Jul 28 2011
Quality Systems, Inc. (NASDAQ:QSII) announced today results for its fiscal 2012 first quarter ended June 30, 2011.
The Company reported record net revenues of $100.4 million for the fiscal 2012 first quarter, an increase of 21 percent when compared with $82.9 million in the fiscal 2011 first quarter. Net income for the fiscal 2012 first quarter reached a record $19.0 million, up 57 percent versus $12.1 million for the comparable period a year ago. Fully diluted earnings per share were $0.65 in the first quarter of fiscal 2012, compared with $0.42 fully diluted earnings per share for the fiscal 2011 first quarter, an increase of 55 percent.
"This fiscal year is off to a strong start as evidenced by our first quarter's financial results. We are pleased with the Company's performance this quarter as our pipeline continues to build. Additionally, all four of our business units remain on target, performing to plan. The stimulus incentives and road to achieving Meaningful Use gained additional momentum in the marketplace this quarter, and play a key role in our ongoing business operations and anticipated growth," noted Steven T. Plochocki, Quality Systems' chief executive officer.
The Company also announced that on July 27, 2011, its Board of Directors approved a two-for-one split of the Company's common stock and a proportional increase in the number of Company common shares authorized from 50 million to 100 million. Each shareholder of record at the close of business on October 6, 2011 will receive one additional share for every outstanding share held on the record date. The additional shares will be distributed October 26, 2011 and trading will begin on a split-adjusted basis on October 27, 2011.
Furthermore, the Company announced that Patrick B. Cline, president and a board member of Quality Systems, plans to retire later this calendar year.
"Pat has been an integral member of our senior management team since joining Quality Systems. On behalf of the entire company, we wish Pat all the best and value the notable contributions he has made over the years to the growth and success of our organization. We appreciate the assistance he will provide the Company as we seek to transition his responsibilities," Plochocki explained.
Quality Systems, Inc. also announced that the Company's Board of Directors declared a quarterly cash dividend of Thirty-Five Cents ($0.35) per share on the Company's outstanding shares of Common Stock, payable to shareholders of record as of September 16, 2011 with an anticipated distribution date of October 5, 2011. The $0.35 per share cash dividend is pursuant to the Company's current policy to pay a regular quarterly dividend on the Company's outstanding shares of Common Stock, subject to further Board review and approval, and establishment of record and distribution dates by the Board prior to the declaration and payment of each such quarterly dividend.