Computer Programs And Systems, Inc. Announces Fourth Quarter And Year-End 2012 Results

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

Highlights:
  • Revenues of $47.9 million for the fourth quarter and $183.3 million for the year;
  • Record cash collections in the fourth quarter of $53.2 million, compared with previous record of $46.1 million in the third quarter of 2011;
  • Earnings per diluted share of $0.83 for the fourth quarter and $2.71 for the year;
  • Cash provided by operations of $14.3 million for the fourth quarter and $32.2 million for the year;
  • Quarterly dividend of $0.51 per share, an increase of $0.05 per share; and
  • Formation of TruBridge, LLC.

Computer Programs and Systems, Inc. (NASDAQ: CPSI), a leading provider of healthcare information solutions, today announced results for the fourth quarter and year ended December 31, 2012.

The Company also announced that its Board of Directors has approved an increase in the regular quarterly cash dividend of $0.05 to $0.51 (fifty-one cents) per share, payable on February 22, 2013, to stockholders of record as of the close of business on February 7, 2013.

Total revenues for the fourth quarter ended December 31, 2012, were $47.9 million, compared with total revenues of $42.2 million for the prior-year fourth quarter. Net income for the quarter ended December 31, 2012, increased 39% to $9.1 million, or $0.83 per diluted share, compared with $6.6 million, or $0.59 per diluted share, for the quarter ended December 31, 2011. Cash provided by operations for the fourth quarter of 2012 was $14.3 million, compared with $9.3 million for the prior-year fourth quarter. Cash collections for the fourth quarter ended December 31, 2012, were $53.2 million, compared with cash collections of $44.3 million for the prior-year fourth quarter.

During the fourth quarter of 2012, the Company recorded a tax benefit of $1.6 million for tax deductions not previously recognized for tax years 2005 through 2010 related to increased IRC Section 199 Domestic Production Activities Deductions.

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