LENEXA, Kan., Aug. 31 /PRNewswire-FirstCall/ -- Mediware Information Systems, Inc. reported its third consecutive year of record revenue for the fiscal year ended June 30, 2004 of $36.7 million, up 11 percent compared to $33.0 million for fiscal 2003. Operating income for the year just ended was $5.6 million versus $7.0 million for the prior year.
Net income for fiscal 2004 was $3.6 million, or 48 cents per basic share and 44 cents per fully diluted share, compared to net income of $4.4 million, or 60 cents per basic share and 56 cents per fully diluted share.
For the quarter just ended, revenue was $9.2 million, up 5 percent from the year-ago period. Net income for the fourth quarter of fiscal 2004 decreased to $875,000, or 12 cents per basic share and 11 cents per diluted share, compared to $1,169,000, or 16 cents per basic share and 15 cents per fully diluted share, for the fourth quarter of fiscal 2003.
Commenting on the quarter and the year, George Barry, Mediware’s CEO, said, “Fiscal 2004 included the introduction of our new blood bank transfusion system along with the early release of our computerized clinician order entry and medication administration solutions from our pharmacy division. Annual results were dampened by approximately $1.5 million of new product amortization costs along with other related marketing rollout and infrastructure buildup costs. We are pleased with the early acceptance and field performance of these new products and anticipate they will substantially add to our future growth rates, beginning in the current fiscal year.”
Fourth Quarter and Annual Fiscal 2004 and 2003 Operating Statement Highlights (in thousands) (unaudited): Three Months Twelve Months Ended Ended June 30 June 30 2004 2003 2004 2003 System Sales $ 3,247 $ 3,071 $ 12,421 $ 12,564 Services $ 5,967 $ 5,734 $ 24,233 $ 20,419 Total Revenue $ 9,214 $ 8,805 $ 36,654 $ 32,983 Operating Expenses $ 7,796 $ 7,051 $ 31,011 $ 26,645 Proceeds from Settlement $ 0 $ 0 $ 0 ($614) Operating Income $ 1,418 $ 1,754 $ 5,643 $ 6,952 Net Earnings $ 875 $ 1,169 $ 3,607 $ 4,389 Earnings Per Basic Share $ 0.12 $ 0.16 $ 0.48 $ 0.60 Earnings Per Common Share - Diluted (as reported) $ 0.11 $ 0.15 $ 0.44 $ 0.56 Fiscal 2004 and 2003 Condensed Balance Sheet Highlights (in thousands) (unaudited): As of the Period Ended June 30 2004 2003 Cash and Cash Equivalents $ 10,213 $7,525 Working Capital $9,783 $4,241 Stockholders’ Equity $ 30,065 $ 23,935
Mediware provides clinical information systems for hospitals and integrated healthcare delivery systems. Its products include HEMOCARE LifeLine(TM), Hemocare(R), LifeLine(R) and LifeTrak(R) (blood bank), WORx(R), Pharmakon(R), and Digimedics(TM) (pharmacy), Surgiware(TM) and Perioperative Solutions(TM) (operating room), as well as the JAC Stock Control System (pharmacy) in the United Kingdom. Mediware has over 1,100 systems installed in the U.S., Canada, the U.K., and elsewhere.
Certain statements in this press release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, as the same may be amended from time to time (the “Act”) and in releases made by the SEC from time to time. Such forward-looking statements are not based on historical facts and involve known and unknown risks, uncertainties and other factors disclosed in the Company’s Annual Report on Form 10-K for the year ended June 30, 2004, which may cause the actual results of the Company to be materially different from any future results expressed or implied by such forward-looking statements. The Company disclaims any obligation to update its forward-looking statements.
Contact George Barry Thomas Redington 913/307-1000 203/222-7399 http://www.mediware.com/ 212/926-1733 http://www.redingtoninc.com/
Web sites: http://www.mediware.com http://www.redingtoninc.com
Mediware Information Systems, Inc.
CONTACT: George Barry of Mediware Information Systems, Inc.,+1-913-307-1000; or Thomas Redington of Redington, Inc., +1-203-222-7399, or+1-212-926-1733, for Mediware Information Systems, Inc.
