SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 8-K
Date of Report (Date of earliest event reported): July 16, 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 July 16, 2003, the registrant announced its earnings for the quarter ended June 30, 2003. Further details are described in the press release issued by the registrant on July 16, 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 July 16, 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: July 16, 2003
S-1
INDEX TO EXHIBITS
Exhibit
Number Description
99.1 Press Release issued July 16, 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 Second Quarter 2003 Results
Company Posts Second Consecutive Quarter of Positive Cash Flow
CHICAGO, IL - July 16, 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 and six months ended June 30, 2003.
Total revenue for the three months ended June 30, 2003 was $19.7 million, compared to $20.1 million for the three months ended June 30, 2002. Revenue from software and information services for the three months ended June 30, 2003 was $8.5 million, increasing by 12% over the comparable period last year.
Net loss for the three months ended June 30, 2003, was $2.1 million, or $0.05 per share, compared with a net loss of $4.0 million, or $0.10 per share for the same period last year.
As of June 30, 2003, the Company had cash and marketable securities of $67.0 million, an increase of $1.7 million from the balance on December 31, 2002, and no debt.
"While the second quarter was challenging for the Company, we have seen a number of positive financial indicators in the first half of this year, specifically two consecutive cash flow positive quarters and increasing overall margins" commented Glen Tullman, Chief Executive Officer of Allscripts Healthcare Solutions. "Our confidence is strengthened by the sales momentum that we already see in the third quarter."
Total revenue for the six months ended June 30, 2003 was $39.7 million, increasing by 2% over the six months ended June 30, 2002. For the six months ended June 30, 2003, revenue from software and information services was $16.4 million, increasing by 18% over the comparable period last year. Net loss for the six months ended June 30, 2003 was $4.2 million, or $0.11 per share, compared with a net loss of $10.0 million, or $0.26 per share for the same period last year.
Tullman continued, "Today we also announced two strategic acquisitions that will accelerate sales and broaden our product portfolio. First, Advanced Imaging Concepts, Inc. (AIC) will add enhanced document imaging functionality to TouchWorks™ and provide AHS a product offering for the independent physician practice market. Second, in acquiring substantially all the assets of RxCentric, we enable our Physicians Interactive business unit to increase sales capacity, expand its product offering, gain a number of new client relationships and assume a solid base of international business in eight countries. "
Allscripts Healthcare Solutions will conduct a conference call on Wednesday, July 16, 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 July 31, 2003, at www.allscripts.com or by calling 1-800-642-1687, ID # 1679568.
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); Hewlett-Packard Company; Express Scripts; 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.
###
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Balance Sheets
(amounts in thousands)
(Unaudited)
| June 30, | December 31, | ||
| 2003
|
2002
| ||
| Assets | |||
| Current assets: | |||
| Cash and cash equivalents | $17,974 | $17,247 | |
| Marketable securities | 7,695 | 19,117 | |
| Accounts receivable, net | 14,960 | 18,659 | |
| Other receivables | 384 | 747 | |
| Inventories | 3,410 | 3,988 | |
| Prepaid expenses and other current assets | 3,262
|
3,337
| |
| Total current assets | 47,685 | 63,095 | |
| Long-term marketable securities | 41,322 | 28,922 | |
| Fixed assets, net | 2,958 | 4,384 | |
| Intangible assets, net | 4,541 | 4,793 | |
| Other assets | 3,340
|
3,159
| |
| Total assets | $99,846
|
$104,353
| |
| Liabilities and Stockholders' Equity | |||
| Current liabilities: | |||
| Accounts payable and accrued liabilities | $10,659 | $10,682 | |
| Accrued restructuring and other charges | 595 | 1,140 | |
| Deferred revenue | 6,751
|
6,547
| |
| Total current liabilities | 18,005 | 18,369 | |
| Other liabilities | 200
|
163
| |
| Total liabilities | 18,205 | 18,532 | |
| Stockholders' equity | 81,641
|
85,821
| |
| Total liabilities and stockholders' equity | $99,846
|
$104,353
| |
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per-share amounts)
(Unaudited)
| Three Months Ended | Six Months Ended | |||
| June 30,
| June 30,
|
|||
| 2003
|
2002
|
2003
|
2002
|
|
| Revenue: | ||||
| Prepackaged medications | $11,170 | $12,480 | $23,288 | $24,959 |
| Software and related services | 6,020 | 5,018 | 11,816 | 9,457 |
| Information services | 2,480 |
2,596 |
4,596 |
4,451 |
| Total revenue | 19,670 | 20,094 | 39,700 | 38,867 |
| Cost of revenue | 13,153 |
15,124 |
26,995 |
30,075 |
| Gross profit | 6,517 | 4,970 | 12,705 | 8,792 |
| Operating expenses: | ||||
| Selling, general and administrative expenses | 8,804 | 9,577 | 17,356 | 20,002 |
| Amortization of intangibles | 134 |
134 |
268 |
272 |
| Loss from operations | (2,421) | (4,741) | (4,919) | (11,482) |
| Interest and other income,net | 350 |
779 |
742 |
1,496 |
| Loss before income taxes | (2,071) | (3,962) | (4,177) | (9,986) |
| Income taxes | - |
- |
- |
- |
| Net loss | ($2,071) |
($3,962) |
($4,177) |
($9,986) |
| Net loss per share - basic and diluted | ($0.05) |
($0.10) |
($0.11) |
($0.26) |
| Weighted-average shares of common stock outstanding | ||||
| used in computing net loss per share - basic and diluted | 38,457 |
38,422 |
38,449 |
38,248 |