GREAT RIVER, N.Y., March 19 /PRNewswire-FirstCall/ -- Netsmart
Technologies, Inc. (NASDAQ:NTST), a leading provider of
enterprise-wide software and services for health and human services
organizations, today reported results for the fiscal year ended
December 2006 and the quarter ended December 31, 2006. Revenue for
the fiscal year ended December 31, 2006 was a record $59,050,000, a
55 percent increase compared with revenue of $37,978,000 for the
previous year. Net income for 2006 was $1,853,000, or $.28 per
share (basic) and $.27 per share (diluted), compared with
$1,590,000, or $.28 per share (basic) and $.27 per share (diluted)
for the year ended December 31, 2005. Backlog of orders, including
ongoing maintenance and data center contracts for behavioral health
and public health information systems, was $58,800,000 at December
31, 2006 compared to $44,100,000 at December 31, 2005. Revenue for
the fourth quarter ended December 31, 2006 was $15,515,000, a 9
percent increase over $14,273,000 for the same period last year.
Net income (loss) for the quarter ended December 31, 2006 was
($417,000) compared to $399,000 for the same period in 2005. Net
loss for the fourth quarter 2006 includes $1.6 million in costs
related to the definitive merger agreement announced November 20,
2006. Earnings before interest, taxes, depreciation and
amortization (EBITDA), were $1,193,000 for the three months ended
December 31, 2006 as compared to $1,870,000 for the same quarter in
2005. EBITDA was $8,455,000 for the year ended December 31, 2006 as
compared to $5,008,000 for the year ended December 31, 2005.
Included in the fourth quarter EBITDA calculation was $1.6 million
in costs related to the proposed merger agreement. Reconciliation
of Earnings before Interest, Taxes, Depreciation and Amortization
(EBITDA) to Net Income EBITDA is calculated for any period as the
sum of net income, plus net interest expense, income tax expense,
and depreciation and amortization expense. We consider EBITDA to be
a widely accepted financial indicator of a company's ability to
service debt, fund capital expenditures and expand its business.
EBITDA is not calculated in the same way by all companies and
therefore may not be comparable to similarly titled measures
reported by other companies. EBITDA is not a measure in accordance
with accounting principles generally accepted in the United States.
EBITDA should not be considered as an alternative to net income, as
an indicator of operating performance or as an alternative to cash
flow as a measure of liquidity. The funds depicted by this measure
may not be available for management's discretionary use due to
legal or functional requirements, debt service, or other
commitments and uncertainties. Three Months Ended Year Ended
December 31 December 31 2006 2005 2006 2005 EBITDA $1,193,000
$1,870,000 $8,455,000 $5,008,000 Less: Depreciation and
Amortization (1,056,000)(1,032,000) (4,317,000) (2,451,000)
Interest Income (expense), net 31,000 (2,000) 125,000 192,000
Income Taxes (585,000) (437,000) (2,410,000) (1,159,000) Net Income
$(417,000) $399,000 $1,853,000 $1,590,000 NETSMART TECHNOLOGIES,
INC. Comparative Operating Results for the Year and Three Months
Ended December 31 Year Three Months 2006(1) 2005 2006(1) 2005
Revenue $59,050,000 $37,978,000 $15,515,000 $14,273,000 Net Income
(loss) $1,853,000 $1,590,000 $(417,000) $399,000 Net Income (loss)
Per Share Basic $0.28 $0.28 $(0.06) $0.06 Weighted Average Shares
of Common Stock Outstanding Basic 6,529,000 5,684,000 6,551,000
6,484,000 Net Income Per Share Diluted $0.27 $0.27 $(0.06) $0.05
Weighted Average Shares of Common Stock Outstanding Diluted
6,748,000 5,935,000 6,551,000 6,807,000 (1) Includes $1,581,000 of
costs associated with the proposed merger transaction. About
Netsmart Technologies, Inc. Netsmart Technologies, Inc., based in
Great River, N.Y., is an established, leading supplier of
enterprise-wide software solutions for health and human services
providers, with more than 1,300 clients, including more than 30
systems with state agencies. Netsmart's clients include health and
human services organizations, public health agencies, mental health
and substance abuse clinics, psychiatric hospitals, and managed
care organizations. Netsmart's products are full-featured
information systems that operate on a variety of operating systems,
hardware platforms, and mobile devices, and offer unlimited
scalability. Forward-Looking Statements Statements in this press
release may be "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Words such as
"anticipate," "believe," "estimate," "expect," "intend" and similar
expressions, as they relate to the company or its management,
identify forward-looking statements. These statements are based on
current expectations, estimates and projections about the company's
business based, in part, on assumptions made by management. These
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
in the forward-looking statements. These factors include, but are
not limited to, (1) the occurrence of any event, change or other
circumstances that could give rise to the termination of the merger
agreement; (2) the inability to complete the merger due to the
failure to obtain stockholder approval or the failure to satisfy
other conditions to the completion of the merger; (3) the failure
to obtain the necessary debt financing arrangements set forth in
commitment letters received in connection with the merger; and
other risks that are set forth in Netsmart's filings with the
Securities and Exchange Commission at http://www.sec.gov/. Many of
the factors that will determine the outcome of the subject matter
of this press release are beyond Netsmart's ability to control or
predict. DATASOURCE: Netsmart Technologies, Inc. CONTACT: Anthony
Grisanti, Executive Vice President and CFO, Netsmart Technologies,
+1-800-451-7503 Web site: http://www.ntst.com/
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