Craneware Reports Year-End Financial Results

ATLANTA, Sept. 7 /PRNewswire-FirstCall/ -- Craneware plc (AIM: CRW.L; Pink Sheets: CRWRY), the leader in automated revenue integrity solutions for the U.S. healthcare market, today announced financial results for fiscal year 2010.

Financial Highlights for the year ending 06/30/10 include (all figures in U.S. dollars):

• Record levels of contracted sales in the year totalling $58.1m (2009: $43.2m), 34% up on the previous year, contributing to:
  • 23% increase in revenues to $28.4m (2009: $23.0m)
  • 49% increase in future revenues under contract to $89.8m (2009: $60.1m)
• EBITDA increased 31% to $7.6m (2009: $5.8m)
• Profit before taxation increased by 24% to $7.3m (2009: $5.9m)
• Cash position increased 13% to $29.4m after paying dividends of $3m in year (2009: $26.1m)
• Basic EPS increased to $0.22 (2009: $0.18) and diluted to $0.21 (2009: $0.17)
• Final dividend proposed of 4.94 cents per share giving a total dividend for the year of 11.99 cents per share, compared to 7.43 cents per share in FY 2009

EBITDA refers to earnings before interest, tax, depreciation, amortization and share based payments

Operational Highlights for FY 2010

• Launched fifth product, Supplies ChargeLink™ and completed first sales.
• Increased investment in sales and marketing capacity during the year.
• Strengthened market position through signing significant partnerships with Premier Healthcare Alliance and McKesson Corporation.
• Signed several major multi-site contracts, including with Intermountain Healthcare, described by President Obama and other U.S. leaders as 'a model for the rest of the nation.'

"While this has been a record year for sales, the investment we made in the business over the year is perhaps more significant," said Keith Neilson, CEO of Craneware. "We have increased our sales team, expanded our network of alliances and enhanced our product set and customer offering."

Neilson stated that recently passed healthcare reform legislation will drive growth in the space.

"The U.S. healthcare industry is debating the early effects of healthcare reform and what the rollout of this legislation will mean as it's introduced over the next eight years," he said. "This means the drivers for growth in coming years could be higher than those we have experienced in the past. Craneware's focus on mitigating risk for our customers and delivering financial and operational efficiencies means we are well positioned to benefit from the unprecedented changes we expect to see in healthcare in the U.S."

According to Neilson, the company currently has $89.8 million of revenues under contract.

"With industry leading product sets and an enviable customer base, our focus now will be on achieving operational excellence and providing the next generation of solutions to help our customers face the challenges that healthcare reform will present."

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About Craneware

Craneware (AIM: CRW.L; OTC: CRWRY) 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 plc