Nightingale reports fiscal 2010 second quarter results

MARKHAM, ON, Nov. 23 /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 six months ended September 30, 2009 . All results are reported in Canadian dollars unless otherwise stated.

    
    Q2 and Year to Date Highlights
    ------------------------------

    -  The Company achieved its third consecutive quarter of positive EBITDA
       for the quarter ended September 30, 2009. EBITDA was a positive $0.2
       million for the quarter ended September 30, 2009 compared to an EBITDA
       loss of $0.5 million for the fiscal quarter ended September 30, 2008.
       EBITDA was a positive $0.2 million for the six months ended
       September 30, 2009 compared to a negative $0.7 million for the six
       months ended September 30, 2008.

    -  Revenues for the quarter ended September 30, 2009 were $3.9 million
       compared to $4.2 million for the year ago quarter. Revenues were $8.1
       million for the six months ended September 30, 2009 compared to $9.2
       million for the six months ended September 30, 2008. Recurring
       revenues decreased 3% in the quarterly periods and increased 2% in the
       six month periods. Non-Recurring revenues increased 28% in the
       quarterly periods and decreased $1.3 million in the six month periods.

    -  Loss and comprehensive loss decreased to $0.7 million from $1.6
       million in the quarterly periods and decreased to $1.6 million from
       $2.8 million for the six months ended September 30, 2008.

    -  Expenses for the fiscal quarter ended September 30, 2009 decreased
       $0.9 million, or 22%, from the same quarter last fiscal year and
       decreased $2 million, or 23%, during the six month periods.

    -  In July 2009, the Company amended its debt financing agreements and
       extended the term of its subordinated debt through July 2012.

    -  In July 2009, the Company was selected to provide its web-based
       OntarioMD Certified Nightingale On Demand EMR to the North Burlington
       Medical Centre, where the application will be used by more than 30
       full and part-time physicians providing family practice, pediatrics
       and walk-in (urgent care) medical services with over 75,000 patients
       visits per year.

    -  In August 2009, the Company entered into an agreement with a Canadian
       research assistance agency whereby the Company will be reimbursed up
       to $0.5 million for certain research and development activities in
       support of the Company's US EMR product.

    -  In October 2009, the Ontario Medical Association (OMA) announced $236M
       in funding to advance the adoption of EMRs among practice-based family
       physicians and specialists in the province.
    

"We are pleased to report our third consecutive quarter of positive EBITDA. We demonstrated further improvement in our EBITDA and financial performance including positive generation of cash from operations in the second quarter," said Sam Chebib, President and CEO of Nightingale.

"We believe that the long anticipated October 2009 announcement by the Ontario Medical Association was a significant milestone in the efforts to advance adoption of EMRs among practice-based physicians and specialists in Ontario. We are excited to be a part of this movement in Ontario and will continue to focus on increasing the number of practioners on our platform with the funding acting as a catalyst to our efforts."

    
    Q2 and Year to Date Fiscal 2010 Financial Review
    ------------------------------------------------
    

For the three and six months ended September 30, 2009 , revenue was $3.9 million and $8.1 million , respectively. This compares to $4.2 million and $9.2 million for the three and six months ended September 30, 2008 , representing an 8% and 12% decrease over these respective periods. These decreases were due largely to decreases in Non-Recurring Revenues over the same periods last fiscal year. Revenues were also negatively affected during the periods by the delay of EMR buying decisions in anticipation of government funding announcements. The Ontario government announced a $235 million subsidy program on October 29, 2009 .

Recurring Revenue for the three and six months ended September 30, 2009 was $3.3 million and $6.9 million . This compares to $3.4 million and $6.7 million for the same periods ended September 30, 2008 , representing a 3% decrease and a 2% increase over these respective periods. The decrease in Recurring Revenue from the year ago quarter was largely the result of lower data management and transcription revenues, which were partially offset by the increase in the value of the US dollar relative to the Canadian dollar. The increase in Recurring Revenue from the six month period last fiscal year was primarily the result of an increase in billing and financial management revenues as a large customer was fully implemented and transactional fees, which were partially offset by lower data management and transcription revenues. The increase in the value of the US dollar relative to the Canadian dollar also had a positive impact on Recurring Revenue, versus the six month period last fiscal year.

