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August
4, 2000
Quality
Systems Reports First-Quarter Results
TUSTIN,
Calif. — Quality Systems Inc. (Nasdaq:QSII)
today announced the results of operations for its fiscal 2001
first quarter ended June 30, 2000.
The
company posted net revenues of $9.3 million, up from $9.1 million
for same quarter last year. The company reported net income of
$625,000, or $0.10 per basic and diluted share, compared to net
income of $742,000, or $0.12 per basic and diluted share, for
the comparable quarter of the previous year.
First-quarter
revenues rose 5.8% to $9.3 million compared to $8.8 million in
the previous quarter, which ended March 31, 2000. Net income of
$625,000, or $0.10 per basic and diluted share, was up 14% compared
to the preceding quarter's net income of $549,000, or $0.09 per
basic and diluted share.
The
company's MicroMed Division recorded record quarterly revenue
of $5.1 million, which was up 20% from the $4.2 million recorded
in the same quarter last year.
Quality
Systems is a developer and provider of computer-based practice
management and electronic medical records systems for medical
and dental group practices.
This
news 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 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 as applied to the company as of the date
hereof.
Quality Systems Inc.
Consolidated Statements of Operations and Comprehensive Income
(unaudited)
Three Months Ended
June 30,
2000 1999
Net Revenues:
Sales of computer systems,
upgrades and supplies $ 4,395,000 $ 5,116,000
Maintenance and other services 4,867,000 3,986,000
9,262,000 9,102,000
Cost of Products and Services 4,032,000 4,058,000
Gross Profit 5,230,000 5,044,000
Selling, General and
Administrative Expenses 3,365,000 3,040,000
Research and Development Costs 1,005,000 892,000
Income from Operations 860,000 1,112,000
Investment Income 246,000 166,000
Income before Provision for Income Taxes 1,106,000 1,278,000
Provision for Income Taxes 481,000 536,000
Net Income $ 625,000 $ 742,000
Income per Share - Basic $ 0.10 $ 0.12
Income per Share - Diluted $ 0.10 $ 0.12
Weighted average number
of shares outstanding - Basic 6,209,000 6,215,000
Weighted average number
of shares outstanding - Diluted 6,297,000 6,218,000
Quality Systems Inc.
Consolidated Balance Sheets
(in thousands)
June 30, March 31,
2000 2000
(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 15,332 $ 15,926
Short-term investments 246 243
Accounts receivable, net 13,972 13,710
Inventories 1,068 1,010
Other current assets 1,315 2,496
Total current assets 32,134 33,385
Equipment and Improvements, net 2,020 1,797
Capitalized Software Costs, net 1,936 1,984
Deferred Tax Asset 2,980 3,042
Excess of Cost Over Net Assets
of Acquired Business, net 2,027 2,112
Other Assets 1,703 1,816
Total assets $ 42,800 $ 44,136
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 1,160 $ 1,246
Deferred service revenue 5,540 5,691
Other current liabilities 3,285 5,116
Total liabilities 10,010 12,053
Commitments and Contingencies
Shareholders' Equity:
Common stock, $0.01 par value,
20,000 shares authorized, 6,201
and 6,214 shares issued and
outstanding, respectively 62 62
Additional paid-in capital 35,565 35,483
Accumulated deficit (2,837) (3,462)
Total shareholders' equity 32,790 32,083
Total liabilities and
shareholders' equity $ 42,800 $ 44,136
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