This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Transcend Reports 22% Revenue Growth For The Fourth Quarter And Record Sales For The Year

TRANSCEND SERVICES, INC. (NASDAQ: TRCR), a leading provider of clinical documentation solutions to the U.S. healthcare market, today announced its unaudited financial results for the fourth quarter and year ended December 31, 2011.

Fourth Quarter Results

Net income was $8,306,000 and diluted earnings per share was $0.75 for the fourth quarter of 2011 compared to net income of $2,858,000 and diluted earnings per share of $0.26 for the fourth quarter of 2010. Excluding M&A transaction costs, India restructuring costs and resolution of a tax contingency, non-GAAP net income was $2,772,000 and non-GAAP diluted earnings per share was $0.25 for the fourth quarter of 2011. See the table below for a reconciliation of GAAP and non-GAAP results.

Revenue for the fourth quarter of 2011 increased $5,919,000 or 22% to $32,895,000 compared to $26,976,000 for the fourth quarter of 2010. Excluding $7,376,000 contributed in the fourth quarter of 2011 by the Heartland, DTS and Salar acquisitions and $3,722,000 of revenue contributed by the Heartland acquisition in the fourth quarter of 2010, revenue increased 10%.

Gross profit for the fourth quarter of 2011 increased 22% to $12,733,000, or 39% of revenue compared to $10,445,000 or 39% of revenue, for the fourth quarter of 2010.

Operating expenses were impacted by two unusual items: M&A transaction costs of $1,346,000 and India restructuring costs of $662,000. In addition, the company, which is self-insured for medical benefits, experienced extremely high medical claims in the fourth quarter, resulting in expense of $1,342,000 compared to $722,000 in the third quarter of 2011 and $830,000 in the fourth quarter of 2010. Operating expenses for the fourth quarter included $345,000 of stock-based compensation expense and $959,000 of depreciation and amortization expense.

Non-GAAP operating income excluding the M&A transaction costs and India restructuring costs was $4,889,000 or 15% of revenue compared to GAAP operating income of $5,063,000 or 19% of revenue in the fourth quarter of 2010. GAAP operating income for the fourth quarter of 2011 was $2,881,000.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.24 0.00%
FB $117.81 0.00%
GOOG $701.43 0.00%
TSLA $211.53 0.00%
YHOO $36.94 0.00%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs