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CPSI Announces First Quarter 2019 Results
Highlights for First Quarter 2019:
- Revenues of $69.1 million;
- GAAP net income of $3.4 million and non-GAAP net income of $8.4 million;
- Adjusted EBITDA of $12.5 million;
- Cash provided by operations of $7.9 million;
- GAAP earnings per diluted share of $0.24 and non-GAAP earnings per diluted share of $0.62; and
- Quarterly dividend of $0.10 per share.
MOBILE, Ala.--(BUSINESS WIRE)--May 2, 2019--CPSI (NASDAQ: CPSI), a community healthcare solutions company, today announced results for the first quarter ended March 31, 2019.
The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.10 per share, payable on May 31, 2019, to stockholders of record as of the close of business on May 16, 2019.
Total revenues for the first quarter ended March 31, 2019, were $69.1 million, compared with total revenues of $70.9 million for the prior-year first quarter. GAAP net income for the quarter ended March 31, 2019, was $3.4 million, or $0.24 per diluted share, compared with $4.0 million, or $0.29 per diluted share, for the quarter ended March 31, 2018. Cash provided by operations for the first quarter of 2019 was $7.9 million, compared with $3.1 million for the prior-year period.
“Our earnings results for the first quarter of 2019 reflect on-going initiatives to improve our operating efficiencies,” said Boyd Douglas, president and chief executive officer of CPSI. “While overall bookings were light this quarter, the sales pipeline for TruBridge services and competitive takeaway sales of electronic health record (EHR) systems in the acute-care market remains healthy.”
Commenting on the Company’s financial performance for the quarter, Matt Chambless, chief financial officer of CPSI, stated, “The efforts we’ve undertaken over the past twelve months to right-size our cost structure by more than $10 million have been well-timed, mitigating revenue fluctuation to achieve an increase in non-GAAP EPS of 5.0% over the first quarter of 2018. We continuously look for ways to optimize our resources and have identified an incremental $3 million of annual cost savings that we have largely already executed against. Lastly, the strong operating cash flow this quarter also allowed for further deleveraging, enhancing the flexibility in our capital structure.”
Douglas added, “Looking ahead, our previously announced agreement to acquire Get Real Health will help accelerate our entry into the patient engagement market, expand cross-sell opportunities into our client base, and drive incremental cost savings in 2019 associated with development and third-party costs.”
The following information was filed by Computer Programs Systems Inc (CPSI) on Thursday, May 2, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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