COMPUTER PROGRAMS AND SYSTEMS, INC. ANNOUNCES FOURTH QUARTER AND YEAR-END 2011 RESULTS
MOBILE, Ala.–(BUSINESS WIRE)– Computer Programs and Systems, Inc. (NASDAQ: CPSI – News):
Highlights:
Revenues of $42.2 million for the fourth quarter and $173.5 million for the year;
12-month reserve of $138 million;
Earnings per widely separated share of $0.59 for the fourth quarter and $2.34 for the year;
Cash supposing by operations of $9.3 million for the fourth entertain and $33.5 million for the year; and
Quarterly division of $0.46 per share, an enlarge of $0.10 per share.
Computer Programs and Systems, Inc. (NASDAQ: CPSI – News), a heading provider of healthcare information solutions, currently voiced formula for the fourth entertain and year finished Dec 31, 2011.
The Company also voiced that the Board of Directors has spoken a $0.10 per share enlarge in the unchanging quarterly money division to $0.46 (forty-six cents) per share, on credit on Feb 24, 2012, to stockholders of record as of the tighten of commercial operation on Feb 9, 2012.
Total revenues for the fourth entertain finished Dec 31, 2011, decreased 2.0% to $42.2 million, compared with sum revenues of $43.1 million for the prior-year quarter. Net income for the entertain finished Dec 31, 2011, decreased 1.7% to $6.6 million, or $0.59 per widely separated share, compared with $6.7 million, or $0.61 per widely separated share, for the entertain finished Dec 31, 2010. Cash supposing by operations for the fourth entertain of 2011 was $9.3 million, compared with $5.7 million for the prior-year quarter.
Total revenues for the year finished Dec 31, 2011, increasing 13.2% to $173.5 million, compared with sum revenues of $153.2 million for the prior to year. Net income for the year finished Dec 31, 2011, increasing 37.9% to $25.8 million, or $2.34 per widely separated share, compared with $18.7 million, or $1.71 per widely separated share, for the year finished Dec 31, 2010. Cash supposing by operations for 2011 was $33.5 million, compared with $19.6 million for the prior to year.
For 2012, the Company anticipates sum revenues of $187 million to $199 million and net income of we estimate $28.5 million to $30.5 million, or $2.59 to $2.75 per widely separated share. CPSI’s 12-month reserve as of Dec 31, 2011, was $138 million, consisting of $35 million in non-recurring complement purchases and $103 million in repeated payments for support, Business Management Services and SAAS contracts.
A listen-only simulcast and replay of CPSI’s fourth entertain and year-end 2011 discussion call will be accessible on-line at www.cpsinet.com and www.earnings.com on Jan 27, 2012, commencement at 9:00 a.m. Eastern Time.
About Computer Programs and Systems, Inc.
CPSI is a heading provider of healthcare information solutions for village hospitals with over 650 patron hospitals in 45 states and the District of Columbia. Founded in 1979, the Company is a single-source vendor on condition that endless module and hardware products, complemented by finish designation services and endless support. Its entirely integrated, enterprise-wide complement automates clinical and monetary interpretation management in any of the first organic areas of a hospital. CPSI’s staff of over 1,200 technical, healthcare, healing and commercial operation professionals provides complement doing and stability await services as part of a endless module written to reply to clients’ information needs in a all the time becoming different healthcare environment. For more information, visit www.cpsinet.com.
This press recover contains forward-looking statements inside of the definition of the “safe harbor” supplies of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified in all by the use of forward-looking vernacular and difference such as “expects,” “anticipates,” “estimates,” “believes,” “predicts,” “intends,” “plans,” “potential,” “may,” “continue,” “should,” “will” and difference of allied meaning. Without tying the generality of the preceding statement, all statements in this press recover relating to estimated and projected earnings, margins, costs, expenditures, money flows, expansion rates and destiny monetary formula are forward-looking statements. We counsel investors that any such forward-looking statements are usually predictions and are not guarantees of destiny performance. Certain risks, uncertainties and other factors may means tangible formula to talk about materially from those projected in the forward-looking statements. Such factors may include: altogether commercial operation and mercantile conditions inspiring the healthcare industry; superfluity of our aim marketplace and sanatorium consolidations; changes in patron purchasing priorities, collateral expenditures and direct for information technology systems; foe with companies that have larger financial, technical and selling resources than we have; disaster to rise new technology and products in reply to marketplace demands; fluctuations in quarterly monetary opening due to, between other factors, timing of patron installations; disaster of our products to duty scrupulously ensuing in claims for healing losses; supervision law of our products and customers, together with the goods of the healthcare remodel legislation enacted in 2010 and changes in healthcare policy inspiring Medicare and Medicaid payment rates; changes in accounting beliefs in all supposed in the United States; ubiquitous mercantile conditions, together with changes in the monetary markets that may start the accessibility and price of credit to us or our customers; interruptions in our energy supply and/or telecommunications capabilities and other risk factors described from time to time in our open releases and reports filed with the Securities and Exchange Commission, including, though not singular to, our many new Annual Report on Form 10-K. We also counsel investors that the forward-looking information described herein represents our opinion usually as of this date, and we commence no requisite to refurbish or correct any forward-looking statements to simulate events or developments after the date of this press release.
