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Cerner Reports First Quarter 2013 Results

Stocks in this article: CERN

KANSAS CITY, Mo., April 25, 2013 (GLOBE NEWSWIRE) -- Cerner Corporation (Nasdaq:CERN) today announced results for the 2013 first quarter that ended March 30, 2013, delivering strong levels of bookings, earnings and cash flow.

Bookings in the first quarter of 2013 were $801.6 million, an all-time high for a first quarter and an increase of 23 percent compared to first quarter 2012 bookings of $652.3 million.

First quarter revenue was $680.0 million, an increase of six percent compared to $641.2 million in the year-ago period. Revenue growth was below Cerner's expectations due to reduced levels of low-margin technology resale. This had no material impact on earnings, which were above expectations due to strength in other areas.

On a U.S. Generally Accepted Accounting Principles (GAAP) basis, first quarter 2013 net earnings were $110.0 million and diluted earnings per share were $0.62. First quarter 2012 GAAP net earnings were $88.7 million and diluted earnings per share were $0.51.

Adjusted (non-GAAP) Net Earnings

Adjusted net earnings for first quarter 2013 were $116.9 million, an increase of 24 percent compared to $94.2 million of adjusted net earnings in the first quarter of 2012. Adjusted diluted earnings per share were $0.66 in the first quarter of 2013 compared to $0.54 of adjusted diluted earnings per share in the year-ago quarter. Analysts' consensus estimate for first quarter 2013 adjusted diluted earnings per share was $0.63.

Adjusted net earnings is not a recognized term under GAAP and should not be substituted for net earnings as a measure of Cerner's performance but instead should be utilized as a supplemental measure of financial performance in evaluating our business. Following is a description of adjustments made to net earnings. For more detail, please see the accompanying schedule, titled "Reconciliation of GAAP Results to Non-GAAP Results."

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