May 28 2010
Quality Systems, Inc. (NASDAQ:QSII) today announced the results of operations for its fiscal 2010 fourth quarter and year ended March 31, 2010. The Company posted record net revenues of $78.5 million in the fourth quarter, an increase of 19% from $65.8 million generated during the same quarter of the prior year. The Company reported net income of $13.1 million, up 15% when compared with net income of $11.4 million for the comparable quarter last year. Fully diluted earnings per share were $0.45 in the quarter, an increase of 13% versus $0.40 fully diluted earnings per share reported in the same quarter last year.
The fourth quarter results were negatively impacted by amortization of acquired intangibles and transaction costs related to the acquisition of Opus Healthcare Solutions, Inc. Also impacting the results were decreases in collections from the Company's revenue cycle management (RCM) division due to record snowfall across the East Coast and seasonality.
Revenue for the fiscal year ended March 31, 2010 was $291.8 million, an increase of 19% when compared with fiscal year 2009 revenue of $245.5 million. Net income for fiscal year 2010 was $48.4 million, an increase of 5% from fiscal 2009 net income of $46.1 million. Fully diluted earnings per share increased to $1.68 in fiscal year 2010 from $1.62 earned during fiscal year 2009, up 4%.
The Company also announced the resignation of Chief Operating Officer Philip N. Kaplan. Operational responsibility of the Company's business units has been assumed by Patrick Cline, president of Quality Systems.
Steven T. Plochocki, chief executive officer, commented on the results, stating: "We continue to focus on strategically positioning the Company for growth and additional market penetration expected to result from the American Recovery and Reinvestment Act (ARRA) by prudently investing in sales, marketing, implementation and training. Phil's contributions and efforts in preparing the infrastructure of the Company for the five-year stimulus run proved extremely beneficial, and we thank him for his contributions."
Quality Systems, Inc. announced today that the Company's Board of Directors declared a cash dividend of thirty cents ($0.30) per share on the Company's outstanding shares of Common Stock, payable to shareholders of record as of June 17, 2010, with an anticipated distribution date of July 6, 2010, pursuant to the Company's current policy to pay a regular quarterly dividend of thirty cents ($0.30) per share 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.
The Company also announced that its 2010 Annual Shareholders' Meeting will be held on August 11, 2010 at 1:00 PM. The meeting will be held at the Marriott Irvine located at 18000 Von Karman Avenue, in Irvine, Calif., 92612. Holders of record as of June 15, 2010 are eligible to vote and attend. Proxy materials and the 2010 Annual Report will be made available to shareholders of record and will also be posted on the Company's website at www.qsii.com.