QuadraMed Corporation (Amex:QD) announced today that it will report
Net Income of $11.9 million before preferred stock accretion for
the twelve months ended December 31, 2006, compared to a Net Loss
of $(3.9) million for the same period in 2005. For the three months
ended December 31, 2006, the Company had Net Income before
preferred stock accretion of $4.0 million compared to a Net Income
of $1.2 million for the three months ended December 31, 2005.
Income from operations was $10.8 million for the twelve months
ended December 31, 2006, compared to a Loss from operations of
$(1.4) million for the same period in 2005. For the three months
ended December 31, 2006, the Company had Income from operations of
$3.6 million, compared to Income from operations of $0.8 million
for the three months ended December 31, 2005. Cash provided by
operating activities was $16.7 million in 2006 compared to $11.8
million for 2005. Cash, cash equivalents and investments increased
$10.2 million during 2006 to $44.5 million. The Company will also
report Net Income attributable to common shareholders of $6.0
million, and income of $0.14 per share basic and diluted, for the
twelve months ended December 31, 2006. This compares to a Net Loss
attributable to common shareholders of $(9.3) million, and loss of
$(0.23) per share basic and diluted for the same period in 2005.
EBITDA (Earnings Before Interest, Taxes, Depreciation and
Amortization) was $18.9 million for the twelve months ended
December 31, 2006, compared to EBITDA of $7.1 million for the same
period in 2005. Sales bookings for 2006 amounted to $84.5 million,
compared to $67.2 million in 2005. The year over year improvements
as detailed above are primarily a result of implementation of the
Company�s strategic initiatives during 2006, resulting in 25%
greater sales bookings, higher revenue, more efficient operations
and significantly lower expenses in 2006 as compared to 2005.
�QuadraMed was very successful in 2006, achieving a return to
profitable operations, a 25 percent increase in sales bookings as
compared to 2005, and a significant lowering of our DSOs,� said
Keith B. Hagen, QuadraMed�s president and chief executive officer.
�In a relatively short period of time, management�s ability to grow
and improve our business, communicate our HIT vision and manage our
expenses has produced dramatically improved operational results. In
addition, we improved our business execution with regard to
resolving all Sarbanes-Oxley Section 404 material weaknesses and
drove higher revenue production. These improvements also helped us
to reduce, and in some cases eliminate, many of the one-time
expenses the company incurred year-after-year from 2002 to 2005.
This is hugely important as these expenses did not create value for
our shareholders or customers either by leading to improved
products and services or by improving our market position. �Also of
note is that our Care-based Revenue Cycle solutions strategy to
help hospitals leverage quality care into improved financial health
gained traction throughout 2006. Coupled with an aggressive sales
effort, this strategy had a positive effect on our sales bookings,
helping to achieve two new Affinity sales, growth in our Smart
Identity product and services lines, and the large Department of
Veterans Affairs contract, each of which were critical to our
bookings success,� added Mr. Hagen. Management will review these
results in an investment community conference call at 4:00 PM
Eastern (1:00 PM Pacific) Thursday, March 15, 2007. To ensure fair
dissemination of information, no inquiries of management should be
made regarding QuadraMed�s results until after the conference call.
A brief question and answer period will follow management�s
presentation. The dial-in number for the conference call is
800-475-3716 domestic and 719-457-2728 international. Callers
should dial in by 3:45 PM Eastern (12:45 PM Pacific) to register.
The call will also be webcast live and available to the public via
the Investor Relations section of QuadraMed�s webpage at
www.quadramed.com. Please note that the webcast is listen-only.
Listeners should access the website at 3:45 PM Eastern (12:45 PM
Pacific) to register and to download and install any necessary
audio software. Webcast replays will be available shortly after the
live call is completed. The webcast replays will be available until
12:00 AM ET on March 21, 2007 by dialing 719-457-0820 or
888-203-1112. The replay passcode is 4319057. Attachments Exhibit 1
Consolidated Balance Sheets as of December 31, 2006 and December
31, 2005 Exhibit 2 Consolidated Statements of Operations for the
Three Months Ended December 31, 2006 and December 31, 2005 and
Years Ended December 31, 2006 and December 31, 2005 Exhibit 3
Consolidated Statements of Cash Flows for the Years Ended December
31, 2006 and December 31, 2005 Exhibit 4 Reconciliation of EBITDA
and Non-GAAP Measurements for the Years Ended December 31, 2006,
December 31, 2005 and December 31, 2004 Exhibit 5 Reconciliation of
EBITDA for the Three Months Ended December 31, 2006, September 30,
2006, June 30, 2006, March 31, 2006 and December 31, 2005,
September 30, 2005, June 30, 2005, and March 31, 2005 About
QuadraMed Corporation QuadraMed Corporation advances the success of
healthcare organizations through IT solutions that leverage quality
care into positive financial outcomes. As evolving reimbursement
scenarios challenge healthcare organizations to leverage quality of
care into payment, clients committing to QuadraMed�s care-based
solutions can realize market leading financial performance. Using
QuadraMed�s end-to-end solutions to optimize the patient experience
and leverage quality of care into payment, our clients can receive
the proper reimbursement, in the shortest time, at the lowest
administrative cost. Behind our products and services is a staff of
almost 600 professionals whose experience and dedication to service
have earned QuadraMed the trust and loyalty of customers at
approximately 2,000 healthcare provider facilities. To find out
more about QuadraMed, visit www.quadramed.com. Cautionary Statement
on Risks Associated with QuadraMed�s Forward-Looking Statements
This press release contains forward-looking statements, as defined
in Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, by QuadraMed that are subject to
risks and uncertainties. The words "believe," "expect,"
"anticipate," "intend," "plan," "estimate," "may," "should,"
"could," and similar expressions are intended to identify such
statements. Forward-looking statements are not guarantees of future
performance and are to be interpreted only as of the date on which
they are made. QuadraMed undertakes no obligation to update or
revise any forward-looking statement except as required by law.
QuadraMed advises investors that it discusses risk factors and
uncertainties that could cause QuadraMed�s actual results to differ
from forward-looking statements in its periodic reports filed with
the Securities and Exchange Commission ("SEC"). QuadraMed�s SEC
filings can be accessed through the Investor Relations section of
our website, www.quadramed.com, or through the SEC�s EDGAR Database
at www.sec.gov (QuadraMed has EDGAR CIK No. 0001018833). QuadraMed
is a registered trademark of QuadraMed Corporation. All other
trademarks are the property of their respective holders. Exhibit 1
� QUADRAMED CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands,
except percentages and per share amounts) � December 31, UNAUDITED
ASSETS 2006� 2005� � Current assets Cash and cash equivalents $
32,596� $ 33,042� Short-term investments 10,703� -� Accounts
receivable, net of allowance for doubtful accounts of $2,612 and
$4,177, respectively 20,358� 27,089� Unbilled receivables 4,253�
3,387� Prepaid expenses and other current assets, net of allowance
for doubtful accounts of $833 and $715, respectively 10,848�
12,142� Total current assets � 78,758� � 75,660� � Restricted cash
2,341� 2,391� Long-term investments 1,244� 1,334� Property and
equipment, net of accumulated depreciation and amortization of
$21,131, and $19,052, respectively 2,557� 3,737� Goodwill 25,983�
25,983� Other amortizable intangible assets, net of accumulated
amortization of $41,397 and $35,905, respectively 2,132� 7,624�
Other long-term assets � 3,183� � 3,167� Total assets $ 116,198� $
119,896� � LIABILITIES AND STOCKHOLDERS� EQUITY Current liabilities
Accounts payable and accrued expenses $ 3,493� $ 3,551� Accrued
payroll and related 8,720� 7,422� Other accrued liabilities 5,365�
10,114� Dividends payable 3,775� 9,054� Deferred revenue � 45,033�
� 52,169� Total current liabilities 66,386� 82,310� � Accrued exit
cost of building closing 2,066� 3,613� Deferred income taxes 1,343�
269� Other long-term liabilities � 2,618� � 2,512� Total
liabilities 72,413� 88,704� � Stockholders' equity Preferred stock,
$0.01 par, 5,000 shares authorized, 4,000 shares issued and
outstanding respectively 93,290� 88,231� Common stock, $0.01 par,
150,000 shares authorized; 43,221 and 41,245 shares issued and
outstanding, including 457 shares of treasury stock, respectively
437� 417� Shares held in treasury (5) (5) Additional
paid-in-capital 304,504� 302,324� Accumulated other comprehensive
loss (49) (89) Accumulated deficit � (354,392) � (359,686) Total
stockholders� equity � 43,785� � 31,192� Total liabilities and
stockholders� equity $ 116,198� $ 119,896� Exhibit 2 � QUADRAMED
CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands,
except per share amounts) � UNAUDITED UNAUDITED Three months ended,
Year Ended December 31, December 31, 2006� 2005� 2006� 2005�
Revenue Services $ 2,799� $ 3,687� $ 12,279� $ 13,135� Maintenance
13,370� 13,301� 55,975� 54,453� Installation and other � 2,708� �
2,760� � 11,756� � 11,060� Services and other revenue 18,877�
19,748� 80,010� 78,648� Licenses 11,043� 10,924� 42,756� 41,067�
Hardware � 1,293� � 537� � 2,435� � 2,598� Total revenue � 31,213�
� 31,209� � 125,201� � 122,313� � Cost of revenue Cost of services
and other revenue 7,322� 7,746� 28,819� 29,510� Royalties and other
3,271� 2,968� 12,095� 9,779� Amortization of acquired technology
and capitalized software � 702� � 941� � 3,401� � 4,014� Cost of
license revenue 3,973� 3,909� 15,496� 13,793� Cost of hardware
revenue � 876� � 151� � 2,007� � 2,341� Total cost of revenue �
12,171� � 11,806� � 46,322� � 45,644� Gross margin � 19,042� �
19,403� � 78,879� � 76,669� � Operating expense General and
