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October 26, 2004
Allscripts Reports Record Third Quarter 2004 Results
Allscripts Reports Record Third Quarter 2004 Results
Allscripts Reports Record Third Quarter 2004 Results
Tuesday October 26, 4:00 pm ET
CHICAGO--(BUSINESS WIRE)--Oct. 26, 2004--Allscripts Healthcare Solutions, Inc. (NASDAQ:MDRX - News), the leading provider of clinical software, connectivity and information solutions that physicians use to improve healthcare, announced its results for the three and nine months ended September 30, 2004.
Total revenue for the three months ended September 30, 2004, was $25.7 million, compared to $22.5 million for the three months ended September 30, 2003. Revenue from software and information services for the three months ended September 30, 2004, was $13.9 million, increasing by 21% over the comparable period last year.
Net income for the three months ended September 30, 2004, of $0.7 million, or $0.02 per share, compares to a net loss of $0.9 million, or $0.02 loss per share, for the same period last year.
As of September 30, 2004, the Company had cash and marketable securities of $124.6 million.
"We see strong momentum in the clinical software market, especially for e-prescribing and electronic medical record applications," commented Glen Tullman, Chief Executive Officer of Allscripts Healthcare Solutions. "During the third quarter, we continued to realize the benefits of the improvements in our implementation process, enabling us to recognize record revenues and margins."
Total revenue for the nine months ended September 30, 2004, was $74.5 million, compared to $62.2 million for the nine months ended September 30, 2003. Revenue from software and information services for the nine months ended September 30, 2004, was $39.1 million, increasing by 40% over the comparable period last year.
Net income for the nine months ended September 30, 2004, of $1.7 million, or $0.04 per share, compares to a net loss of $5.1 million, or $0.13 loss per share, for the same period last year.
Allscripts Healthcare Solutions will conduct a conference call on Tuesday, October 26, 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 November 9, 2004, at www.allscripts.com or by calling 1-800-642-1687, ID # 1373344.
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; IMS Health; 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)
September December
30, 31,
Assets 2004 2003
-------- --------- ---------
Current assets:
Cash and cash equivalents $47,328 $13,336
Marketable securities 15,225 3,435
Accounts receivable, net 20,441 18,219
Other receivables 396 237
Inventories 2,413 3,249
Prepaid expenses and other current assets 3,215 3,863
--------- ---------
Total current assets 89,018 42,339
Long-term marketable securities 62,024 34,538
Fixed assets, net 2,180 2,237
Intangible assets, net 24,967 26,359
Software development costs, net 6,408 4,040
Other assets 4,714 879
--------- ---------
Total assets $189,311 $110,392
========= =========
Liabilities and Stockholders' Equity
------------------------------------
Current liabilities:
Accounts payable and accrued liabilities $16,742 $13,988
Deferred revenue 13,759 10,959
--------- ---------
Total current liabilities 30,501 24,947
Long-term debt 82,500 -
Other liabilities 187 2,055
--------- ---------
Total liabilities 113,188 27,002
Stockholders' equity 76,123 83,390
--------- ---------
Total liabilities and stockholders' equity $189,311 $110,392
========= =========
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per- share amounts)
(Unaudited)
Three Months Nine Months Ended
Ended
September 30, September 30,
2004 2003 2004 2003
--------- -------- -------- --------
Revenue:
Prepackaged medications $11,811 $10,990 $35,391 $34,278
Software and related
services 10,986 8,232 29,815 20,048
Information services 2,897 3,266 9,251 7,862
-------- -------- -------- --------
Total revenue 25,694 22,488 74,457 62,188
Cost of revenue 14,617 13,833 44,145 40,828
-------- -------- -------- --------
Gross profit 11,077 8,655 30,312 21,360
Operating expenses:
Selling, general and
administrative expenses 9,453 9,618 27,316 26,974
Amortization of intangibles 437 295 1,311 563
-------- -------- -------- --------
Income (loss) from
operations 1,187 (1,258) 1,685 (6,177)
Interest income and other income,
net 388 340 853 1,082
Interest expense (833) 0 (833) 0
-------- -------- -------- --------
Income (loss) before income taxes 742 (918) 1,705 (5,095)
Income taxes 0 0 0 0
-------- -------- -------- --------
Net income (loss) $742 ($918) $1,705 ($5,095)
======== ======== ======== ========
Net income (loss) per share -
basic and diluted $0.02 ($0.02) $0.04 ($0.13)
======== ======== ======== ========
Weighted average shares of common
stock outstanding used in computing
basic net income (loss) per share 38,803 38,628 39,146 38,509
======== ======== ======== ========
Weighted average shares of common
stock outstanding used in computing
diluted net income (loss)
per share 41,164 38,628 41,760 38,509
======== ======== ======== ========
--------------------------------------------------------------------------------
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, Inc.
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