Allscripts Reports Record Results for 2004; Clinical Software Sales Exceed $25 Million in Fourth Quarter.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. -- 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 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 and year ended December December: see month. 31, 2004. Total revenue for the three months ended December 31, 2004, was $26.3 million, compared to $23.7 million for the three months ended December 31, 2003. Revenue from clinical software and information services See Information Systems. for the three months ended December 31, 2004, was $17.0 million, increasing 44% over the comparable period last year. Net income for the three months ended December 31, 2004, of $1.4 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, compares to a net income of $0.1 million or $0.00 per share, for the same period last year. As of December 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 $128.2 million. "2004 was an exceptional year for Allscripts," commented Glen Tullman, Chief Executive Officer of Allscripts. "Providing physicians with the information they need and connectivity to key healthcare stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. offers an opportunity to transform the way healthcare is delivered. The demand for our products has never been stronger." Total revenue for the twelve months ended December 31, 2004, was $100.8 million, compared to $85.8 million for the twelve months ended December 31, 2003. Revenue from clinical software and information services for the twelve months ended December 31, 2004, was $56.0 million, increasing 41% over the comparable period last year. Net income for the year ended December 31, 2004, of $3.1 million or $0.07 per diluted share, compares to a net loss of $5.0 million or $0.13 loss per share, for the year ended December 31, 2003. Allscripts will conduct a conference call on Thursday Thursday: see week. , February February: see month. 17, 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 March 3, 2005, at www.allscripts.com or by calling 1-800-642-1687, ID # 3686443. About Allscripts Healthcare Solutions 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(TM) 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 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 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 2004 2003
------ ------------ ------------
Current assets
Cash and cash equivalents $16,972 $13,336
Marketable securities 22,796 3,435
Accounts receivable, net 21,382 18,219
Other receivables 627 237
Inventories 2,372 3,249
Prepaid expenses and other current
assets 3,571 3,863
------------ ------------
Total current assets 67,720 42,339
Long-term marketable securities 88,471 34,538
Software development costs, net 6,270 4,040
Fixed assets, net 2,366 2,237
Intangible assets, net 24,546 26,359
Other assets 4,804 879
------------ ------------
Total assets $194,177 $110,392
============ ============
Liabilities and Stockholders' Equity
------------------------------------
Current liabilities
Accounts payable $5,981 $6,082
Accrued expenses 12,218 7,906
Deferred revenue 14,607 10,959
------------ ------------
Total current liabilities 32,806 24,947
Long-term debt 82,500 -
Other liabilities 178 2,055
------------ ------------
Total liabilities 115,484 27,002
Stockholders' equity 78,693 83,390
------------ ------------
Total liabilities and
stockholders' equity $194,177 $110,392
============ ============
Stockholders' equity includes ($11,250) of treasury shares as of
December 31, 2004 and $0 as of December 31, 2003.
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per-share amounts)
(Unaudited)
Three Months Ended For the Year Ended
December 31, December 31,
2004 2003 2004 2003
--------- --------- --------- ---------
Revenue:
Prepackaged medications $9,342 $11,894 $44,733 $46,172
Software and related
services 14,306 8,318 44,121 28,366
Information services 2,665 3,441 11,916 11,303
--------- --------- --------- ---------
Total revenue 26,313 23,653 100,770 85,841
Cost of revenue:
Prepackaged medications 7,317 9,460 35,744 36,303
Software and related
services 5,154 3,264 15,858 14,050
Information services 1,506 1,617 6,520 4,816
--------- --------- --------- ---------
Total cost of revenue 13,977 14,341 58,122 55,169
--------- --------- --------- ---------
Gross profit 12,336 9,312 42,648 30,672
Operating expenses:
Selling, general and
administrative expenses 10,337 9,084 37,653 36,058
Amortization of intangibles 441 388 1,752 951
--------- --------- --------- ---------
Income (loss) from
operations 1,558 (160) 3,243 (6,337)
Interest expense (884) - (1,717) -
Interest income 802 241 1,675 1,384
Other income (expense), net (73) 35 (93) (26)
--------- --------- --------- ---------
Income (loss) before income
taxes 1,403 116 3,108 (4,979)
Income taxes - - - -
--------- --------- --------- ---------
Net income (loss) $1,403 $116 $3,108 ($4,979)
========= ========= ========= =========
Net income (loss) per share
- basic $0.04 $0.00 $0.08 ($0.13)
========= ========= ========= =========
Net income (loss) per share
- diluted $0.03 $0.00 $0.07 ($0.13)
========= ========= ========= =========
Weighted average shares of
common stock outstanding
used in computing basic net
income (loss) per share 38,484 38,956 38,979 38,621
========= ========= ========= =========
Weighted average shares of
common stock outstanding
used in computing diluted
net income (loss) per share 41,439 40,700 41,592 38,621
========= ========= ========= =========
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion