UNITED STATES
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): May 5, 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 May 5, 2004, the registrant announced its earnings for the quarter ended March 31, 2004. Further details are described in the press release issued by the registrant on May 5, 2004, and furnished as Exhibit 99.1 hereto and incorporated herein by reference.
2
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: May 5, 2004 |
By: |
/s/ William J. Davis | ||
| William J. Davis | ||||
| Chief Financial Officer | ||||
INDEX TO EXHIBITS
| Exhibit Number |
Description | |
| 99.1 | Press Release issued May 5, 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 First Quarter 2004 Results
Company Posts Continued Profitability, Record Cash Flow from Operations
CHICAGO, IL – May 5, 2004 – Allscripts Healthcare Solutions, Inc. (NASDAQ: MDRX), the leading provider of clinical software, connectivity and information solutions for physicians, announced its results for the three months ended March 31, 2004.
Total revenue for the three months ended March 31, 2004 was $23.2 million, compared to $20.0 million for the same period in 2003. Revenue from software and information services for the three months ended March 31, 2004 was $12.0 million, increasing by 51% over the comparable period last year. Revenue from software and information services represented approximately 52% of total revenue for the first quarter of 2004.
Gross margin as a percentage of revenue was 39.5% for the three months ended March 31, 2004, compared to 30.9% in the same period of 2003. Gross margin as a percentage of revenue from software and information services was 56.1% for the three months ended March 31, 2004, compared to 44.5% over the comparable period last year.
Net income for the three months ended March 31, 2004 of $0.3 million, or $0.01 per share, compares to a net loss of $2.1 million, or $0.05 loss per share, for the same period last year.
At March 31, 2004 the Company had cash and marketable securities of $53.3 million compared to $51.3 million at December 31, 2003.
“Allscripts delivered another successful quarter for our investors with continued profitability and record cash flow from operations,” commented Glen Tullman, Chief Executive Officer of Allscripts Healthcare Solutions. “The interest in the physician-focused solutions we provide has never been stronger, and our Company is better positioned than ever to capitalize upon these trends.”
Allscripts Healthcare Solutions will conduct a conference call on Wednesday, May 5, 2004 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 21, 2004 at www.allscripts.com or by calling 1-800-642-1687, ID # 6901404.
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 2003 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)
| March 31, 2004 |
December 31, 2003 | |||||
| Assets |
||||||
| Current assets: |
||||||
| Cash and cash equivalents |
$ | 12,004 | $ | 13,336 | ||
| Marketable securities |
4,300 | 3,435 | ||||
| Accounts receivable, net |
17,255 | 18,219 | ||||
| Other receivables |
229 | 237 | ||||
| Inventories |
2,790 | 3,249 | ||||
| Prepaid expenses and other current assets |
2,836 | 3,863 | ||||
| Total current assets |
39,414 | 42,339 | ||||
| Long-term marketable securities |
36,953 | 34,538 | ||||
| Fixed assets, net |
2,117 | 2,237 | ||||
| Intangible assets, net |
25,935 | 26,359 | ||||
| Other assets |
5,874 | 4,919 | ||||
| Total assets |
$ | 110,293 | $ | 110,392 | ||
| Liabilities and Stockholders’ Equity |
||||||
| Current liabilities: |
||||||
| Accounts payable and accrued liabilities |
$ | 14,920 | $ | 13,988 | ||
| Deferred revenue |
10,353 | 10,959 | ||||
| Total current liabilities |
25,273 | 24,947 | ||||
| Other liabilities |
268 | 2,055 | ||||
| Total liabilities |
25,541 | 27,002 | ||||
| Stockholders’ equity |
84,752 | 83,390 | ||||
| Total liabilities and stockholders’ equity |
$ | 110,293 | $ | 110,392 | ||
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per-share amounts)
(Unaudited)
| Three Months Ended March 31, |
||||||||
| 2004 |
2003 |
|||||||
| Revenue: |
||||||||
| Prepackaged medications |
$ | 11,184 | $ | 12,118 | ||||
| Software and related services |
8,895 | 5,796 | ||||||
| Information services |
3,076 | 2,116 | ||||||
| Total revenue |
23,155 | 20,030 | ||||||
| Cost of revenue |
14,009 | 13,842 | ||||||
| Gross profit |
9,146 | 6,188 | ||||||
| Operating expenses: |
||||||||
| Selling, general and administrative expenses |
8,760 | 8,552 | ||||||
| Amortization of intangibles |
429 | 134 | ||||||
| Loss from operations |
(43 | ) | (2,498 | ) | ||||
| Interest and other income, net |
310 | 392 | ||||||
| Income (loss) before income taxes |
267 | (2,106 | ) | |||||
| Income taxes |
— | — | ||||||
| Net income (loss) |
$ | 267 | ($ | 2,106 | ) | |||
| Net income (loss) per share - basic and diluted |
$ | 0.01 | ($ | 0.05 | ) | |||
| Weighted average shares of common stock outstanding used in computing basic net income (loss) per share |
39,169 | 38,440 | ||||||
| Weighted average shares of common stock outstanding used in computing diluted net income (loss) per share |
41,869 | 38,440 | ||||||