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Cerner Reports Third Quarter 2013 Results

KANSAS CITY, Mo., Oct. 24, 2013 (GLOBE NEWSWIRE) -- Cerner Corporation (Nasdaq:CERN) today announced results for the 2013 third quarter that ended September 28, 2013, delivering strong levels of bookings and earnings performance.

Bookings in the third quarter of 2013 were $928.0 million, an all-time high for a third quarter and an increase of 21 percent compared to third quarter 2012 bookings of $769.9 million.

Third quarter revenue was $727.8 million, an increase of 8 percent compared to $676.5 million in the year-ago period. Revenue growth was below Cerner's expectations due to reduced levels of low-margin technology resale. However, the lower technology sales had limited impact on earnings, which were in line with expectations due to strength in other areas.

On a U.S. Generally Accepted Accounting Principles (GAAP) basis, third quarter 2013 net earnings were $115.3 million and diluted earnings per share were $0.33. Third quarter 2012 GAAP net earnings were $98.9 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 third quarter 2013 were $123.6 million, an increase of 17 percent compared to $105.2 million of adjusted net earnings in the third quarter of 2012. Adjusted diluted earnings per share were $0.35 in the third quarter of 2013 compared to $0.30 of adjusted diluted earnings per share in the year-ago quarter. Analysts' consensus estimate for third quarter 2013 adjusted diluted earnings per share was $0.35.

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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