Great earnings report from HDIE this morning. The news at 11:00 EST should really send this baby flying. Good luck to all and have a great day!
Preparing to do the "HDIE Dance"!
Modano : )
Don't forget to bookmark the Tavern!
(so you can come back and dance again)[vbg]
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Wednesday April 22, 6:00 am Eastern Time
Company Press Release
SOURCE: Healthdyne Information Enterprises, Inc.
Healthdyne Information Enterprises Reports 40% Increase in Revenue and $0.02 EPS for First Quarter 1998
MARIETTA, Ga., April 22 /PRNewswire/ -- Healthdyne Information Enterprises, Inc. (Nasdaq: HDIE - news; HIE) today announced first quarter 1998 revenue of $4.7 million and net earnings of $352,000, or $0.02 per share, compared to first quarter 1997 revenue of $3.4 million and a net loss of $(503,000), or $(0.02) per share, which represents increases of 40% in revenue and 200% in earnings per share.
HIE also announced a revenue backlog of $7.5 million as of March 31, 1998 compared to $6.9 million as of December 31, 1997.
Robert Murrie, HIE's President and Chief Executive Officer, indicated that, ''HIE's primary goal is profitable revenue growth in 1998 and beyond. HIE is off to a good start with 40% revenue growth for the first quarter 1998 compared to the first quarter 1997 and a $600,000 increase in revenue backlog during the first quarter 1998. We have now recorded five consecutive quarters of increased revenue. Our revenue growth strategy includes (1) increasing the distribution of integration software tools; (2) selling more integration software tools and services to our growing customer base and new accounts; and (3) selectively acquiring customer bases and integration technology.''
HIE added six new integration software distributors during the first quarter 1998. Four of these new distributors accounted for approximately 16% of HIE's first quarter 1998 software revenue. Approximately half of HIE's first quarter 1998 software revenue was generated by distributors. First quarter 1998 software revenue included the first sales of the Company's Cloverleaf(R) integration engine to customers outside the healthcare industry -- a banking industry customer and a government sector customer -- as well as the first international sale of the Company's EMerge(TM) enterprise-wide master patient index software tool.
Mr. Murrie indicated that, ''Increasing the number and productivity of our distributors and providing both these distributors and our expanded direct sale force with more integration software tools to sell are critical elements of our growth plan. HIE has added 23 distributors since the start of 1997 and tripled the size of its direct sales force relative to the first quarter 1997. Further, we believe that our integration software technology with relatively minor modifications is transportable to non-healthcare industries, such as banking, financial services and others, thereby opening new distribution channel opportunities for HIE.''
Service revenue increased approximately $700,000, or 34%, in the first quarter 1998 compared to the first quarter 1997. Mr. Murrie commented that, ''HIE is experiencing significant demand for integration services. For example, six months ago, we focused a program on selling certain integration services to our Cloverleaf(R) integration engine customer base. During that six-month period, the related service revenue backlog for these select integration services increased 65%. In addition, the related service revenue recognized for these select integration services increased approximately $350,000, or 64%, in the first quarter 1998 compared to the third quarter 1997 prior to the start of the program.''
HIE is an international provider of integration software and service solutions for healthcare and other enterprises in the United States, Canada, the United Kingdom, Germany, Australia, South Africa and The Netherlands.
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 competitive pressures, the mix of software and service revenue, the mix of direct and indirect sales, sales timing, changes in pricing policies, undetected errors or bugs in the software, delays in product development, lower-than-expected demand for the Company's software tools or services, business conditions in the integrated healthcare delivery network market and other markets, the Company's ability to modify its software for use in non-healthcare industries, risks associated with possible acquisitions, general economic conditions and the risk factors detailed from time to time in the Company's periodic reports and registration statements filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 1997.
Select condensed financial information follows:
Healthdyne Information Enterprises, Inc. and Subsidiaries
Consolidated Condensed Statements of Operations - Unaudited
(in thousands, except per share amounts)
Three Months Ended March 31,
1998 1997
Revenue:
Software $1,905 $1,273
Service 2,796 2,087
Total revenue 4,701 3,360
Cost of revenue:
Software 222 522
Service 1,358 1,347
Total cost of revenue 1,580 1,869
Gross profit 3,121 1,491
Operating expenses:
Sales and marketing 1,115 762
Research and development 543 434
General and administrative 1,008 1,002
Total operating expenses 2,666 2,198
Operating earnings (loss) 455 (707)
Interest income, net 41 36
Earnings (loss) before income taxes 496 (671)
Income tax (expense) benefit (144) 168
Net earnings (loss) $352 $(503)
Earnings (loss) per share $0.02 $(0.02)
Shares used in the computation
of earnings (loss) per share 21,689 20,182
Healthdyne Information Enterprises, Inc. and Subsidiaries
Consolidated Condensed Balance Sheets - Unaudited
(in thousands)
March 31, Dec. 31,
1998 1997
Cash and cash equivalents $ 4,146 $ 7,732
Accounts receivable, net 6,657 5,628
Other current assets 1,442 1,338
Total current assets 12,245 14,698
Intangible assets, net 11,051 11,464
Other assets 2,024 1,846
Total assets $ 25,320 $ 28,008
Current maturities of long-term debt $ 356 $ 3,501
Other current liabilities 5,601 5,875
Total current liabilities 5,957 9,376
Other liabilities 686 540
Shareholders' equity 18,677 18,092
Total liabilities & shareholders' equity $ 25,320 $ 28,008
SOURCE: Healthdyne Information Enterprises, Inc. |
