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Adam Inc (863650) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2009

Adam Inc

CIK: 863650

Exhibit 99.1

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Jody Burfening/Amy Gibbons

Lippert/Heilshorn & Associates

(212) 838-3777

investorrelations@adamcorp.com

A.D.A.M., Inc. Announces Second Quarter Financial Results

Content Licensing Revenue Increases 7%

ATLANTA — August 11, 2009 —

A.D.A.M., Inc. (Nasdaq: ADAM), a leading provider of health information and benefit technology solutions, announced financial results for the second quarter ended June 30, 2009.

“We experienced a noticeable increase in activity levels and contract volume in the second quarter primarily for Benergy and our online enrollment solution,” said Kevin Noland, A.D.A.M.’s president and chief executive officer. “This is reflective of a more receptive employer spending environment and the normal seasonality of our enrollment business. Also, we’ve seen good growth of our sales pipeline for new enrollment opportunities as a result of our expanded sales efforts, which should result in positive bookings for the last half of the year. In addition, we have an aggressive delivery schedule over the next two quarters of new products and product enhancements to drive Benergy growth and improve retention of our broker partners. Our health content business also continues to grow, a result of new product initiatives and new customers.”

Second Quarter Highlights

License revenues for the second quarter ended June 30, 2009 were $6.5 million, compared to $6.3 million in the second quarter of 2008, and $6.2 million in the first quarter of 2009. The increase from the prior year and sequentially primarily reflects an increase in health content license revenue of 7% and 5% respectively.

Total revenues for the second quarter ended June 30, 2009 were $7.1 million, compared to $7.2 million in the second quarter of 2008. The change reflects a lower level of Benergy professional services provided in 2009.

During the second quarter of 2009, the company recorded a restructuring charge of $1.4 million, which was an adjustment to its charge for its 2008 facility consolidation program. The charge reflects a loss of sub-lease receipts for its Uniondale, NY office facility. The Uniondale facilities are no longer being used by the company, and the company expects no further charges relating to this facility.

Non-GAAP operating income was $1.2 million, or 17% of revenues, compared to $1.3 million or 18% of revenues for the same period a year ago. Non-GAAP operating income excludes charges for stock-based compensation and the restructuring charge.

Cash flow, as measured by Adjusted EBITDA was $1.8 million, or 26% of revenues, for the second quarter ended June 30, 2009, as compared to $1.9 million or 26% of revenues for the same period a year ago. At June 30, 2009, the company had cash and cash equivalents of $2.2 million as compared to $1.4 million at December 31, 2008.

Net loss for the second quarter ended June 30, 2009, which included the $1.4 million restructuring charge, was $463,000 or $0.05 per share on a diluted basis as compared to a profit of $810,000 or $0.08 per share on a diluted basis for the second quarter of 2008.

Non-GAAP net income, which excludes charges for stock-based compensation, amortization of purchased intangibles and restructuring charges was $1.3 million, a 10% increase from the same period a year ago.

 

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The following information was filed by Adam Inc on Tuesday, August 11, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
CIK: 863650
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-09-173998
Submitted to the SEC: Thu Aug 13 2009 11:14:19 AM EST
Accepted by the SEC: Thu Aug 13 2009
Period: Tuesday, June 30, 2009
Industry: Prepackaged Software

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