Printer Friendly

CERNER CORP. REPORTS SECOND QUARTER RESULTS

 CERNER CORP. REPORTS SECOND QUARTER RESULTS
 KANSAS CITY, July 20 /PRNewswire/ -- Cerner Corp. (NASDAQ: CERN)


today reported results for the second quarter ended June 30, 1992. Revenues increased 50 percent to $26.3 million from $17.6 million. Net earnings increased 152 percent to $2.2 million from $863,000 in the year ago quarter. Earnings per share increased 138 percent to $.31 per share from $.13 per share.
 For the six months ended June 30, 1992, revenues increased 29 percent to $46.5 million from $35.9 million. Net earnings increased 110 percent to $3.6 million from $1.7 million. Earnings per share increased 96 percent to $.51 per share from $.26 per share.
 Clifford W. Illig, president and chief operating officer, said, "Our second quarter reflects a solid performance and puts us firmly on track toward another excellent year for Cerner. Placements of our stand-alone PathNet laboratory, PharmNet pharmacy and RadNet radiology systems all are meeting expectations, and their success is opening other opportunities for additional Cerner products to be sold into those accounts."
 Illig continued, "It was a record quarter for new contract bookings and as a result backlog at the end of the quarter stood at an all time high of $83.1 million. Revenues and gross profits from the company's recurring revenue stream also increased 26 percent and 36 percent respectively over last year's second quarter and were up 30 percent and 37 percent respectively for the six months. All of these indices represent positive factors in contributing to Cerner's growth outlook."
 During the quarter, Cerner completed an important agreement with the Henry Ford Health System of Detroit to install and implement Cerner's RadNet Radiology Information System at 23 radiology service locations. The agreement provides for the implementation of the complete radiology system, including patient scheduling, quality assurance, patient tracking and decision support. This agreement reflects the acceptance of RadNet by sophisticated and well recognized hospital buyers.
 Illig added, "Over the past year, we have made significant progress in developing the market for hospital-wide clinical information systems based on our Healthcare Network Architecture (HNA). During 1991 the company signed four major contracts to implement these HNA systems. In the first half of 1992, we have made significant progress toward successful implementation of these systems. In addition, our marketing efforts also are meeting with success as hospitals recognize the increased value of a complete patient-focused approach to managing clinical information. As evidence of this progress, Cerner has signed an agreement with a 565-bed private community teaching hospital for the installation of the full suite of its HNA software products. The value of the agreement to Cerner is approximately $10 million."
 The company also continues to make progress in developing international markets and has announced, subject to Saudi Arabian Government approval, that it has entered into a joint venture agreement with a Saudi healthcare services company to market Cerner's complete line of clinical information systems products in the Kingdom of Saudi Arabia.
 Cerner is the leading developer of clinical information systems for the health care industry. All Cerner systems are designed around a central structure called Healthcare Network Architecture (HNA). Through HNA, Cerner is able to deliver application software products that serve the unique needs of each clinical discipline, while allowing unprecedented management and cross-disciplinary medical applications. Cerner offers products to an international marketplace including hospitals, HMOs, clinics and reference laboratories.
 CERNER CORP. AND SUBSIDIARIES
 Condensed Summary of Operations
 (Unaudited)
 Three Months Ended Six Months Ended
 6/30/92 6/30/91 6/30/92 6/30/91
 (In thousands, except per share amounts)
 Revenues $ 26,303 $ 17,579 $ 46,477 $ 35,901
 Operating earnings 3,637 1,588 6,066 3,108
 Earnings before
 income taxes 3,534 1,425 5,882 2,808
 Income taxes 1,358 562 2,250 1,081
 Net earnings $ 2,176 $ 863 $ 3,632 $ 1,727
 Primary earnings
 per share $ .31 $ .13 $ .51 $ .26
 Fully diluted earnings
 per share $ .30 $ .13 $ .51 $ .26
 Weighted average shares
 outstanding 7,114 6,641 7,075 6,575
 Earnings per share numbers reflect the two-for-one stock split announced on April 8, 1992, payable to shareholders of record April 20, 1992. The distribution date for the new shares was May 11, 1992.
 The 1991 second quarter and six months results have been restated to conform to the Statement of Position 91-1 Software Revenue Recognition previously adopted by the company effective with the release of the company's 1991 year-end results.
 -0- 7/20/92
 /CONTACT: Clifford W. Illig, president and chief operating officer of Cerner, 816-221-1024/
 (CERN) CO: Cerner Corp. ST: Missouri IN: CPR SU: ERN


KD -- NY079 -- 0913 07/20/92 16:34 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 20, 1992
Words:781
Previous Article:CHROMALINE SALES AND EARNINGS INCREASE
Next Article:DWG CORPORATION DECLARES DIVIDENDS
Topics:


Related Articles
CERNER ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS
CERNER CORP. REPORTS RECORD RESULTS FOR FOURTH QUARTER AND YEAR; ANNOUNCES 2-FOR-1 STOCK SPLIT
CERNER CORP. REPORTS RECORD THIRD QUARTER RESULTS
CERNER CORP. REPORTS FIRST QUARTER RESULTS
BAPTIST MEMORIAL HEALTH CARE SYSTEM TO AUTOMATE FUNDAMENTAL PROCESSES OF CARE WITH CERNER'S HEALTHCARE NETWORK ARCHITECTURE
PENN STATE'S MILTON S. HERSHEY MEDICAL CENTER TO IMPLEMENT CERNER'S HEALTH NETWORK ARCHITECTURE
CERNER CORPORATION REPORTS PRELIMINARY ESTIMATE OF FOURTH QUARTER EARNINGS
CERNER CORPORATION REPORTS SECOND QUARTER RESULTS
Cerner Corporation Reports Fourth Quarter and 1996 Year-End Results
Cerner Corporation Reports Strong 1997 Second Quarter Results

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