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STREAMLINE HEALTH® PROVIDES UPDATE ON FOURTH QUARTER AND FISCAL YEAR END 2013 FINANCIAL RESULTS AND STATUS OF AUDIT AND TIMING OF FISCAL YEAR END FILINGS
ANNUAL REPORT ON FORM 10-K EXPECTED TO BE FILED IN MID TO LATE MAY
Atlanta, GA April 30, 2014 Streamline Health Solutions, Inc. (NASDAQ: STRM), a leading provider of transformational data-driven solutions to help healthcare providers reduce exposure to risk, enhance clinical, financial, and operational performance, and improve patient care, today announced that the release of its fourth quarter and fiscal year end 2013 financial results, which ended January 31, 2014, will be reported in mid to late May. The Companys new auditor is completing the Companys audit for fiscal year 2013, which is the first year the Company is required to provide an audit of internal controls pursuant to the Sarbanes-Oxley Act, as well as shorter filing deadlines as an accelerated filer.
Clearly the delays in filing our fiscal year 2013 fourth quarter and year end results are frustrating, but we are committed to providing confidence and transparency in the Companys financial statements and we are working to ensure that this delay is a one-time only event, stated Nicholas Meeks, Chief Financial Officer, Streamline Health. The issues identified in the course of the audit relate to valuation of stock based compensation, the accounting treatment of the conversion of previously issued convertible preferred stock to common stock in the second half of the fiscal year, recognition of revenue timing, and capitalization of software development. At this time, we have no reason to anticipate the results of the audit will lead to any material and adverse change in our previously reported yearly results.
Streamline Health FY 2013 Performance
While the delay is not ideal, we elected to take this minor delay to assure that the issues noted above were properly addressed to our satisfaction. Fortunately these outstanding items have nothing to do with the fundamental direction or operations of the company, stated Robert E. Watson, President and Chief Executive Officer, Streamline Health. For example, looking back on 2013, I believe it was another transformational year for our company. We continued to make great progress in changing this company from the single-solution, perpetual licensed-based revenue company that existed when this management team arrived in early 2011 to a full platform of software-as-a-service based solutions designed to help our clients reduce exposure to risk, enhance their clinical, financial and operational performance and improve patient care.
In 2013 Streamline Health:
· Increased bookings 14% to $21.4 million dollars. In the fourth quarter new contract bookings were $5.3 million. In addition, there were $1.3 million in renewals in the quarter and $5.9 million in renewals for the entire fiscal year.
· Backlog increased 11% to $56.6 million of which $21.1 million were SaaS-based revenue. At the end of 2010 the backlog was $17.6 million, of which $7.4 million were SaaS-based revenue.
The following information was filed by Streamline Health Solutions Inc. (STRM) on Thursday, May 1, 2014 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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