SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 19, 2004
ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.
(Exact name of registrant as specified in its charter)
| DELAWARE | 000-32085 | 36-4392754 | ||
| (State or other jurisdiction of incorporation or organization) |
(Commission File Number) | (I.R.S. Employer Identification No.) |
2401 Commerce Drive
Libertyville, Illinois 60048
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (847) 680-3515
Not Applicable
(Former name or former address, if changed since last report.)
Item 12. Results of Operations and Financial Condition.
On February 19, 2004, the registrant announced its earnings for the quarter and year ended December 31, 2003. Further details are described in the press release issued by the registrant on February 19, 2004, and furnished as Exhibit 99.1 hereto and incorporated herein by reference.
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. | ||||
| Date: February 19, 2004 |
By: |
/s/ William J. Davis | ||
| William J. Davis | ||||
| Chief Financial Officer | ||||
INDEX TO EXHIBITS
| Exhibit Number |
Description | |
| 99.1 | Press Release issued February 19, 2004 |
Exhibit 99.1
| Allscripts Healthcare Solutions Contacts: |
||
| Bill Davis |
Dan Michelson | |
| Chief Financial Officer |
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 Fourth Quarter 2003 Results
Delivers Profitable Results and Positive Cash Flow from Operations
CHICAGO, IL – February 19, 2004 – Allscripts Healthcare Solutions, Inc. (Nasdaq: MDRX), the leading provider of clinical software, connectivity and information solutions for physicians, today announced its results for the three and twelve months ended December 31, 2003.
Total revenue for the three months ended December 31, 2003, was $23.7 million, increasing by 19% over the three months ended December 31, 2002. For the three months ended December 31, 2003, revenue from software and information services was $11.8 million, increasing by 40% over the comparable period last year. Net income for the three months ended December 31, 2003, was $0.1 million, or $0.00 per share, compared with a net loss of $2.0 million, or a loss per share of $0.05 for the same period last year.
As of December 31, 2003, the Company had cash and marketable securities of $51.3 million and no debt.
“2003 was a pivotal year for Allscripts. We delivered on our promise of a profitable fourth quarter while producing positive cash flow from operations in every quarter during the year, demonstrating that when you satisfy your clients, the bottom line responds as well,” commented Glen Tullman, Chief Executive Officer of Allscripts Healthcare Solutions. “There are a number of significant factors driving growth in the healthcare information technology market and Allscripts is uniquely positioned to capitalize on these trends in 2004.”
For the twelve months ended December 31, 2003, total revenue was $85.8 million, up 9% from $78.8 million in 2002. Software and information services revenue for the twelve months ended December 31, 2003, increased by 35% from $29.5 million in 2002 to $39.7 million in 2003. Net loss for the twelve months ended December 31, 2003, was $5.0 million, or a loss per share of $0.13, compared with a net loss of $15.2 million, or a loss per share of $0.40, in 2002.
Allscripts Healthcare Solutions will conduct a conference call on Thursday, February 19, 2004, at 4:30 PM Eastern time to discuss the fourth quarter and 2003 results in further detail. 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 March 4, 2004, at www.allscripts.com or by calling 1-800-642-1687, ID #4978016.
About Allscripts Healthcare Solutions
Allscripts Healthcare Solutions (AHS) is the leading provider of clinical software, connectivity and information solutions for physicians. The Company’s TouchWorks™ software is an Electronic Medical Record (EMR) that enhances physician productivity by automating the most common physician activities including prescribing, dictating, capturing charges, ordering labs and viewing results, providing patient education, and documenting clinical encounters. TouchWorks is available on the latest Tablet PCs, wireless handheld devices, desktop workstations and over the Internet. AHS also offers electronic document imaging and scanning solutions through its Advanced Imaging Concepts subsidiary. Additionally, AHS provides healthcare product education and market research programs for physicians through its Physicians Interactive™ unit and medication fulfillment services through its Allscripts Direct™ unit. Visit AHS on the Web at www.allscripts.com.
