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MediSolution Ltd. (CC:MSH) Announces Results for the Third Quarter


2/17/2009 12:26:57 PM

MONTREAL, QUEBEC--(Marketwire - February 13, 2009) - MediSolution Ltd.(TSX: MSH), a leading provider of enterprise resource planning (ERP) solutions and specialized blood bank software, today announced its results for the third quarter ended December, 31, 2008.

Third Quarter Highlights

For the quarter ended December 31, 2008, the Corporation reported a net loss of $0.7 million, compared to a net loss of $1.0 million in the same period ended December 31, 2007.

Overall, new systems revenue in the third quarter of fiscal 2009 increased by 26% to $1.96 million as compared to $1.56 million during the same quarter in the prior year. Consolidated revenue in the third quarter of fiscal 2009 increased by 7% for a total of $5.6 million as compared to $5.2 million the same quarter in fiscal 2008. The Corporation's earnings before interest, taxes, depreciation and amortization of negative $0.2 million remained unchanged from the same quarter prior year.

"In Q3, we continue to focus on rationalizing our cost structure to reflect our more streamlined ERP and Blood Bank business focus," said Paul Lepage, President and Chief Executive Officer, "while looking for opportunities to increase revenue, improve operational efficiency and reduce costs."

About MediSolution

MediSolution (TSX: MSH), a Brookfield Asset Management company, is a leading information technology company, providing enterprise resource planning (ERP) and specialized blood bank software, solutions and services to healthcare and service sector customers across North America. More than 300 healthcare, public and service sector organizations rely on MediSolution's systems to maximize their operational efficiencies, lower their costs and improve the delivery of services. The company's product portfolio is comprised of Financial Management software such as accounts receivable, budgeting and materials management, Business Intelligence solutions as well as Human Capital Management tools and services including human resources management, staff scheduling and payroll processing. The company also provides speciality hemovigilance solutions that improve patient safety, reduce waste and increase efficiency for blood transfusion services.

For more information, visit www.medisolution.com.

This press release contains "forward-looking statements" regarding MediSolution. The words "believe", "expect", "anticipate", "intend", "estimate" and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements because they involve known an unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements.

(1) "EBITDA" (earnings before interest expense, income taxes, depreciation of property and equipment, amortization of intangible assets and loss on settlement of lawsuit) does not have a standardized meaning prescribed by Canadian Generally Accepted Accounting Principles (GAAP) and may not be comparable to similar measures presented by other publicly traded companies. We use EBITDA amongst other measures, to assess the operating performance of our business.


MediSolution Ltd.
Consolidated Statements of Operations and
Comprehensive Income (loss) (unaudited)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
(in thousands of dollars  Three months ended             Nine months ended
 except per share data)          December 31                   December 31
                         2008           2007           2008           2007
--------------------------------------------------------------------------
--------------------------------------------------------------------------

REVENUE

System sales           $1,959         $1,564         $4,673         $5,122
Support and
 processing             3,598          3,649         10,543         10,579
--------------------------------------------------------------------------
                        5,557          5,213         15,216         15,701
Cost of revenue         3,328          3,030          9,612          9,519
--------------------------------------------------------------------------
                        2,229          2,183          5,604          6,182
Sales and
 marketing expenses       814          1,279          2,253          3,528
Software
 development
 expenses (net
 of tax credit)           387            346          1,246          1,132
General and
administrative
 expenses               1,196            794          2,927          3,094
Restructuring
 charges                    -              4             (9)          (117)
--------------------------------------------------------------------------
Loss before the
 undernoted items:       (168)          (240)          (813)        (1,455)

Depreciation of
 property and
 equipment                 86             89            241            323
Amortization of
 intangible assets        564            529          1,687          1,563
Interest expense           (3)            66             (2)           116
Interest income          (199)             -           (294)             -
Loss on foreign
 exchange                  52             36             57            139
Loss on settlement
 of lawsuit                 -              -              -            112
--------------------------------------------------------------------------
Loss from continuing
 operations before
 income taxes            (668)          (960)        (2,502)        (3,708)
--------------------------------------------------------------------------
Income taxes recovered      -              -         (7,113)            (3)
--------------------------------------------------------------------------
Net earning (loss)
 from continuing
 operations              (668)          (960)         4,611         (3,705)
Net earnings (loss)
 from discontinued
 operations, net of
 taxes                    (29)           651         32,364          3,435
--------------------------------------------------------------------------
Net earnings (loss)
 and comprehensive
 income (loss)          $(697)         $(309)       $36,975          $(270)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Net earnings (loss)
 per share - basic
From continuing
 operations             (0.00)         (0.01)          0.03          (0.02)
From discontinued
 operations             (0.00)          0.01           0.21           0.02
--------------------------------------------------------------------------
Net earnings (loss)
 per share - basic      (0.00)         (0.00)          0.24          (0.00)
--------------------------------------------------------------------------
Net earnings (loss)
 per share - diluted
From continuing
 operations             (0.00)         (0.01)          0.03          (0.02)
From discontinued
 operations             (0.00)          0.01           0.20           0.02
--------------------------------------------------------------------------
Net earnings (loss)
 per share - diluted    (0.00)         (0.00)          0.23          (0.00)
--------------------------------------------------------------------------
Weighted average
 Number of common
 shares
 outstanding -
 basic            158,292,332    158,282,332    158,286,114    158,152,970
--------------------------------------------------------------------------
Weighted average
 number of common
 shares
 outstanding -
 diluted          158,292,332    158,282,332    158,878,810    158,152,970
--------------------------------------------------------------------------
--------------------------------------------------------------------------