Non-Recurring Revenue for the three and six months ended September 30, 2009 was $0.6 million and $1.2 million . This compares to $0.8 million , or 19% of revenue and $2.5 million for the three and six months ended September 30, 2008 , representing a 28% and a 53% decrease over these respective periods. The decrease in Non-Recurring Revenue over the three month periods is primarily the result of a decrease in custom development revenues. The decrease in Non-Recurring Revenue over the six month periods is primarily the result of a decrease in software revenue, as the Company recognized $1 million of license revenue related to a Canadian government agency in the first quarter of last fiscal year. Revenues were also negatively affected during the periods by the delay of EMR buying decisions in anticipation of government funding announcements. The Ontario government announced a $235 million subsidy program on October 29, 2009 .

Over the three months ended September 30, 2009 , the Company generated 74% of its revenue from the US market. With the increase in the value of the US dollar relative to the Canadian dollar during the three and six month periods, the Company estimates that revenue was positively impacted by approximately 4% or $0.2 million for the three month period and 7%, or $0.6 million , for the six month period, compared to the same periods of the previous fiscal year.

For the three and six month periods ended September 30, 2009 , gross profit was $2.8 million , or 72% of revenue and $5.8 million , or 71% revenue, compared to $3.2 million , or 75% of revenue and $6.8 million , or 74% for the prior year periods. The decrease in gross profit margins can be primarily associated with a decrease in higher margin Non-Recurring revenue over the respective periods.

Expenses for the three and six month periods ended September 30, 2009 , were $3.3 million and $6.8 million . This compares to $4.3 million and $8.8 million for the three and six month periods ended September 30, 2008 , representing a 22% and 23% decrease over the respective periods. This decrease in expense was the result of the Company's strategic plan to accelerate 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 in support of revenue generating activities.

Over the three months ended September 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 negatively impacted by approximately 2% or $0.1 million for the three month period and 4%, or $0.3 million , for the six month period, compared to the same periods in the previous year.

EBITDA for each of the three and six month periods ended September 30, 2009 , was $0.2 million . This compares to EBITDA losses of $0.5 million and $0.7 million for the three and six month periods ended September 30, 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 strengthening of the US dollar compared to the same periods last fiscal year.

For the three and six month periods ended September 30, 2009 , loss and comprehensive loss was $0.7 million and $1.6 million . This compares to loss and comprehensive loss of $1.5 million and $2.8 million for the three and six month periods ended September 30, 2008 . The improvement in loss and comprehensive loss in the respective periods can be primarily attributed to cost reductions initiatives as well as the strengthening of the US dollar compared to the same respective periods last fiscal year. 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. The improvement in loss and comprehensive loss over the respective periods was partially offset by a decrease in Non-Recurring Revenues.

Cash and cash equivalents were $2.4 million at September 30, 2009 , compared to $3.5 million at March 31, 2009 . At September 30, 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 November 20, 2009 . This press release should be read in conjunction with Nightingale's Consolidated Financial Statements for the quarter and six months ended September 30, 2009 and the accompanying Management Discussion and Analysis.

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

Nightingale will host a conference call on Monday November 23, 2009 at 8:30 a.m. Eastern Standard Time . To access the conference call by telephone, dial 416-644-3425 or 1-800-731-5319. Please connect approximately fifteen minutes, and reference conference ID 4183600 prior to the beginning of the call to ensure participation.

The conference call will be archived for replay until Monday November 30, 2009 . To access the archived conference call, dial 416-640-1917 or 1-877-289-8525 and enter reference 4183600 followed by the number sign. To listen to the conference call on-demand at your convenience please send an email to [email protected] 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.

