CHICAGO, Jul 31, 2002 /PRNewswire-FirstCall via COMTEX/ —
Quarterly Revenue Exceeds $20 Million
Allscripts
Healthcare Solutions, Inc. (Nasdaq: MDRX), the leading provider of point-of-care
decision support tools for physicians, announced today its results for the three
and six months ended June 30, 2002.
Total revenue for the three months ended June 30, 2002 was $20.1 million,
increasing by 5% over the three months ended June 30, 2001. For the three months
ended June 30, 2002, technology revenue, which includes revenue from software
and related services and information services, was $7.6 million, increasing by
18% over the three months ended June 30, 2001. Revenue from information services
for the three months ended June 30, 2002 increased 141% from $1.1 million in
2001 to $2.6 million in 2002.
Net loss for the second quarter was $4.0 million, or $0.10 per share, compared
with a loss of $27.7 million, or $0.73 per share for the same period last year.
The results of operations for the second quarters of 2002 and 2001 included the
amortization of intangibles of $0.2 million and $20.5 million, respectively.
Statement of Financial Accounting Standards No. 142 (SFAS 142), “Goodwill and
Other Intangible Assets”, which took effect on January 1, 2002, eliminated the
requirement to amortize goodwill. If this accounting rule had been applied in
2001, the net loss would have been $13.0 million, or $0.34 per share for the
three months ended June 30, 2001.
As of June 30, 2002, the Company’s balance of cash and marketable securities
totaled $67.7 million.
“We continue to see strong demand for our solutions across each of our business
units,” commented Glen Tullman, Chairman and Chief Executive Officer of
Allscripts Healthcare Solutions. “Our TouchWorks(TM) unit added prestigious new
clients and realized significant follow-on business with existing clients. Our
Physicians Interactive(TM) group conducted a record number of programs with
physicians, driving strong revenue growth. The bottom line is that we are
producing real results and demonstrating real success for our clients.”
For the six months ended June 30, 2002, total revenue was $38.9 million, up 9%
from the comparable period in 2001. Technology revenue for the six months ended
June 30, 2002 increased by 33% from $10.5 million in 2001 to $13.9 million in
2002. Revenue from information services for the six months ended June 30, 2002
increased 149% from $1.8 million in 2001 to $4.5 million in 2002.
Net loss for the six months ended June 30, 2002 was $10.0 million, or $0.26 per
share, compared with a loss of $58.5 million, or $1.55 per share, for the same
period last year. The results of operations for the first six months of 2002 and
2001 included the amortization of intangibles of $0.4 million and $40.1 million,
respectively. If the aforementioned SFAS 142 had been applied in 2001, the net
loss would have been $29.6 million, or $0.78 per share for the six months ended
June 30, 2001.
Allscripts will conduct a conference call on Wednesday, July 31, 2002 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 18, 2002 at www.allscripts.com or by
calling 1-800-642-1687, ID #5013226.
About Allscripts Healthcare Solutions
Allscripts Healthcare Solutions is the leading provider of point-of-care
decision support solutions for physicians. The Company’s TouchWorks software
products enhance physician productivity using a wireless handheld device or
desktop workstation to automate the most common physician activities including
prescribing, capturing charges, dictating, ordering labs and viewing results,
providing patient education, and taking clinical notes. The Company also
provides medication fulfillment services. Additionally, Allscripts provides
patient compliance and healthcare product education services for physicians
through its Physicians Interactive unit. Allscripts provides services to over
20,000 physicians across the U.S.
Strategic partners include IDX Systems (Nasdaq: IDXC); IMS Health (NYSE: RX);
Microsoft (Nasdaq: MSFT); Hewlett Packard (NYSE: HPQ); Express Scripts (Nasdaq:
ESRX); and Medco Health.
TouchWorks and Physicians Interactive are trademarks of Allscripts Healthcare
Solutions. Visit Allscripts on the Web at 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 2001 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)June 30, December 31,
Assets 2002 2001
(Unaudited)
Current assets
Cash and cash equivalents $21,144 $34,124
Marketable securities 17,384 6,352
Accounts receivable, net 17,083 13,811
Other receivables 1,984 1,372
Inventories 4,591 6,225
Prepaid expenses and other
current assets 3,003 2,962
Total current assets 65,189 64,846Long-term marketable securities 29,201 37,814
Fixed assets, net 6,543 8,449
Intangible assets, net 5,046 5,516
Other assets 1,396 819
Total assets $107,375 $117,444Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable $5,341 $5,626
Accrued expenses 2,866 3,113
Accrued compensation 2,452 2,873
Accrued restructuring and other
charges 1,808 2,991
Deferred revenue 3,949 3,882
Total current liabilities 16,416 18,485Other liabilities 193 325
Total liabilities 16,609 18,810Stockholders’ equity 90,766 98,634
Total liabilities and
stockholders’ equity $107,375 $117,444Allscripts 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,
2002 2001 2002 2001Revenue:
Prepackaged medications $12,480 $12,719 $24,959 $25,282
Software and related services 5,018 5,379 9,457 8,701
Information services 2,596 1,075 4,451 1,789
Total revenue 20,094 19,173 38,867 35,772Cost of revenue (A) 15,124 16,868 30,075 32,456
Gross profit 4,970 2,305 8,792 3,316Operating expenses:
Selling, general and
administrative expenses 9,577 15,176 20,002 30,083
Amortization of intangibles 134 18,628 272 36,416
Write-off of acquired in-
process research and
development – – – 3,000
Loss from operations (4,741) (31,499) (11,482) (66,183)Interest income, net 684 1,267 1,400 2,916
Other income, net 95 255 96 391
Loss before income taxes (3,962) (29,977) (9,986) (62,876)Income tax benefit – 2,249 – 4,348
Net loss $(3,962) $(27,728) $(9,986) $(58,528)Per-share data – basic and diluted:
Net loss $(0.10) $(0.73) $(0.26) $(1.55)Weighted average shares of common
stock outstanding used in computing
per-share data – basic and diluted 38,422 37,993 38,248 37,659(A) For the three months ended June 30, 2002 and 2001, cost of revenue
includes the amortization of acquired software in connection with
acquisitions of $26 and $1,919, respectively. For the six months
ended June 30, 2002 and 2001, cost of revenue includes the
amortization of acquired software in connection with acquisitions
of $87 and $3,699, respectively.(B) The following is a reconciliation of net loss and basic and diluted
loss per share reflecting the implementation of Statement of
Financial Accounting Standards No. 142, “Goodwill and Other
Intangible Assets”:Three Months Ended Six Months Ended
June 30, June 30,
2002 2001 2002 2001Reported net loss $(3,962) $(27,728) $(9,986) $(58,528)
Goodwill amortization – 14,772 – 28,952
Adjusted net loss $(3,962) $(12,956) $(9,986) $(29,576)Per-share data – basic
and diluted:
Reported net loss $(0.10) $(0.73) $(0.26) $(1.55)
Goodwill
amortization – 0.39 – 0.77
Adjusted net loss $(0.10) $(0.34) $(0.26) $(0.78)MAKE YOUR OPINION COUNT – Click Here
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SOURCE Allscripts Healthcare Solutions, Inc.
CONTACT: David Mullen, Chief Financial Officer, +1-847-680-3515,
Ext. 282, dave.mullen@allscripts.com , Dan Michelson, Vice President of
Marketing, +1-847-680-3515, Ext. 4330, dan.michelson@allscripts.com , both of
Allscripts Healthcare SolutionsURL: https://www.allscripts.com
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