MediSolution Ltd.
Consolidated Statements of Retained Earnings (deficit)
(unaudited)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Nine months ended December 31 (in thousands of dollars)     2008      2007
--------------------------------------------------------------------------

Deficit, beginning of period                             $(1,259)  $(1,850)
Net earnings (loss)                                       36,975      (270)
Interest on share purchase financing                           -         9
Retained earnings (deficit), end of period               $35,716   $(2,111)
--------------------------------------------------------------------------
--------------------------------------------------------------------------



MediSolution Ltd.
Consolidated Balance Sheets (unaudited)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
As at (in thousands of dollars)                    December 31 ,  March 31,
                                                          2008        2008
--------------------------------------------------------------------------

ASSETS

Current Assets
  Cash                                                 $32,006      $1,404
  Accounts receivable and accrued revenue                9,362       7,695
  Tax credit receivable                                  1,038         660
  Inventory                                                113         161
  Sundry deposits and prepaid expenses                     921       1,184
  Deferred expenses                                        170         218
  Current assets held for sale                               -      12,906
--------------------------------------------------------------------------
                                                        43,610      24,228

Property and equipment                                     466         600
Intangible assets                                        5,882       6,056
Goodwill                                                 5,022       5,022
Deferred expenses                                          842       1,373
Other long-term asset                                       75         162
Long-term assets held for sale                               -       8,682
--------------------------------------------------------------------------
                                                       $55,897     $46,123
--------------------------------------------------------------------------
--------------------------------------------------------------------------

LIABILITIES

Current Liabilities
  Accounts payable and accrued liabilities              $4,632      $6,876
  Deferred revenue                                       3,045       5,450
  Current liabilities related to assets held for sale        -      17,891
--------------------------------------------------------------------------
                                                         7,677      30,217

Deferred revenue                                         1,162       2,068
Long-term liabilities related to assets held for sale        -       4,001
--------------------------------------------------------------------------
                                                         8,839      36,286
--------------------------------------------------------------------------
--------------------------------------------------------------------------

SHAREHOLDERS' EQUITY                                    47,058       9,837
--------------------------------------------------------------------------
                                                       $55,897     $46,123
--------------------------------------------------------------------------
--------------------------------------------------------------------------



MediSolution Ltd.
Consolidated Statements of Cash Flows (unaudited)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
(in thousands of dollars)         Three months ended     Nine months ended
                                         December 31           December 31
                                     2008       2007        2008      2007
--------------------------------------------------------------------------
INFLOW (OUTFLOW) RELATED TO THE
 FOLLOWING ACTIVITIES

Operating

Net earnings (loss) from
 continuing operations              $(668)    $(960)      $4,611   $(3,705)
Items not affecting cash:
  Depreciation of property and
   equipment                           86        89          241       323
  Amortization of intangible assets   564       529        1,687     1,563
  Stock-based compensation            105        80          244       234
  Non-cash portion of restructuring
   charges                              -         4           (9)     (117)
Changes in non-cash operating
working capital items              (1,145)      204       (3,882)    2,368
Change in deferred revenue         (1,497)   (1,205)      (3,312)   (4,180)
Change in deferred expenses           143       (68)         579       452
--------------------------------------------------------------------------
Cash flows from continuing
 operations                        (2,412)   (1,327)         159    (3,062)
Cash flows from discontinued
 operations                           (29)   (1,602)      (2,958)       83
--------------------------------------------------------------------------
                                   (2,441)   (2,929)      (2,799)   (2,979)
--------------------------------------------------------------------------
Investing

Additions to property
 and equipment                        (78)      (68)        (107)     (246)
Additions to intangible assets,
 net of tax credits                  (512)     (599)      (1,513)   (1,663)
--------------------------------------------------------------------------
Cash flows from continuing
 operations                          (590)     (667)      (1,620)   (1,909)
Cash flows from discontinued
 operations                             -      (330)      35,019      (875)
--------------------------------------------------------------------------
                                     (590)     (997)      33,399    (2,784)
--------------------------------------------------------------------------

Financing

Repayment of share purchase plan
 loan                                   -         -            -       800
Issuance of common shares               -         -            2       136
Interest on share purchase
 financing                              -         -            -         9
Increase of short-term loans
 Trilon Bancorp                          -    4,000            -     2,001
Increase (decrease) of short-term
 loans                                  -      (171)           -     2,206
--------------------------------------------------------------------------
Cash flows from continuing
 operations                             -     3,829            2     5,152
Cash flows from discontinued
 operations                             -         -            -         -
--------------------------------------------------------------------------
                                        -     3,829            2     5,152
--------------------------------------------------------------------------
Increase (decrease) in cash and
 cash equivalents                  (3,031)      (97)      30,602      (611)
Cash, beginning of period          35,037       342        1,404       856
--------------------------------------------------------------------------
Cash, end of period               $32,006      $245      $32,006      $245
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Supplemental cash flow information
Interest paid                         $(3)      $66           $1      $116
Interest received                    (153)        -         (247)        -
Income taxes received                   -         -            -         3
--------------------------------------------------------------------------
--------------------------------------------------------------------------


Contacts:
MediSolution Ltd
Paul Lepage
President and CEO
514-850-5040
info@medisolution.com
www.medisolution.com


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