administration 4,026� 6,249� 19,325� 26,874� Software development
6,604� 7,223� 29,858� 30,476� Sales and marketing 3,833� 4,003�
14,682� 14,730� Amortization of intangible assets and depreciation
956� 1,111� 4,195� 4,904� Exit cost of facility closing � -� � -� �
-� � 1,066� Total operating expenses � 15,419� � 18,586� � 68,060�
� 78,050� Income (loss) from operations � 3,623� � 817� � 10,819� �
(1,381) � Other income (expense) Interest expense, includes
non-cash charges of $68, $135, $374 and $600, respectively (68)
156� (379) (607) Interest income 480� 305� 1,746� 749� Other income
(expense), net � 7� � 50� � 101� � 13� Other income (expense) �
419� � 511� � 1,468� � 155� � Income (loss) from continuing
operations before income taxes $ 4,042� $ 1,328� $ 12,287� $
(1,226) Provision for income taxes � (80) � (149) � (342) � (277)
Income (loss) from continuing operations 3,962� 1,179� 11,945�
(1,503) Loss from discontinued operations � -� � 68� � -� � (2,435)
Net income (loss) $ 3,962� $ 1,247� $ 11,945� $ (3,938) Preferred
stock accretion � (1,459) � (1,473) � (5,978) � (5,338) � Net
income (loss) attributable to common shareholders $ 2,503� $ (226)
$ 5,967� $ (9,276) � Income (loss) per share-basic Continuing
operations $ 0.06� $ (0.01) $ 0.14� $ (0.17) Discontinued
operations � -� � -� � -� � (0.06) Net income (loss) $ 0.06� $
(0.01) $ 0.14� $ (0.23) � Income (loss) per share-diluted
Continuing operations $ 0.05� $ (0.01) $ 0.14� $ (0.17)
Discontinued operations � -� � -� � -� � (0.06) Net income (loss) $
0.05� $ (0.01) $ 0.14� $ (0.23) � Weighted average shares
outstanding Basic � 42,825� � 41,370� � 42,057� � 40,658� Diluted �
79,571� � 41,370� � 78,125� � 40,658� Exhibit 3 � QUADRAMED
CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in
thousands) � � For the three months ended For the Year Ended
UNAUDITED UNAUDITED UNAUDITED UNAUDITED December 31, 2006 December
31, 2005 2006� 2005� Cash flows from operating activities Net
income (loss) attributable to common shareholders $ 2,500� $ (226)
$ 5,967� $ (9,276) Adjustments to reconcile net income (loss) to
net cash provided by operating activities: Depreciation and
amortization 1,661� 2,064� 7,598� 8,918� Dividend discount
amortization 51� 117� 303� 565� Interest expense on note payable
18� 18� 72� 35� Deferred compensation amortization 96� 82� 385�
1,962� Preferred stock accretion and dividend premium 1,461� 1,474�
5,978� 5,338� Exit cost of facility closing -� -� -� 2,797�
Provision for bad debts -� 443� 820� 2,263� Stock-based
compensation expense 181� -� 879� -� Gain on sale of assets -� -�
-� (383) Other -� -� (21) -� � Changes in assets and liabilities:
Accounts receivable (1,012) (954) 5,911� (3,240) Prepaid expenses
and other (795) (2,847) 413� (1,217) Accounts payable and accrued
liabilities 726� (1,330) (4,508) (1,114) Deferred revenue (663)
2,144� (7,135) 8,209� Payment to former executive out of trust � -�
� -� � -� � (3,100) Cash provided by operating activities 4,224�
985� 16,662� 11,757� � Cash flows from investing activities
Decrease (increase) in restricted cash (55) (41) 50� 1,498� Capital
expenditures (251) (183) (982) (1,278) Proceeds from the sale of
assets and available-for-sale securities, net 4,618� -� 7,227� (98)
Purchases of available-for-sale securities (11,106) 12� (17,813) -�
Termination of trust -� -� -� 3,100� Other � (33) � -� � (28) � -�
Cash provided by (used in) by investing activities (6,827) (212)
(11,546) 3,222� � Cash flows from financing activities Proceeds
from issuance of common stock and other 339� 193� 936� 1,036�
Payment of preferred stock dividends (1,625) (1,916) (6,500)
(5,833) Proceeds from sale of assets -� -� -� 431� Other � -� � -�
� 2� � -� Cash used in financing activities (1,286) (1,723) (5,562)
(4,366) � Net increase (decrease) in cash and cash equivalents
(3,889) (950) (446) 10,613� � Cash and cash equivalents, beginning
of period � 36,485� � 33,992� � (33,042) � 22,429� � Cash and cash
equivalents, end of period $ 32,596� $ 33,042� $ (32,596) $ 33,042�
Exhibit 4 � QUADRAMED CORPORATION RECONCILIATION OF EBITDA AND
NON-GAAP MEASUREMENTS For the Years Ended December 31, 2006,
December 31, 2005 and December 31, 2004 (in thousands) � UNAUDITED
For the Year Ended 12/31/06� 12/31/05� 12/31/04� � � EBITDA
(Earnings Before Interest, Taxes, Depreciation and Amortization) �
Net income (loss), as reported $11,945� ($3,938) ($41,829) �
Adjustments to Net Income for EBITDA Interest Expense $379� $607�
$4,814� Interest Income ($1,746) ($749) ($481) Benefit (provision)
for Income Taxes $342� $277� ($175) Depreciation and Amortization
$7,983� $10,880� $10,540� Subtotal Adjustments for EBITDA 6,958�
11,015� 14,698� � � � EBITDA $18,903� $7,077� ($27,131) � Proforma
Net Income (Loss) before Preferred Stock Accretion � Net income
(loss), as reported $11,945� ($3,938) ($41,829) � Exit Cost on
Facility Closing (San Rafael) -� 1,066� 4,190� Exit Cost on
Facility Closing (Discontinued Operation) -� 1,849� -� Cash
Severance 457� 2,844� 315� Non-Cash Severence -� 1,442� -� Costs of
Litigation 1,121� -� -� Loss on Retirement of Debt -� -� 14,871�
Gain on Sale of EDI Division -� (383) -� Loss from Discontinued
Operation -� 586� 7,022� Other Items, Net -� -� 1,400� Subtotal
Proforma adjustments 1,578� 7,404� 27,798� � � � Proforma net
income (loss) $13,523� $3,466� ($14,031) � Proforma Income (Loss)
from Operations � Income (loss) from operations, as reported
$10,819� ($1,381) ($16,178) � Exit Cost on Facility Closing (San
Rafael) -� 1,066� 4,190� Cash Severance 457� 2,844� 315� Non-Cash
Severence -� 1,442� -� Costs of Litigation 1,121� -� -� Gain on
Sale of EDI Division -� (383) -� Other Items, Net -� -� 1,400�
Subtotal Proforma adjustments 1,578� 4,969� 5,905� � � � Proforma
Income (loss) from operations $12,397� $3,588� ($10,273) � Other
Information � Revenue $125,201� $122,313� $124,804� Costs of
Revenue $46,322� $45,644� $50,429� Gross Margin $78,879� $76,669�
$74,375� Gross Margin % 63% 63% 60% Exhibit 5 � QUADRAMED
CORPORATION RECONCILIATION OF EBITDA For the Three Months Ended
December 31, 2006, September 30, 2006, June 30, 2006, March 31,
2006 and December 31, 2005, September 30, 2005, June 30, 2005 and
March 31, 2005 (in thousands) (unaudited) � � For the Three Months
Ended 12/31/06� 9/30/06� 6/30/06� 3/31/06� 12/31/05� 9/30/05�
6/30/05� 3/31/05� � EBITDA (Earnings Before Interest, Taxes,
Depreciation and Amortization) � Net income (loss), as reported
$3,962� $5,979� $3,847� ($1,843) $1,247� ($3,958) $1,293� ($2,520)
� Adjustments to Net Income for EBITDA Interest Expense 68� 85�
103� 123� (156) 403� 191� 169� Interest Income (480) (501) (399)
(366) (305) (223) (120) (101) Benefit (provision) for Income Taxes
80� 101� 63� 98� 149� 114� 3� 11� Depreciation and Amortization
1,756� 1,878� 2,157� 2,191� 2,141� � 3,082� 2,280� 3,377� Subtotal
Adjustments for EBITDA 1,424� 1,563� 1,924� 2,046� 1,829� 3,376�
2,354� 3,456� � � � � � � � � EBITDA $5,386� $7,542� $5,771� $203�
$3,076� ($582) $3,647� $936� � Other Information � � � � Revenue
$31,213� $33,032� $32,028� $28,928� $31,209� $30,046� $30,683�
$30,375� Costs of Revenue $12,171� $10,975� $11,592� $11,584�
$11,806� $11,407� $10,945� $11,486� Gross Margin $19,042� $22,057�
$20,436� $17,344� $19,403� $18,639� $19,738� $18,889� Gross Margin
% 61% 67% 64% 60% 62% 62% 64% 62% �
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