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Quality
Systems Reports Fourth-Quarter and Fiscal
Year End Results
TUSTIN,
Calif.--(BUSINESS WIRE) --
May 23, 2002 -- Quality
Systems, Inc. (QSII:NASDAQ)
today announced the results of operations
for its fiscal 2002 fourth quarter and
year ended March 31, 2002. The Company
posted net revenue of $12.0 million for
the fourth quarter, an increase of 12%
over the $10.7 million generated during
the comparable quarter of the prior year.
The Company reported net income of $1,494,000,
an increase of 27% over net income of
$1,174,000 earned during the prior year's
fourth quarter. Fully diluted earnings
per share totaled $0.24 in the quarter,
an increase of 26% over the fully diluted
$0.19 per share recorded in the same quarter
last year.
Revenue for fiscal
year ended March 31, 2002 was $44,422,000,
an increase of 11% over fiscal 2001's
revenue of $39,936,000. Net income for
fiscal 2002 was $5,268,000, an increase
of 50% over fiscal 2001's net income of
$3,509,000. Fully diluted earnings per
share increased to $0.84 in FY 2002, a
47% increase over the $0.57 earned in
FY 2001.
The revenue, net
income, and earnings per share results
achieved in the quarter and the fiscal
year were all records for the company.
Results in the fourth quarter were driven
by strong performance in the company's
NextGen Healthcare Information Systems
subsidiary.
Quality Systems,
Inc. will hold a conference call to discuss
fourth-quarter and year-end financial
results today, Thursday, May 23, 2002
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: 877/586-7724. 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 Thursday,
May 23 at 1:00 p.m. PDT, through Thursday,
May 30 at 1:00 p.m. PDT; call 800/642-1687
and enter the conference ID number 4135730.
International callers may access the replay
by dialing 706/645-9291 and entering the
same conference ID number.
A transcript of
the conference call will be made available
on the QSII Web site (www.qsii.com). Quality
Systems is a developer and provider of
computer-based practice management and
electronic medical records systems and
e-business applications for dental and
medical group practices marketed under
the QSI and
NextGen product names.
This
news release contains 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 cause
actual results to differ materially from
those indicated by such forward-looking
statements are volume and timing of systems
sales and installations, length of sales
cycles and installation process, 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 on the healthcare 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 as applied to the company as
of the date hereof.
Quality
Systems, Inc.
Consolidated Statements of Operations
and Comprehensive Income
 |
|
|
| |
Three
Months Ended
March 31, |
Year
Ended
March 31, |
| Numbers
by 1000's |
| ---------------- |
| 2002 |
2000 |
| ------ |
------ |
|
| ---------------- |
| 2002 |
2001 |
| ------ |
------ |
|
|
Net
Revenues:
Sales of computer systems, upgrades
and supplies Maintenance and other
services |
| 6,358,000 |
5,516,000 |
| 5,615,000 |
5,162,000 |
| ------ |
------ |
| 11,973,000 |
10,678,000 |
|
| 22,520,000 |
19,935,000 |
| 21,902,000 |
20,001,000 |
| ------ |
------ |
| 44,422,000 |
39,936,000 |
|
|
| Cost
of Products and Services |
| 5,072,000 |
4,429,000 |
| ------ |
------ |
|
| 19,253,000 |
17,283,000 |
| ------ |
------ |
|
| Gross
Profit |
|
|
|
| Selling,
General and Administrative Expenses
Research and Development Costs |
| 3,510,000 |
3,525,000 |
| 1,079,000 |
1,092,000 |
| ------ |
------ |
|
| 13,068,000 |
13,585,000 |
| 4,243,000 |
4,081,000 |
| ------ |
------ |
|
|
| Income
from Operations |
|
|
|
| Investment
Income |
| 100,000 |
274,000 |
| ------ |
------ |
|
| 643,000 |
1,032,000 |
| ------ |
------ |
|
| Income
before Provision for Income Taxes
|
|
|
|
| Provision
for Income Taxes |
| 918,000 |
732,000 |
| ------ |
------ |
|
| 3,233,000 |
2,510,000 |
| ------ |
------ |
|
|
| Net
Income |
| $1,494,000 |
$1,174,000 |
| ====== |
====== |
|
| $5,268,000 |
$3,509,000 |
| ====== |
====== |
|
|
| Income
per Share - Basic |
| $
0.25 |
$
0.20 |
| ======= |
======= |
|
| $
0.87 |
$
0.57 |
| ======= |
======= |
|
|
| Income
per Share - Diluted |
| $
0.24 |
$
0.19 |
| ======= |
======= |
|
| $
0.84 |
$
0.57 |
| ======= |
======= |
|
|
Weighted
average
number of shares
outstanding - Basic |
| 6,078,000 |
5,983,000 |
| ======= |
======= |
|
| 6,025,000 |
6,130,000 |
| ======= |
======= |
|
|
Weighted
average
number of shares
outstanding
- Diluted |
| 6,320,000 |
6,099,000 |
| ======= |
======= |
|
| 6,240,000 |
6,203,000 |
| ======= |
======= |
|
(unaudited)
Quality
Systems, Inc.
Consolidated Balance Sheets
(in thousands)
ASSETS
| |
|
|
| |
March
31,
2002 |
March
31,
2001 |
| |
---- |
---- |
|
Current
Assets:
Cash and cash equivalents
Short-term investments
Accounts receivable, net
Inventories
Other current assets |
|
$ 25,443
|
| 255 |
| 13,695 |
| 1,118 |
| 2,579 |
| ------- |
|
|
$ 18,471
|
| 258 |
| 13,335 |
| 1,030 |
| 2,098 |
| ------- |
|
|
| Total
current assets |
43,090 |
35,192 |
|
Equipment
and Improvements, net
Capitalized Software Costs, net
Deferred Tax Asset
Excess of Cost Over Net Assets
of Acquired Business, net
Other Assets |
| 1,578 |
| 2,103 |
| 2,960 |
|
1,772
|
| 1,419 |
| ------- |
|
| 1,819 |
| 1,769 |
| |
|
1,772
|
| 1,371 |
| ------- |
|
| Total
assets |
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
| |
|
|
Current
Liabilities:
Accounts payable
Deferred service revenue
Other current liabilities |
|
$2,657
|
| 6,155 |
| 4,159 |
| -------- |
|
|
$ 1,829
|
| 5,595 |
| 3,572 |
| -------- |
|
| Total
liabilities |
12,971 |
10,996 |
|
| Commitments
and Contingencies |
|
|
|
| Shareholders'
Equity:
Common stock, $0.01 par value,
20,000 shares authorized, 6,208
and 6,201 shares issued
and outstanding, respectively
Additional paid-in capital
Accumulated deficit |
61
34,575
5,315
--------
|
60
33,780
47
--------
|
| Total
shareholders' equity |
39,951 |
33,887 |
Total liabilities and
Shareholders' equity |
$52,922
======= |
$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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