SHL Telemedicine Ltd. reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported revenues of $10,643,000 against $7,140,000 a year ago. Operating income was $366,000 against $178,000 a year ago. Income before taxes on income was $315,000 against loss before taxes on income of $134,000 a year ago. Net income was $3,000 or $0.00 earnings per share against net loss of $345,000 or $0.03 loss per share a year ago. Net cash used in operating activities was $2,373,000 against net cash provided by operating activities of $3,936,000 a year ago. Purchase of property and equipment was $383,000 against $603,000 a year ago. During the first quarter 2014, revenues increased considerably primarily due to the growth in the company's German business, following the acquisition of almeda. Even with the increased investments in geographical expansion, SHL's financial performance has improved significantly with improved gross and operating margins. EBITDA for the quarter amounted to $2.0 million compared with EBITDA of $1.4 million in the first quarter of 2013. Investment in intangible assets was $398,000 against $485,000 a year ago.

For the year 2014, the company expects accelerated revenue growth. Increasing revenue outlook to over 30% growth in 2014.