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July
23 , 2001
Quality
Systems Reports First Quarter Results
TUSTIN,
Calif. — (BUSINESS WIRE) — July 23, 2001 — Quality
Systems, Inc. today announced the results of operations for
its fiscal 2002 first quarter ended June 30, 2001. The Company
posted net revenues of $10.9 million in the first quarter, an
increase of 18% from $9.3 million for the same quarter last
year. The Company reported net income of $1,177,000, an increase
of 88% over net income of $625,000 for the comparable quarter
of the prior year. Fully diluted earnings per share were $0.19
in the quarter, an increase of 90% over the fully diluted $0.10
per share in earnings recorded in the same quarter last year.
The
revenue and net income results achieved in the quarter were
a record for the company. Results in the first quarter were
driven by strong performance in the company's MicroMed Division.
For the quarter, the Company's MicroMed Division posted record
revenues of $6.6 million, up 30% over the same quarter of the
prior year. EDI revenues were a record $1.5 million, up 30%
over the year earlier quarter.
The
Company will be holding a conference call to discuss quarterly
results on Tuesday, July 24, 2001, at 1:00 p.m. EDT (10:00 a.m.
PDT). To participate in the conference call, please 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, July 24, at 1:00 p.m. PDT, through
Tuesday, July 31, at 1:00 p.m. PDT; call 800-642-1687 and enter
the conference ID number 1360844. A transcript of the conference
call will be made available on the QSII Web site.
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 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
June 30,
2001 2000
Net Revenues:
Sales of computer systems,
Upgrades and supplies 5,594,000 4,395,000
Maintenance and other services 5,315,000 4,867,000
10,909,000 9,262,000
Cost of Products and Services 4,734,000 4,032,000
Gross Profit 6,175,000 5,230,000
Selling, General and
Administrative Expenses 3,349,000 3,365,000
Research and Development Costs 1,107,000 1,005,000
Income from Operations 1,719,000 860,000
Investment Income 206,000 246,000
Income before Provision for
Income Taxes 1,925,000 1,106,000
Provision for Income
Taxes 748,000 481,000
Net Income $ 1,177,000 $ 625,000
Income per Share - Basic $ 0.20 $ 0.10
Income per Share - Diluted $ 0.19 $ 0.10
Weighted average number
of shares outstanding - Basic 5,989,000 6,209,000
Weighted average number
of shares outstanding - Diluted 6,173,000 6,297,000
Quality Systems, Inc.
Consolidated Balance Sheets
(in thousands)
ASSETS
June 30, March 31,
2001 2001
Current Assets:
Cash and cash equivalents $19,954 $18,471
Short-term investments 263 258
Accounts receivable, net 13,582 13,335
Inventories 855 1,030
Other current assets 2,268 2,098
Total current assets 36,922 35,192
Equipment and Improvements, net 1,704 1,819
Capitalized Software Costs, net 1,789 1,769
Deferred Tax Asset 2,960 2,960
Excess of Cost Over Net Assets
of Acquired Business, net 1,686 1,772
Other Assets 1,306 1,371
Total assets $46,367 $44,883
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 1,552 $ 1,829
Deferred service revenue 6,187 5,595
Other current liabilities 3,533 3,572
Total liabilities 11,272 10,996
Commitments and Contingencies
Shareholders' Equity:
Common stock, $0.01 par value, 20,000 shares
authorized, 5,993 and 5,987 shares issued
and outstanding, respectively 60 60
Additional paid-in capital 33,811 33,780
Retained Earnings 1,224 47
Total shareholders' equity 35,095 33,887
Total liabilities and
Shareholders' equity $46,367 $44,883
Contact:
Quality Systems Inc., Irvine
Lou Silverman, 949/255-2600
www.qsii.com
or
Coffin Communications Group, Sherman Oaks, Calif.
William F. Coffin/Sean Collins, 818/789-0100
www.coffincg.com.
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