QuadraMed Reports Fourth Quarter and Year End 2001 Performance in Line With Preliminary Results; 2001 Net Income Up $70.3 Million Over 2000.Business EditorsSAN RAFAEL San Rafael (săn rəfĕl`), residential city (1990 pop. 48,404), seat of Marin co., W Calif., a suburb of San Francisco on the northern shore of San Francisco Bay; inc. 1913. , Calif.--(BUSINESS WIRE)--Feb. 28, 2002 QuadraMed Corporation (Nasdaq SmallCap: QMDC) reported its financial results for the fourth (4th) quarter and year ended December December: see month. 31, 2001. These results represent the Company's strongest performance in terms of revenues and earnings per share under the executive team that has reinvigorated re·in·vig·o·rate tr.v. re·in·vig·o·rat·ed, re·in·vig·o·rat·ing, re·in·vig·o·rates To give new life or energy to. re QuadraMed over the past 18 months. Sequential One after the other in some consecutive order such as by name or number. positive revenue growth continued for the fifth consecutive quarter and was achieved in three of QuadraMed's four principal businesses. Revenues for the quarter reached $34.9 million, a gain of $6.3 million or 22% over the same period last year, and a sequential increase of 5% over last quarter's $33.1 million. On the same basis, Income from Operations for the quarter rose to $2.1 million, an improvement of $7.7 million over the loss of $5.6 million in last year's comparable quarter. Income from Continuing Operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the was a positive $1.3 million, an improvement of $8.2 million over the loss of $6.9 million for the fourth quarter last year. Excluding goodwill amortization, Income from Continuing Operations was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $2.8 million for the quarter, or $0.10 per share. Net income for the quarter was $1.3 million, or $0.05 per share, an increase of $1.2 million compared to last year's fourth quarter of $0.2 million, or $0.01 per share. For the year ended 2001, revenue was $129.4 million, an 8% increase over last year's $120.1 million. Net income in 2001 was $15.5 million, an improvement of $70.3 million compared to the loss in 2000 of $54.8 million. On a per share basis, EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. was $0.60 versus the prior year's loss of $2.14. Management Comment and Forward-Looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. Guidance "I am very pleased with our sales and earnings growth, evidence that enhancements to our product and service offerings are receiving strong support in the expanding marketplace for healthcare information technology, while our continued focus on productivity is benefiting our bottom line," said Lawrence Lawrence. 1 City (1990 pop. 26,763), Marion co., central Ind., a residential suburb of Indianapolis, on the West Fork of the White River. It has light manufacturing. 2 City (1990 pop. 65,608), seat of Douglas co., NE Kans. P. English 1. English - (Obsolete) The source code for a program, which may be in any language, as opposed to the linkable or executable binary produced from it by a compiler. The idea behind the term is that to a real hacker, a program written in his favourite programming language is , Chairman and Chief Executive Officer. "For both the quarter and the year, we continued to drive revenues through the strength of our customer relationships, our investments in new products, and by adding to our sales force strength. We believe this represents an excellent foundation upon which to accelerate our business momentum in 2002 and beyond," English concluded. "Based upon the strength of fourth quarter's performance, and strategies and plans in place 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>. the Company's growing momentum for 2002, we are comfortable reiterating our prior 2002 guidance of $0.50 to $0.64 in earnings per share, based upon $140-$145 million in revenues," said Mark N. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs , Chief Financial Officer. QuadraMed Highlights Several recent developments reinforce re·in·force v. 1. To give more force or effectiveness to something; strengthen. 2. To reward an individual, especially an experimental subject, with a reinforcer subsequent to a desired response or performance. 3. the Company's strategic focus and achievement of its business and financial goals: -- HIM Division President Michael S. Wilstead was promoted in December to the newly created position of Chief Operating Officer. Based out of the Company's Reston office, Wilstead now directs all of the Company's operating divisions. In his new role, he also has responsibility for marketing and for all software product development. -- At the HIMSS industry trade show in January, QuadraMed and Oracle announced a new strategic healthcare software development partnership. This partnership will enable QuadraMed to provide multi-entity integrated delivery networks with clinical decision support applications that require data to be collected and organized in a single high-powered data repository. -- During the fourth quarter, aggregate bookings across all divisions were in excess of $30 million, representing significant growth over third quarter. -- For the fifth consecutive time, in November, QuadraMed Affinity earned a KLAS Enterprises Top 20 Performance Report among acute care vendors of core inpatient systems for medium to larger hospitals. The KLAS report reflects opinions of executives and IT professionals in the more than 3,500 healthcare facilities surveyed by KLAS Enterprises' analysts. Conference Call Information The Company will hold an investor conference call today that will be webcast live and available to the public via the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of QuadraMed's webpage at www.quadramed.com. Please note that the webcast is listen-only. Listeners should access the website at 4:45 PM Eastern (1:45 PM Pacific) to register and to download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software. Webcast replays will be available shortly after the live call's completion and for two weeks thereafter until Thursday Thursday: see week. , March 14, 2002. About QuadraMed Corporation QuadraMed is dedicated to developing information technology and providing consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" that help healthcare professionals deliver outstanding patient care with optimum efficiency. Offering real-world solutions for every aspect of acute care information management, QuadraMed has four main product lines: Affinity The relationship that a person has to the blood relatives of a spouse by virtue of the marriage. The doctrine of affinity developed from a Maxim of Canon Law that a Husband and Wife were made one by their marriage. There are three types of affinity. (R) Healthcare Information System, Quantim(R) Health Information Management Software and Services, Complysource(R) Compliance Solutions, and Chancellor chancellor In western Europe, the title of holders of numerous offices of varying importance, ultimately political in nature. The prime ministers of Germany and Austria are called chancellors. (TM) Financial Products and Services. Behind our products and services are nearly 1000 professionals whose healthcare experience has earned QuadraMed the trust and loyalty of its many customers. To find out more about QuadraMed, visit www.quadramed.com. Note to Editors: QuadraMed, Affinity, Quantim, and Complysource are registered trademarks of QuadraMed Corporation. Chancellor is a trademark of QuadraMed Corporation. All other trademarks and registered trademarks are the properties of their respective holders. Risks Associated With 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. Forward-looking statements that are subject to risks and uncertainties are made in this press release. These statements are based on the beliefs and assumptions of QuadraMed's management. Forward-looking statements include information concerning possible or assumed actions, events, or results of QuadraMed's operations. These statements are not guarantees of performance. Accordingly, QuadraMed and its management claim safe-harbor for all forward-looking statements under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. For a listing of risks and uncertainties that could cause QuadraMed's actual results to differ from these forward-looking statements, investors should refer to QuadraMed's annual report (Form 10K) and subsequent filings (Form 10Q) filed with the U.S. Securities and Exchange Commission. These filings can be accessed through the Investor Relations section of QuadraMed's website, www.quadramed.com. They also may be accessed through the EDGAR Edgar or Eadgar (both: ĕd`gər), 943?–975, king of the English (959–75), son of Edmund, king of Wessex. In 957 the Mercians and Northumbrians rebelled against Edgar's brother Edwy and chose Edgar as their king. Database section of the U.S. Securities and Exchange Commission website, www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . QuadraMed's EDGAR Central Index Key Number is 0001018833.
