QHR ANNOUNCES SECOND QUARTER RESULTS
Kelowna, BC, August 20, 2009 – QHR Technologies Inc. (“QHR” or the “Company”) (TSX-V: QHR) today announced its second quarter results for the three months ended June 30, 2009.
“In the second quarter of 2009 the Company achieved revenue of $3,235,233, which was the second highest level in the Company’s history, and earnings of $212,614,” said President and CEO Al Hildebrandt. “This encouraging result was primarily due to the success of the EMS division in increasing workforce and financial software sales but also due to the continued growth of the customer base of the EMR division as well.”
Mr. Hildebrandt added, “The Company has entered the next stage in its development, and, although quarterly results may vary due to the nature and length of the sales and implementation cycles for our products, we expect to achieve our goal of $10,000,000 revenue for the year.”
HIGHLIGHTS:
Three Month Period Ended June 30, 2009
- Revenue for the quarter ended June 30, 2009 was $3,235,233, as compared to $1,515,677 for the corresponding quarter last year, an increase of 113%.
- Earnings before amortization and interest were $520,339 compared to $68,962 last year.
- Net earnings for the quarter were $212,614 compared to $11,032 last year.
Six-Month Period Ended June 30, 2009
- Revenue for the six months ended June 30, 2009 was $6,681,836, as compared to $3,187,110 for the corresponding period last year, an increase of 110%.
- Earnings before amortization and interest were $1,647,556 compared to $255,205 last year.
- Net earnings for the year were $966,463 compared to $138,020 last year.
OPERATING RESULTS
Revenue for the three months ended June 30
EMS division EMR division
T otal revenue
2009 2008 % increase
$ 2,386,244 1,007,134 137% 848,989 508,543 67%
$ 3,235,233 1,515,677 113%
Revenue of the Enterprise Management Software (“EMS”) division was $2,386,244 for the period, as compared to $1,007,134, an increase of 137% over the same quarter last year. The increase in revenues was due to continued growth in the sales of Workforce Management Software and the additional revenues obtained from sales of Financial Management Software, which provided revenue in the amount of $610,000 in the second quarter.
Revenue of the EMR division increased by 67% and was $848,989 for the quarter compared to $508,543 in 2008. The increase in revenues was largely the result of the acquisition of Clinicvault on September 1, 2008 and continued organic growth.
EARNINGS FOR THE QUARTER
Net earnings for the second quarter ended June 30, 2009 were $212,614, or $0.01 per share, compared to $11,032, or $0.00 per share for the same period in previous year. Net earnings for the six-month period ended June 30, 2009 were $966,463, or $0.04 per share, compared to $138,020, or $0.01 for the same period in the previous year.
Revenue Operating expenses
Earnings before other expenses Other expenses (amortization, interest, gain on f/x)
Net earnings
2009
$ 3,235,233 2,714,894
2008
1,515,677 1,446,715
68,962 57,930
11,032
$
520,339 307,725
212,614
Complete Financial Statements and the Management Discussion and Analysis for the second quarter of 2009 are available on the Company’s website at www.QHRtechnologies.com.
About QHR Technologies Inc.
QHR operates two business units in distinct markets:
The Enterprise Management Software (“EMS”) division (formerly the HR division), specializes in workforce management software which consists of integrated payroll, staff scheduling and human resource software, and in customized financial management software built on the Microsoft Dynamics GP (formerly Great Plains) platform. These products are targeted at complex healthcare and social services environments.
The Electronic Medical Records (“EMR”) division offers a suite of medical software modules that provides computer-based medical records for physicians, medical specialists, and surgeons, as well as an electronic patient record that is a key component of the move throughout Canada to provide electronic health for all Canadians. The EMR division provides on-site and off-site hosting capabilities.
On behalf of the Board of Directors
Al Hildebrandt, President and CEO
Legal Notice Regarding Forward Looking Statements
This news release may contain “forward looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are indicated expectations or intentions. Results from operations in any given period are not necessarily indicative of results to be expected in future periods. QHR is a technology business where investment; various trends and factors in the marketplace; and product enhancements must be carefully managed to achieve long-term revenue growth and profitability. These statements are subject to risks that may cause the actual results to be materially different in future periods from those expressed or implied by such forward looking statements. Factors which may delay or prevent these forward looking statements from coming to fruition include our possible inability to complete our contracted services, possible disputes with customers, customer implementation delays or payment delays .In addition, competitors may provide better products or services and our market may decline. The Company’ s policy is not to update Forward Looking Statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Further risk information on the Company is available at www.sedar.com.
