Exhibit 99.1
Eclipsys Releases Financial Results for the Quarter Ended March 31,
2004
BOCA RATON, Fla.--(BUSINESS WIRE)--April 27, 2004--Eclipsys
Corporation(R) (Nasdaq:ECLP), The Outcomes Company(R), today released
results for the quarter ended March 31, 2004.
The following table summarizes significant financial data (in
millions, except per share data):
In millions, except per share data
--------------------------------------------------------
Three months ended March 31, Three months ended
December 31,
------------------------------- ------------------------
2004 2003 Change $ Change % 2003 Change $ Change %
- --------------------------------------------- ------------------------
Revenues $68.4 $56.8 $11.6 20.4% $66.3 $2.1 3.2%
- --------------------------------------------- ------------------------
Net loss (13.1) (13.0) (0.1) -0.8% (20.9) 7.8 37.3%
- --------------------------------------------- ------------------------
Loss per
share $(0.28)$(0.29) $0.01 3.4% $(0.46) $0.18 39.1%
- --------------------------------------------- ------------------------
- --------------------------------------------- ------------------------
Operating cash
flows (9.5) 1.2 (10.7) -891.7% (3.8) (5.7) -150.0%
- --------------------------------------------- ------------------------
Purchase of
fixed assets 4.0 2.6 1.4 53.8% 2.8 1.2 42.9%
- --------------------------------------------- ------------------------
Capitalized
software
development
costs 4.6 2.7 1.9 70.4% 2.7 1.9 70.4%
- --------------------------------------------- ------------------------
- --------------------------------------------- ------------------------
Cash &
marketable
securities 134.2 180.0 (45.8) -25.4% 151.7 (17.5) -11.5%
- --------------------------------------------- ------------------------
Days sales
outstanding 65 71 (6) -8.5% 75 (10) -13.3%
- --------------------------------------------- ------------------------
Deferred
revenue 98.4 85.9 12.5 14.6% 101.2 (2.8) -2.8%
- --------------------------------------------- ------------------------
First quarter results
First quarter 2004 revenues were $68.4 million compared to
revenues of $56.8 million in Q1'03 and revenues of $66.3 million in
Q4'03. Net loss for the quarter was $(13.1) million, compared to a net
loss of $(13.0) million in the same period a year ago and a net loss
of $(20.9) million in Q4'03. Basic and diluted net loss per share was
$(0.28), compared to $(0.29) in Q1'03 and $(0.46) in Q4'03.
Operating cash flows were $(9.5) million, compared to $1.2 million
in Q1'03 and $(3.8) million in Q4'03. Cash, cash equivalents and
marketable securities were $134.2 million as of March 31, 2004, down
from $180.0 million as of March 31, 2003 and down sequentially from
$151.7 million as of December 31, 2003. Days sales outstanding (DSOs)
were 65 as of March 31, 2004, a decrease of 6 days from March 31,
2003, and a decrease of 10 days from the preceding quarter. Deferred
revenue (including current and long-term) was $98.4 million as of
March 31, 2004, compared to $85.9 million as of March 31, 2003.
Deferred revenue decreased sequentially $2.8 million from
$101.2 million as of December 31, 2003.
Robert J. Colletti, senior vice president and chief financial
officer, said: "Overall, we are pleased with our quarterly results.
Our cash position remains strong and we are pleased with our
improvement in our days sales outstanding. In addition, our revenue
and earnings per share are in line with what we anticipated."
"We continue to concentrate on executing our strategies and are
pleased with the progress we have made," said Paul L. Ruflin, Eclipsys
president and CEO. "We have made significant progress on advancing our
technology platform and software products. Our customers are
recognizing the major positive changes that have been implemented at
Eclipsys."
Investor teleconference April 28
Eclipsys senior executives will discuss the results during an
investor community teleconference scheduled for 9:00 a.m. Eastern time
Wednesday, April 28. Persons interested in participating in the
teleconference should call 888-576-4675 within 10 minutes before the
conference is slated to begin. For listen-only mode, participants can
go to http://www.eclipsys.com about 10 minutes prior to the
conference call to register and to download the necessary audio
software. An audio replay will be available for approximately 48 hours
beginning 11:30 a.m. Eastern time April 28 by visiting
http://www.eclipsys.com.
About Eclipsys
Eclipsys is a leading provider of advanced clinical, financial and
management information software and service solutions to more than
1,500 healthcare facilities. Eclipsys empowers healthcare
organizations to improve patient safety, revenue cycle management and
operational efficiency through innovative information solutions. For
more information, see http://www.eclipsys.com or
e-mail info@eclipsys.com.
Statements in this news release concerning future results,
performance or expectations are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, as
amended. All forward-looking statements included in this document are
based upon information available to Eclipsys as of the date hereof and
Eclipsys assumes no obligation to update any such forward-looking
statements. Because such statements involve risks and uncertainties,
actual results may differ materially from those expressed or implied
by such forward-looking statements. These risks include several risks
in connection with our SunriseXA strategy, including the uncertainty
of the time and costs required to implement the strategy, the
potential that our strategy could change, the potential that we may
encounter technical difficulties in implementing our strategy, and the
potential that the changes to our products may affect customer demand.
