Netsmart Announces First Quarter Results
06 May 2004 - 11:01PM
PR Newswire (US)
Netsmart Announces First Quarter Results Revenues Increase 12%, Net
Income Up 20% From First Quarter Fiscal 2003 GREAT RIVER, N.Y., May
6 /PRNewswire-FirstCall/ -- Netsmart Technologies, Inc. , a leading
supplier of enterprise-wide software solutions for health and human
services providers, today reported results for the first quarter
ended March 31, 2004. Net income for the quarter ended March 31,
2004 was $325,000, or $0.06 per share (basic and diluted), as
compared to $271,000 or $0.07 per share (basic) and $.06 per share
(diluted), for the same period last year. Net income for the
quarter ended March 31, 2004 increased by 20% over the quarter
ended March 31, 2003. James Conway, CEO of Netsmart Technologies,
Inc. stated, "We are very pleased with our 23rd consecutive quarter
of profitability. Our income before taxes was $543,000 for the
quarter ended March 31, 2004 as compared to $304,000 for the
comparable quarter last year. This represents a 79% increase over
last year, before any provision for taxes." Revenue for the quarter
ended March 31, 2004 was $6,823,000 as compared to $6,119,000 for
the quarter ended March 31, 2003, representing an increase of 12%.
Working capital increased to $15,117,000 at March 31, 2004 from
$14,714,000 at December 31, 2003. Recurring revenue for the quarter
was $2,760,000, an increase of 27% from the $2,172,000 for the
comparable quarter last year. The gross profit margin for the
quarter was 50% as compared to 41% for the comparable quarter in
2003. Our firm order backlog at March 31, 2004 of $26.1 million is
a record high. The recurring revenue component of the backlog is
equal to 53% of the total. About Netsmart Technologies, Inc.
Netsmart Technologies, Inc. of Great River, N.Y., through Creative
Socio-Medics, is an established, leading supplier of
enterprise-wide software solutions for health and human services
providers with over 580 clients, including 25 systems with state
agencies. Creative's clients include health and human services
organizations, public health agencies, mental health and substance
abuse clinics, psychiatric hospitals, and managed care
organizations. Avatar Practice Management and the Avatar Clinician
Work Station, Creative's core products, are full-featured
information systems that operate on a variety of operating systems,
hardware platforms, and mobile devices and offer unlimited
scalability. Statement on Behalf of Netsmart Technologies, Inc.
Statements in this press release may be "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Words such as "anticipate," "believe,"
"estimate," "expect," "intend" and similar expressions, as they
relate to the company or its management, identify forward-looking
statements. These statements are based on current expectations,
estimates and projections about the company's business based, in
part, on assumptions made by management. These statements are not
guarantees of future performance and involve risks, uncertainties
and assumptions that are difficult to predict. Therefore, actual
outcomes and results may, and probably will, differ materially from
what is expressed or forecasted in such forward-looking statements
due to numerous factors, including those described above and those
risks discussed from time to time in Netsmart's filings with the
Securities and Exchange Commission. In addition, such statements
could be affected by risks and uncertainties related to product
demand, market and customer acceptance, competition, pricing and
development difficulties, as well as general industry and market
conditions and growth rates, and general economic conditions. Any
forward-looking statements speak only as of the date on which they
are made, and the company does not undertake any obligation to
update any forward-looking statement to reflect events or
circumstances after the date of this release. Information on
Netsmart's or Creative's website does not constitute a part of this
release. NETSMART TECHNOLOGIES, INC. Comparative Operating Results
for the Three Months Ended March 31, 2004 2003 Revenue $6,823,000
$6,119,000 Net Income $325,000 $271,000 Net Income Per Share Basic
$.06 $.07 Weighted Average Shares of Common Stock Outstanding Basic
5,318,000 3,957,000 Net Income Per Share Diluted $.06 $.06 Weighted
Average Shares of Common Stock and Common Stock Equivalents
Outstanding Diluted 5,572,000 4,356,000 DATASOURCE: Netsmart
Technologies, Inc. CONTACT: James Conway, CEO of Netsmart
Technologies, Inc., 1-800-451-7503, ; or Stuart Fine of Carpe DM,
Inc., +1-908-490-0075, , for Netsmart Technologies, Inc. Web site:
http://www.netsmartech.com/
Copyright
Netsmart (NASDAQ:NTST)
Historical Stock Chart
From Jun 2024 to Jul 2024
Netsmart (NASDAQ:NTST)
Historical Stock Chart
From Jul 2023 to Jul 2024