- Tables Follow -
QUADRAMED CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Month Period Ended Twelve Month Period Ended
December 31, December 31,
---------------------- ----------------------
2001 2000 2001 2000
--------- --------- --------- ---------
restated(1) restated(1)
Revenues
Licenses $ 23,614 $ 15,498 $ 85,716 $ 66,598
Services 11,282 13,078 43,719 53,513
--------- --------- --------- ---------
Total Revenues 34,896 28,576 129,435 120,111
Operating Expenses
Cost of licenses 6,671 5,774 22,783 22,743
Cost of services 4,713 6,075 18,947 35,613
General and
administration (2) 10,957 12,659 47,243 47,736
Sales and marketing 4,589 3,816 15,805 21,366
Research and
development (2) 4,249 4,166 15,843 21,872
Amortization of
intangibles 1,629 1,737 6,515 6,995
Impairment of
intangible assets -- -- -- 927
Non-recurring
charges -- (59) -- 40,994
--------- --------- --------- ---------
Total Operating
Expenses 32,808 34,168 127,136 198,246
--------- --------- --------- ---------
Income (Loss)
from Operations 2,088 (5,592) 2,299 (78,135)
--------- --------- --------- ---------
Other Income (Expense)
Interest (expense) (1,058) (1,653) (5,836) (6,621)
Interest income 244 392 2,292 2,081
Other income
(expense), net 85 11 (613) (63)
Write off of notes
receivable (128) -- (128) (900)
Write off of
convertible
promissory note -- -- (3,600) --
--------- --------- --------- ---------
Total Other
(Expense) net (857) (1,250) (7,885) (5,503)
--------- --------- --------- ---------
Income (Loss) Before
Income Taxes 1,231 (6,842) (5,586) (83,638)
Provision for
income taxes 105 (40) -- (200)
--------- --------- --------- ---------
Income (Loss)
from Continuing
Operations 1,336 (6,882) (5,586) (83,838)
--------- --------- --------- ---------
Gain on redemption
of bonds (net of
income taxes) -- -- 12,907 --
Income from
discontinued
operations
(net of income
taxes) 5 7,038 8,160 29,002
--------- --------- --------- ---------
Net Income (Loss) $ 1,341 $ 156 $ 15,481 $ (54,836)
========= ========= ========= =========
Earnings Per Common
Share
Basic
Continuing
operations $ 0.05 $ (0.26) $ (0.22) $ (3.27)
Gain on
redemption of
bonds (net of
income taxes) -- -- 0.50 --
Discontinued
operations
(net of
income taxes) -- 0.27 0.32 1.13
--------- --------- --------- ---------
Total $ 0.05 $ 0.01 $ 0.60 $ (2.14)
========= ========= ========= =========
Diluted
Continuing
operations $ 0.05 $ (0.26) $ (0.22) $ (3.27)
Gain on
redemption of
bonds (net of
income taxes) -- -- 0.50 --
Discontinued
operations
(net of income
taxes) -- 0.27 0.32 1.13
--------- --------- --------- ---------
Total $ 0.05 $ 0.01 $ 0.60 $ (2.14)
========= ========= ========= =========
Weighted Average
Shares Outstanding
Basic 26,042 25,754 25,852 25,617
Diluted 27,526 25,754 25,852 25,617
(1) Prior year financial statements have been restated to present the
EZ-CAP Division as discontinued operations.
(2) Reclassification made to be consistent with current year
presentation -- amortization of software development costs are
included in research and development.
QUADRAMED CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31, December 31,
2001 2000
--------- ---------
(unaudited) (restated)(1)
Assets
Current Assets
Cash and cash equivalents $ 29,799 $ 27,368
Restricted cash 4,356 7,995
Short-term investments 2,414 12,296
Accounts receivable, net 37,454 36,879
Unbilled receivables 7,906 7,995
Notes and other receivables 282 689
Prepaid expenses and other
current assets 3,099 1,830
--------- ---------
Total current assets 85,310 95,052
Long-term investments 1,138 1,019
Long-term notes receivable -- 3,600
Equipment, net 6,857 8,301
Capitalized software development
costs, net 7,564 8,849
Acquired software, net 480 1,380
Intangibles, net 22,225 27,840
Investment in marketable equity
securities, net 575 638
Other long-term assets 6,594 7,270
--------- ---------
Total Assets $ 130,743 $ 153,949
========= =========
Liabilities and Stockholders' Equity
Current Liabilities
Current maturities of capital lease
obligations $ 72 $ 323
Accounts payable 796 615
Accrued liabilities 14,947 18,569
Deferred revenue 19,133 11,778
--------- ---------
Total current liabilities 34,948 31,285
Capital lease obligations, less
current portion 19 128
Other long-term liabilities 3,045 --
Convertible subordinated debentures,
net 73,719 115,000
Net liabilities of discontinued
operations -- 3,215
--------- ---------
Total Liabilities 111,731 149,628
Stockholders' Equity
Common stock 201 191
Treasury stock (821) --
Additional paid-in-capital 271,494 268,485
Deferred compensation (1,074) --
Unrecognized pension costs (1,855) --
Accumulated other comprehensive loss (4,087) (4,028)
Accumulated deficit (244,846) (260,327)
--------- ---------
Total Stockholders' Equity 19,012 4,321
--------- ---------
Total Liabilities and Stockholders'
Equity $ 130,743 $ 153,949
========= =========
(1) Prior year financial statements have been restated to present the
EZCap Division as a discontinued operation.
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