SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 8-K
Date of Report (Date of earliest event reported): April 24, 2003
Commission file Number: 000-32085
ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.
(Exact
name of registrant as specified in its charter)
| Delaware | 36-4392754 | |
| (State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification Number) | |
2401 Commerce Drive
Libertyville,
Illinois 60048
(Address of Principal
Executive Offices and Zip Code)
(847) 680-3515
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Item 9. Regulation FD Disclosure.
This information is being provided under Item 12.
On April 24, 2003, the registrant announced its earnings for the quarter ended March 31, 2003. Further details are described in the press release issued by the registrant on April 24, 2003, and filed as Exhibit 99.1 hereto and incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
99.1 Press Release issued April 24, 2003.
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.
By: /s/ William J. Davis
William J. Davis
Chief Financial Officer
Date: April 24, 2003
S-1
INDEX TO EXHIBITS
Exhibit
Number Description
99.1 Press Release issued April 24, 2003
E-1
EXHIBIT 99.1
Allscripts Healthcare Solutions Contacts:
Bill Davis Dan Michelson
Chief Financial Officer &nbs
p; Vice President of Marketing
847-680-3515, Ext. 282 847-680-3515, Ext. 4330
bill.davis@allscripts.com
dan.michelson@allscripts.com
FOR IMMEDIATE RELEASE
Allscripts Reports First Quarter 2003 Results
Company Posts Positive Cash Flow of $1.3 Million
CHICAGO, IL - April 24, 2003 -- Allscripts Healthcare Solutions, Inc. (NASDAQ: MDRX), the leading provider of clinical software and information solutions focused on physicians, announced its results for the three months ended March 31, 2003.
Total revenue for the three months ended March 31, 2003, was $20.0 million, increasing by 7% over the three months ended March 31, 2002. For the three months ended March 31, 2003, revenue from software and information services was $7.9 million, increasing by 26% over the comparable period last year.
Net loss for the three months ended March 31, 2003, was $2.1 million, or $0.05 per share, compared with a net loss of $6.0 million, or $0.16 per share for the same period last year.
As of March 31, 2003, the Company had cash and marketable securities of $66.6 million, an increase of $1.3 million from the balance on December 31, 2002, and no debt.
"We continued to make solid progress in the first quarter, as evidenced by sales of our TouchWorks clinical software to both new and existing customers as well as the growing number of pharmaceutical clients conducting repeat business with our Physicians Interactive group," stated Glen Tullman, Chief Executive Officer of Allscripts Healthcare Solutions. "We posted a positive cash flow of $1.3 million, our first increase in our cash and marketable securities balance since our last round of public funding in March of 2000. This is an important milestone for AHS and a clear indicator of our progress towards profitability."
Allscripts Healthcare Solutions will conduct a conference call on Thursday, April 24, 2003, at 4:30 PM Eastern time. The conference call can be accessed by dialing 1-800-374-0526, or via the Internet at www.allscripts.com. A recording of the conference call will be available for review through May 9, 2003, at www.allscripts.com or by calling 1-800-642-1687, ID #9751325.
About Allscripts Healthcare Solutions
Allscripts Healthcare Solutions is the leading provider of clinical software and information solutions focused on physicians. The Company's TouchWorks™ software is a modular electronic medical record that enhances physician productivity using a wireless handheld device, Tablet PC, or desktop workstation to automate the most common physician activities including prescribing, capturing charges, dictating, ordering labs and viewing results, providing patient education, and documenting clinical encounters. Additionally, AHS provides patient compliance and healthcare product education services for physicians through its Physicians Interactive™ business and also provides medication fulfillment services. AHS provides software and services to over 20,000 physicians across the U.S.
Strategic partners include IDX Systems (NASDAQ: IDXC); IMS Health (NYSE: RX); Microsoft (NASDAQ: MSFT); HP (NYSE: HPQ); Express Scripts (NASDAQ: ESRX); and Medco Health.
TouchWorks and Physicians Interactive are trademarks of Allscripts Healthcare Solutions. Visit AHS on the Web at www.allscripts.com.
This announcement may contain forward-looking statements about Allscripts Healthcare Solutions that involve risks and uncertainties. These statements are developed by combining currently available information with Allscripts' beliefs and assumptions. Forward-looking statements do not guarantee future performance. Because Allscripts cannot predict all of the risks and uncertainties that may affect it, or control the ones it does predict, Allscripts' actual results may be materially different from the results expressed in its forward-looking statements. For a more complete discussion of the risks, uncertainties and assumptions that may affect Allscripts see the Company's 2002 Annual Report on Form 10-K, available through the Web site maintained by the Securities and Exchange Commission at www.sec.gov.
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Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Balance Sheets
(amounts in thousands)
| March 31, | December 31, | ||
| 2003
|
2002
| ||
| (Unaudited) | |||
| Assets | |||
| Current assets: | |||
| Cash and cash equivalents | $18,234 | $17,247 | |
| Marketable securities | 7,044 | 19,117 | |
| Accounts receivable, net | 16,029 | 18,659 | |
| Other receivables | 675 | 747 | |
| Inventories | 3,507 | 3,988 | |
| Prepaid expenses and other current assets | 3,346
|
3,337
| |
| Total current assets | 48,835 | 63,095 | |
| Long-term marketable securities | 41,354 | 28,922 | |
| Fixed assets, net | 3,656 | 4,384 | |
| Intangible assets, net | 4,667 | 4,793 | |
| Other assets | 3,154
|
3,159
| |
| Total assets | $101,666
|
$104,353
| |
| Liabilities and Stockholders' Equity | |||
| Current liabilities: | |||
| Accounts payable and accrued liabilities | $10,196 | $10,682 | |
| Accrued restructuring and other charges | 723 | 1,140 | |
| Deferred revenue | 6,837
|
6,547
| |
| Total current liabilities | 17,756 | 18,369 | |
| Other liabilities | 181
|
163
| |
| Total liabilities | 17,937 | 18,532 | |
| Stockholders' equity | 83,729
|
85,821
| |
| Total liabilities and stockholders' equity | $101,666
|
$104,353
| |
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per-share amounts)
(Unaudited)
| Three Months Ended | ||
| March 31,
|
||
| 2003
|
2002
|
|
| Revenue: | ||
| Prepackaged medications | $12,118 | $12,479 |
| Software and related services | 5,796 | 4,439 |
| Information services | 2,116
|
1,855
|
| Total revenue | 20,030 | 18,773 |
| Cost of revenue | 13,842 |
14,951 |
| Gross profit | 6,188 | 3,822 |
| Operating expenses: | ||
| Selling, general and administrative expenses | 8,552 | 10,425 |
| Amortization of intangibles | 134 |
138 |
| Loss from operations | (2,498) | (6,741) |
| Interest and other income,net | 392 |
717 |
| Loss before income taxes | (2,106) | (6,024) |
| Income tax benefit | - |
- |
| Net loss | ($2,106) |
($6,024) |
| Net loss per share - basic and diluted | ($0.05) |
($0.16) |
| Weighted-average shares of common stock outstanding | ||
| used in computing net loss per share - basic and diluted | 38,440 |
38,072 |