Nightingale reports fiscal 2010 third quarter results

Company reports fourth consecutive quarter of positive EBITDA

MARKHAM, ON, Feb. 25 /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 nine months ended December 31, 2009. All results are reported in Canadian dollars unless otherwise stated.

    
    Q3 and Year to Date Highlights
    ------------------------------

    -   The Company achieved its fourth consecutive quarter of positive
        EBITDA for the quarter ended December 31, 2009. This is the Company's
        fifth consecutive quarter of EBITDA improvement. EBITDA was a
        positive $0.6 million for the quarter ended December 31, 2009
        compared to a positive $0.2 million for the previous quarter and
        compared to negative EBITDA of $0.03 million for the quarter ended
        December 31, 2008. EBITDA was a positive $0.8 million for the nine
        months ended December 31, 2009 compared to a negative $0.7 million
        for the nine months ended December 31, 2008.
    -   Revenues for the quarter ended December 31, 2009 were $4.4 million
        compared to $3.9 million for the previous quarter and compared to
        $4.6 million for the quarter ended December 31, 2008. Revenues were
        $12.4 million for the nine months ended December 31, 2009 compared to
        $13.7 million for the nine months ended December 31, 2008. Recurring
        revenues decreased 17% in the quarterly year over year periods and
        decreased 5% in the nine month periods largely the result of
        attrition in the transcription business and the impact of the US
        dollar relative to the value of the Canadian dollar. Non-Recurring
        revenues increased 97% in the quarterly periods and decreased 27% in
        the nine month periods.
    -   Loss and comprehensive loss decreased to $0.3 million from $0.9
        million in the quarterly periods and decreased to $1.9 million from
        $3.6 million for the nine months ended December 31, 2009.
    -   Expenses for the fiscal quarter ended December 31, 2009 decreased
        $0.6 million, or 18%, from the quarter ended December 31, 2008 and
        decreased $2.6 million, or 24%, during the nine month periods.
    -   In December 2009, the Company entered into an exclusive licensing and
        distribution agreement with a third party that will offer health
        related services to Canadian patients, through doctors using
        electronic medical records in their practices. Using Nightingale's
        innovative patient-centric technology and secure web-based patient
        portal, physicians will be offered a patient services platform
        seamlessly integrated with Nightingale On Demand, the Company's EMR.
    

"We are pleased to report our fourth consecutive quarter of positive EBITDA. This demonstrates our commitment to appropriately scale expenses as we strive to achieve our financial goals," said Sam Chebib, President and CEO of Nightingale. "As we approach the end of fiscal 2010 we are focused on profitable growth."

"We are also happy to report that our sales pipelines have increased significantly as a result of the October 2009 $236 million EMR funding announcement by the Ontario Medical Association and we expect to see some movement through this pipeline in the coming quarters. To address the opportunity in Ontario and more generally in North America, we have increased our spending, particularly on sales and marketing initiatives, as we continue to focus on increasing the number of practitioners on our platform."

    
    Q3 and Year to Date Fiscal 2010 Financial Review
    ------------------------------------------------
    

For the three and nine months ended December 31, 2009, revenue was $4.4 million and $12.4 million, respectively. This compares to $4.6 million and $13.7 million for the three and nine months ended December 31, 2008, representing a 4% and 10% decrease over these respective periods. The decrease in the year over year quarterly periods was primarily related to a decrease in revenues from transcription services which was partially offset by an increase in software license revenue related to the Company's licensing of its online patient portal application. In the nine month periods, the decrease was primarily related to a decrease in software revenues as the Company recognized $1 million of license revenue related to a Canadian government agency in the first quarter of last fiscal year.

Recurring Revenue for the three and nine months ended December 31, 2009 was $3.3 million and $10.2 million. This compares to $4 million and $10.8 million for the same periods ended December 31, 2008, representing decreases of 17% and 5%, respectively. In both cases, the decrease in Recurring Revenue was largely the result of lower data management and transcription revenues and the negative impact of foreign exchange.

Non-Recurring Revenue for the three and nine months ended December 31, 2009 was $1 million and $2.2 million. This compares to $0.5 million and $3 million for the three and nine months ended December 31, 2008, representing a 97% increase and a 27% decrease over these respective periods. The increase in Non-Recurring Revenue over the three month periods is primarily the result of the Company's licensing of its online patient portal software in December 2009 as well as an increase in revenues from custom development projects.

