Allscripts Reports First Quarter 2004 Results; Company Posts Continued Profitability, Record Cash Flow from Operations.Business Editors/Health/Medical Writers CHICAGO--(BUSINESS WIRE)--May 5, 2004 Allscripts Allscripts Therapeutics A handheld electronic prescribing product Healthcare Solutions, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :MDRX), the leading provider of clinical software, connectivity and information solutions for physicians, announced its results for the three months ended March 31, 2004. Total revenue for the three months ended March 31, 2004 was $23.2 million, compared to $20.0 million for the same period in 2003. Revenue from software and information services See Information Systems. for the three months ended March 31, 2004 was $12.0 million, increasing by 51% over the comparable period last year. Revenue from software and information services represented approximately 52% of total revenue for the first quarter of 2004. Gross margin as a percentage of revenue was 39.5% for the three months ended March 31, 2004, compared to 30.9% in the same period of 2003. Gross margin as a percentage of revenue from software and information services was 56.1% for the three months ended March 31, 2004, compared to 44.5% over the comparable period last year. Net income for the three months ended March 31, 2004 of $0.3 million, or $0.01 per share, compares to a net loss of $2.1 million, or $0.05 loss per share, for the same period last year. At March 31, 2004 the Company had cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has of $53.3 million compared to $51.3 million at December December: see month. 31, 2003. "Allscripts delivered another successful quarter for our investors with continued profitability and record cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses ," commented Glen Tullman, Chief Executive Officer of Allscripts Healthcare Solutions. "The interest in the physician-focused solutions we provide has never been stronger, and our Company is better positioned than ever to capitalize To regard the cost of an improvement or other purchase as a capital asset for purposes of determining Income Tax liability. To calculate the net worth upon which an investment is based. To issue company stocks or bonds to finance an investment. upon these trends." Allscripts Healthcare Solutions will conduct a conference call on Wednesday Wednesday: see week. , May 5, 2004 at 4:30 PM eastern time. The conference call can be accessed by dialing 1-800-374-0526, or via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.allscripts.com. A recording of the conference call will be available for review through May 21, 2004 at www.allscripts.com or by calling 1-800-642-1687, ID # 6901404. About Allscripts Healthcare Solutions Allscripts Healthcare Solutions (AHS AHS Assistant House Surgeon. ) is the leading provider of clinical software, connectivity and information solutions for physicians. The Company's TouchWorks(TM) software is an Electronic Medical Record (EMR (ElectroMagnetic Radiation) The emanation of energy from everything in the universe. Although the EMR from electrical and electronic devices is typically measured for practical, every-day situations, every object, including humans, emanates energy. ) that enhances physician productivity by automating the most common physician activities including prescribing, dictating, capturing charges, ordering labs and viewing results, providing patient education, and documenting clinical encounters. TouchWorks is available on the latest Tablet PCs (1) A tablet computer environment from Microsoft that is based on an enhanced version of Windows XP. Designed to function more like a portable writing tablet than previous tablet-based computers, it includes handwriting recognition as well as the ability to retain handwritten words , wireless handheld handheld: see personal digital assistant. devices, desktop workstations and over the Internet. AHS also offers electronic document imaging and scanning solutions through its Advanced Imaging Concepts subsidiary. Additionally, AHS provides healthcare product education and market research programs for physicians through its Physicians Interactive(TM) unit and medication fulfillment ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. services through its Allscripts Direct(TM) unit. Visit AHS on the Web at www.allscripts.com. Strategic partners include IDX Systems IDX Systems Corporation (IDX) was a healthcare software technology company that formerly had headquarters in South Burlington, Vermont. It was founded in 1969 by Robert Hoehl, Richard Tarrant, and Paul Egerman. (Nasdaq:IDXC); IMS Health IMS Health (NYSE: RX) is an international consulting and data services company that supplies the pharmaceutical industry with sales data and consulting services. IMS Health was founded in 1954 by Bill Frohlich and David Dubow. (NYSE NYSE See: New York Stock Exchange :RX); Microsoft (Microsoft Corporation, Redmond, WA, www.microsoft.com) The most successful and influential software company. Microsoft's software and Intel's hardware pioneered the PC and revolutionized the computer industry. ; Hewlett-Packard See HP. Hewlett-Packard - (HP) Hewlett-Packard designs, manufactures and services electronic products and systems for measurement, computation and communications. The company's products and services are used in industry, business, engineering, science, medicine and ; and Medco Health. This announcement may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. about Allscripts Healthcare Solutions that involve risks and uncertainties. These statements are developed by combining currently available information with Allscripts' beliefs and assumptions. Forward-looking statements do not guarantee future performance. Because Allscripts cannot predict all of the risks and uncertainties that may affect it, or control the ones it does predict, Allscripts' actual results may be materially different from the results expressed in its forward-looking statements. For a more complete discussion of the risks, uncertainties and assumptions that may affect Allscripts, see the Company's 2003 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , available through the Web site maintained by the Securities and Exchange Commission at www.sec.gov.
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Balance Sheets
(amounts in thousands)
(Unaudited)
March 31, December 31,
Assets 2004 2003
------ ------------- -------------
Current assets:
Cash and cash equivalents $12,004 $13,336
Marketable securities 4,300 3,435
Accounts receivable, net 17,255 18,219
Other receivables 229 237
Inventories 2,790 3,249
Prepaid expenses and other current
assets 2,836 3,863
------------- -------------
Total current assets 39,414 42,339
Long-term marketable securities 36,953 34,538
Fixed assets, net 2,117 2,237
Intangible assets, net 25,935 26,359
Other assets 5,874 4,919
------------- -------------
Total assets $110,293 $110,392
============= =============
Liabilities and Stockholders' Equity
------------------------------------------
Current liabilities:
Accounts payable and accrued
liabilities $14,920 $13,988
Deferred revenue 10,353 10,959
------------- -------------
Total current liabilities 25,273 24,947
Other liabilities 268 2,055
------------- -------------
Total liabilities 25,541 27,002
Stockholders' equity 84,752 83,390
------------- -------------
Total liabilities and stockholders'
equity $110,293 $110,392
============= =============
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per-share amounts)
(Unaudited)
Three Months Ended
March 31,
2004 2003
------------- -------------
Revenue:
Prepackaged medications $11,184 $12,118
Software and related services 8,895 5,796
Information services 3,076 2,116
------------- -------------
Total revenue 23,155 20,030
Cost of revenue 14,009 13,842
------------- -------------
Gross profit 9,146 6,188
Operating expenses:
Selling, general and administrative
expenses 8,760 8,552
Amortization of intangibles 429 134
------------- -------------
Loss from operations (43) (2,498)
Interest and other income, net 310 392
------------- -------------
Income (loss) before income taxes 267 (2,106)
Income taxes - -
------------- -------------
Net income (loss) $267 ($2,106)
============= =============
Net income (loss) per share - basic and
diluted $0.01 ($0.05)
============= =============
Weighted average shares of common stock
outstanding
used in computing basic net income
(loss) per share 39,169 38,440
============= =============
Weighted average shares of common stock
outstanding
used in computing diluted net income
(loss) per share 41,869 38,440
============= =============
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