Allscripts Reports Fourth Quarter 2003 Results; Delivers Profitable Results and Positive Cash Flow from Operations.Business Editors CHICAGO--(BUSINESS WIRE)--Feb. 19, 2004 Allscripts Allscripts Therapeutics A handheld electronic prescribing product Healthcare Solutions, Inc. (Nasdaq:MDRX), the leading provider of clinical software, connectivity and information solutions for physicians, today announced its results for the three and twelve months ended December December: see month. 31, 2003. Total revenue for the three months ended December 31, 2003, was $23.7 million, increasing by 19% over the three months ended December 31, 2002. For the three months ended December 31, 2003, revenue from software and information services See Information Systems. was $11.8 million, increasing by 40% over the comparable period last year. Net income for the three months ended December 31, 2003, was $0.1 million, or $0.00 per share, compared with a net loss of $2.0 million, or a loss per share of $0.05 for the same period last year. As of December 31, 2003, 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 $51.3 million and no debt. "2003 was a pivotal year for Allscripts. We delivered on our promise of a profitable fourth quarter while producing positive 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 in every quarter during the year, demonstrating that when you satisfy your clients, the bottom line responds as well," commented Glen Tullman, Chief Executive Officer of Allscripts Healthcare Solutions. "There are a number of significant factors driving growth in the healthcare information technology market and Allscripts is uniquely positioned to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. these trends in 2004." For the twelve months ended December 31, 2003, total revenue was $85.8 million, up 9% from $78.8 million in 2002. Software and information services revenue for the twelve months ended December 31, 2003, increased by 35% from $29.5 million in 2002 to $39.7 million in 2003. Net loss for the twelve months ended December 31, 2003, was $5.0 million, or a loss per share of $0.13, compared with a net loss of $15.2 million, or a loss per share of $0.40, in 2002. Allscripts Healthcare Solutions will conduct a conference call on Thursday Thursday: see week. , February February: see month. 19, 2004, at 4:30 PM Eastern time to discuss the fourth quarter and 2003 results in further detail. 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 March 4, 2004, at www.allscripts.com or by calling 1-800-642-1687, ID #4978016. 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 2002 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)
December 31, December 31,
Assets 2003 2002
------ ------------ ------------
Current assets
Cash and cash equivalents $13,336 $17,247
Marketable securities 3,435 19,117
Accounts receivable, net 18,219 18,659
Other receivables 237 747
Inventories 3,249 3,988
Prepaid expenses and other current assets 3,863 3,037
------------ ------------
Total current assets 42,339 62,795
Long-term marketable securities 34,538 28,922
Fixed assets, net 2,237 4,384
Intangible assets, net 26,359 4,793
Other assets 4,919 3,459
------------ ------------
Total assets $110,392 $104,353
============ ============
Liabilities and Stockholders' Equity
------------------------------------
Current liabilities
Accounts payable and accrued liabilities $13,884 $10,682
Accrued restructuring and other charges 104 1,140
Deferred revenue 10,959 6,547
------------ ------------
Total current liabilities 24,947 18,369
Other liabilities 2,055 163
------------ ------------
Total liabilities 27,002 18,532
Stockholders' equity 83,390 85,821
------------ ------------
Total liabilities and stockholders'
equity $110,392 $104,353
============ ============
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per-share amounts)
(Unaudited)
Three Months Twelve Months
Ended Ended
December 31, December 31,
2003 2002 2003 2002
--------- -------- -------- ---------
Revenue:
Prepackaged medications $11,894 $11,540 $46,172 $49,298
Software and related
services 8,318 5,645 28,366 19,921
Information services 3,441 2,744 11,303 9,583
-------- -------- -------- ---------
Total revenue 23,653 19,929 85,841 78,802
Cost of revenue 14,341 14,086 55,169 58,931
-------- -------- -------- ---------
Gross profit 9,312 5,843 30,672 19,871
Operating expenses:
Selling, general and
administrative expenses 9,084 8,096 36,058 36,412
Amortization of intangibles 388 133 951 540
Restructuring and other
charges 0 0 0 600
-------- -------- -------- ---------
Loss from operations (160) (2,386) (6,337) (17,681)
Interest and other income, net 276 338 1,358 2,448
-------- -------- -------- ---------
Income/(loss) before income taxes 116 (2,048) (4,979) (15,233)
Income taxes - - - -
-------- -------- -------- ---------
Net income/(loss) $116 ($2,048) ($4,979) ($15,233)
======== ======== ======== =========
Net income/(loss) per share -
basic and diluted $0.00 ($0.05) ($0.13) ($0.40)
======== ======== ======== =========
Weighted average shares of common
stock outstanding used in
computing basic net income/(loss)
per share 38,956 38,426 38,621 38,337
======== ======== ======== =========
Weighted average shares of common
stock outstanding used in
computing diluted net
income/(loss) per share 40,700 38,426 38,621 38,337
======== ======== ======== =========
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