-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KG7VqkuSv9XVh8VDvRfZwCfnEip8cA5SHjmvxUcLJvVL+v+XR/ScDdvmc7INfPTt q/Ph/dPrMXz8oGlTSIksVA== 0001169232-03-006265.txt : 20031030 0001169232-03-006265.hdr.sgml : 20031030 20031030115014 ACCESSION NUMBER: 0001169232-03-006265 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031030 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: QUALITY SYSTEMS INC CENTRAL INDEX KEY: 0000708818 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 952888568 STATE OF INCORPORATION: CA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12537 FILM NUMBER: 03965752 BUSINESS ADDRESS: STREET 1: 18191 VON KARMAN AVENUE CITY: IRVINE STATE: CA ZIP: 92612 BUSINESS PHONE: 7147317171 MAIL ADDRESS: STREET 1: 18191 VON KARMAN AVENUE STREET 2: SUITE 450 CITY: IRVINE STATE: CA ZIP: 92612 8-K 1 d57253_8-k.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 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) October 30, 2003 Quality Systems, Inc. (Exact name of registrant as specified in its charter) California 0-13801 95-2888568 (State or other jurisdiction of (Commission File (IRS Employer incorporation) Number) Identification No.) 18191 Von Karman Avenue, Suite 450 Irvine, California 92612 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (949) 255-2600 - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report.) ================================================================================ ================================================================================ Item 7. Financial Statements and Exhibits. (c) Exhibits. Exhibit No. Description ----------- ------------------------------------------------------------- 99.1 Press Release dated October 30, 2003. Item 12. Results of Operations and Financial Condition. The information in this Form 8-K and the Exhibits attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. On October 30, 2003, Quality Systems, Inc. issued a press release announcing its financial performance for the period ended September 30, 2003. On that same date, Quality Systems, Inc. conducted a conference call concerning its performance for the period ended September 30, 2003. A copy of the press release is attached to this Form 8-K as Exhibit 99.1. ================================================================================ -2- 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. QUALITY SYSTEMS, INC. (Registrant) Date October 30, 2003 /s/ Louis Silverman ---------------------------------------- (Signature) Louis Silverman, Chief Executive Officer -3- EXHIBIT INDEX Exhibit No. Description ----------- ------------------------------------------------------------- 99.1 Press Release dated October 30, 2003. -4- EX-99.1 3 d57253_ex99-1.txt PRESS RELEASE Exhibit 99.1 For Further Information: Quality Systems, Inc. CCG Investor Relations 18191 Von Karman Ave, #450 15300 Ventura Blvd., Suite 303 Irvine, CA 92612 Sherman Oaks, CA 91403 www.qsii.com www.coffincg.com (949) 255-2600 (818) 789-0100 CONTACT: Lou Silverman CONTACT: William F. Coffin, President President and CEO Sean Collins, Partner QUALITY SYSTEMS REPORTS SECOND QUARTER RESULTS IRVINE, Calif.--(BUSINESS WIRE)--October 30, 2003--Quality Systems, Inc. (NASDAQ:QSII - news) today announced the results of operations for its fiscal 2004 second quarter ended September 30, 2003. The Company posted net revenues of $17.6 million in the second quarter, an increase of 35% from $13.0 million for the same quarter last year. The Company reported net income of $2,408,000 an increase of 41% over net income of $1,710,000 for the comparable quarter of the prior year. Fully diluted earnings per share totaled $0.37 in the quarter, an increase of 37% over the fully diluted $0.27 per share earnings recorded in the same quarter of last year. The revenue and net income results achieved in the quarter were records for the company. Results in the second quarter were driven by record revenue and profit in the company's NextGen Healthcare Information Systems division, which posted record revenue of $13.5 million, up 57% over the same quarter prior year, and record operating income of $3.8 million, up 81% over the same quarter prior year. Quality Systems, Inc. will hold a conference call to discuss second quarter financial results today, Thursday, October 30, 2003 at 1:00 p.m. EST (10:00 a.m. PST). To participate in the call, please call (877) 586-7724 five to ten minutes prior to the scheduled conference call time. There is no pass code required for this call. If you are unable to participate in the call at this time, a replay will be available on Thursday, October 30 at 1:00 p.m. PST, through Thursday, November 6 at midnight EST. To access the replay dial (800) 