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Quality Systems posts 4Q loss due to charge

Thu, 05/23/2013 - 8:13am
The Associated Press

Quality Systems posted a loss for its fiscal fourth quarter, mostly due to a fresh assessment of asset values within its hospital division.

Quality Systems Inc. develops and markets computer-based applications for medical and dental practices and small hospitals to help them keep track of health records and manage their revenue cycles as well as other products and services.

For the three months ended March 31, the Irvine, Calif., company lost $4.1 million, or 7 cents per share. A year earlier it reported net income of $15.1 million, or 25 cents per share.

The current quarter included a $17.4 million goodwill impairment charge related to a review and updated assessment of the fair value of its hospital unit.

Stripping out the impairment charge, it earned 21 cents per share. Analysts, on average, expected earnings of 27 cents per share and typically exclude one-time adjustments.

Total operating expenses climbed to $65.1 million from $43.8 million.

Revenue rose 2 percent to $111.3 million from $109 million. But Wall Street predicted higher revenue of $116.9 million.

Quality Systems full-year net income fell to $42.7 million, or 72 cents per share, from $75.7 million, or $1.28 per share, in the previous year. Adjusted earnings were 99 cents per share.

Annual revenue increased 7 percent to $460.2 million from $429.8 million.

The company, which will hold its annual shareholders meeting on Aug. 15, declared a quarterly dividend of 17.5 cents per share. The dividend will be paid on July 5 to shareholders of record on June 14.

Quality Systems also announced Thursday that it named 55-year-old Michael Aghajanian as a board member. He fills one of two vacancies on the board that were created when two directors resigned.

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