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May
23, 2001
Quality
Systems Reports Fourth-Quarter and Fiscal Year-End Results
TUSTIN, Calif. — (BUSINESS WIRE) — May 23, 2001 —
Quality Systems Inc. (Nasdaq:QSII) today announced the results
of operations for its fiscal 2001 fourth quarter and year ended
March 31, 2001.
The company posted net revenues of $10.7 million in the fourth
quarter, an increase of 22% from $8.8 million for the same quarter
last year. The company reported net income of $1,174,000, an increase
of 114% over net income of $549,000 for the comparable quarter
of the prior year. Fully diluted earnings per share were $0.19
in the quarter, an increase of 111% over the fully diluted $0.09
per-share earnings recorded in the same quarter last year.
Revenues for the fiscal year ended March 31, 2001, were $39,936,000,
an increase of 10% compared to fiscal 2000 revenues of $36,373,000.
Net income for fiscal 2001 was $3,509,000, an increase of 40%
compared to fiscal 2000 net income of $2,504,000. Fully diluted
earnings per share increased to $0.57 in FY 2001, a 42.5% increase
over the $0.40 per fully diluted share earned in FY 2000.
The revenue, net income and earnings per share results achieved
in the quarter and the fiscal year were all records for the company.
Results in the fourth quarter were driven by strong performance
in the company's MicroMed division. For the quarter, the company's
MicroMed division posted revenues of $6.3 million, up 57% over
the same quarter of the prior year. EDI revenues were $1.42 million,
up 30% over the year-prior quarter.
Quality Systems Inc. and its MicroMed Healthcare Information Systems
division are developers and providers of computer-based practice
management, medical records and connectivity applications for
medical and dental group practices. Visit www.qsii.com
for additional information.
This news release may contain forward-looking statements, including
those related to revenue and net income, that involve a number
of risks and uncertainties. Among the important factors that could
impact actual results are volume and timing of systems sales and
installations; length of sales cycles and installation process;
the possibility that the products will not achieve market acceptance;
seasonal patterns of sales and customer buying behavior; the development
by competitors of new or superior technologies; delays in product
development; undetected errors or bugs in software; product liability;
changing economic, political or regulatory influences in the health-care
industry; changes in product-pricing policies; competitive pressures;
possible regulation of the company's software by the U.S. Food
and Drug Administration; general economic conditions; and the
risk factors detailed from time to time in Quality Systems' periodic
reports and registration statements filed with the Securities
and Exchange Commission.
Quality Systems Inc.
Consolidated Statements of Operations and Comprehensive Income
Three Months Ended Twelve Months Ended
March 31, March 31,
2001 2000 2001 2000
Net Revenues:
Sales of computer
systems, Upgrades
and supplies 5,516,000 4,064,000 19,935,000 19,247,000
Maintenance and
other services 5,162,000 4,690,000 20,001,000 17,126,000
10,678,000 8,754,000 39,936,000 36,373,000
Cost of Products
and Services 4,429,000 3,848,000 17,283,000 16,395,000
Gross Profit 6,249,000 4,906,000 22,653,000 19,978,000
Selling, General
and Administrative
Expenses 3,525,000 3,301,000 13,585,000 12,645,000
Research and
Development Costs 1,092,000 907,000 4,081,000 3,726,000
Income from Operations 1,632,000 698,000 4,987,000 3,607,000
Investment Income 274,000 228,000 1,032,000 759,000
Income before Provision
for Income Taxes 1,906,000 926,000 6,019,000 4,366,000
Provision for Income
Taxes 732,000 377,000 2,510,000 1,862,000
Net Income $ 1,174,000 $ 549,000 $ 3,509,000 $ 2,504,000
Income per Share
- Basic $ 0.20 $ 0.09 $ 0.57 $ 0.40
Income per Share
- Diluted $ 0.19 $ 0.09 $ 0.57 $ 0.40
Weighted average
number of shares
outstanding - Basic 5,983,000 6,199,000 6,130,000 6,208,000
Weighted average
number of shares
outstanding - Diluted 6,099,000 6,355,000 6,203,000 6,261,000
Quality Systems Inc.
Consolidated Balance Sheets
(in thousands)
ASSETS
March 31, March 31,
2001 2000
Current Assets:
Cash and cash equivalents $18,471 $ 15,926
Short-term investments 258 243
Accounts receivable, net 13,335 13,710
Inventories 1,030 1,010
Other current assets 2,098 2,496
Total current assets 35,192 33,385
Equipment and Improvements, net 1,819 1,797
Capitalized Software Costs, net 1,769 1,984
Deferred Tax Asset 2,960 3,042
Excess of Cost Over Net Assets
of Acquired Business, net 1,772 2,112
Other Assets 1,371 1,816
Total assets $44,883 $ 44,136
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 1,829 $ 1,246
Deferred service revenue 5,595 5,691
Other current liabilities 3,572 5,116
Total liabilities 10,996 12,053
Commitments and Contingencies
Shareholders' Equity:
Common stock, $0.01 par value,
20,000 shares authorized, 5,987
and 6,201 shares issued and
outstanding, respectively 60 62
Additional paid-in capital 33,780 35,483
Retained Earnings (Accumulated deficit) 47 (3,462)
Total shareholders' equity 33,887 32,083
Total liabilities and
Shareholders' equity $44,883 $ 44,136
Contact:
Quality Systems Inc.
Lou Silverman, 949/255-2600
www.qsii.com
Coffin Communications Group
William F. Coffin or Sean Collins, 818/789-0100
www.coffincg.com
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