COMPUTER PROGRAMS AND SYSTEMS, INC.
Unaudited Condensed Statements of Operations
(in thousands, solely per share data)
Three Months Ended
December 31,
Year Ended
December 31,
2011
2010
2011
2010
Sales revenues:
System sales
$
15,445
$
19,204
$
70,644
$
61,253
Support and maintenance
17,994
15,604
67,557
59,259
Business management services
8,773
8,271
35,275
32,735
Total sales revenues
42,212
43,079
173,476
153,247
Cost of sales:
System sales
11,107
13,023
47,603
46,801
Support and maintenance
7,489
6,303
27,239
23,923
Business management services
4,974
4,220
19,223
18,139
Total price of sales
23,570
23,546
94,065
88,863
Gross profit
18,642
19,533
79,411
64,384
Operating expenses:
Sales and marketing
3,041
3,291
13,413
11,605
General and administrative
5,074
6,036
24,703
23,682
Total handling expenses
8,115
9,327
38,116
35,287
Operating income
10,527
10,206
41,295
29,097
Interest income, net
175
160
667
674
Income prior to taxes
10,702
10,366
41,962
29,771
Provision for income taxes
4,147
3,701
16,129
11,033
Net income
$
6,555
$
6,665
$
25,833
$
18,738
Basic gain per share
$
0.59
$
0.61
$
2.34
$
1.71
Diluted gain per share
$
0.59
$
0.61
$
2.34
$
1.71
Weighted normal shares outstanding:
Basic
11,063
10,963
11,034
10,963
Diluted
11,063
10,963
11,034
10,963
COMPUTER PROGRAMS AND SYSTEMS, INC.
Condensed Balance Sheets
(in thousands)
Dec. 31,
2011
Dec. 31,
2010
(Unaudited)
ASSETS
Current assets:
Cash and money equivalents
$
6,664
$
2,940
Investments
16,487
13,402
Accounts receivable, net of stipend for puzzled accounts of $1,276 and $969, respectively
21,521
25,473
Financing receivables, stream apportionment (net)
3,781
3,114
Inventory
1,839
1,783
Deferred taxation assets
2,544
2,244
Prepaid income taxes
835
102
Prepaid expenses
498
562
Total stream assets
54,169
49,620
Financing receivables, long-term (net)
4,057
4,432
Property and equipment
30,745
19,576
Accumulated depreciation
(13,326
)
(10,893
)
Total assets
$
75,645
$
62,735
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
2,469
$
2,617
Deferred revenue
5,590
4,469
Accrued vacation
3,212
2,952
Other accrued liabilities
5,400
4,447
Total stream liabilities
16,671
14,485
Deferred taxation liabilities
1,590
1,786
Stockholders’ equity:
Common stock, par worth $0.001 per share, 30,000 shares authorized, 10,963 and 10,973 shares released and outstanding
11
11
Additional paid-in capital
31,582
30,549
Accumulated other endless income
7
59
Retained earnings
25,784
15,845
Total stockholders’ equity
57,384
46,464
Total liabilities and stockholders’ equity
$
75,645
$
62,735
COMPUTER PROGRAMS AND SYSTEMS, INC.
Unaudited Other Supplemental Information
(In thousands)
The following list summarizes free money upsurge for the Company:
Three
Months
Ended
Dec. 31,
2011
Year
Ended
Dec. 31,
2011
Net money supposing by handling activities
$
9,341
$
33,540
Purchases of skill and equipment*
(9,840
)
(10,847
)
Free money flow
$
(499
)
$
22,693
* Includes $9,500 for the merger of the Company’s corporate domicile and campus trickery in Dec 2011.
Free money upsurge is a non-GAAP monetary measure which CPSI defines as net money supposing by handling activities reduction purchases of skill and equipment. The many directly allied GAAP monetary measure is net money supposing by handling activities. The Company believes free money upsurge is a utilitarian measure of opening and uses this measure as an denote of the monetary resources of the Company and the capability to beget cash.
