For Further Information, Contact:
Quality Systems, Inc.
18111 Von Karman Avenue, Suite 800
Irvine, CA 92612
Phone: (949) 255-2600
Jamie Arnold, Chief Financial Officer
FOR IMMEDIATE RELEASE
Quality Systems, Inc. Reports Fiscal 2017 Fourth Quarter and Year-End Results
IRVINE, Calif. - (May 19, 2017) - Quality Systems, Inc. (NASDAQ: QSII) announced today results for its fiscal 2017 fourth quarter and fiscal year ended March 31, 2017.
“We delivered another solid performance this quarter resulting in full year achievements that confirms our confidence in our organizational capabilities to deliver financial results. In addition, we continued to execute on our strategic agenda, which is driving satisfaction in our clients and confidence in our employees. As we look ahead, we plan to accelerate investments in our R&D and commercial capacities this fiscal year to enhance our market position and capitalize on opportunities to drive near term bookings and longer term revenue growth,” commented Rusty Frantz, president and chief executive officer of Quality Systems, Inc.
Revenues for the fiscal 2017 fourth quarter of $132.4 million compared to $127.9 million a year-ago. On a GAAP basis, net income for the 2017 fourth quarter was $4.4 million, compared with net loss of $16.3 million in the 2016 fourth quarter. Non-GAAP net income for the 2017 fourth quarter was $12.7 million compared with non-GAAP net income of $11.5 million in the 2016 fourth quarter.
On a GAAP basis, fully diluted earnings per share was $0.07 in the fiscal 2017 fourth quarter compared with a loss per share of $0.27 for the same period a year ago. On a non-GAAP basis, fully diluted earnings per share for the fiscal 2017 fourth quarter was $0.21 versus $0.19 reported in the fourth quarter a year ago.
For the fiscal year ended March 31, 2017, revenues reached $509.6 million, compared with $492.5 million for the 2016 fiscal year. The recurring revenue base, which includes software-related subscription services, support and maintenance, RCM, and EDI, reached $417.4 million and represented approximately 82 percent of total revenues for the fiscal year ended 2017. GAAP net income for fiscal 2017 was $18.2 million, versus $5.7 million reported in fiscal 2016. Non-GAAP net income for fiscal year 2017 was $50.8 million compared to non-GAAP net income for fiscal year 2016 of $44.1 million.
On a GAAP basis, fully diluted earnings per share for the 2017 fiscal year was $0.29, compared with $0.09 reported in the 2016 fiscal year. On a non-GAAP basis, fully diluted earnings per share for fiscal year 2017 was $0.82 versus $0.72 reported in the prior year.
The following information was filed by Quality Systems, Inc (QSII) on Friday, May 19, 2017 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.