LENEXA, Kan., April 29 /PRNewswire-FirstCall/ -- Mediware Information Systems, Inc. reported record revenue related to new product rollouts for the third fiscal quarter ended March 31, 2004 of $9.3 million, a 14 percent increase over the year ago period. This is the Company's 13th consecutive quarter of revenue growth.
Operating income for the quarter just ended was $840,000 versus $1.6 million in the third quarter of the prior fiscal year.
Net income for the quarter just ended was $561,000, or 7 cents per basic share and 7 cents per fully diluted share, compared to net income in the year- ago third quarter of $999,000, or 14 cents per basic share and 13 cents per fully diluted share.
Commenting on the quarter, George Barry, Mediware's CEO said, "Introductions of our new pharmacy and blood banking products are experiencing strong customer interest. The Company has increased support costs in anticipation of the market rollout of these new products. Early phase revenues and the required buildup of support costs resulted in lower operating income in the March quarter. We anticipate strong revenue growth in future periods as the rollout advances."
Third Quarter and First Nine Months Fiscal 2004 and 2003 Operating Statement Highlights (in thousands) (unaudited) Three Months Nine Months Ended Ended March 31, March 31, 2004 2003 2004 2003 System Sales $3,333 $2,898 $9,173 $9,493 Services $5,987 $5,289 $18,267 $14,685 Total Revenue $9,320 $8,187 $27,440 $24,178 Operating Expenses $8,480 $6,556 $23,217 $19,594 Proceeds from Settlement $0 $0 $0 ($ 614) Operating Income $840 $1,631 $4,223 $5,198 Net Income $561 $999 $2,732 $3,220 Earnings Per Common Share - Basic $0.07 $0.14 $0.37 $0.44 Earnings Per Common Share- Diluted $0.07 $0.13 $0.33 $0.41 Third Quarter Fiscal 2004 and 2003 Condensed Balance Sheet Highlights (in thousands) (unaudited) As of the Period Ended March 31, 2004 2003 Cash and Cash Equivalents $9,171 $5,877 Working Capital $8,162 $2,796 Stockholders' Equity $28,302 $22,325
Mediware provides clinical information systems for hospitals and integrated healthcare delivery systems. Its products include HEMOCARE LifeLine(TM), Hemocare(R), LifeLine(R), LifeTrak(R), and HCLL(TM) (blood bank), WORx(R), MediMAR(TM), MediCOE(TM), 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, 2003, 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.
Mediware Information Systems, Inc.CONTACT: George Barry of Mediware Information Systems, Inc.,+1-913-307-1000; or Thomas Redington, +1-203-222-7399, +1-212-926-1733,http://www.redingtoninc.com/, for Mediware Information Systems, Inc.
Web site: http://www.mediware.com/
