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The Company reported revenues of
"We continue to execute on the restructuring plan we laid out in
"All these initiatives are starting to gain traction, and we are confident in the anticipated benefits of these organizational changes. Albeit early, we are beginning to see some impact from our reorganization as we continue to maximize and leverage our multi-product offering within the healthcare information technology marketplace," Plochocki concluded.
In other news,
A transcript of the conference call will be made available on the Company's website at www.qsii.com.
SAFE HARBOR PROVISIONS FOR FORWARD-LOOKING STATEMENTS
This news release may contain forward-looking statements within the
meaning of the federal securities laws, including but not limited to,
statements regarding future events, developments, the Company's future
performance, as well as management's expectations, beliefs, intentions,
plans, estimates or projections relating to the future (including,
without limitation, statements concerning revenue, net income and
earnings per share). Risks and uncertainties exist that may cause the
results to differ materially from those set forth in these
forward-looking statements. Factors that could cause the anticipated
results to differ from those described in the forward-looking statements
are set forth in Part I, Item A of our most recent Annual Report on Form
10-K for the fiscal year ended
CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) |
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Three Months Ended |
Nine Months Ended |
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2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Software, hardware and supplies | $ | 21,899 | $ | 35,074 | $ | 71,463 | $ | 95,845 | |||||||||||||||||
Implementation and training services | 7,266 | 6,555 | 27,847 | 18,121 | |||||||||||||||||||||
System sales | 29,165 | 41,629 | 99,310 | 113,966 | |||||||||||||||||||||
Maintenance | 39,463 | 36,245 | 116,746 | 102,961 | |||||||||||||||||||||
Electronic data interchange services | 15,209 | 12,101 | 44,056 | 36,178 | |||||||||||||||||||||
Revenue cycle management and related services | 15,015 | 11,147 | 43,902 | 34,170 | |||||||||||||||||||||
Other services | 15,658 | 11,643 | 44,920 | 33,566 | |||||||||||||||||||||
Maintenance, EDI, RCM and other services | 85,345 | 71,136 | 249,624 | 206,875 | |||||||||||||||||||||
Total revenues | 114,510 | 112,765 | 348,934 | 320,841 | |||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||||
Software, hardware and supplies | 4,660 | 4,622 | 16,055 | 13,423 | |||||||||||||||||||||
Implementation and training services | 7,221 | 5,994 | 23,873 | 15,119 | |||||||||||||||||||||
Total cost of system sales | 11,881 | 10,616 | 39,928 | 28,542 | |||||||||||||||||||||
Maintenance | 5,259 | 4,412 | 14,811 | 12,260 | |||||||||||||||||||||
Electronic data interchange services | 9,852 | 7,890 | 28,251 | 23,816 | |||||||||||||||||||||
Revenue cycle management and related services | 10,918 | 8,405 | 32,344 | 25,687 | |||||||||||||||||||||
Other services | 8,686 | 7,011 | 26,021 | 18,977 | |||||||||||||||||||||
Total cost of maintenance, EDI, RCM and other services | 34,715 | 27,718 | 101,427 | 80,740 | |||||||||||||||||||||
Total cost of revenue | 46,596 | 38,334 | 141,355 | 109,282 | |||||||||||||||||||||
Gross profit | 67,914 | 74,431 | 207,579 | 211,559 | |||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Selling, general and administrative | 35,532 | 33,096 | 110,045 | 94,651 | |||||||||||||||||||||
Research and development costs | 7,786 | 8,277 | 22,634 | 22,462 | |||||||||||||||||||||
Amortization of acquired intangible assets | 1,212 | 543 | 3,665 | 1,545 | |||||||||||||||||||||
Total operating expenses | 44,530 | 41,916 | 136,344 | 118,658 | |||||||||||||||||||||
Income from operations | 23,384 | 32,515 | 71,235 | 92,901 | |||||||||||||||||||||
Interest income (expense), net | 13 | 55 | (14 | ) | 212 | ||||||||||||||||||||
Other expense, net | (122 | ) | (218 | ) | (115 | ) | (400 | ) | |||||||||||||||||
Income before provision for income taxes | 23,275 | 32,352 | 71,106 | 92,713 | |||||||||||||||||||||
Provision for income taxes | 7,649 | 11,247 | 24,292 | 32,129 | |||||||||||||||||||||
Net income | $ | 15,626 | $ | 21,105 | $ | 46,814 | $ | 60,584 | |||||||||||||||||
Net income per share: | |||||||||||||||||||||||||
Basic | $ | 0.26 | $ | 0.36 | $ | 0.79 | $ | 1.03 | |||||||||||||||||
Diluted | $ | 0.26 | $ | 0.36 | $ | 0.79 | $ | 1.03 | |||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||||
Basic | 59,400 | 58,847 | 59,343 | 58,623 | |||||||||||||||||||||
Diluted | 59,405 | 59,128 | 59,411 | 58,943 | |||||||||||||||||||||
Dividends declared per common share | $ | 0.175 | $ | 0.175 | $ | 0.525 | $ | 0.525 | |||||||||||||||||
CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) (UNAUDITED) |
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2012 | 2012 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 101,702 | $ | 134,444 | ||||||||||
Restricted cash | 5,155 | 1,962 | ||||||||||||
Marketable securities | 4,987 | 4,987 | ||||||||||||
Accounts receivable, net | 151,495 | 145,756 | ||||||||||||
Inventories | 3,912 | 3,715 | ||||||||||||
Income taxes receivable | 1,864 | 2,628 | ||||||||||||
Deferred income tax assets, net | 10,127 | 10,127 | ||||||||||||
Other current assets | 7,276 | 9,090 | ||||||||||||
Total current assets | 286,518 | 312,709 | ||||||||||||
Equipment and improvements, net | 20,930 | 17,841 | ||||||||||||
Capitalized software costs, net | 32,881 | 19,994 | ||||||||||||
Intangibles, net | 29,415 | 23,259 | ||||||||||||
Goodwill | 63,161 | 60,776 | ||||||||||||
Other assets | 7,315 | 5,773 | ||||||||||||
Total assets | $ | 440,220 | $ | 440,352 | ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 6,563 | $ | 4,532 | ||||||||||
Deferred revenue | 63,001 | 83,108 | ||||||||||||
Accrued compensation and related benefits | 8,595 | 11,870 | ||||||||||||
Dividends payable | - | 10,354 | ||||||||||||
Other current liabilities | 27,750 | 19,568 | ||||||||||||
Total current liabilities | 105,909 | 129,432 | ||||||||||||
Deferred revenue, net of current | 1,307 | 1,293 | ||||||||||||
Deferred income tax liabilities, net | 4,096 | 5,351 | ||||||||||||
Deferred compensation | 3,454 | 3,497 | ||||||||||||
Other noncurrent liabilities | 4,368 | 5,602 | ||||||||||||
Total liabilities | 119,134 | 145,175 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Shareholders' equity: | ||||||||||||||
Common stock | ||||||||||||||
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595 | 592 | ||||||||||||
Additional paid-in capital | 179,306 | 169,033 | ||||||||||||
Accumulated other comprehensive loss | (45 | ) | (45 | ) | ||||||||||
Retained earnings | 141,230 | 125,597 | ||||||||||||
Total shareholders' equity | 321,086 | 295,177 | ||||||||||||
Total liabilities and shareholders' equity | $ | 440,220 | $ | 440,352 | ||||||||||
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pholt@qsii.com
or
slewis@qsii.com
Source:
News Provided by Acquire Media