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IMNET Systems, Inc. announces second quarter fiscal year 1997 financial results ATLANTA--(BUSINESS WIRE)--Jan. 22, 1997-- Imnet Systems Inc today announced second quarter fiscal 1997 financial results. Revenue for the quarter was $11.1 million, a 76% increase over second quarter fiscal 1996 revenue of $6.3 million. The revenue increase was comprised of a 60% increase in system sales and a 189% increase in maintenance and professional services. The Company reported second quarter earnings of $1.7 million or $0.17 per share, compared to earnings exclusive of non-recurring charges in the second quarter of fiscal 1996 of $198,000 or $0.02 per share. For the first six months of fiscal 1997, revenue was $20.8 million, up 93% from $10.8 million in the prior year. Excluding non-recurring charges, the Company reported earnings of $3.1 million or $0.31 per share for the first six months of fiscal 1997, compared to earnings of $454,000 or $0.06 per share for the same period prior year. The Company received a record $17.4 million in new orders in the second quarter of fiscal 1997. The record order activity marks the fourth consecutive quarter in which the Company has posted record new orders. The backlog of signed contracts for systems and services not yet delivered was $34.0 million at the end of the second quarter of fiscal 1997, a 67% increase over the second quarter fiscal 1996 backlog of $20.3 million. On a consecutive quarter basis, the backlog increased $6.3 million, or 23%, from the first quarter fiscal 1997 backlog of $27.7 million. IMNET Systems, Inc. develops and markets electronic healthcare information and document management systems that capture, index, store and retrieve financial information, clinical information and medical images resident on most storage media. IMNET's Electronic Information Warehouse(TM), which supplies the missing link for the implementation of the Electronic Medical Record, is a true enterprise-wide solution that integrates with software from most leading Healthcare Information Systems providers. Note regarding Private Securities Litigation Reform Act: Statements made by IMNET which are not historical facts, including projections, statements of plans, objectives, expectations, or future economic performance, are forward looking statements that involve risks and uncertainties and are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. IMNET's future financial performance could differ significantly from that set forth herein, and from the expectations of management. Important factors that could cause IMNET's financial performance to differ materially from past results and from those expressed in any forward looking statements include, without limitation, its limited operating history, lack of profitable operations, variability in quarterly operating results, customer concentration, product acceptance, a long sales and delivery cycle, dependence on business partners, ability to manage growth, emerging technological standards, and risks associated with acquisitions. For further information on these and other risk factors, please refer to "Management's Discussion and Analysis of Financial Condition and Results of Operations," and IMNET's Form 10-K for the year ended June 30, 1996, including the "Business-Risk Factors" section thereof. 0- IMNET Systems Inc. Unaudited Financial Highlights (in thousands, except per share amounts) Three Months Ended Six Months Ended Dec. 31, Dec. 31, 1996 1995 1996 1995 Revenue $ 11,110 $ 6,329 $ 20,769 $ 10,763 Net Income $ 1,694 $ 198(b) $ 3,090(a) $ 454(b) Net Income Per Share $ 0.17 $ 0.02(b) $ 0.31(a) $ 0.06(b) Weighted Average Outstanding Shares and shares equivalent 9960 8,717 9,977 8,220 Note: On September 30, 1996, the Company issued 429,292 shares of its Common Stock for all of the outstanding common stock of Hunter International, Inc. The merger has been accounted for as a pooling of interests and, as a result, the Company's financial statements for all periods prior to the merger have been restated to include the financial position and results of Hunter International, Inc. (a) Excludes a non-recurring charge of $750,000 ($0.08 per share) related to acquisition costs associated with the Hunter International, Inc. acquisition completed in the Company's first quarter of fiscal 1997 ended Sept. 30, 1996. (b) Excludes a non-recurring charge of $5,740,000 ($0.66 per share and $0.70 per share for the three and six month periods ended Dec. 31, 1996, respectively) related to in-process research and development expenses associated with the Company's acquisition of Evergreen Technologies, Inc. and Quesix Software, Incorporated, completed during the second quarter of fiscal 1996 ended Dec. 31, 1995. IMNET Systems, Inc. Consolidated Balance Sheets (Unaudited) Dec. 31, June 30, 1996 1996 Assets Current Assets: Cash and cash equivalents $ 11,124,434 $ 16,894,711 Marketable securities 22,034,286 21,541,760 Trade accounts receivable, net 22,873,254 15,360,291 Note receivable from related party 409,627 2,910,876 Inventories 2,425,814 2,079,574 Prepaid expenses & other current assets 1,740,889 712,204 ----------- ----------- Total current assets 60,608,304 59,499,416 Noncurrent trade accounts receivable 611,606 1,085,927 Notes receivable from officers 250,000 105,000 Property and equipment, net 3,607,098 3,329,331 Computer software development costs, net 2,078,737 1,212,875 Acquired technology, net 601,070 959,755 Goodwill and other intangibles, net 3,175,398 3,343,774 ----------- ----------- $70,932,213 $69,536,078 Liabilities and Stockholders' Equity Current Liabilities: Current installments of obligations under capital leases $ -- $ 404 Accounts payable 2,276,019 1,255,134 Accrued expenses 4,816,321 6,653,152 Deferred revenue 1,145,562 804,357 ---------- ---------- Total current liabilities 8,237,902 8,713,047 Stockholders' equity: Common stock, $.01 par value. Authorized 25,000,000 shares; 9,643,301 shares issued and 9,605,664 shares outstanding at Dec. 31 1996 and 9,627,071 shares issued and 9,589,434 shares outstanding at June 30, 1996 96,433 96,271 Additional paid-in capital 80,926,252 80,795,841 Treasury stock, 37,637 shares, at cost (148,417) (148,417) Accumulated deficit (18,179,957) (19,920,664) ----------- ----------- Total stockholders' equity 62,694,311 60,823,031 ----------- ----------- $70,932,213 $69,536,078 Note: On Sept. 30, 1996, the Company issued 429,292 shares of its Common Stock for all of the outstanding common stock of Hunter International, Inc. The merger has been accounted for as a pooling of interests and, as a result, the Company's financial statements for all periods prior to the merger have been restated to include the financial position and results of Hunter International, Inc. IMNET Systems, Inc. Consolidated Statements of Operations (Unaudited) Three Months Ended Dec. 31, 1996 1995 Revenues: System sales $ 8,962,138 $ 5,584,816 Maintenance and professional services 2,148,073 743,707 ---------- ---------- Total revenues 11,110,211 6,328,523 Operating expenses: Cost of system sales 2,447,088 1,357,550 Cost of maintenance and professional services 1,411,153 554,528 Sales and marketing 3,096,816 2,351,334 Research and development 1,270,517 933,949 General and administrative 1,588,218 1,426,770 ---------- ---------- Total operating expenses 9,813,792 6,624,131 ----------- --------- Operating income (loss) 1,296,419 (295,608) Interest income 398,053 493,342 ----------- --------- Income before income taxes 1,694,472 197,734 Income taxes -- -- ---------- --------- Net income $ 1,694,472 $ 197,734(b) ---------- --------- Net income per common share $ 0.17 $ 0.02(b) ---------- --------- Weighted average outstanding common shares 9,959,934 8,717,077 Note: On Sept. 30, 1996, the Company issued 429,292 shares of its Common Stock for all of the outstanding common stock of Hunter International, Inc. The merger has been accounted for as a pooling of interests and, as a result, the Company's financial statements for all periods prior to the merger have been restated to include the financial position and results of Hunter International, Inc. (a) Excludes a non-recurring charge of $750,000 ($0.08 per share) related to acquisition costs associated with the Hunter International, Inc. acquisition completed in the Company's first quarter of fiscal 1997 ended Sept. 30, 1996. (b) Excludes a non-recurring charge of $5,740,000 ($0.70 per share) related to in-process research and development expenses associated with the Company's acquisition of Evergreen Technologies, Inc. and Quesix Software, Incorporated, completed during the second quarter of fiscal 1996 ended Dec. 31, 1995. Six Months Ended Dec. 31, 1996 1995 Revenues: System sales $ 16,656,958 $ 9,352,491 Maintenance and professional services 4,112,527 1,410,310 ---------- ---------- Total revenues 20,769,485 10,762,801 Operating expenses: Cost of system sales 4,540,579 1,988,585 Cost of maintenance and professional services 2,887,692 1,035,891 Sales and marketing 5,745,611 4,409,379 Research and development 2,420,390 1,554,729 General and administrative 2,975,223 2,231,438 ---------- --------- Total operating expenses 18,569,495 11,220,022 ----------- --------- Operating income (loss) 2,199,990 (457,221) Interest income 890,262 911,106 ----------- --------- Income before income taxes 3,090,252 453,885 Income taxes -- -- ---------- --------- Net income $ 3,090,252(a) $ 453,885(b) ---------- --------- Net income per common share $ 0.31(a) $ 0.06(b) ---------- --------- Weighted average outstanding common shares 9,977,490 8,219,631 Note: On Sept. 30, 1996, the Company issued 429,292 shares of its Common Stock for all of the outstanding common stock of Hunter International, Inc. The merger has been accounted for as a pooling of interests and, as a result, the Company's financial statements for all periods prior to the merger have been restated to include the financial position and results of Hunter International, Inc. (a) Excludes a non-recurring charge of $750,000 ($0.08 per share) related to acquisition costs associated with the Hunter International, Inc. acquisition completed in the Company's first quarter of fiscal 1997 ended Sept. 30, 1996. (b) Excludes a non-recurring charge of $5,740,000 ($0.70 per share) related to in-process research and development expenses associated with the Company's acquisition of Evergreen Technologies, Inc. and Quesix Software, Incorporated, completed during the second quarter of fiscal 1996 ended Dec. 31, 1995. CONTACT: IMNET Systems, Inc. Raymond L. Brown, 770/521-5602 | ||||||||||||
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