Dynamic Healthcare Technologies, Inc. Reports Third Quarter Earnings
MAITLAND, Fla. -- Dynamic Healthcare Technologies, Inc. (Nasdaq: DHTI) today announced earnings for the third quarter and nine months ended September 30, 1997. The Company reported third quarter 1997 revenues of $10,554,000 and net income of $866,000 or $0.05 per share. For the nine months ended September 30, 1997, revenues were $28,849,000 and net income was $2,095,000 or $0.11 per share.
Revenues for the three months ended September 30, 1997 increased by more than 120% compared to the revenues reported for the same period last year. Similarly, revenues for the nine months ended September 30, 1997 increased by 120% over revenues reported for the nine months ended September 30, 1996. Management attributed the increases to an aggressive growth plan being executed by the Company. The Company continues to introduce new products through internal software development efforts and through strategic acquisitions, and to build new distribution channels through business partner arrangements.
Mitchel J. Laskey, President and CEO of Dynamic Healthcare Technologies, Inc. stated, "The third quarter results are encouraging as we continue to move forward with our growth strategy. To be the market leader in information systems technologies we have to continue to complete product development projects, deliver viable solutions to our customers and build solid and full functioned reference sites. At the same time Dynamic is focusing on growing market share and concentrating on revenue growth.
Although we have achieved some milestones, we still have significant work to do moving forward."
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.
DYNAMIC HEALTHCARE TECHNOLOGIES, INC.
Selected Financial Data
(Unaudited)
Three Months Nine Months
Ended Ended
September 30, September 30,
1996 (1) 1997 1996 (1) 1997 (1)
Operating revenues:
Computer system equipment
sales and support $968,097 $1,959,491 $2,732,828 $4,266,875
Application software
licenses 1,417,311 3,595,986 3,812,196 10,818,638
Software support 1,614,441 2,776,688 4,317,624 8,018,489
Services and other 785,298 2,221,989 2,263,851 5,744,735
Total Operating Revenues 4,785,147 10,554,154 13,126,499 28,848,737
Costs and expenses:
Cost of products sold 811,399 1,933,687 2,346,155 4,335,572
Client services expense 1,817,219 2,904,124 4,598,656 8,647,914
Software development costs 820,872 1,549,313 2,022,853 4,472,659
Sales and marketing 1,144,847 2,353,645 3,172,663 6,376,872
General and administrative 639,647 1,130,245 1,806,190 3,459,817
Total costs
and expenses 5,233,984 9,871,014 13,946,517 27,292,834
Operating income (loss) (448,837) 683,140 (820,018) 1,555,903
Other income (expense):
Interest expense and
financing costs (113,318) (7,449) (310,828) (42,688)
Interest income and other (3,176) 210,562 78,470 581,768
Total other income
(expense) (116,494) 203,113 (232,358) 539,080
Net earnings (loss) before
income taxes (565,331) 886,253 (1,052,376) 2,094,983
Income taxes -- current -- -- -- --
Net earnings (loss) ($565,331) $886,253 ($1,052,376) $2,094,983
Earnings (loss) per
common share primary ($0.09) $0.05 ($0.19) $0.11
Weighted average number
of common and
equivalent shares
outstanding 7,138,153 18,418,949 6,959,498 18,353,506
(1) Restated to reflect the May 22, 1997 acquisition of Dynacor, Inc.,
accounted for as a pooling of interest.
/CONTACT: Mary Lu Lander, media, Vice President, Marketing,
mlander@dht.com, or Mitchel J. Laskey, investors, President and Chief
Executive Officer, mlaskey@dht.com, both of Dynamic Healthcare Technologies, 800-832-3020; or Jessica Livingston, investors, ext. 229, or Heather Hennessy, media, ext. 274, both of Noonan/Russo Communications, 212-696-4455, or news@noonanrusso.com, for Dynamic Healthcare Technologies/
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