642-1687 and enter the conference ID number 3512337. A transcript of the conference call will be made available on the QSII web site (www.qsii.com). Quality Systems, Inc. and its NextGen Healthcare Information Systems subsidiary develop and market computer-based practice management, medical records, and connectivity applications for large medical and dental group practices. Visit www.qsii.com and www.nextgen.com for additional information. This news release may contain forward-looking statements, including those related to revenue and net income, that involve a number of risks and uncertainties. Among the important factors that could impact actual are volume and timing of systems sales and installations, length of sales cycles and installation process; the (more) Quality Systems - Second Quarter 2004 For Release October 30, 2003 Page 2 possibility that the products will not achieve market acceptance; seasonal patterns of sales and customer buying behavior, the development by competitors of new or superior technologies, delays in product development, undetected errors or bugs in software, product liability, changing economic, political or regulatory influences on the healthcare industry, changes in product pricing policies, competitive pressures, possible regulation of the company's software by the U.S. Food and Drug Administration, general economic conditions, and the risk factors detailed from time to time in Quality Systems' periodic reports and registration statements filed with the Securities and Exchange Commission. [financial highlights follow] Quality Systems - Second Quarter 2004 For Release October 30, 2003 Page 3 Quality Systems, Inc. Consolidated Statements of Income (unaudited)
Three Months Ended Six Months Ended September 30, September 30, 2003 2002 2003 2002 ----------- ----------- ---------- ---------- Net Revenues: Sales of computer systems, Upgrades and supplies 10,026,000 6,814,000 19,500,000 13,239,000 Maintenance and other services 7,616,000 6,180,000 14,448,000 12,062,000 ----------- ----------- ---------- ---------- 17,642,000 12,994,000 33,948,000 25,301,000 Cost of Products and Services 7,492,000 5,660,000 14,102,000 10,580,000 ----------- ----------- ---------- ---------- Gross Profit 10,150,000 7,334,000 19,846,000 14,721,000 Selling, General and Administrative Expenses 4,768,000 3,442,000 9,508,000 7,115,000 Research and Development Costs 1,502,000 1,213,000 2,868,000 2,348,000 ----------- ----------- ---------- ---------- Income from Operations 3,880,000 2,679,000 7,470,000 5,258,000 Investment Income 89,000 123,000 189,000 227,000 ----------- ----------- ---------- ---------- Income before Provision for Income Taxes 3,969,000 2,802,000 7,659,000 5,485,000 Provision for Income Taxes 1,561,000 1,092,000 2,974,000 2,148,000 ----------- ----------- ---------- ---------- Net Income $ 2,408,000 $ 1,710,000 4,685,000 3,337,000 =========== =========== ========== ========== Income per Share - Basic $ 0.39 $ 0.28 .76 .55 =========== =========== ========== ========== Income per Share - Diluted $ 0.37 $ 0.27 .72 .53 =========== =========== ========== ========== Weighted average number of shares outstanding - Basic 6,167,000 6,122,000 6,162,000 6,114,000 =========== =========== ========== ========== Weighted average number of shares outstanding - Diluted 6,491,000 6,351,000 6,479,000 6,347,000 =========== =========== ========== ==========
Quality Systems - Second Quarter 2004 For Release October 30, 2003 Page 4 Quality Systems, Inc. Consolidated Balance Sheets (in thousands)
ASSETS September 30, March 31, 2003 (unaudited) 2003 ---------------- --------- Current Assets: Cash and cash equivalents $40,573 $36,443 Accounts receivable, net 21,240 17,561 Inventories 984 667 Deferred tax assets 2,029 2,029 Other current assets 1,867 2,086 ------- ------- Total current assets 66,693 58,786 Equipment and Improvements, net 1,797 1,777 Capitalized Software Costs, net 3,020 2,511 Deferred Tax Asset 1,819 1,819 Excess of Cost Over Net Assets of Acquired Business, net 1,840 1,840 Other Assets 972 869 ------- ------- Total assets $76,141 $67,602 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $ 1,742 $ 2,477 Deferred revenue 15,093 11,699 Other current liabilities 6,900 5,893 ------- ------- Total liabilities 23,735 20,069 Commitments and Contingencies Shareholders' Equity: Common stock, $0.01 par value, 20,000 shares authorized, 6,174 and 6,152 shares issued and outstanding, respectively 62 62 Additional paid-in capital 35,309 35,121 Retained Earnings 17,035 12,350 ------- ------- Total shareholders' equity 52,406 47,533 Total liabilities and Shareholders' equity $76,141 $67,602 ======= =======
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