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AMICAS Reports Financial Results for the First Quarter Ended March 31, 2009
Provides 2010 business outlook
(Logo: http://www.newscom.com/cgi-bin/prnh/20060202/AMICASLOGO )
Q1 Financial Highlights
Revenue: Total revenues for the first quarter of 2009 were
Operating Income/Loss: Operating loss for the first quarter of 2009 was
Adjusted EBITDA: The Company's Adjusted EBITDA, excluding acquisition-related and integration costs for the first quarter of 2009, was
Net Income/Loss: The Company's net loss for the first quarter of 2009 was
Cash and Cash Flow: AMICAS ended the first quarter of 2009 with cash, cash equivalents, and a marketable securities balance of
Stock Repurchase: In the fourth quarter of 2008, the Board of Directors directed the Company to initiate a
Business Perspective
"The acquisition of Emageon clearly helps AMICAS scale to execute both as a top-flight IT solution provider and as a standalone independent public company. As a result of our combination with Emageon, AMICAS now provides a market leading suite that includes radiology PACS, radiology information systems, cardiology PACS, cardiovascular information systems, referring physician tools, business intelligence tools, enterprise content management tools (serving as both the imaging component of the EMR and as a vendor-neutral archive), and revenue cycle management systems," said Dr. Kahane.
Dr. Kahane also said, "We continue to maintain our focus on serving the end-to-end needs of imaging centers, radiology groups, and sub-specialty groups that are highly dependent on imaging during their delivery of healthcare services. At the same time, we are looking forward to providing the market with an enterprise content management solution that makes images accessible as a component of the electronic medical record."
Dr. Kahane went on to say, "We believe we have built an excellent foundation with many very sophisticated providers of imaging services while developing an excellent product suite over the last two years. We are looking forward to combining this foundation with the customers, solutions, and employees of Emageon to establish AMICAS as the premiere independent provider of image and information management solutions in healthcare."
Business Outlook
AMICAS expects to provide guidance for 2009 upon completion of its purchase accounting related to the Emageon Inc. acquisition, and to provide this guidance at the time that AMICAS releases its results for the second quarter of 2009.
Purchase accounting is expected to have minimal impact on 2010 results and, therefore, AMICAS is providing the following business outlook for fiscal year 2010.
- Fiscal year 2010 revenue is expected to be
$112 to $120 million - Fiscal year 2010 Adjusted EBITDA is expected to be
$16.5 to $20.7 million
Conference Call
AMICAS will host a conference call on
About AMICAS
AMICAS, Inc. (www.amicas.com) is a leading independent provider of imaging IT solutions. AMICAS offers the industry's most comprehensive suite of image and information management solutions - from radiology PACS to cardiology PACS, from radiology information systems to cardiovascular information systems, from revenue cycle management solutions to enterprise content management tools designed to power the imaging component of the electronic medical record. AMICAS provides a complete, end-to-end solution for radiology practices, imaging centers, and ambulatory care facilities. Hospitals and integrated delivery networks are provided with a comprehensive image management solution for cardiology and radiology that supports EMR strategies to enhance clinical, operational, and administrative functions.
Safe Harbor Statement
Except for the historical information herein, the matters discussed in this release include forward-looking statements. In particular, the forward-looking statements contained in this release include statements about our anticipated financial and operating results for the remainder of fiscal year 2009 and for fiscal year 2010. When used in this press release, the words: believes, intends, plans, anticipates, expects, estimates, and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions, and uncertainties that could cause actual results to differ materially, which include, but are not limited to, the following: a significant portion of the Company's quarterly sales are concluded in the last month of the fiscal quarter; the length of sales and delivery cycles; the deferral and/or realization of deferred software license and system revenues according to contract terms; the timing, cost, and success or failure of current and new product and service introductions and product upgrade releases; potential patent infringement claims against AMICAS and the related defense costs; the ability of AMICAS to comply with all government laws, rules, and regulations; and other risks affecting AMICAS' businesses generally and as set forth in AMICAS' most recent filings with the Securities and Exchange Commission, including the section entitled "Risk Factors" of our most recent annual report on Form 10-K, and subsequent quarterly reports on Form 10-Q. All forward-looking statements in this release are qualified by these cautionary statements and are made only as of the date of this release. AMICAS is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise. The financial statements and information as of, and for the period ended,
Adjusted EBITDA Financial Measures
Adjusted EBITDA refers to net income (loss), adjusted for amortization, acquisition-related and integration costs, depreciation, interest, taxes, and stock compensation expense.
Management believes that its Adjusted EBITDA, when viewed in addition to the Company's reported GAAP results, provides an additional meaningful measure of operating performance, enabling investors to more thoroughly evaluate current performance in comparison to past performance. This information will necessarily differ from comparable information that may be provided by other companies and should not be considered in isolation or as an alternative to the Company's operating and other financial information determined under GAAP. A reconciliation of net income (loss) to Adjusted EBITDA is included below.
