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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
October 9, 2002
(Date of Report)
October 8, 2002
(Date of earliest event reported)
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Commission File Number 0-26816
IDX SYSTEMS CORPORATION
(Exact name of registrant as specified in its charter)
Vermont 03-0222230
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
40 IDX Drive
South Burlington, VT 05403
(Address of principal executive offices)
Registrant's telephone number, including area code: (802-862-1022)
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Exhibit Index on Page 2
ITEM 5. OTHER EVENTS
This Form 8-K, including without limitation the News Release attached
as Exhibit 99, contains "forwarding-looking statements" as defined in Section
27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange
Act of 1934. For this purpose, any statements contained in this Form 8-K,
including without limitation the News Release attached as Exhibit 99, that are
not statements of historical fact may be deemed to be forward-looking
statements. Words such as "believes," "anticipates," "plans," "expects," "will"
and similar expressions are intended to identify forward-looking statements.
On October 8, 2002, the Company announced that, effective January 1,
2003, James H. Crook, Jr. will become Chief Executive Officer and retain the
title of President, that the current Chief Executive Officer Richard E. Tarrant
will be named Chairman of the Board, and that Robert H. Hoehl, current Chairman,
will become Vice Chairman of the Board.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
EXHIBIT NO. DESCRIPTION PAGE
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99 IDX News Release dated 4
October 8, 2002
Page 2 of 5
SIGNATURES
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.
IDX SYSTEMS CORPORATION
(Registrant)
Date: October 9, 2002 By: /S/ JOHN A. KANE
______________________________________________
John A. Kane
Sr. Vice President, Finance and Administration
Chief Financial Officer, and Treasurer
Page 3 of 5
EXHIBIT 99
FOR IMMEDIATE RELEASE
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IDX SYSTEMS CORPORATION
40 IDX Drive
P.O. Box 1070
Burlington, VT 05402-1070
www.idx.com
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Contact: Financial Press and Investors: Local and Trade Press:
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Margo Happer Robert Stirewalt
Director - Investor Relations and Communications Specialist
Corporate Communications 802-859-6933
802-859-6169 robert_stirewalt@idx.com
margo_happer@idx.com
JAMES H. CROOK, JR. TO BECOME CHIEF EXECUTIVE OFFICER OF IDX SYSTEMS
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CORPORATION
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RICHARD E. TARRANT TO BECOME CHAIRMAN
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Appointments effective January 1, 2003
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BURLINGTON, VT - October 8, 2002 - IDX Systems Corporation (NASDAQ:IDXC) today
announced that effective January 1, 2003, James H. Crook, Jr. will become Chief
Executive Officer. Mr. Crook joined IDX in 1981 and has been President and
Chief Operating Officer of the Company since 1999. He will retain the title of
President.
Current Chief Executive Officer Richard E. Tarrant will be named Chairman of the
Board and Robert H. Hoehl, current Chairman, will become Vice Chairman. Mr.
Tarrant and Mr. Hoehl founded IDX in 1969.
As CEO, Mr. Crook will work closely with Mr. Tarrant on strategy development and
will assume full management responsibility for the company, including delivering
on the IDX core values of customer success, employee opportunity, growth, and
profitability.
As Chairman, Mr. Tarrant will remain fully engaged, focusing on strategic
direction and future growth opportunities for IDX. Mr. Tarrant will continue to
be the company's primary contact with "Wall Street" and will interact with CEOs
of key customers in order to continually assess IDX's mission in the service of
healthcare delivery organizations.
"Rich and Bob have worked diligently for 33 years to firmly establish IDX as a
company built to last and grow," Mr. Crook said. "I look forward to continuing
this legacy."
"In recent years, succession planning has been an integral part of ensuring the
future of IDX," Mr. Tarrant said. "As we have been emerging through a corporate
transition toward reestablishing growth, Jim Crook, as President and Chief
Operating Officer, has proven his leadership ability and management talent. With
Jim as CEO, I will now be able to engage in what I enjoy most, mainly exploring
entrepreneurial opportunities for new avenues of growth within IDX."
(more)
Page 4 of 5
ABOUT IDX
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Founded in 1969, IDX Systems Corporation provides information technology
solutions to maximize value in the delivery of healthcare, improve the quality
of patient service, enhance medical outcomes, and reduce the costs of care. IDX
supports these objectives with a broad range of complementary and functionally
rich products installed at 3,200 client sites. Customers include 134,000
physicians who utilize practice management systems to improve patient care and
other workflow processes. IDX Systems are installed at:
* 370 Integrated delivery networks (IDNs) representing more than 660 hospitals
* 175 large group practices with more than 200 physicians
* 635 mid-size group practices with less than 200 physicians
The IDX web strategy includes browser technology, e-commerce and web-based tools
- -- built using Internet architecture -- that facilitates access for patients,
physicians and care providers to vital health information and data managed by
the IDX clinical, administrative, financial, and managed care products. EDiX
Corporation, an IDX subsidiary, offers medical transcription and clinical
documentation services to physicians groups and hospital customers. IDX has
approximately 4,755 full-time employees.
IDX is trademark or registered trademarks of IDX Investment Corporation.
THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS THAT INVOLVE A NUMBER OF
RISKS AND UNCERTAINTIES. AMONG THE IMPORTANT FACTORS THAT COULD CAUSE ACTUAL
RESULTS TO DIFFER MATERIALLY FROM THOSE SUGGESTED BY SUCH FORWARD-LOOKING
STATEMENTS ARE POSSIBLE DEFERRAL, DELAY OR CANCELLATION BY CUSTOMERS OF COMPUTER
SYSTEM PURCHASE DECISIONS, GENERAL ECONOMIC CONDITIONS, POSSIBLE DELAY OF
SYSTEMS INSTALLATIONS, DEVELOPMENT BY COMPETITORS OF NEW OR SUPERIOR
TECHNOLOGIES, POSSIBLE INABILITY OF THE COMPANY TO REALIZE BENEFITS FROM ITS
ALLIANCE WITH ALLSCRIPTS HEALTHCARE SOLUTIONS, INC., CHANGING ECONOMIC,
POLITICAL AND REGULATORY INFLUENCES ON THE HEALTHCARE AND E-COMMERCE INDUSTRIES,
POSSIBLE DISRUPTION IN THE NATIONAL ECONOMY CAUSED BY TERRORIST ACTIVITIES,
CHANGES IN PRODUCT PRICING POLICIES, REGULATION OF THE COMPANY'S SOFTWARE BY
GOVERNMENT AGENCIES, THE POSSIBILITY OF PRODUCT RELATED LIABILITIES, AND FACTORS
DETAILED FROM TIME TO TIME IN THE COMPANY'S PERIODIC REPORTS AND REGISTRATION
STATEMENTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, WHICH IMPORTANT
FACTORS ARE INCORPORATED HEREIN BY REFERENCE. THE COMPANY UNDERTAKES NO
OBLIGATION TO UPDATE FORWARD-LOOKING STATEMENTS TO REFLECT CHANGED ASSUMPTIONS,
THE OCCURRENCE OF UNANTICIPATED EVENTS, OR CHANGES IN FUTURE OPERATING RESULTS,
FINANCIAL CONDITION OR BUSINESS OVER TIME.
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