Other risks include potential financial constraints and other factors
faced by the healthcare industry, changing customer requirements and
other risks described in the filings of Eclipsys with the Securities
and Exchange Commission, including its annual report on Form 10-K for
the year ended December 31, 2003. Eclipsys, Eclipsys Corporation and
The Outcomes Company are registered trademarks and SunriseXA and the
phrase "better healthcare through knowledge" are trademarks of
Eclipsys Technologies Corporation. Other product and company names in
this news release are trademarks or registered trademarks of their
respective companies.
Eclipsys Corporation
Consolidated Statements of Operations - Unaudited
(000's Omitted)
- ---------------------------------------------------------------------
Three Months Ended
March 31, March 31,
--------------------
2004 2003 Change $ Change %
-------------------------------------
Revenues:
Systems and services $61,807 $53,697 $8,110 15.1%
Hardware 6,577 3,139 3,438 109.5%
--------- --------- --------
Total revenues 68,384 56,836 11,548 20.3%
--------- --------- --------
Costs and expenses:
Cost of systems and services
revenues 39,857 32,804 7,053 21.5%
Cost of hardware revenues 5,634 2,684 2,950 109.9%
Sales and marketing 15,252 16,556 (1,304) -7.9%
Research and development 14,911 12,984 1,927 14.8%
General and administrative 3,167 3,364 (197) -5.9%
Depreciation and amortization 3,080 2,369 711 30.0%
--------- --------- --------
Total costs and expenses 81,901 70,761 11,140 15.7%
--------- --------- --------
Loss from operations (13,517) (13,925) 408 2.9%
Interest income, net 454 900 (446) -49.6%
--------- --------- --------
Loss before income taxes (13,063) (13,025) (38) -0.3%
Provision for income taxes - - -
--------- --------- --------
Net loss $(13,063) $(13,025) $(38) -0.3%
========= ========= ========
Loss per share:
Loss per share $(0.28) $(0.29) $0.01 3.4%
========= ========= ========
Loss per share $(0.28) $(0.29) $0.01 3.4%
========= ========= ========
Weighted average shares outstanding:
Basic 46,115 45,069
========= =========
Diluted 46,115 45,069
========= =========
Eclipsys Corporation
Consolidated Statements of Operations - Unaudited
(000's Omitted)
- ----------------------------------------------------------------------
Three Months Ended
December 31,
---------------------------
2003 Change $ Change %
---------------------------
Revenues:
Systems and services $60,334 $1,473 2.4%
Hardware 5,973 604 10.1%
--------- ---------
Total revenues 66,307 2,077 3.1%
--------- ---------
Costs and expenses:
Cost of systems and services revenues 41,202 (1,345) -3.3%
Cost of hardware revenues 4,855 779 16.0%
Sales and marketing 17,693 (2,441) -13.8%
Research and development 17,154 (2,243) -13.1%
General and administrative 3,681 (514) -14.0%
Depreciation and amortization 2,862 218 7.6%
--------- ---------
Total costs and expenses 87,447 (5,546) -6.3%
--------- ---------
Loss from operations (21,140) 7,623 36.1%
Interest income, net 287 167 58.2%
--------- ---------
Loss before income taxes (20,853) 7,790 37.4%
Provision for income taxes -
--------- ---------
Net loss $(20,853) $7,790 37.4%
========= =========
Loss per share:
Loss per share $(0.46) $0.18 39.1%
========= =========
Loss per share $(0.46) $0.18 39.1%
========= =========
Weighted average shares outstanding:
Basic 45,728
==========
Diluted 45,728
==========
Eclipsys Corporation
Consolidated Balance Sheets - Unaudited
(000's Omitted)
March 31, December 31,
2004 2003
------------ ------------
Assets
Current assets:
Cash and cash equivalents $93,378 $151,683
Marketable securities 40,808 -
Accounts receivable, net 49,473 54,903
Inventory 1,734 530
Other current assets 12,820 14,993
------------ ------------
Total current assets 198,213 222,109
Property and equipment, net 33,282 32,304
Capitalized software development costs,
net 27,951 25,260
Goodwill and intangible assets 5,378 454
Other assets 16,651 15,656
------------ ------------
Total assets $281,475 $295,783
============ ============
Liabilities and Stockholders' Equity
Current liabilities:
Deferred revenue $88,195 $91,782
Accrued compensation costs 13,156 17,189
Other current liabilities 33,917 33,584
------------ ------------
Total current liabilities 135,268 142,555
Deferred revenue 10,219 9,390
Other long-term liabilities 153 684
Stockholders' equity:
Common stock 466 460
Additional paid-in-capital 417,330 411,634
Unearned stock compensation (740) (795)
Accumulated deficit (280,842) (267,778)
Accumulated other comprehensive loss (379) (367)
------------ ------------
Total stockholders' equity 135,835 143,154
------------ ------------
Total liabilities and stockholders'
equity $281,475 $295,783
============ ============
CONTACT: Eclipsys Corporation, Boca Raton
Media:
Judy Barnett, 561-322-4351
judy.barnett@eclipsys.com
or
Investors:
Robert J. Colletti, 561-322-4650
investor.relations@eclipsys.com