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January
31 , 2001
Quality
Systems Reports Third-Quarter Results
TUSTIN,
Calif.--(BUSINESS WIRE)--Jan. 30, 2001--Quality Systems Inc. (Nasdaq:QSII
- news) today announced the results of operations for its fiscal
2001 third quarter ended Dec. 31, 2000.
The
company posted net revenues of $10.3 million, an increase of 17%
from $8.8 million for the same quarter last year. The company
reported net income of $966,000 or $0.16 per basic and diluted
share, an increase of 103% over net income of $475,000 or $0.08
per basic and diluted share, for the comparable quarter of the
prior year.
The
revenue, net income, and earnings per share results achieved in
the quarter were all records for the company. Results in the quarter
were driven by strong performance in the company's MicroMed division
and in the company's suite of EDI services.
For
the quarter, the company's MicroMed division posted revenues of
$6.2 million, up 45% over the same quarter in the prior year.
EDI revenues were $1.35 million, up 33% over the year-prior quarter.
The company's third quarter results increased 7% in revenues and
30% in net income compared with the prior quarter ended Sept.
30, 2000.
The
company repurchased 227,400 shares at a cost of approximately
$1,802,000 during the quarter as part of the company's previously
announced stock buy back program. Quality Systems will be holding
a conference call to discuss quarterly earnings and strategies
going forward on Tuesday, Jan. 30, 2001 at 1:00 p.m. EST (10:00
a.m. PST).
To
participate in the conference call, dial the following number
five to ten minutes prior to the scheduled conference call time:
800-769-2241. There is no pass code required for this call. If
you are unable to participate in the call at this time, a replay
will be available on Tuesday, Jan. 30 at 1:00 p.m. PST, through
Tuesday, Feb. 6 at 1:00 p.m. PST; call 800-642-1687 and enter
the conference ID number 89949.
A
transcript of the conference call will be made available on the
QSII Web site (www.qsii.com).
Quality
Systems Inc. is a developer and provider of computer-based practice
management, electronic medical records, and e-business applications
for medical and dental group practices. Visit www.qsii.com for
additional information.
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.
Quality Systems Inc.
Consolidated Statements of Operations and Comprehensive Income
(unaudited)
Three Months Ended Nine Months Ended
December 31, December 31,
2000 1999 2000 1999
Net Revenues:
Sales of
computer systems,
Upgrades and
supplies 5,230,000 4,435,000 14,419,000 15,184,000
Maintenance
and other
services 5,103,000 4,373,000 14,839,000 12,435,000
10,333,000 8,808,000 29,258,000 27,619,000
Cost of
Products and
Services 4,459,000 4,023,000 12,854,000 12,547,000
Gross Profit 5,874,000 4,785,000 16,404,000 15,072,000
Selling,
General and
Administrative
Expenses 3,451,000 3,166,000 10,060,000 9,344,000
Research and
Development
Costs 1,010,000 962,000 2,989,000 2,819,000
Income from
Operations 1,413,000 657,000 3,355,000 2,909,000
Investment
Income 261,000 183,000 758,000 531,000
Income before
Provision for
Income Taxes 1,674,000 840,000 4,113,000 3,440,000
Provision for
Income
Taxes 708,000 365,000 1,778,000 1,485,000
Net Income $ 966,000 $ 475,000 2,335,000 1,955,000
Income
per Share --
Basic $ 0.16 $ 0.08 0.38 0.31
Income
per Share --
Diluted $ 0.16 0.08 0.37 0.31
Weighted
average
number
of shares
outstanding --
Basic 6,119,000 6,209,000 6,179,000 6,213,000
Weighted
average
number
of shares
outstanding --
Diluted 6,162,000 6,217,000 6,245,000 6,223,000
Quality Systems Inc.
Consolidated Balance Sheets
(in thousands)
ASSETS
December 31, March 30,
2000 2000
Current Assets:
Cash and cash equivalents $15,658 $ 15,926
Short-term investments 254 243
Accounts receivable, net 15,938 13,710
Inventories 899 1,010
Other current assets 2,226 2,496
Total current assets 34,975 33,385
Equipment and Improvements, net 1,919 1,797
Capitalized Software Costs, net 1,814 1,984
Deferred Tax Asset 2,915 3,042
Excess of Cost Over Net Assets
of Acquired Business, net 1,857 2,112
Other Assets 1,578 1,816
Total assets $45,058 $ 44,136
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $1,883 $ 1,246
Deferred service revenue 5,782 5,691
Other current liabilities 4,726 5,116
Total liabilities 12,391 12,053
Commitments and Contingencies
Shareholders' Equity:
Common stock, $0.01 par value,
20,000 shares authorized, 5,981
and 6,201 shares issued and
outstanding, respectively 60 62
Additional paid-in capital 33,734 35,483
Accumulated deficit (1,127) (3,462)
Total shareholders' equity 32,667 32,083
Total liabilities and
Shareholders' equity $45,058 $ 44,136
Contact:
Quality Systems Inc., Irvine
Lou Silverman, 949/255-2600
www.qsii.com
or
Coffin Communications Group, Sherman Oaks, Calif.
William F. Coffin, 818/789-0100
Sean Collins
Chris Chan
www.coffincg.com.
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