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VantageMed Corp. Announces 5.3% Growth In Year Over Year Revenues


10/19/2005 5:12:08 PM

RANCHO CORDOVA, Calif., Nov. 8 /PRNewswire-FirstCall/ -- VantageMed Corporation (BULLETIN BOARD: VMDC.OB) today announced financial results for the quarter and nine months ended September 30, 2004. Total revenues for the quarter ended September 30, 2004 were $5.9 million and were up 4.3% from the year ago quarter and down 4.2% from the prior quarter revenues of $6.1 million. Revenues for the nine months ended September 30, 2004 were $17.1 million, 5.3% higher than revenues of $16.2 million for the nine months ended September 30, 2003.

Net income before interest, taxes, depreciation and amortization (EBITDA) totaled a negative ($188,000) for the quarter ended September 30, 2004 compared to a positive $85,000 for the previous quarter and compared to a positive $454,000 for the year ago quarter. EBITDA for the nine months ended September 30, 2004 was a negative ($677,000) compared to a negative ($784,000) for the nine months ended September 30, 2003. EBITDA for the three and nine months ended September 30, 2004 includes a $50,000 gain on the sale of the DentalMate business and the nine months ended September 30, 2004 includes a $147,000 benefit resulting from the termination and buyout of a lease. EBITDA for the three and nine months ended September 30, 2003 includes a $524,000 gain on the sale of the DentalMate business. We present EBITDA because we believe it provides an alternative measure by which to evaluate our performance. EBITDA is not a measurement defined by GAAP and should not be considered an alternative to, or more meaningful than, information presented in accordance with GAAP.

VantageMed reported a net loss of ($301,000), or ($0.04) per basic and diluted share, for the quarter ended September 30, 2004 compared to a net loss of ($28,000), or ($0.00), for the previous quarter and net income of $298,000, or $0.04, for the year ago quarter. Net loss for the nine month period ended September 30, 2004 was ($1.0) million, or ($0.12) per basic and diluted share, compared to a loss of ($1.4) million, or ($0.16), for the nine months ended September 30, 2003.

Richard M. Brooks, Chairman and Chief Executive Officer, commented, "We continue to enhance the delivery capabilities of our client services organization as part of our ongoing efforts to provide world class products and services. Our continued investments in HIPAA compliant, industry leading SecureConnect EDI services are also yielding positive results in terms of increased transaction volumes. Order activity was flat with the same quarter in the prior year and was lighter than anticipated during the third quarter of 2004 due in part to longer sales cycles at several larger customers. Year to date we have signed 158 RidgeMark orders compared to 63 signed in the prior year to date period."

VantageMed will be hosting a conference call related to their third quarter 2004 earnings today, November 8, 2004 at 5:00 P.M. Eastern Time and will be broadcasting the call live over the Internet at http://phx.corporate-ir.net/playerlink.zhtml?c=76749&s=wm&e=964472 . A direct link will also be available on their website at http://www.vantagemed.com/ and a playback of the call will be available for 90 days.

About VantageMed

VantageMed is a provider of healthcare information systems and services distributed to over 12,000 customer sites nationwide. Its suite of software products and services automates administrative, financial, clinical and management functions for physicians and other healthcare providers as well as provider organizations. For more information about RidgeMark, please call 877-879-8633, or visit our website at http://www.vantagemed.com/.

This press release may be deemed to contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements are made as of today's date and we do not undertake any obligation to update forward-looking statements. You can identify such statements by our use of such words as "should," "expect," "will," "intends," and similar words and phrases which denote future events and which may depend on the future performance of the Company. Our assumptions underlying these statements are also "forward-looking" statements. Forward- looking statements are based on information and assumptions that are dynamic in nature and subject to rapid and sometimes abrupt changes. Our forward- looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those stated or implied by the statements. These risks and uncertainties include risks related to our failure to improve our operating cash flow, the inability of our restructuring efforts to improve profitability and our inability to increase our revenue or to grow the sales of our products. Our forward-looking statements are also subject to important risks and uncertainties detailed in our latest reports filed with the SEC and available on its website at http://www.sec.gov/.

