CPSI Announces Third Quarter 2016 Results

CPSI (NASDAQ: CPSI):

Highlights for Third Quarter 2016:
  • Revenues of $64.7 million;
  • Quarterly bookings of $20.9 million;
  • 12-month backlog of $228.3 million;
  • GAAP earnings per diluted share of $0.12 and non-GAAP earnings per diluted share of $0.34;
  • GAAP net income of $1.6 million and Adjusted EBITDA of $11.8 million;
  • Cash provided by operations of $5.9 million; and
  • Quarterly dividend of $0.24 per share.

CPSI (NASDAQ: CPSI), a leading provider of healthcare information solutions, today announced results for the third quarter and nine months ended September 30, 2016.

The Company also announced that its Board of Directors has declared a quarterly cash dividend of twenty-four cents ($0.24) per share, payable on December 2, 2016, to stockholders of record as of the close of business on November 17, 2016. This quarterly cash dividend is consistent with the variable dividend policy approved by the Company's Board of Directors and previously announced on August 4, 2016.

Total revenues for the third quarter ended September 30, 2016, were $64.7 million, compared with total revenues of $44.6 million for the prior-year third quarter. Net income for the quarter ended September 30, 2016, was $1.6 million, or $0.12 per diluted share, compared with net income of $3.5 million, or $0.31 per diluted share, for the quarter ended September 30, 2015. Cash provided by operations for the third quarter of 2016 was $5.9 million, compared with $8.9 million for the prior-year third quarter.

Total revenues for the nine months ended September 30, 2016, were $202.7 million, compared with total revenues of $137.9 million for the prior-year period. Net income for the nine months ended September 30, 2016, was $1.9 million, or $0.15 per diluted share, compared with $15.0 million, or $1.32 per diluted share, for the nine months ended September 30, 2015. Cash used by operations for the first nine months of 2016 was $2.6 million, compared with cash provided by operations of $26.3 million for the prior-year period.

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