Printer Friendly

MEDIC COMPUTER SYSTEMS ANNOUNCES FIRST QUARTER 1993 FINANCIAL RESULTS

 RALEIGH, N.C., April 20 /PRNewswire/ -- Medic Computer Systems, Inc. (NASDAQ: MCSY) announced today the results of its first quarter ended March 31, 1993. Total net revenues were $14,724,000, down 16.1 percent compared with $17,550,000 for the same period in 1992. Income from operations was $1,143,000, down 63.3 percent compared with $3,118,000 for the same period in 1992. Net income was $748,000 or $.08 per share, including a $121,000 gain from the cumulative effect of a change in accounting principle relating to income taxes amounting to $.01 per share, down 51.8 percent compared with $1,552,000 for the same period in 1992. Net income per share for the first quarter of 1992 is not comparable due to the completion of the Company's initial public offering of 2,875,000 shares of common stock in August and September 1992.
 As the Company announced earlier in March, it attributes the decline in revenues and income from operations to a number of factors, including general uncertainty concerning the economic environment and the effects of the ongoing national debate on health care reform and customer deferral of capital expenditures in anticipation of a possible reinstatement of the investment tax credit. These factors contributed significantly to a decline in orders during the latter portion of the fourth quarter of 1992, continued to result in lower than anticipated orders in the first quarter of 1993, and may have a continuing effect on Medic's results of operations for all of 1993. Revenues for the first quarter in 1993 were also affected by the delay in installation of two large clinics. In addition, the company adopted the provisions of the Financial Accounting Standards Board Statement No. 109, Accounting for Income Taxes, during the first quarter of 1993. This change in accounting for income taxes resulted in a cumulative gain of approximately $121,000 in the first quarter.
 Medic, founded in 1982, develops, markets and supports physician practice management systems. Medic's core product, the +Medic System, is a comprehensive set of application software modules that automate various medical practice functions, including patient scheduling and billing, correspondence, insurance processing, electronic claims processing, and financial and management reporting. The Company also sells hardware, peripherals, training and installation assistance, forms and supplies, software and hardware maintenance and an electronic clearinghouse service for processing insurance claims entitled "FastClaim." In addition, the Company developed and sells a medical records automation product called "AutoChart" that was introduced in 1992.
 -0- 4/20/93
 /CONTACT: John McConnell or Judy Mann, Medic Computer Systems, Inc. 919-847-8102/
 (MCSY)


CO: Medic Computer Systems, Inc. ST: North Carolina IN: CPR SU: ERN

CM -- CH015 -- 8329 04/20/93 17:18 EDT
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:Apr 20, 1993
Words:455
Previous Article:DU PONT MERCK ANNOUNCES PERSONNEL APPOINTMENT
Next Article:MARTIN MARIETTA REPORTS 6.6 PERCENT EPS INCREASE BEFORE ACCOUNTING CHARGE
Topics:


Related Articles
MEDIC COMPUTER SYSTEMS ANNOUNCES SECOND QUARTER 1992 FINANCIAL RESULTS
MEDIC COMPUTER SYSTEMS ANNOUNCES SECOND QUARTER 1992 FINANCIAL RESULTS
MEDIC COMPUTER SYSTEMS ANNOUNCES FOURTH QUARTER 1992 FINANCIAL RESULTS
MEDIC COMPUTER SYSTEMS ANNOUNCES DECLINE IN PROJECTED FIRST QUARTER FINANCIAL RESULTS
IBM'S FIRST-QUARTER REVENUE, EARNINGS DECLINE FROM 1992 LEVELS
CITATION COMPUTER SYSTEMS, INC. ANNOUNCES FIRST QUARTER RESULTS
MEDIC COMPUTER SYSTEMS ANNOUNCES SECOND QUARTER 1993 FINANCIAL RESULTS
MEDIC COMPUTER SYSTEMS ANNOUNCES FOURTH QUARTER EARNINGS
MEDIC COMPUTER SYSTEMS ANNOUNCES RESULTS
Medic Computer Systems Announces First Quarter Earnings

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