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

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

Highlights:
  • Revenues of $45.7 million;
  • 12-month backlog of $144.2 million;
  • Earnings per diluted share of $0.75;
  • Cash provided by operations of $3.0 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 second quarter and six months ended June 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 August 24, 2012, to stockholders of record as of the close of business on August 9, 2012.

Total revenues for the second quarter ended June 30, 2012, were $45.7 million, compared with total revenues of $48.8 million for the prior-year second quarter. Net income for the quarter ended June 30, 2012, increased 4.4% to $8.3 million, or $0.75 per diluted share, compared with $7.9 million, or $0.72 per diluted share, for the quarter ended June 30, 2011. Cash provided by operations for the second quarter of 2012 was $3.0 million, compared with $2.8 million for the prior-year second quarter.

Total revenues for the six months ended June 30, 2012, were $90.2 million, compared with total revenues of $89.2 million for the prior-year period. Net income for the six months ended June 30, 2012, increased 4.7% to $13.9 million, or $1.26 per diluted share, compared with $13.3 million, or $1.21 per diluted share, for the six months ended June 30, 2011. Cash provided by operations for the first half of 2012 was $11.5 million, compared with $17.1 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 June 30, 2012, was approximately $9.8 million, with approximately $4.7 million of that amount related to installations occurring during the three months ended June 30, 2012.

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