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Quality Systems, Inc.
18111 Von Karman Avenue, Suite 700
Irvine, CA 92612
Phone: (949) 255-2600
Paul Holt, CFO, email@example.com
Susan J. Lewis
Phone: (303) 804-0494
FOR IMMEDIATE RELEASE
MAY 23, 2013
QUALITY SYSTEMS, INC. REPORTS FISCAL 2013 FOURTH QUARTER AND
Company Also Appoints Michael Aghajanian to Board of Directors
IRVINE, Calif. May 23, 2013 Quality Systems, Inc. (NASDAQ:QSII) announced today results for its fiscal 2013 fourth quarter and year ended March 31, 2013.
The Company reported revenues of $460.2 million for the fiscal year ended March 31, 2013, an increase of 7 percent versus $429.8 million for the 2012 fiscal year ended March 31, 2012. Net income for fiscal 2013 was $42.7 million, a decrease of 44 percent when compared with net income of $75.7 million for fiscal 2012. Fully diluted earnings per share for the 2013 fiscal year was $0.72, down 44 percent from $1.28 for the 2012 fiscal year.
Revenues for the fiscal 2013 fourth quarter reached $111.3 million, up 2 percent when compared with $109.0 million for the fourth quarter of the previous fiscal year.
In light of recent operating results of the Companys Hospital Division, management performed a comprehensive operational review of that business unit in the latter part of the fourth quarter and, accordingly, revised its operating plans to incorporate additional investment in development, implementation and support. This investment will initially impact near-term profitability of the unit. Management is committed to realizing the substantial opportunity it perceives exists in the small hospital market and is confident in the strength its product and service offerings bring to the sector. As a result of this operational review and an updated assessment of the fair value of the business units goodwill, the Company recorded a goodwill impairment charge to income of $17.4 million for the fiscal 2013 fourth quarter.
Net loss for the fiscal 2013 fourth quarter was $4.1 million versus net income of $15.1 million for the comparable period a year ago. Fully diluted loss per share was ($0.07) in the fourth quarter of fiscal 2013 versus earnings per share of $0.25 for the fourth quarter of fiscal 2012. Excluding the impairment charge, pro forma net income for fiscal 2013 was $59.1 million with fully diluted earnings per share of $0.99. Pro forma net income for the fourth quarter of fiscal 2013 was $12.3 million with fully diluted earnings per share of $0.21.
The following information was filed by Quality Systems, Inc (QSII) on Thursday, May 23, 2013 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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