Printer Friendly

MEDIC COMPUTER SYSTEMS ANNOUNCES SECOND QUARTER 1993 FINANCIAL RESULTS

 RALEIGH, N.C., July 26 /PRNewswire/ -- Medic Computer Systems, Inc. (NASDAQ: MCSY) announced today the results of its second quarter and the six months ended June 30, 1993. Total net revenues for the second quarter were $17,762,000, including $1,569,000 from the recent acquisition of Execu-Flow Systems, Inc., down 3.3 percent compared with $18,370,000 for the combined operations for the same period in the previous year. Income from operations for the second quarter decreased 33.5 percent to $1,863,000, after the effect of acquisition related charges of approximately $573,000, compared with $2,801,000 for the combined operations for the same period in the previous year. Excluding the effect of the acquisition related charges, income from operations decreased 13.0 percent from the previous year.
 Net income for the second quarter was $1,361,000 or $.13 per share, including the effect of a net loss of $510,000 attributable to Execu-Flow resulting primarily from acquisition related charges and the reduction of income tax expense caused by the recognition of a $492,000 deferred tax asset generated by the change in Execu-Flow's tax status from a non-taxable Sub-chapter S Corporation to taxable C Corporation. The acquisition related charges decreased earnings per share by $.06 per share, and the reduction of income tax expense increased earnings per share by $.05 per share. Net income for the previous period is not comparable due to the effect of the then outstanding Capital Appreciation Rights and to the completion of the company's initial public offering of 2,875,000 shares of common stock in August and September 1992.
 For the six months ended June 30, 1993, total net revenues were $34,525,000, including $3,608,000 attributable to Execu-Flow, down 8.4 percent compared with $37,672,000 for the combined operations for the same period in the previous year. Income from operations for the six month period decreased 47.5 percent to $3,125,000, after the effect of acquisition related charges of approximately $577,000, compared with $5,947,000 for the combined operations for the same period in the previous year. Excluding the effect of the acquisition related charges, income from operations decreased 37.8 percent from the previous year.
 Net income for the six-month period was $2,215,000, or $.21 per share, including the effect of a net loss of $404,000 attributable to Execu-Flow resulting from, acquisition related charges, the effect of a $121,000 gain from the cumulative effect of a change in accounting principle relating to income taxes amounting to $.01 per share, and the reduction of income tax expense of $492,000. The acquisition related charges decreased earnings per share by $.06 per share. Net income for the previous period is not comparable due to the effect of the then outstanding Capital Appreciation Rights and to the completion of the company's initial public offering in 1992 as mentioned above.
 Medic acquired Exec-Flow Systems, Inc., headquartered in Edison, N.J., through an exchange of stock in a noncash merger transaction completed on June 30, 1993. Medic issued 750,000 shares of its common stock to the shareholders of Execu-Flow in the merger. The transaction has been a counted for under the pooling of interest method whereby the financial statements of both companies are presented on a combined basis both historically and going forward.
 Founded in 1982, Medic 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 such as 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 1992, Medic introduced "AutoChart," its revolutionary software product that fully automates and standardizes medical records for medical practices.
 -0- 7/26/93
 /CONTACT: John McConnell or Judy Mann, 919-847-8102, of Medic Computer Systems/
 (MCSY)


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

MM -- CH016 -- 5898 07/26/93 16:53 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:Jul 26, 1993
Words:699
Previous Article:IDAHO POWER'S SECOND QUARTER EARNINGS BACK ON TRACK
Next Article:PHIL DONAHUE RENEWS CONTRACT WITH MULTIMEDIA TO HOST SHOW
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters