Craneware Announces Year-End Financial Results for Fiscal Year 2014

Revenue Integrity Leader Sees Increased Market Demand Resulting in Sales Growth

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Sep 16, 2014, 02:45 ET

ATLANTA, Sept. 16, 2014 /PRNewswire/ -- Craneware (AIM: CRW.L), the market leader in automated revenue integrity solutions for the U.S. healthcare market, today announced results for its 2014 fiscal year that ended June 30, 2014.

Financial Highlights (U.S. dollars):

Record total contract value signed in the year of $71.0m (FY13: $38.5m)
Revenue increased to $42.6m (2013: $41.5m)
Adjusted EBITDA¹increased to $13.1m (2013: $12.4m)
Adjusted profit before taxation increased to $11.9m (2013: $11.2m)
Profit before tax increased to $11.3m (2013: $10.6m)
Basic adjusted EPS increased to 34.0 cents (2013: 32.9 cents), basic EPS increased to 31.9 cents (2013: 30.7 cents)
Positive operational cash flow of $10.2m (2013: $9.9m)
Cash at year end $32.6m (2013: $30.3m) after payment of $5.4m dividend to shareholders
Proposed final dividend of 11.63 cents per share giving total dividend for the year of 21.37 cents (2013: 17.4 cents per share)

1. Adjusted EBITDA refers to earnings before interest, tax, depreciation, amortization, share based payments.

Operational Highlights:

Leading indicators of customer confidence in the U.S. healthcare market:
- Sales to all strata of hospitals
- Return of 7 and 9 year contracts
- Dollar renewal rates continue to be strong, within historic range
- Longer average renewal contract lengths
- Strong sales momentum and pipeline continues into FY15
Supportive market environment for Craneware products due to continued regulatory and fiscal pressures on U.S. healthcare providers
- Continued investment in product suite:
- Major enhancement releases to gateway products
- Furthering enterprise capabilities across product families
- Post year-end launch of Reference Plus™
- Acquisition of Kestros Limited

"We have been pleased with the company's performance in the year," said Keith Neilson, Craneware CEO. "We have seen signs of strong client confidence and believe Craneware is well positioned to address a growing market opportunity in the U.S. healthcare market. Craneware remains at the forefront of providing solutions to U.S. healthcare providers to help them achieve revenue integrity through the management of their cost base while ensuring receipt of all legitimate reimbursement. We believe true revenue integrity is required if healthcare providers are to continue to support improved patient care and clinical outcomes. Investments we have made in our business mean we have the people and the expertise in place to take us through the next stage of growth, building on our record sales performance. We have had a strong start to the year, carrying on the momentum from the previous year and are confident we have the platform to deliver increased stakeholder value in the years ahead."

To see the full announcement, please go to the investor section of the craneware.com website.

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, code and retain earned revenue for patient care services and supplies. 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 and revenueintegrityjourney.com.

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SOURCE Craneware