Craneware Reports Six Monthly Financial Results

ATLANTA, Feb. 22 /PRNewswire/ -- Craneware plc (AIM: CRW.L), the leader in automated revenue integrity solutions for the U.S. healthcare market, is pleased to announce its financial results for the first half of fiscal year 2010. The company reports its financials on a six-month basis.  

Financial Highlights for the six months ending 12/31/09 include: (all figures in US dollars)

• Total of $25.0m of contracts signed in the half (H109: $21.8m)
  • 25% increase in revenues to $13.3m (H109: $10.6m)
  • Future revenues under contract increasing to $71.8m (FY09: $60.1m).
• EBITDA(1) increased 36% to $3.4m (H109: $2.5m).
• EBITDA(1) margin increased to 26% (H109: 24%).
• Profit before taxation increased by 28% to $3.3m (H109: $2.6m).
• Basic EPS increased by 18% to $0.092 (H109: $0.078).
• Interim dividend of 4.7 pence / 7.2 cents per share with total dividend for FY10 expected to be in line with stated progressive dividend policy. (FY09 Interim dividend 1.8 pence / 2.7 cents; FY09 total dividend 4.7 pence / 7.2 cents).

(1.)  EBITDA refers to earnings before interest, tax, depreciation, amortization and share based payments

Operational Highlights First Half of FY2010

• Launched the Company's fifth product, Supplies ChargeLink™, and secured first sales
• Increased product attachment rate to 1.5 (compared to 1.4 in FY09)
• Signed reseller agreement with McKesson and secured first sales
• Signed a multi-year contract with North Shore-LIJ Health System, the largest integrated healthcare system in New York State.

"Due to current legislative and fiscal pressures on healthcare providers, our customers are focusing on revenue integrity, a niche in the U.S. IT healthcare market, of which we are at the forefront," said Keith Neilson, CEO of Craneware. "These market dynamics combined with Craneware's focus on quality software and customer support have led to another record half of sales. With our sixth product due to launch this calendar year and our ongoing focus on sales execution, we are confident in our ability to achieve significant revenue and earnings growth."

A full copy of the Company's Half-Yearly Results can be found on Craneware's Web site at craneware.com. In the Investors area of the Web site, click on Announcements.

About Craneware

Craneware (AIM: CRW.L) is the leader in automated revenue integrity solutions that improve financial performance for healthcare organizations. Craneware's market-driven, SaaS solutions help hospitals and other healthcare providers more effectively price, charge and code for services and supplies associated with patient care. This optimizes reimbursement, increases operational efficiency and minimizes compliance risk. By partnering with Craneware, clients achieve the visibility required to identify, address and prevent revenue leakage. To learn more, visit craneware.com.

SOURCE Craneware, Inc.

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