Computer Programs Systems Inc (CPSI) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

CPSI Quarterly Reports

Computer Programs Systems Inc

CIK: 1169445 Ticker: CPSI
Exhibit 99.1

CPSI Announces First Quarter 2020 Results

Highlights for First Quarter 2020:

  • Revenues of $69.8 million;
  • GAAP net income of $4.1 million and non-GAAP net income of $8.5 million;
  • Adjusted EBITDA of $11.9 million;
  • Cash provided by operations of $7.6 million;
  • GAAP earnings per diluted share of $0.28 and non-GAAP earnings per diluted share of $0.61; and
  • Quarterly dividend of $0.10 per share.
  • Guidance is withdrawn due to the uncertainty created by the COVID-19 pandemic.

MOBILE, Ala.--(BUSINESS WIRE)--May 5, 2020--CPSI (NASDAQ: CPSI), a community healthcare solutions company, today announced results for the first quarter ended March 31, 2020.

The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.10 per share, payable on May 29, 2020 to stockholders of record as of the close of business on May 15, 2020.

Total revenues for the first quarter ended March 31, 2020, were $69.8 million, compared with total revenues of $69.1 million for the prior-year first quarter. GAAP net income for the quarter ended March 31, 2020, was $4.1 million, or $0.28 per diluted share, compared with $3.4 million, or $0.24 per diluted share, for the quarter ended March 31, 2019. Cash provided by operations for the first quarter of 2020 was $7.6 million, compared with $7.9 million for the prior-year period.

“CPSI had a solid first-quarter performance despite the challenging environment we faced beginning in mid-March due to the widespread effects of the COVID-19 pandemic,” said Boyd Douglas, president and chief executive officer of CPSI. “We were fortunate to enter this unprecedented period with positive momentum and a strong financial position. Those advantages have allowed continued execution on our long-term strategy and provided our healthcare clients with timely, innovative, and uninterrupted solutions, services and support. Though the uncertainty surrounding the scale and duration of the pandemic’s impact has led us to withdraw guidance, this crisis is demonstrating the exceptional value our people and our products deliver to our communities, which our clients have come to depend on.

“Without question, the COVID-19 pandemic has highlighted the critical need for quality healthcare in the communities we serve. We commend the heroic efforts of healthcare workers on the front lines in community hospitals and healthcare facilities across the country. Fortunately, many of these providers are now receiving emergency government funding through the CARES Act to ensure they can continue to operate and meet the demands of an increased workload. The subsequent supplemental funding through the Paycheck Protection Program and Healthcare Enhancement Act included an additional $10 billion targeted specifically to rural hospitals and clinics. As a result, the average rural hospital is expected to receive a total of approximately $3.6 million in direct financial relief, starting this week, with no application process or repayments. While these funds will certainly help mitigate the financial pressures our clients face, the clinical and operational challenges remain immense.

The following information was filed by Computer Programs Systems Inc (CPSI) on Tuesday, May 5, 2020 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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Inside Computer Programs Systems Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statement Of Stockholders??? Equity (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Income
Basis Of Presentation
Basis Of Presentation (Policies)
Business Combination
Business Combination (Tables)
Business Combination - Narrative (Details)
Business Combination - Preliminary Allocation Of The Purchase Price Paid (Details)
Commitments And Contingencies
Fair Value
Financing Receivables
Financing Receivables (Tables)
Financing Receivables - Additional Information (Details)
Financing Receivables - Allowance For Financing Credit Losses (Details)
Financing Receivables - Analysis Of Age Of Financing Receivables Amounts (Details)
Financing Receivables - Components Of Receivables (Details)
Financing Receivables - Future Minimum Lease Payments (Details)
Financing Receivables - Short Term Payment Plans (Details)
Financing Receivables - Summary Of Financing Receivables (Details)
Income Taxes
Income Taxes (Details)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Tables)
Intangible Assets And Goodwill - Definited-Lived Intangible Assets (Details)
Intangible Assets And Goodwill - Remaining Amortization Of Definite-Lived Intangible Assets (Details)
Intangible Assets And Goodwill - Schedule Of Goodwill (Details)
Long-Term Debt
Long-Term Debt (Details)
Long-Term Debt (Tables)
Long-Term Debt - Annual Future Maturities (Details)
Long-Term Debt - Schedule Of Long-Term Debt (Details)
Net Income Per Share
Net Income Per Share (Details)
Net Income Per Share (Tables)
Net Income Per Share Narrative (Details)
Operating Leases
Operating Leases (Tables)
Operating Leases - Future Minimum Lease Payments Payable Under These Operating Leases (Details)
Operating Leases - Narrative (Details)
Operating Leases - Supplemental Balance Sheet Information (Details)
Other Accrued Liabilities
Other Accrued Liabilities (Details)
Other Accrued Liabilities (Tables)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Recent Accounting Pronouncements
Revenue Recognition
Revenue Recognition (Detail)
Revenue Recognition (Tables)
Revenue Recognition Costs To Obtain And Fulfill Contracts (Details)
Revenue Recognition Deferred Revenue (Details)
Segment Reporting
Segment Reporting (Details)
Segment Reporting (Tables)
Software Development
Software Development (Details)
Software Development (Tables)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Summary Of Performance Share Awards (Details)
Stock-Based Compensation - Summary Of Restricted Stock Activity (Details)
Stock-Based Compensation - Total Stock-Based Compensation Expense (Details)
Subsequent Events
Subsequent Events (Details)

Material Contracts, Statements, Certifications & more

Computer Programs Systems Inc provided additional information to their SEC Filing as exhibits

Ticker: CPSI
CIK: 1169445
Form Type: 10-Q Quarterly Report
Accession Number: 0001169445-20-000009
Submitted to the SEC: Tue May 05 2020 5:35:11 PM EST
Accepted by the SEC: Wed May 06 2020
Period: Tuesday, March 31, 2020
Industry: Computer Programming Services

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