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November
1, 2000
Quality
Systems Reports Second-Quarter Results
TUSTIN,
Calif. — (BUSINESS WIRE) — Quality Systems, Inc.
(NASDAQ:QSII - news) today announced the results of operations
for its fiscal 2001 second quarter ended September 30, 2000.
The
Company posted net revenues of $9.7 million, unchanged from $9.7
million for the same quarter last year. The Company reported net
income of $744,000 or $0.12 per basic and diluted share, compared
to net income of $738,000 or $0.12 per basic and diluted share,
for the comparable quarter of the prior year.
Second-quarter
revenues rose 4.3% to $9.7 million from $9.3 million in the prior
quarter, which ended June 30, 2000. Net income of $744,000, or
$0.12 per basic and diluted share, was up 19% from the prior quarter's
net income of $625,000, or $0.10 per basic and diluted share.
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 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.
Download
the PDF file here.
Quality Systems, Inc.
Consolidated Statements of Operations and Comprehensive Income
(unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
2000 1999 2000 1999
---- ---- ---- ----
Net Revenues:
Sales of computer
systems, Upgrades
and supplies 4,794,000 5,633,000 9,189,000 10,749,000
Maintenance and
other services 4,869,000 4,076,000 9,736,000 8,062,000
----------- ----------- ----------- -----------
9,663,000 9,709,000 18,925,000 18,811,000
Cost of Products
and Services 4,363,000 4,466,000 8,395,000 8,524,000
----------- ----------- ----------- -----------
Gross Profit 5,300,000 5,243,000 10,530,000 10,287,000
Selling, General
and Administrative
Expenses 3,244,000 3,138,000 6,609,000 6,178,000
Research and
Development Costs 974,000 965,000 1,979,000 1,857,000
----------- ----------- ----------- -----------
Income from
Operations 1,082,000 1,140,000 1,942,000 2,252,000
Investment Income 251,000 182,000 497,000 348,000
----------- ----------- ----------- -----------
Income before Provision
for Income Taxes 1,333,000 1,322,000 2,439,000 2,600,000
Provision for Income
Taxes 589,000 584,000 1,070,000 1,120,000
----------- ----------- ----------- -----------
Net Income $ 744,000 $ 738,000 $ 1,369,000 $ 1,480,000
=========== =========== =========== ===========
Income per Share
- Basic $ 0.12 $ 0.12 $ 0.22 $ 0.24
=========== =========== =========== ===========
Income per Share
- Diluted $ 0.12 $ 0.12 $ 0.22 $ 0.24
=========== =========== =========== ===========
Weighted average
number of shares
outstanding - Basic 6,209,000 6,215,000 6,209,000 6,215,000
=========== =========== =========== ===========
Weighted average
number of shares
outstanding
- Diluted 6,273,000 6,241,000 6,286,000 6,229,000
=========== =========== =========== ===========
Quality Systems, Inc.
Consolidated Balance Sheets
(in thousands)
ASSETS
September 30, March 30,
2000 2000
---- ----
Current Assets:
Cash and cash equivalents $ 16,605 $ 15,926
Short-term investments 248 243
Accounts receivable, net 15,107 13,710
Inventories 967 1,010
Other current assets 1,322 2,496
------- -------
Total current assets 34,249 33,385
Equipment and Improvements, net 2,026 1,797
Capitalized Software Costs, net 1,894 1,984
Deferred Tax Asset 2,936 3,042
Excess of Cost Over Net Assets
of Acquired Business, net 1,942 2,112
Other Assets 1,655 1,816
------- -------
Total assets $ 44,702 $ 44,136
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 1,617 $ 1,246
Deferred service revenue 5,712 5,691
Other current liabilities 3,871 5,116
-------- -------
Total liabilities 11,200 12,053
Commitments and Contingencies
Shareholders' Equity:
Common stock, $0.01 par value,
20,000 shares authorized,
6,208 and 6,201 shares issued
and outstanding, respectively 62 62
Additional paid-in capital 35,533 35,483
Accumulated deficit (2,093) (3,462)
-------- --------
Total shareholders' equity 33,502 32,083
Total liabilities and
Shareholders' equity $ 44,702 $ 44,136
======= =======
For
Further Information Contact:
Quality Systems Inc.
Patrick Cline, President and CEO
18191 Von Karman, Suite 450
Irvine,CA 92612
949.255.2600
www.qsii.com
or
Coffin
Communications Group, Sherman Oaks, Calif.
William F. Coffin, President
Sean Collins, Vice President
Chris Chan, Account Executive
15300 Ventura Blvd., Suite 303
Sherman Oaks, CA 91403
818.789.0100
www.coffincg.com
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