NOV 3, 2009 - 08:30 ET
FOR: MEDIWARE INFORMATION SYSTEMS
New Contracts, Services and Acquisitions Drive Earnings and Revenue Growth in First Quarter of Fiscal 2010; Conference Call Scheduled for Today at 10:00 a.m. EST, 9:00 a.m. CST
LENEXA, KS--(Marketwire - November 3, 2009) - Mediware Information Systems, Inc. (NASDAQ: MEDW), a provider of comprehensive healthcare software solutions for blood,
medication and performance management, reported total revenue for the first
quarter of the 2010 fiscal year of $10.7M, a 9 percent increase from the
$9.8M reported in the comparable quarter in fiscal 2009. Net income for the
quarter increased to $619,000, or 8 cents per fully diluted share, a 267
percent increase over the $218,000, or 3 cents per fully diluted share
reported in the comparable quarter of fiscal 2009.
Commenting on the quarter, Mediware president and chief executive officer,
Thomas Mann, said: "Good performance in the first quarter is incredibly
important to a successful year. I'm very pleased with the continued
progress in our growth programs, particularly the integration and financial
contributions of our three strategic acquisitions.
"Our Blood Center Technologies group, formed following the acquisition of
IMS, has continued to sell our robust LifeTrak software to new blood
centers. This product clearly has market momentum and BCT is a key
contributor to our increasing base of recurring revenue.
"JAC has continued its strong performance from last year with key new
contracts in the first quarter. Its ePrescribing module is the market
leader in the UK and we're optimistic this growth will continue.
"Our BloodSafe suite of products is also gaining traction with both new
contracts as well as customers going live on this innovative system. Having
just met with many of our customers at a large industry tradeshow, I see
that these organizations have moved through the awareness cycle and have
included these products in their budgets. I'm confident sales of these
products will accelerate."
Among the quarter's financial highlights:
-- Earnings for the quarter increased 267% over the 3-cents reported last
year.
-- Performance represents 5th consecutive quarterly increase for earnings
and revenue.
-- Operating income increased to $1.0 million, compared to $212k last
year.
-- Cash increased by $1M during the quarter.
Other operational highlights include:
-- The BloodSafe product went live at a key multi-facility healthcare
system in the Southeast and was sold to another prominent healthcare
organization in the Northwest.
-- Medication management contracts for two large organizations were
expanded to include additional Mediware product modules, MediMAR at one and
MediREC at the other.
-- The addition of 3 new facilities for the Ascend product line,
including one of which is the result of our agreement with a new business
partner.
-- Sale of the Insight Performance Management product to another
prestigious IDN-affiliated hospital in the Southeast.
-- New JAC contracts were executed with three NHS hospital trusts for the
electronic prescribing and medication administration module.
"I'm very pleased with our performance in the first quarter," stated Mr.
Mann. "I believe the strategic moves we are making through new products,
acquisitions and business relationships will continue to contribute to our
growth in the future."
The Company will host a teleconference call at 10:00 am Eastern Time (9:00
am Central Time) that day to discuss the results. There will be a
question-and-answer session directly following the presentation of the
results.
Participants are encouraged to register for the call in advance online by
going to http://www.directeventreg.com/registration/event/38213233.
Participants without online access may call toll-free (888) 869-1189 or
(706) 643-5902 to register for the call. The conference ID is 38213233.
Phone registrants should call in at least five minutes prior to the
scheduled start of the call.
A replay of the call will be available after the call's completion for 5
days at 800-642-1687 (direct dial 706-645-9291). The conference ID is
38213233. After 5 days, the replay will be available on the company's web
site: www.mediware.com.
First Quarter Fiscal 2010
Operating Statement Highlights
(in thousands) (unaudited):
Three Months Ended
September 30,
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2009 2008
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System Sales $ 2,802 $ 2,429
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Services $ 7,942 $ 7,404
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Total Revenue $ 10,744 $ 9,833
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Expenses $ 9,735 $ 9,621
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Operating Income $ 1,009 $ 212
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Net Income $ 619 $ 218
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Earnings Per Share - Diluted $ 0.08 $ 0.03
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Condensed Balance Sheet Highlights
(in thousands) (unaudited):
As of September 30,
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2009 2008
---------- ----------
---------- ----------
Cash and Cash Equivalents $ 21,904 $ 22,101
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Working Capital $ 19,864 $ 19,629
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Stockholders' Equity $ 42,741 $ 40,129
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About Mediware
Mediware delivers interoperable best of breed software systems that
integrate with electronic medical records to improve efficiencies and
address safety concerns to enable healthcare organizations to improve care
processes while decreasing costs. Core Mediware solutions include blood
management technologies for hospitals and blood centers; medication
management solutions for hospitals, behavioral health facilities, infusion
and specialty pharmacy providers; and business intelligence based
performance management solutions for clinical, regulatory and financial
aspects of the broader healthcare market. For more information about
Mediware products and services, visit our web site at www.mediware.com.
Certain statements in this press release may constitute "forward-looking"
statements within the meaning of the Private Securities Litigation Reform
Act of 1995, as the same may be amended from time to time (the "Act") and
in releases made by the SEC from time to time. Such forward-looking
statements are not based on historical facts and involve known and unknown
risks, uncertainties and other factors disclosed in the Company's Annual
Report on Form 10-K for the year ended June 30, 2009, which may cause the
actual results of the Company to be materially different from any future
results expressed or implied by such forward-looking statements. The
Company disclaims any obligation to update its forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Contact:
Thomas Mann
913.307.1000
