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Greenway Reports Fiscal 2013 First-Quarter Results

Greenway, the Greenway logo and PrimeSUITE are registered trademarks and the phrase “smarter solutions for smarter healthcare” are trademarks of Greenway Medical Technologies, Inc. Other product and company names may be the trademarks of respective owners.

 
 
Greenway Medical Technologies, Inc.
 
Condensed Balance Sheets – Unaudited
(In Thousands)
     
September 30, June 30,
2012 2012
 
Assets
Current assets:
Cash and cash equivalents $ 4,975 $ 5,585
Short-term investments 29,656 29,350
Accounts receivable, net of a $794 and $720 allowance for doubtful accounts at September 30, 2012 and June 30, 2012, respectively 24,282 28,875
Inventory 463 281
Prepaids and other current assets 3,029 3,001
Deferred tax assets   1,679     1,699  
Total current assets 64,084 68,791
Property and equipment, net 21,989 20,340
Software development cost, net 18,997 17,156
Acquired intangibles, net 479 510
Deferred tax assets - noncurrent 25,866 25,846
Goodwill 440 440
Other assets   468     40  
Total assets $ 132,323   $ 133,123  
 
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable $ 11,735 $ 12,436
Accrued liabilities 7,520 9,533
Deferred revenue   11,650     12,192  
Total current liabilities   30,905       34,161  
 
Obligation for purchased technology   -     116  
Shareholders’ equity:
Common stock 3 3
Additional paid-in capital 240,121 237,558
Accumulated deficit   (138,706 )   (138,715 )
Total shareholders’ equity   101,418     98,846  
Total liabilities and shareholders’ equity $ 132,323   $ 133,123  
 
 

Greenway Medical Technologies, Inc.
 
Condensed Statements of Operations – Unaudited
(In Thousands except Per Share Data)
   
Three Months Ended
September    
30, September 30,
2012 2011
 
Revenue:
System sales $ 9,035 $ 6,648
Training and consulting services 6,863 6,603
Support services 10,292 7,056
Electronic data interchange and business services   6,584     5,343  
Total revenue   32,774     25,650  
Cost of revenue (Note 1):
System sales 3,007 1,847
Training and consulting services 4,602 4,431
Support services 3,125 2,257
Electronic data interchange and business services   4,194     3,821  
Total cost of revenue   14,928     12,356  
Gross profit   17,846     13,294  
Operating expenses (Note 1):
Sales, general and administrative 13,324 10,678
Research and development   4,772     3,165  
Total operating expenses   18,096     13,843  
Operating (loss)

 

(250 ) (549 )
Interest income (expense), net 289 (9 )
Other (expense), net   (24 )   (38 )
Income (loss) before provision for income taxes 15 (596 )
Provision (benefit) for income taxes   7     (190 )
Net income (loss) 8 (406 )
Preferred stock dividends and accretion   -     (9,376 )
Income (loss) available to common shareholders $ 8   $ (9,782 )
Per share data:
Net income (loss) per share available to common shareholders:
Basic $ 0.00   $ (0.84 )
Diluted $ 0.00   $ (0.84 )
Weighted average number of common shares outstanding:
Basic   29,295     11,686  
Diluted   30,603     11,686  
 
 
Note 1 - Includes stock-based compensation in the following amounts:
Cost of revenue:
System sales $ 8 $ 8
Training and consulting services $ 47 92
Software support services $ 26 79
Electronic data interchange and business services $ 5     -  
Total cost of revenue $ 86     179  
Operating expenses:
Sales, general and administrative $ 843 214
Research and development $ 170     664  
Total operating expenses $ 1,013     878  
Total stock-compensation expense $ 1,099   $ 1,057  
 
 

Greenway Medical Technologies, Inc.
 
Condensed Statements of Cash Flows – Unaudited
(Amounts in Thousands)
     
Three Months Ended
September 30, September 30,
2012 2011
 
Cash flows from operating activities:
Net income (loss) $ 8 $ (406 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Gain on the sale of property and equipment - (2 )
Net stock compensation expense 1,099 1,057
Deferred income tax provision (benefit) - (227 )
Depreciation and amortization 1,784 460
Provision for bad debts 345 256
Changes in current assets and liabilities:
Accounts receivable 4,248 1,029
Inventory ( 183 ) (165 )
Prepaids and other current assets ( 456 ) (967 )
Accounts payable and accrued liabilities ( 3,940 ) (593 )
Deferred revenue   ( 542 )   369  
Net cash provided by operating activities   2,363     811  
Cash flows from investing activities:
(Purchases) sales of short-term investments - net (306 ) 2,706
Purchases of property and equipment (1,252 ) (769 )
Capitalized software development cost   (2,856 )   (3,041 )
Net cash used in investing activities   (4,414 )   (1,104 )
Cash flows from financing activities:
Payments on obligation for acquired technology (23 ) (39 )
Proceeds from exercise of stock options and warrants   1,464     161  
Net cash provided by financing activities   1,441     122  
Net decrease in cash and cash equivalents (610 ) (171 )
Cash and cash equivalents at beginning of period   5,585     5,722  
Cash and cash equivalents at end of period $ 4,975   $ 5,551  
Supplemental cash flow information:
Cash paid for interest $ 5   $ -  
Cash paid for taxes $ 7   $ 75  
 
 




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