Company Announces Regular Quarterly Cash Dividend of $0.57 Per Share
CPSI Announces Second Quarter 2014 Results
<0> Computer Programs and Systems, Inc.Boyd Douglas, 251-639-8100President and Chief Executive Officer </0>
Computer Programs and Systems, Inc. (NASDAQ: CPSI):
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, 2014.
The Company also announced that its Board of Directors has declared a regular quarterly cash dividend of $0.57 (fifty-seven cents) per share, payable on August 29, 2014, to stockholders of record as of the close of business on August 14, 2014.
Total revenues for the second quarter ended June 30, 2014, were $53.1 million, compared with total revenues of $53.3 million for the prior-year second quarter. Net income for the quarter ended June 30, 2014, increased 7.3% to $9.1 million, or $0.81 per diluted share, compared with $8.5 million, or $0.77 per diluted share, for the quarter ended June 30, 2013. Cash provided by operations remained unchanged from the prior year second quarter at $1.3 million. Cash collections for the second quarter ended June 30, 2014, were $51.5 million, compared with cash collections of $46.1 million for the prior-year second quarter.
Total revenues for the six months ended June 30, 2014, were $105.1 million, compared with total revenues of $102.8 million for the prior-year period. Net income for the six months ended June 30, 2014, increased 9.0% to $16.8 million, or $1.50 per diluted share, compared with $15.4 million, or $1.39 per diluted share, for the six months ended June 30, 2013. Cash provided by operations for the first half of 2014 was $14.5 million, compared with $6.8 million for the prior-year period. Cash collections for the first half of 2014 were $101.5 million, compared with cash collections of $89.2 million for the prior-year period.
CPSI’s 12-month backlog as of June 30, 2014, was $170.6 million, consisting of $49.7 million in non-recurring system purchases and $120.9 million in recurring payments for support, Business Management Services and SAAS contracts. The backlog total excludes amounts related to systems installed during 2012 under contracts for which a portion of the consideration was to be received and revenue recognized in subsequent periods upon hospitals successfully achieving meaningful use designation. Although the related system installations were substantially completed during 2012 and no additional such contracts have been offered since 2012, the total remaining accumulated unrecognized revenue related to such contracts as of June 30, 2014, was approximately $1.6 million.
CPSI will hold a live webcast to discuss second quarter 2014 results on August 1, 2014, at 9:00 a.m. Eastern time. A 30-day online replay will be available approximately one hour following the conclusion of the live webcast. To listen to the live webcast or access the replay, visit the Company’s website, .
is a leading provider of electronic health records systems for more than 650 community, rural and critical access hospitals and their 12,000 providers. Founded in 1979, the Company is dedicated to meeting the ever-changing needs of health IT, while optimizing the quality of care for communities in 46 states and the District of Columbia. CPSI provides a complete information and patient care system from business office to bedside combined with comprehensive implementation, training and ongoing support from our staff of approximately 1,400 healthcare and business professionals. CPSI’s wholly owned subsidiary, , LLC, focuses exclusively on providing business office, consulting and managed IT services to rural and community healthcare organizations, regardless of their IT vendor. To join the conversation with CPSI, connect with us on , and on the . For more information, visit or .
Free cash flow is a non-GAAP financial measure which CPSI defines as net cash provided by operating activities less purchases of capital assets. The most directly comparable GAAP financial measure is net cash provided by operating activities. The Company believes free cash flow is a useful measure of performance and uses this measure as an indication of the financial resources of the Company and its ability to generate cash.