CONTACT:
Colleen McCormick, Investor Relations
617.779.7892
cmccormick@amicas.com
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except share data)
March 31, December 31,
2009 2008
Assets
Current assets:
Cash and cash equivalents $44,076 $7,366
Marketable securities 12,502 47,627
Accounts receivable, net of allowances
of $45 and $158, respectively 9,654 10,224
Prepaid expenses and other current
assets 2,671 2,261
Total current assets 68,903 67,478
Property and equipment, less accumulated
depreciation and amortization of $7,649 and
$7,495, respectively 863 965
Acquired/developed software, less
accumulated amortization of $10,766 and
$10,195, respectively 5,233 5,805
Other intangible assets, less accumulated
amortization of $676 and $2,144, respectively 1,224 1,256
Other assets 1,747 1,594
Total Assets $77,970 $77,098
Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued expenses $4,375 $4,156
Accrued employee compensation and
benefits 1,252 1,611
Deferred revenue 15,551 14,657
Total current liabilities 21,178 20,424
Unrecognized tax benefits 1,406 1,379
Deferred revenue long term portion 930 -
Commitments and contingencies
Stockholders' equity:
Preferred stock $.001 par value;
2,000,000 shares authorized; none issued - -
Common stock $.001 par value, 200,000,000
shares authorized, 51,558,435 and
51,473,965 issued, respectively 51 51
Additional paid-in capital 231,477 230,905
Accumulated other comprehensive (loss)
income (2) 100
Accumulated deficit (129,717) (128,549)
Treasury stock, at cost, 16,357,854 and
16,270,088 shares (47,353) (47,212)
Total stockholders' equity 54,456 55,295
Total Liabilities and Stockholders' Equity $77,970 $77,098
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share data and footnotes)
Three Months Ended
March 31,
2009 2008
Revenues
Maintenance and services $9,962 $9,753
Software licenses and system sales 1,309 3,035
Total revenues $11,271 12,788
Costs and expenses
Cost of revenues:
Maintenance and services (a) $4,232 4,269
Software licenses and system sales,
including amortization of software costs
of $571 and $489, respectively 1,060 2,211
Selling, general and administrative (b) 4,521 5,002
Research and development (c) 2,286 2,195
Depreciation and amortization 185 275
Acquisition-related and integration costs 549 -
12,833 13,952
Operating loss (1,562) (1,164)
Interest income 447 789
Loss on sale of investments - (31)
Loss before provision for income taxes (1,115) (406)
Provision for income taxes 53 61
Net loss $(1,168) $(467)
(Loss) income per share
Basic: $(0.03) $(0.01)
Diluted: $(0.03) $(0.01)
Weighted average number of shares outstanding
Basic 35,195 43,628
Diluted 35,195 43,628
(a) includes $39,000 and $37,000 in stock-based compensation expense
for the three months ended March 31, 2009, and 2008, respectively
(b) includes $314,000 and $284,000 in stock-based compensation expense
for the three months ended March 31, 2009, and 2008, respectively
(c) includes $104,000 and $112,000 in stock-based compensation expense
for the three months ended March 31, 2009, and 2008, respectively
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Three Months Ended
March 31,
2009 2008
Operating activities
Net loss (1,168) $(467)
Adjustments to reconcile net loss to cash
provided by operating activities:
Depreciation and amortization 185 275
Provisions for bad debts (73) 55
Amortization of software development costs 571 489
Non-cash stock compensation expense 457 433
Changes in operating assets and liabilities:
Accounts receivable 642 (489)
Prepaid expenses and other current assets (561) 532
Accounts payable and accrued expenses (140) (306)
Deferred revenue including unearned discount 1,824 454
Unrecognized tax benefits 27 25
Cash provided by operating activities 1,764 1,001
Investing activities
Purchases of property and equipment (51) (304)
Purchases of held-to-maturity securities (8,403) (124,084)
Maturities of held-to-maturity securities 27,595 113,799
Purchases of available-for-sale securities (20,363) (1,500)
Sales of available-for-sale securities 36,193 20,031
Cash provided by investing activities 34,971 7,942
Financing activities
Repurchase of common stock (141) (4,593)
Exercise of stock options 116 181
Cash used in financing activities (25) (4,412)
Increase in cash and cash equivalents 36,710 4,531
Cash and cash equivalents at beginning of period 7,366 8,536
Cash and cash equivalents at end of period $44,076 $13,067
Supplemental disclosure of cash paid during the
period for:
Income taxes, net of refunds $- $115
Non-cash investing activity:
Unrealized gain (loss) on available-for-sale
securities $(102) $120
RECONCILIATION NET LOSS TO ADJUSTED EBITDA
(Unaudited)
(in thousands)
Three Months Ended
March 31,
2009 2008
Net loss $(1,168) $(467)
Provision for income taxes 53 61
Interest income 447 789
Loss on sale of investments 0 (31)
Operating loss (1,562) (1,164)
Non-cash stock compensation expense 457 433
Acquisition-related and integration costs 549 -
Depreciation and amortization 185 275
Amortization of software development costs 571 489
Adjusted EBITDA $200 $33
FISCAL YEAR 2010 BUSINESS OUTLOOK
(in thousands)
FY 2010
Low High
Revenue $112,000 $120,000
Adjusted EBITDA $16,500 $20,700
FISCAL YEAR 2010 BUSINESS OUTLOOK
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
(in thousands)
FY 2010
Low High
Net income $7,000 $11,000
Provision for income taxes 300 500
Interest income 700 700
Operating income 6,600 10,800
Non-cash stock compensation expense 2,500 2,500
Depreciation and amortization 7,400 7,400
Adjusted EBITDA $16,500 $20,700
SOURCE AMICAS, Inc.