I came to the board to see if anyone could explain the pop in price without reference to IDX Systems Corporation's (IDXC not IDX) earnings announcement today. It would not be the first time we were mistaken for IDXC. But, take a look, after the company's press release, what the news did for their stock price. Must not have met the street's estimates:
IDX News Release
FOR IMMEDIATE RELEASE
IDX Systems Corporation
1400 Shelburne Road
P.O. Box 1070
Burlington, VT 05402-1070
Contacts:
Debbie Drewniak, Investor Relations
Tracey Moran, Corporate Communications
Phone: (802) 862-1022
IDX Systems Corporation Reports Third Quarter Results
BURLINGTON, VT, October 21, 1998—IDX Systems Corporation (Nasdaq: IDXC) today reported financial results for the third quarter ended September 30, 1998.
For the third quarter ended September 30, 1998, revenues were $83.4
million, as compared to $64.6 million in the third quarter of 1997.
Revenues for the nine month period ended September 30, 1998 were $235.5 million, as compared to $181.6 million for the same period in 1997.
The Company reported net income of $8.5 million, or $0.31 per share, for the third quarter of 1998 as compared to net income, excluding
nonrecurring expenses for costs associated with the merger of PHAMIS,
Inc., of $6.4 million or $0.24 per share, for the third quarter of 1997. Net income, excluding nonrecurring expenses, for the nine month period ended September 30, 1998 was $24.1 million, or $0.89 per share as compared to net income, exclusive of nonrecurring expenses, of $16.1 million, or $0.61 per share, for the nine months ended September 30, 1997.
"We are pleased with the financial results of our third quarter," said
Richard E. Tarrant, president and chief executive officer. "We are
particularly enthused about the signing of two additional LastWord
contracts into our existing IDXtend customer accounts, including the
largest contract ever signed by IDX, extending over a seven year
period." Regarding other news in the Company, Mr. Tarrant also
regretfully announced the resignation of Mr. Paul Egerman from the IDX
Board of Directors.
Founded in 1969, IDX Systems Corporation provides complete healthcare
information solutions for integrated delivery networks including group
practices, MSOs, health plans, and hospitals. To connect systems and
sites across the enterprise, IDX offers the IDXtendR @ the Site
Series--products and services designed to align physicians and
hospitals, streamline patient flow, enhance quality, and reduce costs.
IDX is the company of choice at more than 1,550 customer sites
nationwide.
IDXC - IDX SYSTEMS CORPORATION
Exchange: NASDAQ
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