MOBILE, Ala.–(BUSINESS WIRE)– Computer Programs and Systems, Inc. (NASDAQ: CPSI – News):
Highlights:
Revenues of $42.2 million for the fourth quarter and $173.5 million for the year;
12-month reserve of $138 million;
Earnings per widely separated share of $0.59 for the fourth quarter and $2.34 for the year;
Cash supposing by operations of $9.3 million for the fourth entertain and $33.5 million for the year; and
Quarterly division of $0.46 per share, an enlarge of $0.10 per share.
Computer Programs and Systems, Inc. (NASDAQ: CPSI – News), a heading provider of healthcare information solutions, currently voiced formula for the fourth entertain and year finished Dec 31, 2011.
The Company also voiced that the Board of Directors has spoken a $0.10 per share enlarge in the unchanging quarterly money division to $0.46 (forty-six cents) per share, on credit on Feb 24, 2012, to stockholders of record as of the tighten of commercial operation on Feb 9, 2012.
Total revenues for the fourth entertain finished Dec 31, 2011, decreased 2.0% to $42.2 million, compared with sum revenues of $43.1 million for the prior-year quarter. Net income for the entertain finished Dec 31, 2011, decreased 1.7% to $6.6 million, or $0.59 per widely separated share, compared with $6.7 million, or $0.61 per widely separated share, for the entertain finished Dec 31, 2010. Cash supposing by operations for the fourth entertain of 2011 was $9.3 million, compared with $5.7 million for the prior-year quarter.
Total revenues for the year finished Dec 31, 2011, increasing 13.2% to $173.5 million, compared with sum revenues of $153.2 million for the prior to year. Net income for the year finished Dec 31, 2011, increasing 37.9% to $25.8 million, or $2.34 per widely separated share, compared with $18.7 million, or $1.71 per widely separated share, for the year finished Dec 31, 2010. Cash supposing by operations for 2011 was $33.5 million, compared with $19.6 million for the prior to year.
For 2012, the Company anticipates sum revenues of $187 million to $199 million and net income of we estimate $28.5 million to $30.5 million, or $2.59 to $2.75 per widely separated share. CPSI’s 12-month reserve as of Dec 31, 2011, was $138 million, consisting of $35 million in non-recurring complement purchases and $103 million in repeated payments for support, Business Management Services and SAAS contracts.
A listen-only simulcast and replay of CPSI’s fourth entertain and year-end 2011 discussion call will be accessible on-line at www.cpsinet.com and www.earnings.com on Jan 27, 2012, commencement at 9:00 a.m. Eastern Time.
About Computer Programs and Systems, Inc.
CPSI is a heading provider of healthcare information solutions for village hospitals with over 650 patron hospitals in 45 states and the District of Columbia. Founded in 1979, the Company is a single-source vendor on condition that endless module and hardware products, complemented by finish designation services and endless support. Its entirely integrated, enterprise-wide complement automates clinical and monetary interpretation management in any of the first organic areas of a hospital. CPSI’s staff of over 1,200 technical, healthcare, healing and commercial operation professionals provides complement doing and stability await services as part of a endless module written to reply to clients’ information needs in a all the time becoming different healthcare environment. For more information, visit www.cpsinet.com.
This press recover contains forward-looking statements inside of the definition of the “safe harbor” supplies of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified in all by the use of forward-looking vernacular and difference such as “expects,” “anticipates,” “estimates,” “believes,” “predicts,” “intends,” “plans,” “potential,” “may,” “continue,” “should,” “will” and difference of allied meaning. Without tying the generality of the preceding statement, all statements in this press recover relating to estimated and projected earnings, margins, costs, expenditures, money flows, expansion rates and destiny monetary formula are forward-looking statements. We counsel investors that any such forward-looking statements are usually predictions and are not guarantees of destiny performance. Certain risks, uncertainties and other factors may means tangible formula to talk about materially from those projected in the forward-looking statements. Such factors may include: altogether commercial operation and mercantile conditions inspiring the healthcare industry; superfluity of our aim marketplace and sanatorium consolidations; changes in patron purchasing priorities, collateral expenditures and direct for information technology systems; foe with companies that have larger financial, technical and selling resources than we have; disaster to rise new technology and products in reply to marketplace demands; fluctuations in quarterly monetary opening due to, between other factors, timing of patron installations; disaster of our products to duty scrupulously ensuing in claims for healing losses; supervision law of our products and customers, together with the goods of the healthcare remodel legislation enacted in 2010 and changes in healthcare policy inspiring Medicare and Medicaid payment rates; changes in accounting beliefs in all supposed in the United States; ubiquitous mercantile conditions, together with changes in the monetary markets that may start the accessibility and price of credit to us or our customers; interruptions in our energy supply and/or telecommunications capabilities and other risk factors described from time to time in our open releases and reports filed with the Securities and Exchange Commission, including, though not singular to, our many new Annual Report on Form 10-K. We also counsel investors that the forward-looking information described herein represents our opinion usually as of this date, and we commence no requisite to refurbish or correct any forward-looking statements to simulate events or developments after the date of this press release.
