatix Corporation, Tel: 905-307-7870, mford@nightingale.com; Kristen Dickson, Account Executive, The Equicom Group, Tel: 416-815-0700 ext. 273, kdickson@equicomgroup.com

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