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| CSLR > SEC Filings for CSLR > Form 10-Q on 18-Aug-2009 | All Recent SEC Filings |
18-Aug-2009
Quarterly Report
RESULTS OF OPERATIONS
Gross revenue, which is predominantly software licensing fees, increased
approximately 80% in the quarter ended June 30, 2009, compared to the quarter
ended June 30, 2008, due to the completion of implementation projects at certain
hospitals.
The operating loss for the six months ended June 30, 2009, was approximately
$2,215,000 compared to an operating loss for the six months ended June 30, 2008,
of $3,800,000. This reduction in operating loss of approximately $1,585,000 was
largely due to an increase in revenue from software licensing fees, and
reduction in professional services and amortization in the medical software
segment due to the completion in 2008 of major software revisions.
During the six months ended June 30, 2009, other income decreased by
approximately $396,000, primarily driven by the Company's interest in AVM, Ltd.,
whose income was approximately 66% less than the same period of 2008. The income
from the Company's interest in AVM Ltd., was income of $646,473 in the six
months ended June 30, 2009 compared to income of $1,898,392 during the
comparable period in 2008.
LIQUIDITY AND CAPITAL RESOURCES
The Company's cash position decreased $147,251 in the six months ended June 30,
2009, compared to an increase of $63,438 during the comparable period in 2008.
Net cash flow used in operations for the six months ended June 30, 2009, was
approximately $2.5 million, compared with cash used in operations of
approximately $2.6 million for the six months ended June 30, 2008. The primary
reason for the approximate $100,000 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 approximately $1,112,000 for the six
months ended June 30, 2009, compared to cash provided by financing activities of
approximately $573,000 for the six months ended June 30, 2008. Net cash provided
by financing activities was primarily affected from an investment from the
majority shareholder in the amount of approximately $1,546,000 in 2009. During
the period ending June 30, 2009, approximately $434,000 was used to reduce
related party debt.
Net cash provided by investing activities relates primarily to the distribution
from AVM and BioSafe of approximately $1,229,000 for the six months ended
June 30, 2009. This compares to net cash provided by investing activities for
the six months ended June 30, 2008, of approximately $2,083,000. The
distribution from AVM for the quarter ended June 30, 2009, was approximately
$184,000.
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 partnerships for the six months ended June 30, 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. 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 second quarter of 2009 will be maintained throughout fiscal 2009.
Consulier International, Inc., continues to develop new retail and distribution
outlets locally, nationally and internationally. As a result, sales of that
company's primary product, Captain Cra-Z Hand and All Purpose Cleaner, have
increased for the six months ended June 30, 2009, by 4% over the comparable 2008
period.
In the second quarter, Patient Care Technology Systems (PCTS) signed a contract
with Wake Forest University Baptist Medical Center in Winston-Salem, NC for what
will be the world's largest real-time location system (RTLS) implementation in a
health care facility. PCTS will track assets in an over 4.1 million square foot
campus. PCTS also signed an asset tracking contract with the 13-hospital system,
Aurora Health Care in Milwaukee, WI for an over 1.65 million square foot
deployment at Aurora St. Luke's Medical Center. PCTS successfully completed an
implementation of its emergency department automatic patient tracking system at
Hoag Memorial Hospital Presbyterian in Newport Beach, CA. During the quarter,
PCTS exhibited and spoke at eight conferences, including the internationally
recognized HIMSS annual conference where three customers delivered presentations
on the return on investment benefits their departments have achieved using PCTS
workflow visibility solutions.
PCTS currently supports 29 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 69 implementations representing over 1.8 million annual patient encounters.
The Company's income from its interest in BioSafe was $312,945 for the six
months ended June 30, 2009, compared to income of $122,789 for the six months
ended June 30, 2008.
Total revenue for the six months ended June 30, 2009, increased by 2% compared
with the six months ended June 30, 2008. The Company expects continued sales
growth and continued success with cost containment.
The company net income increased by 189% for the quarter ended June 30, 2009
over the same period in the prior quarter due to the reduction in sales and
administrative expenses. The Company is confident that its profitability will
continue with maintaining the current sales volume and the cost containment
success.
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