• Q2 EPS $0.12 versus $0.01 for Q2 99
• Six-month EPS $0.24 compared with ($0.09) loss for prior six-month period
• Cash EPS $0.14 for Q2 00 and $0.29 for six-month period

 

TUSTIN, Calif., November 11, 1999 -- Quality Systems, Inc. (NASDAQ: QSII) today announced results for the fiscal 2000 second quarter ended September 30, 1999.

Second quarter net revenues increased 22% to $9.7 million from $7.9 million for the second quarter of the previous year.  Net income for the quarter increased to $738,000, or $0.12 per basic and diluted share, compared with $63,000, or $0.01 per basic and diluted share, for the comparable quarter of last year.

For the six-month period ended September 30, 1999, the Company reported revenue gains of 24%, to $18.8 million from $15.2 million for the six months ended September 30, 1998.  In the six-month period ended September 30, 1999, net income reached $1.5 million, or $0.24 per basic and diluted share, compared to a net loss of $(540,000), or $(0.09) per basic and diluted share, for the same period a year ago.

On a pro forma basis, cash EPS which excludes amortization of certain intangible assets acquired in acquisition transactions was $0.14 per share and $0.29 per share for the three and six months ended September 30, 1999, respectively.

Quality Systems is one of the leading developers and providers of computer-based practice management and electronic medical records systems for medical and dental group practices with a customer base of approximately 600 clients in 45 states, Canada and Saudi Arabia.

This press release contains 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 cause actual results to differ materially from those indicated by such forward-looking statements are volume and timing of systems sales and installations, length of sales cycles and installation process, 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 on the healthcare 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 as applied to the company as of the date hereof.
 

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