COMPUTER PROGRAMS AND SYSTEMS, INC.
Unaudited Condensed Statements of Operations
(in thousands, solely per share data)
Three Months Ended
December 31,
Year Ended
December 31,
2011
2010
2011
2010
Sales revenues:
System sales
$
15,445
$
19,204
$
70,644
$
61,253
Support and maintenance
17,994
15,604
67,557
59,259
Business management services
8,773
8,271
35,275
32,735
Total sales revenues
42,212
43,079
173,476
153,247
Cost of sales:
System sales
11,107
13,023
47,603
46,801
Support and maintenance
7,489
6,303
27,239
23,923
Business management services
4,974
4,220
19,223
18,139
Total price of sales
23,570
23,546
94,065
88,863
Gross profit
18,642
19,533
79,411
64,384
Operating expenses:
Sales and marketing
3,041
3,291
13,413
11,605
General and administrative
5,074
6,036
24,703
23,682
Total handling expenses
8,115
9,327
38,116
35,287
Operating income
10,527
10,206
41,295
29,097
Interest income, net
175
160
667
674
Income prior to taxes
10,702
10,366
41,962
29,771
Provision for income taxes
4,147
3,701
16,129
11,033
Net income
$
6,555
$
6,665
$
25,833
$
18,738
Basic gain per share
$
0.59
$
0.61
$
2.34
$
1.71
Diluted gain per share
$
0.59
$
0.61
$
2.34
$
1.71
Weighted normal shares outstanding:
Basic
11,063
10,963
11,034
10,963
Diluted
11,063
10,963
11,034
10,963
COMPUTER PROGRAMS AND SYSTEMS, INC.
Condensed Balance Sheets
(in thousands)
Dec. 31,
2011
Dec. 31,
2010
(Unaudited)
ASSETS
Current assets:
Cash and money equivalents
$
6,664
$
2,940
Investments
16,487
13,402
Accounts receivable, net of stipend for puzzled accounts of $1,276 and $969, respectively
21,521
25,473
Financing receivables, stream apportionment (net)
3,781
3,114
Inventory
1,839
1,783
Deferred taxation assets
2,544
2,244
Prepaid income taxes
835
102
Prepaid expenses
498
562
Total stream assets
54,169
49,620
Financing receivables, long-term (net)
4,057
4,432
Property and equipment
30,745
19,576
Accumulated depreciation
(13,326
)
(10,893
)
Total assets
$
75,645
$
62,735
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
2,469
$
2,617
Deferred revenue
5,590
4,469
Accrued vacation
3,212
2,952
Other accrued liabilities
5,400
4,447
Total stream liabilities
16,671
14,485
Deferred taxation liabilities
1,590
1,786
Stockholders’ equity:
Common stock, par worth $0.001 per share, 30,000 shares authorized, 10,963 and 10,973 shares released and outstanding
11
11
Additional paid-in capital
31,582
30,549
Accumulated other endless income
7
59
Retained earnings
25,784
15,845
Total stockholders’ equity
57,384
46,464
Total liabilities and stockholders’ equity
$
75,645
$
62,735
COMPUTER PROGRAMS AND SYSTEMS, INC.
Unaudited Other Supplemental Information
(In thousands)
The following list summarizes free money upsurge for the Company:
Three
Months
Ended
Dec. 31,
2011
Year
Ended
Dec. 31,
2011
Net money supposing by handling activities
$
9,341
$
33,540
Purchases of skill and equipment*
(9,840
)
(10,847
)
Free money flow
$
(499
)
$
22,693
* Includes $9,500 for the merger of the Company’s corporate domicile and campus trickery in Dec 2011.
Free money upsurge is a non-GAAP monetary measure which CPSI defines as net money supposing by handling activities reduction purchases of skill and equipment. The many directly allied GAAP monetary measure is net money supposing by handling activities. The Company believes free money upsurge is a utilitarian measure of opening and uses this measure as an denote of the monetary resources of the Company and the capability to beget cash.