Dynamic Healthcare Technologies, Inc. Reports Second Quarter Results
MAITLAND, Fla.--
-- Record Growth in New Systems Backlog --
Dynamic Healthcare Technologies, Inc. (Nasdaq: DHTI) today announced operating results in line with revised First Call estimates for the second quarter ended June 30, 1997.
Revenues for the three months ended June 30, 1997 increased by 44% to $7,547,000, compared to 5,257,000 in the same period in 1996. Net loss for the second quarter of 1997 was $(1,766,000), or $(0.10) per share, compared to virtually breakeven results reported for the same quarter last year.
For the six months ended June 30, 1997, Dynamic reported first half revenues of $18,295,000 and net income of $1,209,000. Revenues for the six months ended June 30, 1997 more than doubled revenues for the same period 1996, increasing from $8,341,000 to $18,295,000. Net income for the six months ended June 30, 1997 was $0.07 per share, up from a net loss of $0.10 for the comparable period in 1996.
Mitchel Laskey, President and CEO of Dynamic Healthcare Technologies, stated, "The Company is entering the third quarter 1997 with its highest backlog of new system sales ever, currently in excess of $12.5 million.
Additionally, the Company reported that annualized billable software support has increased to $12.3 million, and continues to grow.S
Dynamic Healthcare Technologies, Inc. develops, markets and supports enterprise- wide information solutions that enable the efficient capture, storage, archival and retrieval of electronic health information and the world-wide sharing of this information across the continuum of care.
Headquartered in Maitland, Florida, the Company maintains Clinical Solutions Centers in Minnetonka and Apple Valley, Minnesota, and Waltham, Massachusetts.
DynamicVision is a trademark of Dynamic Healthcare Technologies, Inc.
This press release contains forward-looking statements 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 quarterly financial results, seasonal patterns of sales and client behavior, changing economic and regulatory influences on the healthcare industry, the development by competitors of new or superior technologies or entry into the market of new competitors, dependence on intellectual property rights, delays in product development, the Company's dependence on key personnel, possible regulation of the Company's software by the U.S. Food and Drug Administration, volatility of the Company's stock price and other risks detailed from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission.
SELECTED FINANCIAL DATA
(Unaudited)
Three Months Six Months
Ended Ended
June 30, June 30,
1996 (A) 1997 1996 (A) 1997
Operating revenues:
Computer system equipment
sales and support $1,246,347 $1,561,284 $1,764,731 $2,307,384
Application software
licenses 1,769,314 1,712,912 2,394,885 7,222,652
Software support 1,495,854 2,682,690 2,703,183 5,241,801
Services and other 745,325 1,589,661 1,478,553 3,522,746
Total Operating
Revenues 5,256,840 7,546,547 8,341,352 18,294,583
Costs and expenses:
Cost of products sold 1,100,829 1,610,147 1,534,756 2,401,885
Client services expense 1,634,188 2,978,917 2,781,437 5,743,790
Software development
costs 665,951 1,565,006 1,201,981 2,923,346
Sales and marketing 1,094,984 2,278,297 2,027,816 4,023,227
General and
administrative 647,007 1,045,556 1,166,543 2,329,572
Total costs and
expenses 5,142,959 9,477,923 8,712,533 17,421,820
Operating income (loss) 113,881 (1,931,376) (371,181) 872,763
Other income (expense):
Interest expense and
financing costs (115,443) (16,710) (197,510) (35,239)
Interest income and other 47,080 182,060 81,646 371,206
Total other income
(expense) (68,363) 165,350 (115,864) 335,967
Net earnings (loss)
before income taxes 45,518 (1,766,026) (487,045) 1,208,730
Income taxes - current -- -- -- --
Net earnings (loss) $45,518 ($1,766,026)($487,045) $1,208,730
Earnings (loss) per common
share primary and
fully diluted ($0.01) ($0.10) ($0.10) $0.07
Weighted average number
of common and common
equivalent shares
outstanding 6,876,733 17,328,473 6,869,190 17,864,395
(A) Restated to reflect the acquisition of Dynacor, Inc. on May 22, 1997, which was accounted for as a pooling of interests.
CONTACT: Dynamic Healthcare Technologies
Mary Lu Lander (media)
Vice President, Marketing
mlander@dht.com
or
Mitchel J. Laskey (investors)
President and Chief Executive Officer
mlaskey@dht.com
1-800-832-3020
or
Noonan/Russo Communications, Inc.
212-696-4455 ext. 274
Jessica Livingston (Investors) ext. 229
Heather Hennessy (media) ext. 274
e-mail: news@noonanrusso.com
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