Over the three months ended December 31, 2009, the Company generated 65% of its revenue from the US market. With the decrease in the value of the US dollar relative to the Canadian dollar during the year over year three month periods, the Company estimates that revenue was negatively impacted by approximately 9%, or $0.4 million. With the increase in the value of the US dollar relative to the Canadian dollar during the year to date periods, the Company estimates that revenue was positively affected by 1%, or $0.2 million.

For the three and nine month periods ended December 31, 2009, gross profit was $3.3 million, or 76% of revenue and $9.1 million, or 73% revenue, compared to $3.3 million, or 72% of revenue, and $10.1 million, or 73% for the prior year periods. The improvement in gross profit margins during the year over year quarterly periods is primarily associated with the increase in high margin software revenue in those periods.

Expenses for the three and nine month periods ended December 31, 2009, were $2.7 million and $8.3 million. This compares to $3.3 million and $10.8 million for the three and nine month periods ended December 31, 2008, representing an 18% and 24% decrease over the respective periods. This decrease in expense was the result of the Company's strategic plan to improve profitability and the implementation of several cost reduction measures throughout fiscal year 2009. Although the Company is focused on prudent expense management as it seeks to achieve profitability, the Company may continue to make select investments, and increase its current investments, in support of revenue generating activities.

Over the three months ended December 2009, approximately 44% of the Company's expenses were incurred in the US, providing the Company with a natural hedge position that has offset some of the effects on revenue of the increase in value of the US dollar versus last fiscal year. The Company estimates that expenses were positively impacted by approximately 6% or $0.2 million for the three month periods and negatively impacted 1%, or $0.1 million, for the nine month periods, compared to the same periods in the previous year.

EBITDA for the three and nine month periods ended December 31, 2009, was $0.6 million and $0.8 million. This compares to EBITDA losses of $0.03 million and $0.7 million for the three and nine month periods ended December 31, 2008. The Company has been focused on achieving profitability and has implemented several cost reduction initiatives, particularly in the third quarter of last fiscal year. This improvement in EBITDA is a reflection of these initiatives as well as the timing of certain license sales as described above.

For the three and nine month periods ended December 31, 2009, loss and comprehensive loss was $0.3 million and $1.9 million. This compares to loss and comprehensive loss of $0.9 million and $3.6 million for the three and nine month periods ended December 31, 2008. The improvement in loss and comprehensive loss in the respective periods can be primarily attributed to cost reductions initiatives as well as the timing of certain license sales as described above. Going forward, the Company's financial results will continue to be impacted by changes in the rate of exchange between the US Dollar and the Canadian Dollar.

Cash and cash equivalents were $1.9 million at December 31, 2009, compared to $3.5 million at March 31, 2009. At December 31, 2009, total common shares issued and outstanding were 70,534,543.

The financial statements and MD&A will be available at www.nightingale.md and filed on www.sedar.com on February 26, 2010. This press release should be read in conjunction with Nightingale's Consolidated Financial Statements for the quarter and nine months ended December 31, 2009 and the accompanying Management Discussion and Analysis.

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

Nightingale will host a conference call on Thursday, February 25, 2010 at 8:30 a.m. Eastern Standard Time. To access the conference call by telephone, dial 647-427-7450 or 1-888-231-8191. Please connect approximately fifteen minutes, and reference conference ID 57861872 prior to the beginning of the call to ensure participation.

The conference call will be archived for replay until Thursday, March 4, 2010. To access the archived conference call, dial 403-451-9481 or 1-800-642-1687 and enter reference 57861872 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. 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.

