The Company reported record net revenues of
"This fiscal year is off to a strong start as evidenced by our first
quarter's financial results. We are pleased with the Company's
performance this quarter as our pipeline continues to build.
Additionally, all four of our business units remain on target,
performing to plan. The stimulus incentives and road to achieving
Meaningful Use gained additional momentum in the marketplace this
quarter, and play a key role in our ongoing business operations and
anticipated growth," noted
The Company also announced that on
Furthermore, the Company announced that
"Pat has been an integral member of our senior management team since
joining
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. 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 and net income), are forward-looking
statements within the meaning of these laws and involve a number of
risks and uncertainties. Management believes that these forward looking
statements are reasonable and are based on reasonable assumptions and
forecasts, however, undue reliance should not be placed on such
statements that speak only as of the date hereof. Moreover, these
forward-looking statements are subject to a number of risks and
uncertainties, some of which are outlined below. As a result, actual
results may vary materially from those anticipated by the
forward-looking statements. Among the important factors that could cause
actual results to differ materially from those indicated by such
forward-looking statements are: the volume and timing of systems sales
and installations; length of sales cycles and the installation process;
the possibility that products will not achieve or sustain market
acceptance; seasonal patterns of sales and customer buying behavior;
impact of incentive payments under The American Recovery and
Reinvestment Act on sales and the ability of the Company to meet
continued certification requirements; the development by competitors of
new or superior technologies; the timing, cost and success or failure of
new product and service introductions, development and product upgrade
releases; undetected errors or bugs in software; product liability;
changing economic, political or regulatory influences in the health-care
industry; changes in product-pricing policies; availability of
third-party products and components; competitive pressures including
product offerings, pricing and promotional activities; the Company's
ability or inability to attract and retain qualified personnel; possible
regulation of the Company's software by the
QUALITY SYSTEMS, INC. |
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CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||||||||
(IN THOUSANDS) |
|||||||||||||||||
(UNAUDITED) |
|||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||
2011 | 2010 | ||||||||||||||||
Revenues: | |||||||||||||||||
Software, hardware and supplies | $ | 28,911 | $ | 24,756 | |||||||||||||
Implementation and training services | 5,472 | 4,308 | |||||||||||||||
System sales | 34,383 | 29,064 | |||||||||||||||
Maintenance | 31,502 | 25,536 | |||||||||||||||
Electronic data interchange services | 12,092 | 9,764 | |||||||||||||||
Revenue cycle management and related services | 11,881 | 10,772 | |||||||||||||||
Other services | 10,584 | 7,791 | |||||||||||||||
Maintenance, EDI, RCM and other services | 66,059 | 53,863 | |||||||||||||||
Total revenues | 100,442 | 82,927 | |||||||||||||||
Cost of revenue: | |||||||||||||||||
Software, hardware and supplies | 4,614 | 6,212 | |||||||||||||||
Implementation and training services | 4,075 | 2,990 | |||||||||||||||
Total cost of system sales | 8,689 | 9,202 | |||||||||||||||
Maintenance | 3,854 | 3,454 | |||||||||||||||
Electronic data interchange services | 7,962 | 6,709 | |||||||||||||||
Revenue cycle management and related services | 8,826 | 8,145 | |||||||||||||||
Other services | 5,597 | 4,349 | |||||||||||||||
Total cost of maintenance, EDI, RCM and other services | 26,239 | 22,657 | |||||||||||||||
Total cost of revenue | 34,928 | 31,859 | |||||||||||||||
Gross profit | 65,514 | 51,068 | |||||||||||||||
Operating expenses: | |||||||||||||||||
Selling, general and administrative | 29,386 | 26,238 | |||||||||||||||
Research and development costs | 6,827 | 5,456 | |||||||||||||||
Amortization of acquired intangible assets | 482 | 347 | |||||||||||||||
Total operating expenses | 36,695 | 32,041 | |||||||||||||||
Income from operations | 28,819 | 19,027 | |||||||||||||||
Interest income | 82 | 60 | |||||||||||||||
Other income, net | (38 | ) | (6 | ) | |||||||||||||
Income before provision for income taxes | 28,863 | 19,081 | |||||||||||||||
Provision for income taxes | 9,880 | 6,989 | |||||||||||||||
Net income | $ | 18,983 | $ | 12,092 | |||||||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 0.65 | $ | 0.42 | |||||||||||||
Diluted | $ | 0.65 | $ | 0.42 | |||||||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 29,181 | 28,896 | |||||||||||||||
Diluted | 29,400 | 29,057 | |||||||||||||||
Dividends declared per common share | $ | 0.35 | $ | 0.30 | |||||||||||||
QUALITY SYSTEMS, INC. |
|||||||||||||||
CONSOLIDATED BALANCE SHEETS |
|||||||||||||||
(IN THOUSANDS, EXCEPT PER SHARE DATA) |
|||||||||||||||
(UNAUDITED) |
|||||||||||||||
June 30, | March 31, | ||||||||||||||
2011 | 2011 | ||||||||||||||
ASSETS | |||||||||||||||
Current assets: | |||||||||||||||
Cash and cash equivalents | $ | 124,054 | $ | 116,617 | |||||||||||
Restricted cash | 4,487 | 3,787 | |||||||||||||
Marketable securities | 1,110 | 1,120 | |||||||||||||
Accounts receivable, net | 148,907 | 139,772 | |||||||||||||
Inventories | 2,145 | 1,933 | |||||||||||||
Deferred income tax assets, net | 10,397 | 10,397 | |||||||||||||
Other current assets | 8,232 | 8,768 | |||||||||||||
Total current assets | 299,332 | 282,394 | |||||||||||||
Equipment and improvements, net | 13,778 | 12,599 | |||||||||||||
Capitalized software costs, net | 15,738 | 15,150 | |||||||||||||
Intangibles, net | 17,919 | 16,890 | |||||||||||||
Goodwill | 48,624 | 46,721 | |||||||||||||
Other assets | 4,892 | 4,932 | |||||||||||||
Total assets | $ | 400,283 | $ | 378,686 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||
Current liabilities: | |||||||||||||||
Accounts payable | $ | 4,938 | $ | 6,686 | |||||||||||
Deferred revenue | 80,027 | 76,695 | |||||||||||||
Accrued compensation and related benefits | 9,901 | 10,247 | |||||||||||||
Income taxes payable | 7,889 | 3,530 | |||||||||||||
Dividends payable | 10,229 | 10,162 | |||||||||||||
Other current liabilities | 18,575 | 29,316 | |||||||||||||
Total current liabilities | 131,559 | 136,636 | |||||||||||||
Deferred revenue, net of current | 1,106 | 1,099 | |||||||||||||
Deferred income tax liabilities, net | 11,384 | 11,384 | |||||||||||||
Deferred compensation | 2,784 | 2,488 | |||||||||||||
Other noncurrent liabilities | 2,918 | 2,409 | |||||||||||||
Total liabilities | 149,751 | 154,016 | |||||||||||||
Commitments and contingencies | |||||||||||||||
Shareholders' equity: | |||||||||||||||
Common stock | |||||||||||||||
$0.01 par value; authorized 50,000 shares; issued and |
292 | 290 | |||||||||||||
Additional paid-in capital | 150,363 | 133,259 | |||||||||||||
Retained earnings | 99,877 | 91,121 | |||||||||||||
Total shareholders' equity | 250,532 | 224,670 | |||||||||||||
Total liabilities and shareholders' equity | $ | 400,283 | $ | 378,686 |
949-255-2600
pholt@qsii.com
or
303-804-0494
slewis@qsii.com
Source:
News Provided by Acquire Media