Printer Friendly

HEALTH MANAGEMENT SYSTEMS, INC. REPORTS RECORD REVENUE AND EARNINGS FOR FOURTH QUARTER AND FISCAL YEAR 1993

 NEW YORK, Nov. 29 /PRNewswire/ -- Health Management Systems, Inc. (NASDAQ: HMSY) today announced fiscal 1993 fourth quarter and full year results reflecting record levels of revenue, operating profitability, net income and earnings per share.
 HMSY's fourth quarter revenue of $13.694 million exceeded revenue realized in the comparable period in 1992 by 34 percent and represented the sixth consecutive quarter of revenue growth. HMSY's three proprietary service offerings (RCR(SM), CAMS(SM), and TPLR(SM)) accounted for 86 percent of consolidated revenue, and increased 41 percent from the fourth quarter of fiscal 1992. Revenue of $46.632 million during the fiscal year 1993 increased 22 percent from the prior year, while revenue attributable to the Company's three proprietary services grew 28 percent. HMSY's fourth quarter operating margin was 19.5 percent, while operating income increased 124 percent from the fourth quarter of fiscal 1992, to $2.632 million. Improved operating profitability, combined with substantially reduced levels of interest expense, contributed to the realization of net income of $1.466 million and $4.319 million during the fourth quarter and fiscal 1993, respectively.
 Paul J. Kerz, Chief Executive Officer, said, "1993 has been a solid year for HMS, providing an ever stronger foundation for capitalizing on the opportunities spawned by reform of the healthcare industry. Financially, HMSY posted record levels of sales, operating profitability and net income, eliminated all outstanding long-term debt and significantly strengthened its balance sheet. Strategically, the Federal healthcare reform initiatives have provided a mandate to improve the quality and efficiency of healthcare information management... objectives HMSY has been satisfying in unique and creative ways for more than 20 years. HMSY's information management, data integration and data analysis functionality is readily applied to improving the healthcare information connectivity among providers, payors and consumers."
 HMSY provides proprietary data processing and information management services to healthcare providers, payors, and other companies serving the healthcare industry. The Company's services constitute an outsourcing of various aspects of the information processing functions associated with the healthcare payment process and result in the realization by its clients of increased revenue, accelerated cash flow and reduced administrative costs.
 HEALTH MANAGEMENT SYSTEMS, INC.
 Consolidated Statements of operations
 (In thousands, except $ per share amounts)
 For the periods Three Months 12 Months
 ended Oct. 31, 1993 1992 1993 1992
 Revenue $13,694 10,187 46,632 38,251
 Cost of Services
 Compensation 6,516 5,226 22,850 19,863
 Occupancy 1,335 1,183 4,479 4,206
 Other 3,171 2,108 10,166 7,612
 Total 11,022 8,517 37,495 31,681
 Operating Margin 2,672 1,670 9,137 6,570
 Amortization
 of intangibles 40 497 303 3,166
 Operating Income 2,632 1,173 8,834 3,404
 Merger termination
 expense 0 0 0 (7,133)
 Other income (expense),
 net 96 (792) (255) (2,688)
 Income (loss) before
 income tax expense 2,728 381 8,579 (6,417)
 Income tax expense (1,262) (527) (3,954) (780)
 Income (loss) before
 extraordinary item 1,466 (146) 4,625 (7,197)
 Extraordinary item 0 0 (306) 0
 Net income (loss) 1,466 (146) 4,319 (7,197)
 Accretion of preferred
 stock redemption value 0 (46) (33) (185)
 Income (loss) attributable
 to common stockholders $1,466 (192) 4,286 (7,382)
 Per Common Share:
 Net income (loss) before
 extraordinary item $0.24 (0.06) 0.81 (2.32)
 Extraordinary item 0.00 0.00 (0.05) 0.00
 Net income (loss) $0.24 (0.06) 0.76 (2.32)
 Weighted average shares 6,065 3,322 5,672 3,177
 Consolidated Condensed Balance Sheets
 (In thousands)
 Oct. 31, 1993 1992
 Assets
 Current assets $38,579 18,544
 Property and equipment, net 5,476 3,148
 Intangible assets 5,644 5,947
 Other 1,995 2,838
 Total assets $51,694 30,477
 Liabilities and Stockholders'
 Equity (Deficiency)
 Current liabilities $12,577 7,064
 Long-term debt 218 19,458
 Other liabilities 723 539
 Deferred income taxes 3,452 4,279
 Total liabilities 16,970 31,340
 Redeemable preferred stock 0 1,134
 Stockholders' equity (deficiency) 34,724 (1,997)
 Total liabilities and stockholders'
 equity (deficiency) $51,694 30,477
 -0- 11/29/93
 /CONTACT: Scott A. Remley, chief financial officer of Health Management Systems, 212-685-4545, or Melody Carey of Noonan/Russo Communications, 212-696-4455, ext. 204/
 (HMSY)


CO: Health Management Systems, Inc. ST: New York IN: HEA SU: ERN

MP-WH -- NY027 -- 8209 11/29/93 10:58 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 29, 1993
Words:742
Previous Article:NATIONAL MEDIA CORPORATION DECLARES DIVIDEND
Next Article:FIRST BANKS, INC., ACQUIRES FIRST FEDERAL SAVINGS BANK OF PROVISO TOWNSHIP
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters