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Allscripts Slips To Q4 Loss On Charges

Healthcare information services company Allscripts Healthcare Solutions, Inc. (MDRX) reported Tuesday a loss for the fourth quarter compared to a profit last year, reflecting higher charges and lower revenues amid weak bookings. Adjusted earnings per share missed analysts' expectations, while quarterly revenues topped their estimates by a whisker.

"Our fourth quarter and 2012 financial results did not meet our expectations. With the conclusion of the strategic alternatives process in late December, we are moving forward to deliver on our mission to transform healthcare delivery globally," President and CEO Paul Black said in a statement.

The company, which named board member, Black, as its president and CEO in mid-December after Glen Tullman stepped down from his positions as CEO and board member as well as Lee Shapiro also stepped down as President. At that time, the company also announced that the Board has formally concluded its evaluation of strategic alternatives.

The Chicago, Illinois-based electronic health-records company reported a net loss of $24.3 million or $0.14 per share for the fourth quarter, compared to net income of $26.0 million or $0.14 per share in the prior-year quarter.

Excluding one-time items, adjusted net income for the quarter was $28.1 million or $0.16 per share, compared to $47.6 million or $0.25 per share in the year-ago quarter.

On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $0.20 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the quarter declined to $350.9 million from $388.2 million in the same quarter last year. Adjusted revenue was $368.0 million, compared to $389.2 million last year, and topped seventeen Wall Street analysts' consensus estimate of $367.07 million by a whisker.

Bookings for the quarter were $180.7 million, compared to $327.4 million in the prior-year quarter.

For fiscal 2012, the records company reported a net loss of $1.2 million or $0.01 per share, compared to net income of $73.6 million or $0.39 per share in the prior year. Excluding one-time items, adjusted net income for the year was $120.3 million or $0.67 per share, compared to $175.9 million or $0.92 per share in the year ago.

Revenues for the full year edged up $1.45 billion from $1.44 billion in the previous year. Adjusted revenues remained flat with last year at $1.47 billion. Street was looking for full-year 2012 earning of $0.71 per share on revenues of $1.46 billion.

MDRX closed Tuesday's regular trading session at $11.18, unchanged on a volume of 4.57 million shares. However, the stock gained $0.64 or 5.72% in after-hours trading.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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