VantageMed Corporation Consolidated Statements of Operations (In Thousands, Except Per Share Amounts) (Unaudited) Three Months Ended Nine Months Ended Sept 30 Jun 30 Sept 30 Sept 30 Sept 30 2004 2004 2003 2004 2003 Revenues: Software and systems $1,673 $1,762 $1,524 $4,537 $3,883 Customer support 2,959 3,144 2,859 8,919 8,662 Electronic services 1,237 1,219 1,245 3,603 3,649 Total revenues 5,869 6,125 5,628 17,059 16,194 Cost of revenues: Software and systems 865 896 634 2,229 1,687 Customer support 1,857 1,903 1,648 5,518 5,202 Electronic services 698 694 741 2,022 2,351 Total cost of revenues 3,420 3,493 3,023 9,769 9,240 Total gross margin 2,449 2,632 2,605 7,290 6,954 Operating expenses: Selling, general and administrative 2,039 1,999 2,084 6,089 6,414 Product development 618 674 693 2,011 1,837 Depreciation and amortization 112 128 155 366 617 Stock-based compensation 30 21 9 64 14 Gain on sale of DentalMate business (50) -- (524) (50) (524) Asset impairment and restructuring charges -- (147) (111) (147) (3) Total operating costs and expenses 2,749 2,675 2,306 8,333 8,355 Income (loss) from operations (300) (43) 299 (1,043) (1,401) Interest and other income (expense): Interest income 9 13 21 35 76 Interest and other expense (10) 2 (22) (27) (68) Total interest and other income (expense), net (1) 15 (1) 8 8 Net income (loss) $(301) $(28) $298 $(1,035) $(1,393) Basic and diluted net income (loss) per share $(0.04) $(0.00) $0.04 $(0.12) $(0.16) Weighted-average shares - basic 8,252 8,271 8,376 8,292 8,443 Weighted-average shares - diluted 8,252 8,271 8,404 8,292 8,443 Reconciliation - GAAP net income (loss) to EBITDA: GAAP net income (loss) $(301) $(28) $298 $(1,035) $(1,393) Depreciation and amortization 112 128 155 366 617 Interest (income) expense, net 1 (15) 1 (8) (8) EBITDA $(188) $85 $454 $(677) $(784) VantageMed Corporation Consolidated Statements Of Cash Flows (In Thousands) (Unaudited) Nine Months Ended September 30, 2004 2003 Cash flows from operating activities: Net loss $(1,035) $(1,393) Adjustments to reconcile net loss to net cash used for operating activities - Gain on sale of DentalMate business (50) (524) Depreciation and amortization 366 617 Stock-based compensation 64 14 Changes in assets and liabilities - Accounts receivable 24 280 Inventories 163 (99) Prepaid expenses and other 205 113 Accounts payable and accrued liabilities (486) (102) Customer deposits and deferred revenue 120 167 Net cash used for operating activities (629) (927) Cash flows from investing activities: Purchases of property and equipment (116) (214) Proceeds from maturity of investments 751 1,258 Cash proceeds from DentalMate sale 50 500 Repayment of notes receivable -- 42 Net cash provided by investing activities 685 1,586 Cash flows from financing activities: Principal payments on long-term debt (437) (454) Proceeds from stock option exercises 17 -- Net cash used for financing activities (420) (454) Net increase (decrease) in cash and cash equivalents (364) 205 Cash and cash equivalents, beginning of period 1,585 1,440 Cash and cash equivalents, end of period $1,221 $1,645 VantageMed Corporation Consolidated Balance Sheets (In Thousands, Except Share And Per Share Amounts) (Unaudited) September 30, December 31, 2004 2003 ASSETS Current assets: Cash and cash equivalents $1,221 $1,585 Short-term investments -- 774 Accounts receivable, net of allowance of $187 and $129, respectively 2,349 2,373 Inventories, net 106 269 Prepaid expenses and other 374 366 Total current assets 4,050 5,367 Property and equipment, net 391 506 Other assets 8 17 Intangibles, net 1,613 1,748 Total assets $6,062 $7,638 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY) Current liabilities: Current portion of long-term debt $407 $461 Accounts payable 1,718 1,162 Accrued liabilities 1,600 2,386 Customer deposits and deferred revenue 3,665 3,545 Total current liabilities 7,390 7,554 Long-term portion of restructuring reserve, net of current portion 116 372 Long-term debt, net of current portion 9 195 Total liabilities 7,515 8,121 Stockholders' equity (deficiency): Common stock, $0.001 par value, 20,000,000 shares authorized; 8,251,966 and 8,343,770 shares issued and outstanding at September 30, 2004 and December 31, 2003 8 8 Additional paid-in capital 72,564 72,483 Accumulated other comprehensive income -- 16 Accumulated deficit (74,025) (72,990) Total stockholders' equity (deficiency) (1,453) (483) Total liabilities and stockholders' equity (deficiency) $6,062 $7,638

VantageMed Corporation

CONTACT: investors, Liesel Loesch, +1-916-638-4744, ext. 213, orinvestor@vantagemed.com, or media, Jennifer Morgano, +1-510-536-6012, orjmorgano@vantagemed.com, both of VantageMed Corporation



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