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Eclipsys reports 2009 fourth quarter and year-end results |
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Healthcare IT solutions company Eclipsys Corporation has announced its results for the 2009 fourth quarter and year. Eclipsys' revenues for the quarter ended December 31, 2009 were $133.7 million, as compared to revenues of $126.8 million for corresponding quarter in the previous year. GAAP net income for the quarter was $3.8 million, or $0.07 per diluted common share, as compared to $3.3 million, or $0.06 per diluted common share in Q4 2008.  Revenues for the year ended December 31, 2009 were $519.2 million, as compared to $515.8 million for the year ended December 31, 2008. GAAP operating income for the year was $9.4 million, or 1.8 percent of revenues, compared to $9.4 million or 1.8 percent in the prior year. Net income for the year was $2.7 million, or $0.05 per diluted common share, as compared to $99.5 million, or $1.79 per diluted common share in 2008. Eclipsys said net income for 2008 included an income tax benefit of $85.5 million, or $1.54 per diluted common share, associated with the reversal of the company's deferred tax valuation allowance in the third quarter 2008. In Q4 2009, Eclipsys repaid $31 million of debt on its credit facility, reducing the company's long-term debt to $29 million. These payments were funded through available cash and operating cash flows, and Eclipsys ended the quarter with $123.2 million of cash and $86.0 million in long-term investments. For the year 2009, Eclipsys generated $55.7 million in free cash flows, as compared to $30.1 million for the year ended 2008. It clarified that the company defines free cash flow as operating cash flows less capitalized software development costs and capital expenditures. "We ended 2009 with very strong fourth quarter results," said Philip M Pead, Eclipsys president and CEO. "For the year, we exceeded our earnings guidance and generated significant cash flows." |
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