Allscripts Reports First Quarter 2005 Results.CHICAGO Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. -- Clinical Software Sales Increase by 52% Over Prior Year Allscripts Allscripts Therapeutics A handheld electronic prescribing product Healthcare Solutions (Nasdaq:MDRX), the leading provider of clinical software, connectivity A generic term for connecting devices to each other in order to transfer data back and forth. It often refers to network connections, which embraces bridges, routers, switches and gateways as well as backbone networks. and information solutions that physicians use to improve healthcare, announced its results for the three months ended March 31, 2005. Total revenue for the three months ended March 31, 2005, was $26.2 million, compared to $23.2 million for the same period last year. Revenue from software and related services for the three months ended March 31, 2005, was $14.3 million, compared to $8.9 million for the same period last year, increasing by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 61%. Gross margin was approximately 46.4% for the first quarter of 2005, compared to 39.5% during the first quarter of 2004. Net income for the three months ended March 31, 2005, was $1.3 million, or $0.03 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to net income of $0.3 million or $0.01 per diluted share for the same period last year. As of March 31, 2005, 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 $130.4 million. "The strong momentum in clinical software sales continued in the first quarter," commented Glen Tullman, Chief Executive Officer of Allscripts. "Electronic Health Records are becoming a standard of care and Allscripts has firmly established a leadership role in this market. What is exciting is that we are still at the front end of this opportunity." Allscripts will conduct a conference call on Tuesday Tuesday: see week. , April 26, 2005, 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 20, 2005, at www.allscripts.com or by calling 1-800-642-1687, ID # 5386926. About Allscripts Allscripts Healthcare Solutions (Allscripts) is the leading provider of clinical software, connectivity and information solutions that physicians use to improve healthcare. The Company's business groups provide unique solutions that inform, connect, and transform healthcare. The Clinical Solutions Group's award-winning Adj. 1. award-winning - having received awards; "this award-winning bridge spans a distance of five miles" clinical software applications include Electronic Health Record (EHR (Electronic Health Records) Computerized medical records that bring patient care into the digital age and save time, money and lives. The push to adopt comprehensive electronic documentation between doctors' offices and hospital settings intensified after the RAND ), e-prescribing e-prescribing Therapeutics The use of handheld electronic products to communicate with pharmacies and provide prescribing information and document imaging solutions. Additionally, Allscripts provides healthcare product education and connectivity solutions for physicians and patients through its Physicians Interactive Group and medication medication /med·i·ca·tion/ (med?i-ka´shun) 1. medicine (1). 2. impregnation with a medicine. 3. administration of a medicine or other remedy. 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 Medication Services Group. Visit Allscripts on the Web at www.allscripts.com. 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 2004 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 See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. .
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Balance Sheets
(amounts in thousands)
(Unaudited)
March 31, December 31,
Assets 2005 2004
------ ----------- ------------
Current assets
Cash and cash equivalents $25,262 $16,972
Marketable securities 34,058 22,796
Accounts receivable, net 23,278 21,382
Other receivables 607 627
Inventories 2,169 2,372
Prepaid expenses and other current assets 3,815 3,571
----------- ------------
Total current assets 89,189 67,720
Long-term marketable securities 71,066 88,471
Software development costs, net 6,155 6,270
Fixed assets, net 2,423 2,366
Intangible assets, net 24,151 24,546
Other assets 5,169 4,804
----------- ------------
Total assets $198,153 $194,177
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Liabilities and Stockholders' Equity
------------------------------------
Current liabilities
Accounts payable $4,527 $5,981
Accrued expenses 10,474 12,218
Deferred revenue 17,097 14,607
----------- ------------
Total current liabilities 32,098 32,806
Other liabilities 256 178
Long-term debt 82,500 82,500
----------- ------------
Total liabilities 114,854 115,484
Stockholders' equity 83,299 78,693
----------- ------------
Total liabilities and stockholders'
equity $198,153 $194,177
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Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per-share amounts)
(Unaudited)
Three Months
Ended
March 31,
2005 2004
-------- --------
Revenue:
Prepackaged medications $9,835 $11,184
Software and related services 14,310 8,895
Information services 2,050 3,076
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Total revenue 26,195 23,155
Cost of revenue:
Prepackaged medications 7,723 8,753
Software and related services 5,124 3,512
Information services 1,181 1,744
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Total cost of revenue 14,028 14,009
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Gross Profit 12,167 9,146
46.4% 39.5%
Operating expenses:
Selling, general and administrative expenses 10,357 8,760
Amortization of intangibles 436 429
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Income/(loss) from operations 1,374 (43)
Interest expense (907) -
Interest income 877 217
Other income (expense), net (10) 93
------- --------
Income before income taxes 1,334 267
Income taxes - -
------- --------
Net Income $1,334 $267
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Net income per share - basic $0.03 $0.01
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Net income per share - diluted $0.03 $0.01
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Weighted average shares of common stock outstanding
used in computing basic net income per share 39,073 39,169
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Weighted average shares of common stock outstanding
used in computing diluted net income per share 42,171 41,869
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