UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 25, 2005
AMICAS, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 000-25311 59-2248411
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(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
20 Guest Street, Suite 200, Boston, MA 02135
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 617-779-7878
Not Applicable
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 8.01. OTHER EVENTS.
As previously announced, on January 3, 2005, AMICAS, Inc. (the "Company")
completed the sale of substantially all of the assets and liabilities of its
medical division together with certain other assets, liabilities, properties and
rights of the Company relating to its anesthesiology business (the "Medical
Division") to Cerner Corporation ("Cerner") and certain of Cerner's wholly-owned
subsidiaries (the "Asset Sale"). The Asset Sale was completed in accordance with
the terms and conditions of the Asset Purchase Agreement between the Company and
Cerner dated as of November 15, 2004 (the "Purchase Agreement"). As a result of
this transaction, the December 31, 2004 consolidated financial statements have
been prepared and historical consolidated financial statements have been
reclassified to present the results of the Medical Division as discontinued
operations. The following table presents (i) the reclassified statements of
operations for the three-month periods ended March 31, June 30 and September 30,
2004 and (ii) the statements of operations for the three-month period and the
year ended December 31, 2004.
AMICAS, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2004
(in thousands, except per share data)
THREE MONTHS ENDED YEAR ENDED
----------------------------------------------------- DEC. 31,
MARCH 31 JUNE 30 SEPT. 30 DEC. 31 2004
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REVENUES
Maintenance and services $ 6,578 $ 7,310 $ 7,501 $ 8,321 $ 29,710
Software licenses and system sales 2,940 2,738 3,309 3,860 12,847
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Total revenues 9,518 10,048 10,810 12,181 42,557
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COSTS AND EXPENSES
Cost of revenues:
Maintenance and services 1,580 1,532 1,394 1,384 5,890
Software licenses and system sales, includes
amortization of software costs of $794,
$795, $794, $795 and $3,178 1,443 1,177 1,628 1,906 6,154
Impairment of capitalized software 3,229 3,229
Selling, general and administrative 8,203 7,982 8,070 8,739 32,994
Research and development 2,405 2,248 2,413 2,422 9,488
Depreciation and amortization 562 515 490 401 1,968
Settlement of earnout 2,402 2,402
Severance re: executive office relocation 440 867 1,307
Impairment charge 1,196 1,196
Settlement of litigation 325 500 825
Restructuring credits (155) (155)
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14,518 13,454 14,280 23,046 65,298
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OPERATING LOSS (5,000) (3,406) (3,470) (10,865) (22,741)
Interest income 26 27 42 68 163
Interest expense (373) (351) (367) (408) (1,499)
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LOSS FROM CONTINUING OPERATIONS,
BEFORE INCOME TAXES (5,347) (3,730) (3,795) (11,205) (24,077)
Provision for income taxes 75 75 75 5,275 5,500
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LOSS FROM CONTINUING OPERATIONS (5,422) (3,805) (3,870) (16,480) (29,577)
Income from discontinued operations 3,238 3,814 3,499 3,269 13,820
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NET INCOME (LOSS) $ (2,184) $ 9 $ (371) $(13,211) $(15,757)
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EARNINGS (LOSS) PER SHARE - BASIC
Continuing operations $ (0.13) $ (0.09) $ (0.09) $ (0.38) $ (0.68)
Discontinued operations 0.07 0.09 0.08 0.07 0.32
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$ (0.05) $ 0.00 $ (0.01) $ (0.30) $ (0.36)
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EARNINGS (LOSS) PER SHARE - DILUTED
Continuing operations $ (0.13) $ (0.09) $ (0.09) $ (0.38) $ (0.68)
Discontinued operations 0.07 0.09 0.08 0.07 0.32
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$ (0.05) $ 0.00 $ (0.01) $ (0.30) $ (0.36)
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WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Basic 43,371 43,438 43,552 43,887 43,563
Diluted 43,371 43,438 43,552 43,887 43,563
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMICAS, INC.
By: /s/ Stephen Hicks
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Name: Stephen Hicks
Title: Vice President and General Counsel
Date: February 25, 2005