Allscripts Reports Record Second Quarter 2004 Results; Company Delivers Record Sales, Revenues, Earnings.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 and information solutions that physicians use to improve healthcare, announced its results for the three and six months ended June 30, 2004. Total revenue for the three months ended June 30, 2004, was $25.6 million, compared to $19.7 million for the three months ended June 30, 2003. Revenue from software and information services See Information Systems. for the three months ended June 30, 2004, was $13.2 million, increasing by 55% over the comparable period last year. Net income for the three months ended June 30, 2004, of $0.7 million, or $0.02 per share, compares to a net loss of $2.1 million, or $0.05 loss per share for the same period last year. As of June 30, 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 $54.7 million. "The second quarter of 2004 was the most successful in the Company's history by almost every measure," commented Glen Tullman, Chief Executive Officer of Allscripts Healthcare Solutions. "I'm proud of our results for the quarter, not only on the top line and the bottom line, but also what we've been able to deliver for our clients and their patients . . . better healthcare through automation." Total revenue for the six months ended June 30, 2004, was $48.8 million, compared to $39.7 million for the six months ended June 30, 2003. Revenue from software and information services for the six months ended June 30, 2004, was $25.2 million, increasing by 53% over the comparable period last year. Net income for the six months ended June 30, 2004, of $1.0 million, or $0.02 per share, compares to a net loss of $4.2 million, or $0.11 loss per share for the same period last year. On July 14, 2004, the Company successfully completed a private placement of $82.5 million of 3.50% Senior Convertible Debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. due 2024 ("Notes"). These Notes can be converted into 7.3 million shares of common stock, which is the equivalent of a conversion price of approximately $11.26 per share, subject to adjustment in certain circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . The Company received approximately $79.6 million in net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the offering after deduction deduction, in logic, form of inference such that the conclusion must be true if the premises are true. For example, if we know that all men have two legs and that John is a man, it is then logical to deduce that John has two legs. for underwriting fees Underwriting fee The portion of the gross underwriting spread that compensates the securities firms that underwrite a public offering for their services. and estimated expenses. The Company used approximately $11.3 million of the net proceeds to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. approximately 1.4 million shares of its common stock and will use the remaining net proceeds for general corporate purposes, which may include future additional share repurchases Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. , acquisitions or other strategic investments. Allscripts Healthcare Solutions will conduct a conference call on Tuesday, July 27, 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 August 10, 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 that physicians use to improve healthcare. Our TouchWorks software is a modular electronic medical record that enhances physician productivity using 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 devices and desktop workstations to automate To turn a set of manual steps into an operation that goes by itself. See automation. the most common physician activities including prescribing, dictating, capturing charges, ordering labs and viewing results, providing patient education, and documenting clinical encounters. AHS also offers electronic document imaging and scanning solutions through our Advanced Imaging Concepts subsidiary. Our Physicians Interactive(TM) unit is the leading provider of online healthcare product education and market research programs for physicians and our Allscripts Direct(TM) unit offers 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 to a variety of healthcare providers throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . 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; Hewlett-Packard Company; 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)
June 30, December 31,
Assets 2004 2003
------ ------------------------
Current assets:
Cash and cash equivalents $18,339 $13,336
Marketable securities 5,482 3,435
Accounts receivable, net 18,898 18,219
Other receivables 313 237
Inventories 2,665 3,249
Prepaid expenses and other current assets 2,488 3,863
------------------------
Total current assets 48,185 42,339
Long-term marketable securities 30,851 34,538
Fixed assets, net 2,204 2,237
Intangible assets, net 25,257 26,359
Other assets 6,639 4,919
------------------------
Total assets $113,136 $110,392
========================
Liabilities and Stockholders' Equity
------------------------------------
Current liabilities:
Accounts payable and accrued liabilities $14,382 $13,988
Deferred revenue 12,418 10,959
------------------------
Total current liabilities 26,800 24,947
Other liabilities 214 2,055
------------------------
Total liabilities 27,014 27,002
Stockholders' equity 86,122 83,390
------------------------
Total liabilities and stockholders'
equity $113,136 $110,392
========================
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per-share amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2004 2003 2004 2003
----------------------------------------
Revenue:
Prepackaged medications $12,396 $11,170 $23,580 $23,288
Software and related services 9,934 6,020 18,829 11,816
Information services 3,278 2,480 6,354 4,596
----------------------------------------
Total revenue 25,608 19,670 48,763 39,700
Cost of revenue 15,519 13,153 29,528 26,995
----------------------------------------
Gross profit 10,089 6,517 19,235 12,705
Operating expenses:
Selling, general and
administrative expenses 9,103 8,804 17,863 17,356
Amortization of intangibles 445 134 874 268
----------------------------------------
Income (loss) from
operations 541 (2,421) 498 (4,919)
Interest and other income, net 155 350 465 742
----------------------------------------
Income (loss) before income
taxes 696 (2,071) 963 (4,177)
Income taxes - - - -
----------------------------------------
Net income (loss) $696 ($2,071) $963 ($4,177)
========================================
Net income (loss) per share -
basic and diluted $0.02 ($0.05) $0.02 ($0.11)
========================================
Weighted average shares of
common stock outstanding
used in computing basic net
income (loss) per share 39,469 38,457 39,319 38,449
========================================
Weighted average shares of
common stock outstanding
used in computing diluted
net income (loss) per share 42,431 38,457 42,113 38,449
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