QHR Technologies Inc.
TSX VENTURE : QHR

QHR Technologies Inc.

November 19, 2009 09:25 ET

QHR Announces Third Quarter Results

KELOWNA, BRITISH COLUMBIA--(Marketwire - Nov. 19, 2009) - QHR Technologies Inc. ("QHR" or the "Company")(TSX VENTURE:QHR) today announced its third quarter results for the three months ended September 30, 2009.

"In the third quarter of 2009 the Company achieved revenue of $3,298,492 and earnings of $235,605." stated President and CEO Al Hildebrandt. "This positive result was primarily due to the continued success of the EMS division in increasing workforce and financial software sales and services as well as the continued growth in the revenues of the EMR division."

Mr. Hildebrandt added, "We are pleased that the Company has achieved positive results in a traditionally challenging quarter, and although quarterly results may vary due to the nature and length of the sales and implementation cycles for our products, at the end of our third quarter we have almost achieved our total fiscal 2009 consolidated revenue goal of $10,000,000."

HIGHLIGHTS:
Three Month Period Ended September 30, 2009

  • Revenue for the quarter ended September 30, 2009 was $3,298,492, as compared to $1,293,256 for the corresponding quarter last year, an increase of 155%.
  • Earnings before amortization and interest were $552,812 compared to a loss of $150,268 last year.
  • Net earnings for the quarter were $235,605 compared to a loss of $215,043 last year.
    
Revenue for the three months ended September 3020092008% increase
EMS division$2,390,619$748,358219%
EMR division907,873544,89867%
Total revenue$3,298,492$1,293,256155%

Nine Month Period Ended September 30, 2009

  • Revenue for the nine months ended September 30, 2009 was $9,980,328, as compared to $4,480,366 for the corresponding period last year, an increase of 123%.
  • Earnings before amortization and interest were $2,200,368 compared to $109,490 last year.
  • Net earnings for the period were $1,202,068 compared to a loss of $77,023 last year.
    
Revenue for the nine months ended September 3020092008% increase
EMS division$7,498,593$2,917,123157%
EMR division2,481,7351,563,24359%
Total revenue$9,980,328$4,480,366123%

OPERATING RESULTS FOR THE QUARTER

Revenue of the Enterprise Management Software ("EMS") division was $2,390,619 for the quarter, as compared to $748,358, an increase of 219% over the same quarter last year. The increase in revenues was due to continued growth in the sales and services of Workforce Management Software and the additional revenues obtained from sales and services of Financial Management Software.

Revenue of the EMR division increased by 67% and was $907,873 for the quarter compared to $544,898 in 2008. The increase in revenues was largely the result of additional revenues from hosting services and continued organic growth.

EARNINGS FOR THE QUARTER

Net earnings for the quarter ended September 30, 2009 were $235,605, or $0.01 per share, compared to a loss of $215,043 or $(0.01) per share for the same period in the previous year. Net earnings for the nine month period ended September 30, 2009 were $1,202,068, or $0.05 per share, compared to a loss of $77,023, or $0.00 for the same period in the previous year.

 20092008
Revenue$3,298,492$1,293,256
Operating expenses2,745,6801,443,524
Earnings (loss) before other expenses552,812(150,268)
Other expenses (amortization, interest)317,20764,775
Net earnings (loss)$235,605$(215,043)

Complete Financial Statements and the Management Discussion and Analysis for the third 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, employee self service, 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.

Further risk information on the Company is available at www.sedar.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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