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

    
    -------------------------------------------------------------------------
                            Fiscal        Fiscal          Nine          Nine
                           Quarter       Quarter        Months        Months
                             Ended         Ended         Ended         Ended
                          December      December      December      December
    Definition            31, 2009      31, 2008      31, 2009      31, 2008
    -------------------------------------------------------------------------
    Non-Recurring
     Revenue              $  1,010      $    512      $  2,163      $  2,965

    Recurring Revenue        3,342         4,045        10,246        10,783
    -------------------------------------------------------------------------

    Revenue               $  4,352      $  4,557      $ 12,409      $ 13,748
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

2. 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          Nine          Nine
                           Quarter       Quarter        Months        Months
                             Ended         Ended         Ended         Ended
                          December      December      December      December
    Definition            31, 2009      31, 2008      31, 2009      31, 2008
    -------------------------------------------------------------------------

    Loss and
     Comprehensive
     Loss                 $   (350)     $   (876)     $ (1,920)     $ (3,628)
    -------------------------------------------------------------------------
    Adjustments for:
    Other Loss (Income)         28          (202)          (50)         (174)
    Interest                   251           328           820         1,049
    Depreciation and
     Amortization              630           690         1,751         1,935
    Stock-based
     Compensation               34            26           195            91
    -------------------------------------------------------------------------

    EBITDA                $    593      $    (34)     $    796      $   (727)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

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.nightingale.md

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.

    
    INTERIM CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
    FOR THE THREE AND NINE MONTH PERIODS ENDED DECEMBER 31, 2009

    -------------------------------------------------------------------------
                          3 months      3 months      9 months      9 months
                             ended         ended         ended         ended
                          December      December      December      December
                          31, 2009      31, 2008      31, 2009      31, 2008
    -------------------------------------------------------------------------

    Revenue           $  4,351,927  $  4,556,485  $ 12,408,538  $ 13,748,385
    Cost of sales        1,038,402     1,284,149     3,339,944     3,643,738
                       ------------  ------------  ------------  ------------

    Gross profit         3,313,525     3,272,336     9,068,594    10,104,647
                       ------------  ------------  ------------  ------------

    Expenses
    General and
     administration        753,095       801,924     2,125,592     2,485,633
    Sales and marketing    352,248       621,682     1,089,314     1,969,147
    Research and
     development           699,226       780,782     2,126,699     2,765,729
    Client services        916,169     1,102,187     2,930,479     3,612,134
    Stock based
     compensation           33,862        25,544       195,344        90,549
    Amortization           629,671       689,845     1,750,958     1,934,718
                       ------------  ------------  ------------  ------------
                         3,384,271     4,021,964    10,218,386    12,857,910
                       ------------  ------------  ------------  ------------

    Operating loss         (70,746)     (749,628)   (1,149,792)   (2,753,263)
                       ------------  ------------  ------------  ------------

    Interest               250,802       328,135       820,484     1,048,521
    Foreign currency
     loss (gain)            28,402      (201,671)      (50,054)     (174,151)

    Loss and
     comprehensive
     loss             $   (349,950) $   (876,092) $ (1,920,222) $ (3,627,633)
                       ------------  ------------  ------------  ------------
                       ------------  ------------  ------------  ------------

    Basic and diluted
     loss per common
     share            $      (0.00) $      (0.01) $      (0.03) $      (0.05)
                       ------------  ------------  ------------  ------------
                       ------------  ------------  ------------  ------------

    Weighted average
     number of common
     shares             70,534,542    67,772,826    70,133,373    67,827,225

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



    INTERIM CONSOLIDATED BALANCE SHEET
    AS AT DECEMBER 31, 2009

    -------------------------------------------------------------------------
                                                         As at         As at
                                                      December         March
                                                      31, 2009      31, 2009
    -------------------------------------------------------------------------
    ASSETS

    Current assets
    Cash and cash equivalents                     $  1,880,454  $  3,514,056
    Accounts receivable                              2,287,961     2,324,377
    Other receivables                                   90,893        21,218
    Inventory                                           35,682        62,182
    Prepaid expenses                                   351,171       448,275
                                                   ------------  ------------
                                                     4,646,161     6,370,108
                                                   ------------  ------------

    Long-term assets
    Deferred costs                                      90,194       129,104
    Property and equipment                             946,031     1,216,596
    Intangible assets                                4,339,186     5,497,436
    Goodwill                                         4,692,399     4,692,399
                                                   ------------  ------------
                                                    10,067,810    11,535,535
                                                   ------------  ------------

    Total assets                                  $ 14,713,971  $ 17,905,643
                                                   ------------  ------------
                                                   ------------  ------------

    LIABILITIES

    Current liabilities
    Accounts payable and accrued liabilities      $  2,404,273  $  3,693,844
    Income taxes payable                               777,039       948,701
    Current portion of deferred revenue              3,402,159     3,935,954
    Current portion of capital lease obligations       237,440       178,655
                                                   ------------  ------------
                                                     6,820,911     8,757,154
                                                   ------------  ------------

    Long term liabilities
    Subordinated debt                                4,466,829     4,938,425
    Deferred revenue                                 1,526,001     1,296,842
    Capital lease obligations                          291,773       281,463
                                                   ------------  ------------
                                                     6,284,603     6,516,730
                                                   ------------  ------------

    Total liabilities                               13,105,514    15,273,884
                                                   ------------  ------------

    SHAREHOLDERS' EQUITY
    Capital stock                                   28,348,960    27,596,692
    Contributed surplus                              4,416,944     3,274,607
    Warrants                                           471,577     1,469,262
    Deficit                                        (31,629,024)  (29,708,802)
                                                   ------------  ------------
                                                     1,608,457     2,631,759
                                                   ------------  ------------
                                                   ------------  ------------

    Total liabilities and shareholders' equity   $  14,713,971 $  17,905,643
                                                   ------------  ------------
                                                   ------------  ------------

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



    INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
    FOR THE THREE AND NINE MONTH PERIODS ENDED DECEMBER 31, 2009

    -------------------------------------------------------------------------
                          3 months      3 months      9 months      9 months
                             ended         ended         ended         ended
                          December      December      December      December
                          31, 2009      31, 2008      31, 2009      31, 2008
    -------------------------------------------------------------------------

    Cash Flow from
     operating
     activities

    Loss and
     comprehensive
     loss             $   (349,950) $   (876,092) $ (1,920,222) $ (3,627,633)

    Adjustments for:
    Depreciation and
     amortization          629,671       689,931     1,750,958     1,951,351
    Amortization of
     transaction costs
     related to debt
     financing              11,693        33,525        56,912       100,574
    Foreign currency
     loss (gain)            21,040      (201,671)      (57,415)     (174,151)
    Stock based
     compensation           33,862        25,544       195,344        90,549
    Interest accretion      59,709       101,821       216,714       358,059
                       ------------  ------------  ------------  ------------
                           406,025      (226,942)      242,291    (1,301,251)

    Changes in non-cash
     working capital
     balances
      Accounts
       receivable         (498,756)     (554,722)     (236,017)     (100,008)
      Prepaid expenses     145,984       (82,576)       97,104       (38,349)
      Inventory              2,904        10,974        65,308       100,772
      Deferred costs        11,467       (14,263)            -         7,431
      Other receivables    (54,497)       25,414       (69,517)      595,256
      Accounts payable
       and accrued
       liabilities        (312,816)     (130,505)   (1,066,766)     (904,279)
      Income taxes
       payable             (10,995)            -       (10,995)            -
      Deferred revenue    (105,005)      293,730      (304,636)     (573,105)

                       ------------  ------------  ------------  ------------
    Cash flows used in
     operating
     activities           (415,689)     (678,890)   (1,283,228)   (2,213,533)
                       ------------  ------------  ------------  ------------

    Cash flow from
     investing
     activities
    Purchase of property
     and equipment          (8,254)      (47,042)      (37,307)     (166,742)
                       ------------  ------------  ------------  ------------
    Cash flows used in
     investing
     activities             (8,254)      (47,042)      (37,307)     (166,742)
                       ------------  ------------  ------------  ------------

    Cash flow from
     financing
     activities
    Repayment of
     subordinated debt
     financing                   -      (500,000)            -    (1,000,000)
    Borrowing under
     line of credit              -       450,000             -     1,200,000
    Repayment of capital
     lease obligations     (63,492)      (84,991)     (199,621)     (261,454)
                       ------------  ------------  ------------  ------------
    Cash flows used in
     financing
     activities            (63,492)     (134,991)     (199,621)      (61,454)
                       ------------  ------------  ------------  ------------

    Foreign exchange
     gains (losses) on
     cash held in
     foreign currency       10,103       352,536      (113,446)      470,835

    Net decrease in
     cash during the
     period               (477,332)     (860,923)   (1,633,602)   (2,441,729)
    Cash and cash
     equivalents,
     beginning of
     period              2,357,786     3,571,239     3,514,056     5,033,746

