QHR Reports Loss

Kelowna based and publicly traded QHR Technologies has released its financial results for the nine months ended September 30, 2004. QHR produces software for human resources.

QHR recorded a loss of $411,851 or $.03 per share against revenues of $2,473,116 for the first nine months of fiscal 2004 compared to earnings of $257,677 or $.02 per share on revenues of $2,524,266 for the same period in 2003.

Despite the earnings decline of $669,528 from last year, QHR says they are within management’s expectations and reflect the Company’s investment in its future business plans.

Contributing to the decrease in reported earnings were expenses of $344,307 for the start up of its new wholly-owned subsidiary Optimed Software Corporation and the development of its Accuro™ software $47,228 for stock-based compensation for vesting stock options to directors $72,333 attributable to the amortization of intangible assets and recent upgrades in equipment and leaseholds in new office premises.

The Company says that the results to September 30, 2004 do not indicate any significant downturn in business nor do they indicate any immediate jeopardy to the Company’s financial health or ability to operate.

The Company points to a key indicator of overall performance in the growth of its total assets which reached $2,943,242 at September 30, 2004 from $1,692,551 at December 31, 2003. Shareholders’ equity has increased to $466,736 at September 30, 2004, an increase from $52,609 at December 31, 2003.