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QHR Announces Second Quarter Results - Continued Growth and Profitability

Wednesday, August 6, 2008

Kelowna, BC, August 6, 2008 - QHR Technologies Inc. ("QHR" or the "Company") (TSX-Venture: QHR) announced today the release of its interim financial statements for the three months ended June 30, 2008.

Highlights

• Revenue for the second quarter ended June 30, 2008 was $1,515,677 compared to $1,321,813 for the corresponding quarter last year, an increase of 15%.


• Year-to-date revenue was $3,187,110 compared to $2,611,764 last year, an increase of 22%.


• Recurring revenue for the quarter was 66% of total revenue compared to 50% for the corresponding quarter last year.


• EMR division revenue for the quarter increased 118% to $508,543 compared to $233,298 in 2007.


• Earnings for the quarter were $11,032 compared to $21,333 last year.


• Year-to-date earnings were $138,020 compared to $38,796 last year.


• Cash on hand at June 30, 2008 was $1,357,053 compared to $493,405 at December 31, 2007.


• Working capital before deferred revenue at June 30, 2008 was $2,166,706 compared to $1,073,336 at December 31, 2007.

Operating Results

Revenue of the HR division was $1,007,134 for the quarter, a decrease of 7% over the same quarter last year. Year-to-date revenue for the division was slightly ahead of last year. The Company has experienced some delays in buying decisions by health regions; for example, Alberta has recently announced a restructuring of its health regions and has temporarily frozen new IT purchases.

Revenue of the EMR division increased by 118% and was $508,543 for the quarter compared to $233,298 in 2007. The acquisition of National Medical Solutions Inc. (“National”) in the third NEWS RELEASE quarter of 2007 accounted for approximately 65% of the increase with the balance coming from organic growth.

Net earnings for the Company for the second quarter were $11,032 compared to $21,233 last year. The EMR division recorded net earnings before corporate expenses of $63,336 for the second quarter compared to a net loss of $97,142 last year. For the year-to-date, earnings of the Company were $138,020 compared to $38,796 last year, with the EMR division contributing $101,190 before corporate expenses, compared to a loss of $234,903 last year reflecting the beneficial impact of the National acquisition. Corporate expenses are the costs of the parent company that includes the costs of running a public company as well as senior management salaries.

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© 2008, QHR Technologies Inc.

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