Eclipsys Corporation (NASDAQ: ECLP), The Outcomes Company®, today announced results for the second quarter ended June 30, 2010.
Revenues for the quarter ended June 30, 2010 were $134.4 million, compared to revenues of $129.8 million for the quarter ended June 30, 2009.
On a GAAP basis, net income for the second quarter 2010 was $1.6 million, or $0.03 per diluted common share, compared to net loss of $4.1 million, or $0.07 per diluted common share in the second quarter 2009.
Non-GAAP net income for the second quarter 2010 was $9.2 million, or $0.16 per diluted common share, compared to non-GAAP net income for the second quarter 2009 of $8.9 million, or $0.16 per diluted common share.A reconciliation of GAAP to non-GAAP results is included in the attached tables. For the six months ended June 30, 2010, new business bookings were $259.4 million, which were positively impacted by new and existing customers making investment decisions to meet the meaningful use criteria of the American Reinvestment and Recovery Act. The company defines new business bookings as the total amount of all new contracts signed, excluding renewal contracts. Eclipsys ended the quarter with $143.3 million of cash and $37.3 million in long-term investments. “In the quarter, we executed successfully on our key growth drivers with continued strong bookings, significant new client wins and the release of our most user-intuitive clinical solution, Sunrise Enterprise 5.5,” said Philip M. Pead, Eclipsys president and chief executive officer. “Our results in the first half of the year and the momentum we are building in the market position us well to have a strong performance in 2010.” Today’s Conference Call Eclipsys executives will discuss the second-quarter results on a teleconference at 4:30 p.m. Eastern time on August 5. Persons interested in participating in the teleconference should call: (800) 230-1059 (in the U.S.) or (612) 234-9959 (international) approximately 15 minutes before the conference call is slated to begin. For listen-only mode, participants can go to www.eclipsys.com prior to the conference call to register and download the necessary audio software. Replay About two hours after its completion, an audio replay of the conference call will be available on www.eclipsys.com for approximately 48 hours. About Eclipsys Eclipsys is a leading provider of advanced integrated clinical, revenue cycle and performance management software, clinical content and professional services that help healthcare organizations improve clinical, financial and operational outcomes. For more information, see www.eclipsys.com or email firstname.lastname@example.org. Non-GAAP Measures The company has provided net income and earnings per share financial measures on a non-GAAP basis for the three months ended June 30, 2009 and June 30, 2010, which exclude non-cash stock-based compensation expense, amortization expense associated with acquisitions, and certain additional items that the company does not consider to be indicative of its underlying business performance, as listed on the attached GAAP to non-GAAP reconciliation tables. Because of the significance of the GAAP components excluded, these non-GAAP financial measures should not be considered a substitute for, or superior to, any measure derived in accordance with GAAP. These non-GAAP financial measures may also be inconsistent with the manner in which similar measures are derived or used by other companies. When considered in conjunction with comparable GAAP financial measures, management believes that the non-GAAP financial measures provide useful supplemental information to management and investors to facilitate the understanding and evaluation of the company’s underlying operating performance and future prospects, as well as comparisons of the company’s results with its prior period results that did not include these gains and/or charges, and with results of other companies on a more consistent basis. Internally, management also uses non-GAAP net income and earnings for forecasting and to help make management decisions, as an indicator of business performance, and to evaluate management’s effectiveness and help determine bonuses for management and others.