May 5 2010
Eclipsys Corporation (NASDAQ: ECLP), The Outcomes Company®, today announced results for the first quarter ended March 31, 2010.
“Management's Discussion and Analysis of Financial Condition and Results of Operations.”
Revenues for the quarter ended March 31, 2010 were $128.4 million, compared to revenues of $130.2 million for the quarter ended March 31, 2009.
On a GAAP basis, net income for the first quarter 2010 was $5.4 million, or $0.09 per diluted common share, compared to net loss of $0.9 million, or $0.02 per diluted common share in the first quarter 2009.
Non-GAAP net income for the first quarter 2010 was $10.7 million, or $0.19 per diluted common share, compared to non-GAAP net income for the first quarter 2009 of $9.6 million, or $0.17 per diluted common share.
A reconciliation of GAAP to non-GAAP results is included in the attached tables.
"We started 2010 with strong earnings and strong new client bookings," said Philip M. Pead, Eclipsys president and chief executive officer. "With the recent release of Sunrise Enterprise™ 5.5, we have significantly improved our competitive position and our ability to win new business in front of the growing market opportunity resulting from the American Recovery and Reinvestment Act."
Balance Sheet Update
In the first quarter 2010, Eclipsys repaid $14.0 million of debt on its credit facility, reducing the company's long-term debt to $15.0 million. These payments were funded through available cash and operating cash flows, and Eclipsys ended the quarter with $118.7 million of cash and $81.4 million in long-term investments. On April 30, Eclipsys paid down an additional $15.0 million on its credit facility, reducing the company's long-term debt to zero.
2010 Guidance
Eclipsys current expectations for full-year 2010 results remain as follows:
- Non-GAAP diluted earnings per share to range from $0.70 to $0.75.
- New business bookings to range from $469 million to $508 million. The company defines new business bookings as the value of all new contracts signed in a particular period, excluding renewals.
- Revenues to range from $559 million to $569 million.
- Non-GAAP operating income margin to range from 12 percent to 13 percent.
Eclipsys 2010 projected non-GAAP results exclude stock-based compensation expense and acquisition related amortization. Eclipsys non-GAAP results may also exclude other items that the company does not consider indicative of its underlying business performance.