Skip to content

Company Posts Positive Cash Flow of $1.3 Million

CHICAGO, Apr 24, 2003 /PRNewswire-FirstCall via COMTEX/ — Allscripts Healthcare Solutions, Inc. (Nasdaq: MDRX), the leading provider of
clinical software and information solutions focused on physicians, announced
its results for the three months ended March 31, 2003.

Total revenue for the three months ended March 31, 2003, was
$20.0 million, increasing by 7% over the three months ended March 31, 2002.
For the three months ended March 31, 2003, revenue from software and
information services was $7.9 million, increasing by 26% over the comparable
period last year.

Net loss for the three months ended March 31, 2003, was $2.1 million, or
$0.05 per share, compared with a net loss of $6.0 million, or $0.16 per share
for the same period last year.

As of March 31, 2003, the Company had cash and marketable securities of
$66.6 million, an increase of $1.3 million from the balance on December 31,
2002, and no debt.

“We continued to make solid progress in the first quarter, as evidenced by
sales of our TouchWorks clinical software to both new and existing customers
as well as the growing number of pharmaceutical clients conducting repeat
business with our Physicians Interactive group,” stated Glen Tullman, Chief
Executive Officer of Allscripts Healthcare Solutions. “We posted a positive
cash flow of $1.3 million, our first increase in our cash and marketable
securities balance since our last round of public funding in March 2000. This
is an important milestone for AHS and a clear indicator of our progress
towards profitability.”

Allscripts Healthcare Solutions will conduct a conference call on
Thursday, April 24, 2003, at 4:30 PM Eastern time. The conference call can be
accessed by dialing 1-800-374-0526, or via the Internet at . A recording of the conference call will be available for
review through May 9, 2003, at or by calling
1-800-642-1687, ID #9751325.

About Allscripts Healthcare Solutions

Allscripts Healthcare Solutions is the leading provider of clinical
software and information solutions focused on physicians. The Company’s
TouchWorks(TM) software is a modular electronic medical record that enhances
physician productivity using a wireless handheld device, Tablet PC, or desktop
workstation to automate the most common physician activities including
prescribing, capturing charges, dictating, ordering labs and viewing results,
providing patient education, and documenting clinical encounters.
Additionally, AHS provides patient compliance and healthcare product education
services for physicians through its Physicians Interactive(TM) business and
also provides medication fulfillment services. AHS provides software and
services to over 20,000 physicians across the U.S.

Strategic partners include IDX Systems (Nasdaq: IDXC); IMS Health
(NYSE: RX); Microsoft (Nasdaq: MSFT); HP (NYSE: HPQ);
Express Scripts (Nasdaq: ESRX); and Medco Health.

TouchWorks and Physicians Interactive are trademarks of Allscripts
Healthcare Solutions. Visit AHS on the Web at .

This announcement may contain forward-looking statements about Allscripts
Healthcare Solutions that involve risks and uncertainties. These statements
are developed by combining currently available information with Allscripts’
beliefs and assumptions. Forward-looking statements do not guarantee future
performance. Because Allscripts cannot predict all of the risks and
uncertainties that may affect it, or control the ones it does predict,
Allscripts’ actual results may be materially different from the results
expressed in its forward-looking statements. For a more complete discussion
of the risks, uncertainties and assumptions that may affect Allscripts see the
Company’s 2002 Annual Report on Form 10-K, available through the Web site
maintained by the Securities and Exchange Commission at .

                    Allscripts Healthcare Solutions, Inc.
                    Condensed Consolidated Balance Sheets
                            (amounts in thousands)

                                                       March 31,  December 31,
    Assets                                                2003         2002

     Current assets
         Cash and cash equivalents                      $18,234       $17,247
         Marketable securities                            7,044        19,117
         Accounts receivable, net                        16,029        18,659
         Other receivables                                  675           747
         Inventories                                      3,507         3,988
         Prepaid expenses and other
          current assets                                  3,346         3,337
             Total current assets                        48,835        63,095

     Long-term marketable securities                     41,354        28,922
     Fixed assets, net                                    3,656         4,384
     Intangible assets, net                               4,667         4,793
     Other assets                                         3,154         3,159
             Total assets                              $101,666      $104,353

    Liabilities and Stockholders' Equity

     Current liabilities
         Accounts payable and accrued
          liabilities                                   $10,196       $10,682
         Accrued restructuring and other
          charges                                           723         1,140
         Deferred revenue                                 6,837         6,547
             Total current liabilities                   17,756        18,369

     Other liabilities                                      181           163
             Total liabilities                           17,937        18,532

     Stockholders' equity                                83,729        85,821

             Total liabilities and
              stockholders' equity                     $101,666      $104,353

                    Allscripts Healthcare Solutions, Inc.
               Condensed Consolidated Statements of Operations
               (amounts in thousands, except per-share amounts)

                                                       Three Months Ended
                                                           March 31,
                                                     2003              2002

          Prepackaged medications                  $12,118           $12,479
          Software and related services              5,796             4,439
          Information services                       2,116             1,855
            Total revenue                           20,030            18,773

    Cost of revenue                                 13,842            14,951
    Gross profit                                     6,188             3,822

    Operating expenses:
          Selling, general and
           administrative expenses                   8,552            10,425
          Amortization of intangibles                  134               138
            Loss from operations                    (2,498)           (6,741)

    Interest and other income, net                     392               717
    Loss before income taxes                        (2,106)           (6,024)

    Income tax benefit                                 -                 -
    Net loss                                       ($2,106)          ($6,024)

    Net loss per share - basic and
     diluted                                        ($0.05)           ($0.16)

    Weighted average shares of common
     stock outstanding used in computing
     net loss per share - basic and diluted         38,440            38,072

SOURCE Allscripts Healthcare Solutions, Inc.

Bill Davis, Chief Financial Officer, +1-847-680-3515, Ext. 282,
or , or Dan Michelson, Vice President of Marketing,
+1-847-680-3515, Ext. 4330, or , both of
Allscripts Healthcare Solutions, Inc.
Scroll To Top