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| CSLR > SEC Filings for CSLR > Form 10-Q on 18-May-2009 | All Recent SEC Filings |
18-May-2009
Quarterly Report
RESULTS OF OPERATIONS
Gross revenue, which is predominantly software licensing fees, increased
approximately 28% in the quarter ended March 31, 2009, compared to the quarter
ended March 31, 2008, due to the completion of implementation projects at
certain hospitals.
The operating loss for the three months ended March 31, 2009, was approximately
$811,000 compared to an operating loss for the three months ended March 31,
2008, of $1,456,000. This reduction in operating loss of approximately $645,000
was largely due to an increase in revenue from software licensing fees, and
reduction in professional services of that segment.
During the quarter ended March 31, 2009, other income decreased by approximately
$600,000, primarily driven by the Company's interest in AVM, Ltd., whose income
was approximately 60% less than for the same period of 2008. The income from the
Company's interest in AVM Ltd., was income of approximately $463,000 in the
first quarter of 2009 compared to income of $1,166,000 for the quarter ended
December 31, 2008.
LIQUIDITY AND CAPITAL RESOURCES
The Company's cash position decreased $44,102 in the three months ended
March 31, 2009, compared to an increase of $164,419 during the comparable period
in 2008. Net cash flow used in operations for the three months ended March 31,
2009, was $169,912, compared with cash used in operations of approximately
$1,536,000 for the three months ended March 31, 2008. The primary reason for the
$1,366,088 difference is a decrease in operating costs and the recognition of
deferred revenues associated with completed implementation contracts.
Net cash used by financing activities was $331,992 for the three months ended
March 31, 2009, compared to cash provided by financing activities of
approximately $356,000 for the three months ended March 31, 2008. Net cash
provided by financing activities in 2008 was primarily affected from investments
from the minority shareholder in the amount of approximately $375,000. During
the period ending March 31, 2009, approximately $472,000 was used to reduce
related party debt and investments from minority shareholder was $140,000.
Net cash provided by investing activities relates primarily to the distribution
from AVM of $460,992 for the three months ended March 31, 2009. This compares to
net cash provided by investing activities for the three months ended March 31,
2008, of approximately $1,345,000. The distribution from AVM for the quarter
ended March 31, 2008, was approximately $1,389,000.
The ability of Consulier to continue to generate cash flow in excess of its
normal operating requirements depends almost entirely on the performance of its
limited partnership interest in AVM. Consulier cannot, with any degree of
assurance, predict whether there will be a continuation of the net return from
our interest in AVM for the three months ended March 31, 2009, nor whether we
will continue to be able to obtain additional funding when necessary. However,
Consulier does not expect that the rate of return will decline to the point that
Consulier has negative cash flow.
Consulier is planning to continue to invest in ST, LLC, and estimates an
additional investment of $2 million to $3 million during the next two years, at
which time the goal is for ST, LLC to be at the break-even point for its
operations. The Company anticipates that the cash which it will use to invest in
ST, LLC will be available from the Company's interest in AVM and BioSafe.
The Company does not trade derivative instruments. However, AVM enters into
various transactions involving derivatives and other off-balance sheet financial
instruments. These derivatives and off-balance sheet instruments are subject to
varying degrees of market and credit risk.
OUTLOOK
Based on AVM's operations over the past five years, management expects continued
return in 2009 on its interest in AVM; however, there is no guarantee that the
return in the first quarter of 2009 will be maintained throughout fiscal 2009.
Consulier International, Inc., continues to develop new retail and distribution
outlets locally, nationally and internationally. However, sales of that
company's primary product, Captain Cra-Z Hand and All Purpose Cleaner, have
decreased for the three months ended March 31, 2009, by 39% over the comparable
2008 period.
PCTS successfully completed three implementations across its high acuity
tracking and documentation portfolio. These included patient and asset tracking
in the cardiovascular department at Providence St. Vincent Medical Center
(Portland, OR); patient and asset tracking in the emergency department at Moses
Taylor Hospital (Scranton, PA); and emergency department documentation (EDIS) at
Stafford Hospital Center in Virginia. During the quarter, PCTS also exhibited at
two national clinical conferences. PCTS customer implementations were profiled
in trade publications and the Company's emergency department implementation at
Albert Einstein Medical Center was featured as a patient flow case study best
practice by the Agency for Healthcare Research and Quality (AHRQ), a division of
the U.S. Department of Health & Human Services.
PCTS currently supports 28 completed installations of its core product line of
electronic tracking and documentation solutions with over 12 implementations in
progress. Including its non-core solutions, PCTS supports a total customer base
of 66 implementations representing over 1.8 million annual patient encounters.
The Company's income from its interest in BioSafe was $26,282 for the three months ended March 31, 2009, compared to a loss of $43,813 for the three months ended March 31, 2008. Total revenue for the quarter ended March 31, 2009, decreased by 36% compared with the quarter ended March 31, 2008. The Company expects continued sales growth and continued success with cost containment.
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