Netsmart (NASDAQ:NTST)
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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/