Quality Systems fiscal 4Q net income rises 15 pct
Quality Systems Inc. said Friday its fiscal fourth-quarter net income jumped 15 percent, as revenue improved despite the impact of heavy snowfall on the East Coast.
The Irvine, Calif., medical records and billing software maker also said Friday that Chief Operating Officer Philip N. Kaplan has resigned. Quality Systems President Patrick Cline has assumed operational responsibility for the company's business units.
In the three months that ended March 31, Quality Systems earned $13.1 million, or 45 cents per share. That compares to net income of $11.4 million, or 40 cents per share, the previous year.
Total revenues grew 19 percent to $78.5 million.
The company said fourth-quarter results were hurt by the amortization of acquired intangibles and transaction costs tied to its Opus Healthcare Solutions acquisition. The company also saw a drop in collections from its revenue cycle management division due in part to East Coast snowfalls.
Analysts polled by Thomson Reuters expected, on average, earnings of 49 cents per share on $78.6 million in revenue.
For fiscal 2010, the company earned $48.4 million, or $1.68 per share, on $291.8 million in revenue. Analysts expected earnings of $1.72 per share on $291.8 million in revenue.
Company shares fell $1.69, or 2.8 percent, to $59.04 in Friday afternoon trading, while the broader trading indexes fell slightly.
Quality Systems also said Friday its board declared a quarterly cash dividend of 30 cents per share, payable to shareholders of record as of June 17.