Revenue from Software and Related Services Up 81% Over Prior Year
CHICAGO, May 8 /PRNewswire-FirstCall/ — Allscripts (Nasdaq: MDRX), the
leading provider of clinical software, connectivity and information solutions
that physicians use to improve healthcare, today announced results for the
three months ended March 31, 2007.
(Logo: http://www.newscom.com/cgi-bin/prnh/20061005/ALLSCRIPTSLOGO-b)
Total revenue for the three months ended March 31, 2007 was $65.0 million,
compared to $42.2 million for the same period last year. Revenue from
software and related services for the three months ended March 31, 2007 was
$51.2 million, compared to $28.3 million for the same period last year,
increasing by approximately 81.0%.
Gross margin percentage was 49.6% for the first quarter of 2007, compared
to 47.7% during the first quarter of 2006.
Net income for the three months ended March 31, 2007 was $4.5 million, or
$0.08 per diluted share, compared to net income of $1.3 million, or $0.03 per
diluted share, for the same period last year. Reported net income for the
three months ended March 31, 2007 and 2006 reflects deal-related amortization
of $1.5 million and $0.8 million, respectively, or $0.02 per share for both
reported periods, net of tax, and total stock-based compensation of $0.4
million and $0.2 million, respectively, or $0.01 per share for both reported
periods, net of tax.
As of March 31, 2007, the Company had cash and marketable securities of
$90.0 million.
“Allscripts continued to demonstrate our leadership in the most important
segments of the healthcare market, helping our clients to streamline and
revitalize their clinical and financial operations and transform healthcare
across their communities,” said Glen Tullman, Chief Executive Officer of
Allscripts. “Our revenue growth, visibility to sales opportunities and solid
bottom-line performance give us confidence in our ability to deliver solid
results during the remainder of 2007.”
Allscripts will conduct a conference call on Tuesday, May 8, 2007 at 4:30
PM Eastern Time. The conference call can be accessed by dialing 1-888-644-5594
and requesting the Allscripts earnings call, or via the Internet at
https://www.allscripts.com. A recording of the conference call will be
available for a period of two weeks following the call at
https://www.allscripts.com, or by calling 1-800-642-1687, ID # 5830038.
About Allscripts
Allscripts is the leading provider of clinical software, connectivity and
information solutions that physicians use to improve healthcare. The Company’s
business units provide unique solutions that inform, connect and transform
healthcare. Allscripts award-winning software applications include electronic
health records, practice management, e-prescribing, document imaging,
emergency department, and care management solutions, all offered through the
Company’s Clinical Solutions units. Additionally, Allscripts provides clinical
product education and connectivity solutions for physicians and patients
through its Physicians Interactive(TM) unit, and medication fulfillment
services through its Medication Services unit. To learn more, visit Allscripts
on the Web at https://www.allscripts.com.
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 2006 Annual Report on Form 10-K, available through the Web site
maintained by the Securities and Exchange Commission at http://www.sec.gov.
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Balance Sheets
(amounts in thousands)
(Unaudited)
March 31, December 31,
Assets 2007 2006
Current assets:
Cash and cash equivalents $44,221 $42,461
Marketable securities 20,653 14,553
Accounts receivable, net 57,380 55,579
Deferred taxes, net 29,884 27,437
Inventories 4,257 3,247
Prepaid expenses and other
current assets 12,980 10,620
Total current assets 169,375 153,897
Long-term marketable securities 25,142 26,024
Fixed assets, net 15,129 14,094
Software development costs, net 15,871 12,285
Intangible assets, net 75,488 78,050
Goodwill 186,846 188,261
Other assets 4,889 4,999
Total assets $492,740 $477,610
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $7,585 $9,294
Accrued liabilities 24,049 26,546
Deferred revenue 43,562 35,549
Current portion of long-term debt 263 258
Total current liabilities 75,459 71,647
Long-term debt 85,373 85,441
Deferred income taxes 3,297 3,915
Other liabilities 4,729 357
Total liabilities 168,858 161,360
Stockholders' equity 323,882 316,250
Total liabilities and
stockholders' equity $492,740 $477,610
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per-share amounts)
(Unaudited)
Three Months Ended
March 31,
2007 2006
Revenue:
Software and related services $51,240 $28,314
Prepackaged medications 10,229 11,510
Information services 3,553 2,380
Total revenue 65,022 42,204
Cost of revenue:
Software and related services 22,382 11,481
Prepackaged medications 8,308 9,326
Information services 2,059 1,272
Total cost of revenue (a) 32,749 22,079
Gross profit 32,273 20,125
Operating expenses:
Selling, general and
administrative expenses (b) 22,374 16,808
Amortization of intangibles 2,576 1,370
Income from operations 7,323 1,947
Interest expense (933) (895)
Interest income and other, net 1,037 1,081
Income before income taxes 7,427 2,133
Income taxes (2,960) (810)
Net income $4,467 $1,323
Net income per share - basic $0.08 $0.03
Net income per share - diluted $0.08 $0.03
Weighted average shares of common
stock outstanding
used in computing basic net income
per share 54,639 44,903
Weighted average shares of common
stock outstanding
used in computing diluted net
income per share (c) 64,462 47,974
(a) Includes stock-based compensation of $82 and $0 for the three months
ended March 31, 2007 and 2006, respectively.
(b) Includes stock-based compensation of $574 and $407 for the three
months ended March 31, 2007 and 2006, respectively.
(c) Weighted average diluted shares for the three months ended March 31,
2007 include 7,329 common shares related to the Company's 3.5% Senior
Convertible Notes. Such shares were antidilutive for the three months
ended March 31, 2006. Interest expense, net of tax, totaling $523 has
been added back to net income for the net income per diluted share
calculation for the three months ended March 31, 2007.
SOURCE Allscripts
-0- 05/08/2007
/CONTACT: Dan Michelson, Chief Marketing Officer, +1-312-506-1217,
dan.michelson@allscripts.com, or Todd Stein, Senior Manager-Public Relations,
+1-312-506-1216, todd.stein@allscripts.com, or Bill Davis, Chief Financial
Officer, +1-312-506-1211, bill.davis@allscripts.com, all of Allscripts/
/Photo: http://www.newscom.com/cgi-bin/prnh/20061005/ALLSCRIPTSLOGO-b
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PRN Photo Desk, photodesk@prnewswire.com/
/Web site: https://www.allscripts.com /
(MDRX)
CO: Allscripts
ST: Illinois
IN: HEA MTC
SU: CCA ERN
AB-AE
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3630 05/08/2007 16:00 EDT http://www.prnewswire.com