    Cash and cash
     equivalents, end
     of period        $  1,880,454  $  3,062,852  $  1,880,454  $  3,062,852
                       ------------  ------------  ------------  ------------
                       ------------  ------------  ------------  ------------

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



    OVERALL PERFORMANCE, RESULTS OF OPERATIONS AND FINANCIAL CONDITION
    QUARTERLY DATA

    -------------------------------------------------------------------------
                    Fiscal              Fiscal
    In $ 000's        Year        Q4      Year        Q1        Q2        Q3
     (Except per     Ended     Ended     Ended     Ended     Ended     Ended
     Share        March 31, March 31, March 31,  June 30,  Sept 30,  Dec  31,
     Amounts)         2007      2008      2008      2008      2008      2008
    -------------------------------------------------------------------------

    Recurring
     Revenue      $  9,828  $  3,247  $ 13,088  $  3,309  $  3,431  $  4,045

    Non-Recurring
     Revenue         4,186       931     5,788     1,637       815       511

    Revenue         14,014     4,178    18,876     4,946     4,246     4,556

    Gross Profit     9,589     2,979    13,706     3,669     3,164     3,272

    Expenses        14,856     4,739    19,957     4,561     4,275     4,022

    EBITDA Loss
     (non-GAAP
     measure)       (3,841)   (1,188)   (3,526)     (236)     (458)      (34)

    Operating Loss
     for the
     Period         (5,267)   (1,761)   (6,250)     (892)   (1,112)     (750)

    Loss and
     Comprehensive
     Loss           (5,713)   (6,273)  (12,811)   (1,260)   (1,492)     (876)

    Loss and
     Comprehensive
     Loss per
     Common Share $  (0.14) $  (0.09) $  (0.19) $  (0.20) $  (0.02) $  (0.01)

    Weighted Avg.
     No. of Common
     Shares         40,120    67,460    66,228    67,479    67,479    67,667
    -------------------------------------------------------------------------

    Total Assets  $ 17,531  $ 23,992  $ 23,992  $ 21,807  $ 20,308  $ 20,078

    Total Long
     Term
     Liabilities  $  2,014  $  6,948  $  6,948  $  6,366  $  6,251  $  6,234
    -------------------------------------------------------------------------


    ---------------------------------------------------------------
                              Fiscal
    In $ 000's          Q4      Year        Q1        Q2        Q3
     (Except per     Ended     Ended     Ended     Ended     Ended
     Share        March 31, March 31,  June 30,  Sept 30,   Dec 31,
     Amounts)         2009      2009      2009      2009      2009
    ---------------------------------------------------------------

    Recurring
     Revenue      $  3,746  $ 14,531  $  3,564  $  3,341  $  3,342

    Non-Recurring
     Revenue           971     3,934       566       585     1,010

    Revenue          4,717    18,465     4,130     3,926     4,352

    Gross Profit     3,305    13,410     2,937     2,818     3,314

    Expenses         3,962    16,820     3,508     3,327     3,384

    EBITDA Loss
     (non-GAAP
     measure)            9      (719)       22       181       593

    Operating Loss
     for the
     Period           (656)   (3,410)     (571)     (508)      (71)

    Loss and
     Comprehensive
     Loss           (1,004)   (4,632)     (844)     (726)     (350)

    Loss and
     Comprehensive
     Loss per
     Common Share $  (0.01) $  (0.07) $  (0.01) $  (0.01) $  (0.00)

    Weighted Avg.
     No. of Common
     Shares         67,845    67,845    69,322    70,535    70,535
    ---------------------------------------------------------------

    Total Assets  $ 17,906  $ 17,906  $ 16,413  $ 15,170  $ 14,714

    Total Long
     Term
     Liabilities  $  6,517  $  6,517  $  6,309  $  5,751  $  6,285
    ---------------------------------------------------------------
    

%SEDAR: 00022709E

SOURCE Nightingale Informatix Corporation

For further information: For further information: Michael Ford, CFO, Nightingale Informatix Corporation, Tel: (905) 307-7870, mford@nightingale.md; Alan Kriss, VP Marketing, Nightingale Informatix Corporation, Tel: (905) 307-6863, akriss@nightingale.md

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