Quality Systems Inc. reports fiscal 1995 third quarter and nine-month operating results.
During the third quarter, net revenues declined to $2,755,000 from $3,700,000 in the same period last year. Net income was $138,800 or 3 cents per share as compared to $558,900 or 13 cents per share in fiscal 1994.
For the nine months, net revenues were $8,622,000 compared to $8,736,000 in the like period last year. Net income was $524,300 or 11 cents per share compared to $730,700 or 17 cents per share last year.
Cash and short-term investments increased to $6,651,400 at Dec. 31, 1994 from $6,070,600 at the company's fiscal year end March 31, 1994. This improvement was a result of the company's profitable operations, along with tighter credit and collection controls and improved inventory management. The company's overall financial condition was further enhanced by having no long-term debt or other borrowings at December 31, 1994.
In reviewing operations, Razin indicated that the decline in revenues and earnings during the third quarter was a result of lower sales of computer systems, upgrades and supplies. Analyzing the company's current market position, Razin noted that, "The company has a solid position in a growth market -- a changing healthcare marketplace that has mandated sophisticated management information systems to monitor costs, efficiency and quality.
"The demand for these specialized systems is expanding and Quality Systems is well-positioned to further capitalize on these opportunities. As a result, we expect a continuation of the company's progress for the foreseeable future."
Quality Systems is a leading national provider of computer-based information processing systems for medical and dental group practices. The company's systems are based upon proprietary application software that it develops for integration with advanced computer hardware in bringing turnkey automation to various aspects of group medical/dental practice management. -0-
Quality Systems Inc. Statement of Operations (unaudited) (In thousands, except per-share data)
Three Months Ended Nine Months Ended Dec. 31, Dec. 31, 1994 1993 1994 1993
Net Revenues $ 2,755 $ 3,700 $ 8,622 $8,736
Income before taxes 199,100 779,400 682,400 951,200
Income tax provision 116,300 220,500 214,100 220,500
Net earnings $ 82,800 $ 558,900 $ 468,300 $ 730,700
Earnings per share 3 cents 13 cents 11 cents 17 cents
Equivalent number of shares outstanding, fully diluted 4,628,550 4,194,964 4,640,509 4,194,994
BALANCE SHEET DATA
As of As of Dec. 31, 1994 March 31, 1994
Total assets $11,802,600 $11,093,400 Total liabilities $ 3,168,700 $ 3,053,400 Stockholders' equity $ 8,633,900 $ 8,040,000 Long-term debt none none
CONTACT: Quality Systems Inc., Tustin
Greg Flynn, 714/731-7171
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|Date:||Feb 10, 1995|
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