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Cerner Reports Second Quarter 2013 Results

KANSAS CITY, Mo., July 25, 2013 (GLOBE NEWSWIRE) -- Cerner Corporation (Nasdaq:CERN) today announced results for the 2013 second quarter that ended June 29, 2013, delivering record levels of bookings and strong earnings performance.

Bookings in the second quarter of 2013 were $935.0 million, an all-time high for a second quarter and an increase of 33 percent compared to second quarter 2012 bookings of $700.5 million.

Second quarter revenue was $707.6 million, an increase of 11 percent compared to $637.4 million in the year-ago period. Revenue growth was at the low end of Cerner's expectations due to reduced levels of low-margin technology resale. This had no material impact on earnings, which were at the high end of expectations due to strength in other areas.

On a U.S. Generally Accepted Accounting Principles (GAAP) basis, second quarter 2013 net earnings were $112.9 million and diluted earnings per share were $0.32. Second quarter 2012 GAAP net earnings were $97.8 million and diluted earnings per share were $0.28.

The number of shares and the per share amounts for all periods presented within reflect the two-for-one stock split effective June 28, 2013.

Adjusted (non-GAAP) Net Earnings

Adjusted net earnings for second quarter 2013 were $119.6 million, an increase of 16 percent compared to $103.1 million of adjusted net earnings in the second quarter of 2012. Adjusted diluted earnings per share were $0.34 in the second quarter of 2013 compared to $0.29 of adjusted diluted earnings per share in the year-ago quarter. Analysts' consensus estimate for second quarter 2013 adjusted diluted earnings per share was $0.34. 

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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