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        Six        Six
                                    Quarter    Quarter     Months     Months
                                      Ended      Ended      Ended      Ended
                                  September  September  September  September
    Definition                     30, 2009   30, 2008   30, 2009   30, 2008
    -------------------------------------------------------------------------

    Loss and Comprehensive Loss   $    (726) $  (1,492) $  (1,570) $  (2,752)
    -------------------------------------------------------------------------

    Adjustments for:
    Other Loss (Income)                 (35)        16        (78)        28
    Interest                            253        364        570        720
    Depreciation and Amortization       553        633      1,121      1,245
    Stock-based Compensation            136         21        161         65
    -------------------------------------------------------------------------

    EBITDA                        $     181  $    (458) $     204  $    (694)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

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 SIX MONTH PERIODS ENDED SEPTEMBER 30, 2009

    -------------------------------------------------------------------------
                          3 months      3 months      6 months      6 months
                            ending         ended        ending         ended
                         September     September     September     September
                          30, 2009      30, 2008      30, 2009      30, 2008
    -------------------------------------------------------------------------

    Revenue           $  3,926,392  $  4,246,312  $  8,056,611  $  9,191,899
    Cost of sales        1,107,940     1,082,779     2,301,541     2,359,589
                      ------------- ------------- ------------- -------------

    Gross profit         2,818,452     3,163,533     5,755,070     6,832,310
                      ------------- ------------- ------------- -------------

    Expenses
    General and
     administration        606,572       831,058     1,372,495     1,683,696
    Sales and marketing    312,645       650,567       737,066     1,347,465
    Research and
     development           695,326       923,287     1,427,474     1,984,947
    Client services      1,023,216     1,216,414     2,014,310     2,509,947
    Stock based
     compensation          136,132        21,412       161,482        65,005
    Amortization           552,718       632,571     1,121,288     1,244,873
                      ------------- ------------- ------------- -------------
                         3,326,609     4,275,309     6,834,115     8,835,933
                      ------------- ------------- ------------- -------------

    Operating loss        (508,157)   (1,111,776)   (1,079,046)   (2,003,623)
                      ------------- ------------- ------------- -------------

    Interest               253,273       364,360       569,682       720,387
    Foreign currency
     loss (gain)           (34,934)       15,536       (78,455)       27,531

    Loss and
     comprehensive
     loss             $   (726,496) $ (1,491,672) $ (1,570,272) $ (2,751,541)
                      ------------- ------------- ------------- -------------
                      ------------- ------------- ------------- -------------

    Basic and diluted
     loss per common
     share            $      (0.01) $      (0.02) $      (0.02) $      (0.04)
                      ------------- ------------- ------------- -------------
                      ------------- ------------- ------------- -------------

    Weighted average
     number of common
     shares             70,534,543    67,478,540    69,931,693    67,478,540

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



    INTERIM CONSOLIDATED BALANCE SHEET
    AS AT SEPTEMBER 30, 2009

    -------------------------------------------------------------------------
                                                         As at         As at
                                                     September         March
                                                      30, 2009      31, 2009
    -------------------------------------------------------------------------

    ASSETS

    Current assets
    Cash and cash equivalents                     $  2,357,786  $  3,514,056
    Accounts receivable                              1,822,361     2,324,377
    Other receivables                                   38,229        21,218
    Inventory                                           38,586        62,182
    Prepaid expenses                                   497,155       448,275
                                                  ------------- -------------
                                                     4,754,117     6,370,108
                                                  ------------- -------------

    Long-term assets
    Deferred costs                                     101,662       129,104
    Property and equipment                             853,177     1,216,596
    Intangible assets                                4,768,620     5,497,436
    Goodwill                                         4,692,399     4,692,399
                                                  ------------- -------------
                                                    10,415,858    11,535,535
                                                  ------------- -------------

    Total assets                                  $ 15,169,975  $ 17,905,643
                                                  ------------- -------------
                                                  ------------- -------------

    LIABILITIES

    Current liabilities
    Accounts payable and accrued liabilities      $  2,700,438  $  3,693,844
    Income taxes payable                               807,171       948,701
    Current portion of deferred revenue              3,819,251     3,935,954
    Current portion of capital lease obligations       167,373       178,655
                                                  ------------- -------------
                                                     7,494,233     8,757,154
                                                  ------------- -------------

    Long term liabilities
    Subordinated debt                                4,395,426     4,938,425
    Deferred revenue                                 1,213,914     1,296,842
    Capital lease obligations                          141,857       281,463
                                                  ------------- -------------
                                                     5,751,197     6,516,730
                                                  ------------- -------------

    Total liabilities                               13,245,430    15,273,884
                                                  ------------- -------------

    SHAREHOLDERS' EQUITY
    Capital stock                                   28,348,960    27,596,692
    Contributed surplus                              4,383,082     3,274,607
    Warrants                                           471,577     1,469,262
    Deficit                                        (31,279,074)  (29,708,802)
                                                  ------------- -------------
                                                     1,924,545     2,631,759
                                                  ------------- -------------

    Total liabilities and shareholders' equity    $ 15,169,975  $ 17,905,643
                                                  ------------- -------------
                                                  ------------- -------------

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



    INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
    FOR THE THREE AND SIX MONTH PERIODS ENDED SEPTEMBER 30, 2009

    -------------------------------------------------------------------------
                             3 months     3 months     6 months     6 months
                               ending        ended       Ending        Ended
                            September    September    September    September
                             30, 2009     30, 2008     30, 2009     30, 2008
    -------------------------------------------------------------------------

    Cash Flow from
     Operating Activities
    Loss and comprehensive
     loss                 $  (726,496) $(1,491,672) $(1,570,272) $(2,751,541)

    Adjustments for:
    Depreciation and
     amortization             552,718      632,571    1,121,288    1,244,872
    Amortization of
     transaction costs
     related to debt
     financing                 11,694       33,525       45,218       67,049
    Foreign currency
     loss (gain)              (34,934)      15,536      (78,455)      27,531
    Stock based
     compensation             136,132       43,912      161,482       65,005
    Interest accretion         55,386      128,460      157,005      256,238
                          ------------ ------------ ------------ ------------
                               (5,500)    (637,668)    (163,735)  (1,090,846)

    Changes in non-cash
     working capital
     balances
      Accounts receivable     407,402      153,954      262,742      455,359
      Prepaid expenses         62,369      109,362      (48,880)      44,227
      Inventory                 6,329       29,817       23,596       89,798
      Deferred costs           14,996      (24,997)      27,340       21,694
      Other receivables       (20,264)     (65,120)     (15,020)     569,842
      Accounts payable
       and accrued
       liabilities           (196,598)    (388,727)    (767,153)    (702,251)
      Deferred revenue       (248,288)    (202,462)    (199,631)    (866,834)
                          ------------ ------------ ------------ ------------
    Cash flows provided
     by (used in)
     operating activities      20,446   (1,025,841)    (880,741)  (1,479,011)
                          ------------ ------------ ------------ ------------

    Cash flow from
     investing activities
    Purchase of property
     and equipment            (12,806)     (42,529)     (29,052)    (103,866)
                          ------------ ------------ ------------ ------------
    Cash flows used in
     investing activities     (12,806)     (42,529)     (29,052)    (103,866)
                          ------------ ------------ ------------ ------------

    Cash flow from
     financing activities
    Repayment of
     subordinated debt
     financing                      -     (500,000)           -     (500,000)
    Borrowing (repayment)
     under line of credit           -      750,000            -      750,000
    Repayment of capital
     lease obligations        (59,742)     (73,832)    (136,130)    (176,463)
                          ------------ ------------ ------------ ------------
    Cash flows from
     (used in) financing
     activities               (59,742)     176,168     (136,130)      73,537
                          ------------ ------------ ------------ ------------

    Foreign exchange
     gains(losses) on cash
     held in foreign
     currency                 (67,853)      44,235     (110,348)      46,833

    Net decrease in cash
     during the period        (52,102)    (892,202)  (1,045,923)  (1,509,340)
    Cash and cash
     equivalents, beginning
     of period              2,477,741    4,419,206    3,514,056    5,033,746

    Cash and cash
     equivalents, end of
     period               $ 2,357,786  $ 3,571,239  $ 2,357,786  $ 3,571,239
                          ------------ ------------ ------------ ------------
                          ------------ ------------ ------------ ------------

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



    OVERALL PERFORMANCE, RESULTS OF OPERATIONS AND FINANCIAL CONDITION
    QUARTERLY DATA

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

    Recurring Revenue   $ 9,828  $ 3,229  $ 3,247  $13,088  $ 3,309  $ 3,431

    Non-Recurring
     Revenue              4,186      713      931    5,788    1,637      815

    Revenue              14,014    3,942    4,178   18,876    4,946    4,246

    Gross Profit          9,589    2,660    2,979   13,706    3,669    3,164

    Expenses             14,856    5,220    4,739   19,957    4,561    4,275

    EBITDA Income
     (Loss)              (3,841)  (1,799)  (1,188)  (3,526)    (236)    (458)

    Operating Loss for
     the Period          (5,267)  (2,561)  (1,761)  (6,250)    (892)  (1,112)

    Loss and
     Comprehensive Loss  (5,713)  (3,324)  (6,273) (12,811)  (1,260)  (1,492)

    Loss and
     Comprehensive Loss
     per Common Share   $ (0.14) $ (0.05) $ (0.09) $ (0.19) $ (0.20) $ (0.02)

    Weighted Avg. No.
     of Common Shares    40,120   66,914   67,460   66,228   67,479   67,479
    -------------------------------------------------------------------------

    Total Assets        $17,531  $36,257  $23,992  $23,992  $21,807  $20,308

    Total Long Term
     Liabilities        $ 2,014  $12,097  $ 6,948  $ 6,948  $ 6,366  $ 6,251
    -------------------------------------------------------------------------


    ----------------------------------------------------------------
                                         Fiscal
                          Q3      Q4      Year       Q1       Q2
    In $ 000's (Except   Ended   Ended    Ended     Ended    Ended
     per Share            Dec    March    March     June     Sept
     Amounts)          31, 2008 31, 2009 31, 2009 30, 2009 30, 2009
    ----------------------------------------------------------------

    Recurring Revenue   $ 4,045  $ 3,746  $14,531  $ 3,564  $ 3,341

    Non-Recurring
     Revenue                511      971    3,934      566      585

    Revenue               4,556    4,717   18,465    4,130    3,926

    Gross Profit          3,272    3,305   13,410    2,937    2,818

    Expenses              4,022    3,962   16,820    3,508    3,327

    EBITDA Income
     (Loss)                 (34)       9     (719)      22      181

    Operating Loss for
     the Period            (750)    (656)  (3,410)    (571)    (508)

    Loss and
     Comprehensive Loss    (876)  (1,004)  (4,632)    (844)    (726)

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

    Weighted Avg. No.
     of Common Shares    67,667   67,845   67,845   69,322   70,535
    ----------------------------------------------------------------

    Total Assets        $20,078  $17,906  $17,906  $16,413  $15,170

    Total Long Term
     Liabilities        $ 6,234  $ 6,517  $ 6,517  $ 6,309  $ 5,751
    ----------------------------------------------------------------
    

For further information: Michael Ford, CFO, Nightingale Informatix Corporation, Tel: [phone], [email protected]; Alan Kriss, VP Marketing, Nightingale Informatix Corporation, Tel: [phone], [email protected]