Strategic partners include IDX Systems (Nasdaq: IDXC); IMS Health (NYSE: RX); Microsoft; Hewlett-Packard; and Medco Health.
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)
(Unaudited)
| December 31, 2003 |
December 31, 2002 | |||||
| Assets |
||||||
| Current assets |
||||||
| Cash and cash equivalents |
$ | 13,336 | $ | 17,247 | ||
| Marketable securities |
3,435 | 19,117 | ||||
| Accounts receivable, net |
18,219 | 18,659 | ||||
| Other receivables |
237 | 747 | ||||
| Inventories |
3,249 | 3,988 | ||||
| Prepaid expenses and other current assets |
3,863 | 3,037 | ||||
| Total current assets |
42,339 | 62,795 | ||||
| Long-term marketable securities |
34,538 | 28,922 | ||||
| Fixed assets, net |
2,237 | 4,384 | ||||
| Intangible assets, net |
26,359 | 4,793 | ||||
| Other assets |
4,919 | 3,459 | ||||
| Total assets |
$ | 110,392 | $ | 104,353 | ||
| Liabilities and Stockholders’ Equity |
||||||
| Current liabilities |
||||||
| Accounts payable and accrued liabilities |
$ | 13,884 | $ | 10,682 | ||
| Accrued restructuring and other charges |
104 | 1,140 | ||||
| Deferred revenue |
10,959 | 6,547 | ||||
| Total current liabilities |
24,947 | 18,369 | ||||
| Other liabilities |
2,055 | 163 | ||||
| Total liabilities |
27,002 | 18,532 | ||||
| Stockholders’ equity |
83,390 | 85,821 | ||||
| Total liabilities and stockholders’ equity |
$ | 110,392 | $ | 104,353 | ||
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per-share amounts)
(Unaudited)
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||||||
| 2003 |
2002 |
2003 |
2002 |
|||||||||||||
| Revenue: |
||||||||||||||||
| Prepackaged medications |
$ | 11,894 | $ | 11,540 | $ | 46,172 | $ | 49,298 | ||||||||
| Software and related services |
8,318 | 5,645 | 28,366 | 19,921 | ||||||||||||
| Information services |
3,441 | 2,744 | 11,303 | 9,583 | ||||||||||||
| Total revenue |
23,653 | 19,929 | 85,841 | 78,802 | ||||||||||||
| Cost of revenue |
14,341 | 14,086 | 55,169 | 58,931 | ||||||||||||
| Gross profit |
9,312 | 5,843 | 30,672 | 19,871 | ||||||||||||
| Operating expenses: |
||||||||||||||||
| Selling, general and administrative expenses |
9,084 | 8,096 | 36,058 | 36,412 | ||||||||||||
| Amortization of intangibles |
388 | 133 | 951 | 540 | ||||||||||||
| Restructuring and other charges |
0 | 0 | 0 | 600 | ||||||||||||
| Loss from operations |
(160 | ) | (2,386 | ) | (6,337 | ) | (17,681 | ) | ||||||||
| Interest and other income, net |
276 | 338 | 1,358 | 2,448 | ||||||||||||
| Income/(loss) before income taxes |
116 | (2,048 | ) | (4,979 | ) | (15,233 | ) | |||||||||
| Income taxes |
— | — | — | — | ||||||||||||
| Net income/(loss) |
$ | 116 | $ | (2,048 | ) | $ | (4,979 | ) | $ | (15,233 | ) | |||||
| Net income/(loss) per share - basic and diluted |
$ | 0.00 | $ | (0.05 | ) | $ | (0.13 | ) | $ | (0.40 | ) | |||||
| Weighted average shares of common stock outstanding used in computing basic net income/(loss) per share |
38,956 | 38,426 | 38,621 | 38,337 | ||||||||||||
| Weighted average shares of common stock outstanding used in computing diluted net income/(loss) per share |
40,700 | 38,426 | 38,621 | 38,337 | ||||||||||||