CHICAGO–(BUSINESS WIRE)–July 27, 2004–Allscripts Healthcare
Solutions, Inc. (NASDAQ:MDRX), the leading provider of clinical
software, connectivity and information solutions that physicians use
to improve healthcare, announced its results for the three and six
months ended June 30, 2004.
Total revenue for the three months ended June 30, 2004, was $25.6
million, compared to $19.7 million for the three months ended June 30,
2003. Revenue from software and information services for the three
months ended June 30, 2004, was $13.2 million, increasing by 55% over
the comparable period last year.
Net income for the three months ended June 30, 2004, of $0.7
million, or $0.02 per share, compares to a net loss of $2.1 million,
or $0.05 loss per share for the same period last year.
As of June 30, 2004, the Company had cash and marketable
securities of $54.7 million.
“The second quarter of 2004 was the most successful in the
Company’s history by almost every measure,” commented Glen Tullman,
Chief Executive Officer of Allscripts Healthcare Solutions. “I’m proud
of our results for the quarter, not only on the top line and the
bottom line, but also what we’ve been able to deliver for our clients
and their patients . . . better healthcare through automation.”
Total revenue for the six months ended June 30, 2004, was $48.8
million, compared to $39.7 million for the six months ended June 30,
2003. Revenue from software and information services for the six
months ended June 30, 2004, was $25.2 million, increasing by 53% over
the comparable period last year.
Net income for the six months ended June 30, 2004, of $1.0
million, or $0.02 per share, compares to a net loss of $4.2 million,
or $0.11 loss per share for the same period last year.
On July 14, 2004, the Company successfully completed a private
placement of $82.5 million of 3.50% Senior Convertible Debentures due
2024 (“Notes”). These Notes can be converted into 7.3 million shares
of common stock, which is the equivalent of a conversion price of
approximately $11.26 per share, subject to adjustment in certain
circumstances. The Company received approximately $79.6 million in net
proceeds from the offering after deduction for underwriting fees and
estimated expenses. The Company used approximately $11.3 million of
the net proceeds to repurchase approximately 1.4 million shares of its
common stock and will use the remaining net proceeds for general
corporate purposes, which may include future additional share
repurchases, acquisitions or other strategic investments.
Allscripts Healthcare Solutions will conduct a conference call on
Tuesday, July 27, 2004, at 4:30 PM eastern time. The conference call
can be accessed by dialing 1-800-374-0526, or via the Internet at
www.allscripts.com. A recording of the conference call will be
available for review through August 10, 2004, at www.allscripts.com or
by calling 1-800-642-1687, ID # 6901404.
About Allscripts Healthcare Solutions
Allscripts Healthcare Solutions (AHS) is the leading provider of
clinical software, connectivity and information solutions that
physicians use to improve healthcare. Our TouchWorks software is a
modular electronic medical record that enhances physician productivity
using Tablet PCs, wireless handheld devices and desktop workstations
to automate the most common physician activities including
prescribing, dictating, capturing charges, ordering labs and viewing
results, providing patient education, and documenting clinical
encounters. AHS also offers electronic document imaging and scanning
solutions through our Advanced Imaging Concepts subsidiary. Our
Physicians Interactive(TM) unit is the leading provider of online
healthcare product education and market research programs for
physicians and our Allscripts Direct(TM) unit offers medication
fulfillment services to a variety of healthcare providers throughout
the United States. Visit AHS on the Web at www.allscripts.com.
Strategic partners include IDX Systems (Nasdaq:IDXC); IMS Health
(NYSE:RX); Microsoft; Hewlett-Packard Company; and Medco Health.
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 2003
Annual Report on Form 10-K, available through the Web site maintained
by the Securities and Exchange Commission at www.sec.gov.
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Balance Sheets
(amounts in thousands)
(Unaudited)
June 30, December 31,
Assets 2004 2003
------ ------------------------
Current assets:
Cash and cash equivalents $18,339 $13,336
Marketable securities 5,482 3,435
Accounts receivable, net 18,898 18,219
Other receivables 313 237
Inventories 2,665 3,249
Prepaid expenses and other current assets 2,488 3,863
------------------------
Total current assets 48,185 42,339
Long-term marketable securities 30,851 34,538
Fixed assets, net 2,204 2,237
Intangible assets, net 25,257 26,359
Other assets 6,639 4,919
------------------------
Total assets $113,136 $110,392
========================
Liabilities and Stockholders' Equity
------------------------------------
Current liabilities:
Accounts payable and accrued liabilities $14,382 $13,988
Deferred revenue 12,418 10,959
------------------------
Total current liabilities 26,800 24,947
Other liabilities 214 2,055
------------------------
Total liabilities 27,014 27,002
Stockholders' equity 86,122 83,390
------------------------
Total liabilities and stockholders'
equity $113,136 $110,392
========================
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per-share amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2004 2003 2004 2003
----------------------------------------
Revenue:
Prepackaged medications $12,396 $11,170 $23,580 $23,288
Software and related services 9,934 6,020 18,829 11,816
Information services 3,278 2,480 6,354 4,596
----------------------------------------
Total revenue 25,608 19,670 48,763 39,700
Cost of revenue 15,519 13,153 29,528 26,995
----------------------------------------
Gross profit 10,089 6,517 19,235 12,705
Operating expenses:
Selling, general and
administrative expenses 9,103 8,804 17,863 17,356
Amortization of intangibles 445 134 874 268
----------------------------------------
Income (loss) from
operations 541 (2,421) 498 (4,919)
Interest and other income, net 155 350 465 742
----------------------------------------
Income (loss) before income
taxes 696 (2,071) 963 (4,177)
Income taxes - - - -
----------------------------------------
Net income (loss) $696 ($2,071) $963 ($4,177)
========================================
Net income (loss) per share -
basic and diluted $0.02 ($0.05) $0.02 ($0.11)
========================================
Weighted average shares of
common stock outstanding
used in computing basic net
income (loss) per share 39,469 38,457 39,319 38,449
========================================
Weighted average shares of
common stock outstanding
used in computing diluted
net income (loss) per share 42,431 38,457 42,113 38,449
========================================
CONTACT: Allscripts Healthcare Solutions
Bill Davis, 847-680-3515, Ext. 282
bill.davis@allscripts.com
or
Dan Michelson, 847-680-3515, Ext. 4330
dan.michelson@allscripts.com
SOURCE: Allscripts Healthcare Solutions