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Computer Programs And Systems, Inc. Announces Third Quarter 2012 Results

Computer Programs and Systems, Inc. (NASDAQ: CPSI):

Highlights:

  • Revenues of $45.2 million;
  • 12-month backlog of $148.4 million;
  • Earnings per diluted share of $0.63;
  • Cash provided by operations of $6.4 million; and
  • Quarterly dividend of $0.46 per share.

Computer Programs and Systems, Inc. (NASDAQ: CPSI), a leading provider of healthcare information solutions, today announced results for the third quarter and nine months ended September 30, 2012.

The Company also announced that its Board of Directors has declared a regular quarterly cash dividend of $0.46 (forty-six cents) per share, payable on November 23, 2012, to stockholders of record as of the close of business on November 8, 2012.

Total revenues for the third quarter ended September 30, 2012, were $45.2 million, compared with total revenues of $42.0 million for the prior-year third quarter. Net income for the quarter ended September 30, 2012, increased 15.6% to $6.9 million, or $0.63 per diluted share, compared with $6.0 million, or $0.54 per diluted share, for the quarter ended September 30, 2011. Cash provided by operations for the third quarter of 2012 was $6.4 million, compared with $7.1 million for the prior-year third quarter.

Total revenues for the nine months ended September 30, 2012, were $135.4 million, compared with total revenues of $131.3 million for the prior-year period. Net income for the nine months ended September 30, 2012, increased 8.1% to $20.8 million, or $1.88 per diluted share, compared with $19.3 million, or $1.75 per diluted share, for the nine months ended September 30, 2011. Cash provided by operations for the first nine months of 2012 was $18.0 million, compared with $24.2 million for the prior-year period.

During the quarter, the Company continued to install systems under contracts for which a substantial majority of the consideration will be received and revenue recognized in subsequent periods upon hospitals successfully achieving Meaningful Use designation. The total accumulated unrecognized revenue related to such contracts as of September 30, 2012, was approximately $9.4 million, with approximately $2.5 million of that amount related to installations occurring during the three months ended September 30, 2012.

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