QuadraMed Corporation (Amex:QD) announced today that it will report
net income of $2.2 million before preferred stock accretion for the
three months ended June 30, 2007, compared to a net income of $3.8
million before preferred stock accretion for the same period in
2006. Income from operations was $1.3 million for the three months
ended June 30, 2007, compared to income from operations of $3.6
million for the same period in 2006. Cash and investments increased
by $3.4 million during the three months ended June 30, 2007, to
$56.2 million, and have increased $11.7 million since December 31,
2006. Cash flow from operations was $4.9 million for three months
ended June 30, 2007, compared to $4.1 million for the corresponding
three months in 2006. Revenues of $34.4 million (including a $3.7
million sale of hardware to a single customer), gross margin of 53%
and operating expenses of $17.0 million combined to produce the
achieved operating results for the quarter. These are compared to
revenues of $32.0 million, gross margin of 65% and operating
expenses of $17.3 million for the same period in 2006. Total
operating expenses of $17.0 million for the three months ended June
30, 2007 are compared to $17.3 million for the three months ended
June 30, 2006. After removing the effect of $0.4 million of
acquisition related expenses from the 2007 figures, operating
expenses decreased approximately $0.7 million between the three
month periods. EBITDA (Earnings Before Interest, Taxes,
Depreciation and Amortization) was $3.1 million or 9% of revenues
for the three months ended June 30, 2007, compared to EBITDA of
$5.7 million or 18% of revenues for the same period in 2006. The
Company will also report net income attributable to common
shareholders of $0.9 million, or $0.02 per basic and diluted share,
for the three months ended June 30, 2007; this is compared to a net
income attributable to common shareholders of $2.3 million, or
$0.06 per basic and $0.05 per diluted share, for the same period in
2006. �These second quarter results continue our string of
profitable quarters, now five in a row and six out of the last
seven. Our sales bookings for the first half of the year are ahead
of the internal targets we set coming into this year. We believe
this market success is beginning to validate the changes we made in
the sales structure at the beginning of the year, as well as our
new product strategy focused on the Care-based Revenue Cycle
process. With the recent announcement of our plans to acquire the
CPR product line, we are now positioning QuadraMed to actively
compete in the large hospital market, which is the next logical
step in our strategic plan targeted at long term success,� said
Keith Hagen, QuadraMed�s President and Chief Executive Officer. The
Company reported on July 22, 2007 that it had signed a definitive
agreement to acquire the Computerized Patient Record (CPR) assets
and related business of Misys Healthcare, a division of Misys plc
(FTSE: MSY.L), for $33 million in cash, and that the transaction is
expected to close within sixty days from the date of the
announcement. Misys CPR is a leading enterprise-wide computerized
patient record and electronic health record system. Management will
review these results in an investment community conference call at
4:00 PM Eastern (1:00 PM Pacific) on Wednesday, August 8, 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 800-263-8506 domestic and 719-457-2681 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. Replay will be available until August 14,
2007. Replay telephone numbers are 719/457-0820 or 888/203-1112;
replay passcode is 2711945. Attachments Exhibit 1 � Condensed
Consolidated Balance Sheets (unaudited) as of June 30, 2007 and
December 31, 2006 � Exhibit 2 Condensed Consolidated Statements of
Operations (unaudited) for the Three Months Ended June 30, 2007 and
2006 and Six Months Ended June 30, 2007 and 2006 � Exhibit 3
Condensed Consolidated Statements of Cash Flows (unaudited) for the
Three Months Ended June 30, 2007 and 2006 and Six Months Ended June
30, 2007 and 2006 � Exhibit 4 Reconciliation of EBITDA and Non-GAAP
Measurements (unaudited) for the Three Months Ended June 30, 2007,
March 31, 2007, December 31, 2006, September 30, 2006, June 30,
2006 and March 31, 2006 � Exhibit 5 Reconciliation of EBITDA and
Non-GAAP Measurements (unaudited) for the Six Months Ended June 30,
2007 and June 30, 2006 and the Twelve Months Ended June 30, 2007
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 within the meaning of the Private
Securities Litigation Reform Act of 1995 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
Affinity and Care-based Revenue Cycle are registered trademarks of
QuadraMed Corporation. QuadraMed Corporation�s trademark: �Quality
Care. Financial Health� is pending registration. All other
trademarks are the property of their respective holders. Exhibit 1
� QUADRAMED CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in
thousands, except per share amounts) (unaudited) � June 30,
December 31, ASSETS 2007 2006 � Current assets Cash and cash
equivalents $ 31,472 $ 32,596 Short-term investments 23,537 10,703
Accounts receivable, net of allowance for doubtful accounts of
$1,374 and $2,612, respectively 20,188 20,358 Unbilled and other
receivables 1,170 4,253 Prepaid expenses and other current assets,
net of allowance on other receivable of $910 and $833, respectively
� 7,704 � � 10,848 � Total current assets 84,071 78,758 �
Restricted cash 2,435 2,341 Long-term investments 1,209 1,244
Property and equipment, net of accumulated depreciation and
amortization of $22,009 and $21,131, respectively 2,175 2,557
Goodwill 25,983 25,983 Other intangible assets, net of accumulated
amortization of $30,055 and $28,354, respectively 430 2,132 Other
long-term assets � 3,185 � � 3,183 � Total assets $ 119,488 � $
116,198 � LIABILITIES AND STOCKHOLDERS� EQUITY � Current
liabilities Accounts payable and accrued expenses $ 2,519 $ 3,493
Accrued payroll and related 6,539 8,720 Other accrued liabilities
5,003 5,666 Dividends payable 945 3,775 Deferred revenue � 49,821 �
� 46,347 � Total current liabilities 64,827 68,001 � Accrued exit
cost of facility closing 1,307 2,066 Deferred Income Taxes 1,192
1,042 Other long-term liabilities � 2,580 � � 2,618 � Total
liabilities 69,906 73,727 � Stockholders� equity Preferred stock,
$0.01 par, 5,000 shares authorized, 4,000 shares issued and
outstanding, respectively 95,923 93,290 Common stock, $0.01 par,
150,000 shares authorized; 44,486 and 43,678 shares issued and
44,029 and 43,221 outstanding, respectively 445 437 Shares held in
treasury (5 ) (5 ) Additional paid-in-capital 306,863 304,504
Accumulated other comprehensive loss (129 ) (49 ) Accumulated
deficit � (353,515 ) � (355,706 ) Total stockholders� equity �
49,582 � � 42,471 � Total liabilities and stockholders� equity $
119,488 � $ 116,198 � Exhibit 2 � QUADRAMED CORPORATION CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per
share amounts) (unaudited) � Three months ended, Six months ended,
June 30, � June 30, 2007 2006 2007 2006 Revenue Services $ 5,011 $
2,823 $ 8,539 $ 5,738 Maintenance 14,234 14,241 28,159 27,803
Installation and other � 2,684 � � 3,284 � � 5,242 � � 6,156 �
Services and other revenue 21,929 20,348 41,940 39,697 Licenses
9,515 11,252 18,189 20,385 Hardware � 2,918 � � 428 � � 3,439 � �
874 � Total revenue � 34,362 � � 32,028 � � 63,568 � � 60,956 � �
Cost of revenue Cost of services and other revenue 8,685 6,803
15,712 13,933 Royalties and other 4,057 2,991 7,036 5,663
Amortization of acquired technology and capitalized software � 354
� � 956 � � 825 � � 1,951 � Cost of license revenue 4,411 3,947
7,861 7,614 Cost of hardware revenue � 2,895 � � 383 � � 3,387 � �
575 � Total cost of revenue � 15,991 � � 11,133 � � 26,960 � �
22,122 � Gross margin � 18,371 � � 20,895 � � 36,608 � � 38,834 � �
Operating expense General and administration 4,579 4,261 8,452
10,818 Software development 7,662 8,432 15,074 17,001 Sales and
marketing 3,913 3,543 7,809 7,239 Amortization of intangible assets
and depreciation 875 � � 1,081 � 1,798 � � 2,204 � Total operating
expenses � 17,029 � � 17,317 � � 33,133 � � 37,262 � Income (loss)
from operations � 1,342 � � 3,578 � � 3,475 � � 1,572 � � Other
income (expense) Interest expense, includes non-cash charges of
$33, $102, $84 and $221, respectively (33 ) (103 ) (83 ) (226 )
Interest income 644 399 1,217 765 Other income (expense), net � 409
� � 36 � � 486 � � 54 � Other income (expense) � 1,020 � � 332 � �
1,620 � � 593 � � Income (loss) from continuing operations before
income taxes $ 2,362 $ 3,910 $ 5,095 $ 2,165 Provision for income
taxes � (162 ) � (63 ) � (271 ) � (161 ) Income (loss) from
continuing operations 2,200 3,847 4,824 2,004 � Net income (loss) $
2,200 $ 3,847 $ 4,824 $ 2,004 Preferred stock accretion � (1,325 )
� (1,507 ) � (2,633 ) � (2,996 ) � Net income (loss) attributable
to common shareholders $ 875 � $ 2,340 � $ 2,191 � $ (992 ) �
Income (loss) per share-basic Basic $ 0.02 $ 0.06 $ 0.05 $ (0.02 )
Diluted 0.02 0.05 0.05 (0.02 ) Weighted average shares outstanding
Basic � 43,665 � � 41,864 � � 43,735 � � 41,602 � Diluted � 43,665
� � 78,072 � � 43,735 � � 41,602 � Exhibit 3 � QUADRAMED
CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in
thousands) (unaudited) � Three months ended Six months ended June
30, June 30, 2007 2006 2007 2006 Cash flows from operating
activities Net income (loss) attributable to common shareholders $
875 $ 2,340 $ 2,191 $ (992 ) Adjustments to reconcile net income
(loss) to net cash provided by operating activities: Depreciation
and amortization 1,230 2,037 2,624 4,155 Deferred compensation
amortization 96 97 192 193 Dividend discount amortization 15 84 48
185 Provision for bad debts 25 434 181 820 Stock-based compensation
expense 356 196 739 467 Gain on sales of investments (18 ) - (29 )
- Interest expense on note payable 18 18 36 36 Preferred stock
accretion and dividend premium 1,325 1,506 2,633 2,995 Other - (21
) - (21 ) � Changes in assets and liabilities: Accounts receivable
1,160 4,855 1,450 3,482 Prepaid expenses and other 5,103 (886 )
4,873 286 Accounts payable and accrued liabilities 97 (683 ) (4,576
) (4,586 ) Deferred revenue (5,350 ) (5,861 ) 3,474 � 2,385 � Cash
provided by operating activities 4,932 4,116 13,836 9,405 � Cash
flows from investing activities Decrease in restricted cash (148 )
(57 ) (94 ) 23 Purchases of available-for-sale securities (16,157 )
(562 ) (33,569 ) (677 ) Proceeds from the sale of assets and
available-for-sale securities, net 15,649 558 20,695 658 Purchases
of property and equipment (313 ) (245 ) (540 ) (500 ) Other � (16 )
� 11 � � (9 ) � 35 � Cash used in investing activities (985 ) (295
) (13,517 ) (461 ) � Cash flows from financing activities Payment
of preferred stock dividends (1,375 ) (1,625 ) (2,878 ) (3,250 )
Proceeds from issuance of common stock and other � 401 � � 172 � �
1,435 � � 418 � Cash used in financing activities (974 ) (1,453 )
(1,443 ) (2,832 ) � Net increase (decrease) in cash and cash
equivalents 2,973 2,368 (1,124 ) 6,112 � Cash and cash equivalents,
beginning of period � 28,499 � � 36,786 � � 32,596 � � 33,042 � �
Cash and cash equivalents, end of period $ 31,472 � $ 39,154 � $
31,472 � $ 39,154 � Exhibit 4 � QUADRAMED CORPORATION
Reconciliation of EBITDA and Non-GAAP Measurements (in thousands)
(unaudited) � � For the Three Months Ended 6/30/07 3/31/07 12/31/06
9/30/06 6/30/06 3/31/06 � � EBITDA (Earnings Before Interest,
Taxes, Depreciation and Amortization) � � Net income (loss), as
reported $ 2,200 $ 2,624 $ 3,962 $ 5,979 $ 3,847 ($1,843 ) �
Adjustments to Net Income for EBITDA Interest Expense 33 50 68 85
103 123 Interest Income (644 ) (573 ) (480 ) (501 ) (399 ) (366 )
Benefit (provision) for Income Taxes 162 109 80 101 63 98
Depreciation and Amortization � 1,326 � � 1,490 � � 1,756 � � 1,878
� � 2,133 � � 2,215 � Subtotal Adjustments for EBITDA 877 1,076
1,424 1,563 1,900 2,070 � � � � � � � � � � � � EBITDA $ 3,077 � $
3,700 � $ 5,386 � $ 7,542 � $ 5,747 � $ 227 � � Proforma Net Income
(Loss) before Preferred Stock Accretion � � Net income (loss), as
reported $ 2,200 $ 2,624 $ 3,962 $ 5,979 $ 3,847 ($1,843 ) �
Proforma adjustments to Net income (loss) Cash Severance 110 - - -
142 315 Non-Cash Severance - - - - - - Costs of Litigation - - - -
27 1,124 Strategic Initiatives � 412 � � - � � - � � - � � - � � -
� Subtotal Proforma adjustments 522 - - - 169 1,439 � � � � � � � �
� � � � Proforma net income (loss) $ 2,722 � $ 2,624 � $ 3,962 � $
5,979 � $ 4,016 � � ($404 ) � Proforma Income (Loss) from
Operations � � � Income (loss) from operations, as reported $ 1,342
$ 2,133 $ 3,623 $ 5,624 $ 3,578 ($2,006 ) � Proforma adjustments to
Income (loss) from Operations - Cash Severance 110 - - - 142 315
Non-Cash Severance - - - - - - Costs of Litigation - - - - 27 1,124
Strategic Initiatives � 412 � � - � � - � � - � � - � � - �
Subtotal Proforma adjustments 522 - - - 169 1,439 � � � � � � � � �
� � � Proforma Income (loss) from operations $ 1,864 � $ 2,133 � $
3,623 � $ 5,624 � $ 3,747 � � ($567 ) � Other Information � Revenue
$ 34,362 $ 29,206 $ 31,213 $ 33,032 $ 32,028 $ 28,928 Costs of
Revenue $ 15,991 � $ 10,969 � $ 12,171 � $ 10,975 � $ 11,133 � $
10,989 � Gross Margin $ 18,371 � $ 18,237 � $ 19,042 � $ 22,057 � $
20,895 � $ 17,939 � Gross Margin % 53 % 62 % 61 % 67 % 65 % 62 %
Exhibit 5 � QUADRAMED CORPORATION Reconciliation of EBITDA and
Non-GAAP Measurements (in thousands) (unaudited) � � For the Six
Months Ended Last 12 Months Ended 6/30/07 6/30/06 6/30/07 � �
EBITDA (Earnings Before Interest, Taxes, Depreciation and
Amortization) � Net income (loss), as reported $ 4,824 $ 2,004 $
14,765 � Adjustments to Net Income for EBITDA Interest Expense 83
226 236 Interest Income (1,217 ) (765 ) (2,198 ) Benefit
(provision) for Income Taxes 271 161 452 Depreciation and
Amortization � 2,816 � � 4,348 � � 6,450 � Subtotal Adjustments for
EBITDA 1,953 3,970 4,940 � � � � � � EBITDA $ 6,777 � $ 5,974 � $
19,705 � � Proforma Net Income (Loss) before Preferred Stock
Accretion � Net income (loss), as reported $ 4,824 $ 2,004 $ 14,765
� Cash Severance 110 457 110 Non-Cash Severence - - - Costs of
Litigation - 1,151 - Strategic Initiatives � 412 � � - � � 412 �
Subtotal Proforma adjustments 522 1,608 522 � � � � � � Proforma
net income (loss) $ 5,346 � $ 3,612 � $ 15,287 � � Proforma Income
(Loss) from Operations � Income (loss) from operations, as reported
$ 3,475 $ 1,572 $ 12,722 � Cash Severance 110 457 110 Non-Cash
Severence - - - Costs of Litigation - 1,151 - Strategic Initiatives
� 412 � � - � � 412 � Subtotal Proforma adjustments 522 1,608 522 �
� � � � � Proforma Income (loss) from operations $ 3,997 � $ 3,180
� $ 13,244 � � Other Information � Revenue $ 63,568 $ 60,956 $
127,813 Costs of Revenue $ 26,960 � $ 22,122 � $ 50,106 � Gross
Margin $ 36,608 � $ 38,834 � $ 77,707 � Gross Margin % 58 % 64 % 61
%
Quadramed (AMEX:QD)
Gráfica de Acción Histórica
De Sep 2024 a Oct 2024
Quadramed (AMEX:QD)
Gráfica de Acción Histórica
De Oct 2023 a Oct 2024