Emageon Reports First Quarter 2008 Financial Results

Name	Symbol	Market	Type
VanEck ETF Trust	AMEX:EMAG	AMEX	Exchange Traded Fund

	Price Change	% Change	Price	High Price	Low Price	Open Price	Traded	Last Trade
	0.00	0.00%	20.375				0	00:00:00

VanEck ETF (AMEX:EMAG)
Historical Stock Chart

From Jan 2020 to Jan 2025

Company Reaffirms Its Financial Guidance For 2008 BIRMINGHAM, Ala., May 12 /PRNewswire-FirstCall/ -- Emageon Inc. (NASDAQ: EMAG) today reported financial results for its first quarter ended March 31, 2008. Revenue for the first quarter of 2008 was $19.3 million compared to first quarter 2007 revenue of $27.4 million. Net loss for the quarter was $4.6 million, or $0.21 per share, compared to a net loss in the quarter ended March 31, 2007 of $1.8 million, or $0.09 per share. The first quarter 2008 net loss included a charge of $0.8 million, or $0.04 per share, for employee severance and associated expenses. At March 31, 2008, the Company's cash totaled $18.3 million compared to $17.0 million at December 31, 2007. Net cash provided by operations in first quarter 2008 was $2.6 million compared to a net usage of cash in operations of $4.0 million in first quarter 2007. The Company has not drawn on its $15.0 million line of credit and has total debt obligations of less than $0.1 million. The Company's net loss excluding employee severance charges and non-cash charges for depreciation, amortization of intangible assets, and stock-based compensation expenses was $0.9 million, or $0.04 per share, compared to first quarter 2007 net income excluding these expenses of $1.3 million, or $0.06 per share. These measures of earnings were not determined in accordance with generally accepted accounting principles ("GAAP"). A reconciliation of earnings determined under GAAP to earnings exclusive of these expenses and non-cash charges is included below. Management believes that earnings exclusive of these expenses, when viewed in addition to the Company's reported GAAP results, provides an additional meaningful measure of operating performance, enabling investors to more thoroughly evaluate current performance in comparison to past performance. This information will necessarily differ from comparable information that may be provided by other companies and should not be considered in isolation or as an alternative to the Company's operating and other financial information determined under GAAP. The Company also reaffirmed its February 20, 2008 financial guidance for the full year 2008 and provided guidance for the quarter ending June 30, 2008. For the full year, the Company continues to expect sales order bookings in the range of $65 to $70 million, revenue in the range of $87 to $89 million, a net loss per share exclusive of restructuring charges in the range of $0.20 to $0.23 per share, and earnings per share exclusive of depreciation, amortization, and stock-based compensation ("non-cash charges") and restructuring charges in the range of $0.23 to $0.27 per share. For the second quarter of 2008, the Company expects revenue in the range of $17.5 to $18.5 million, net loss per share exclusive of restructuring charges in the range of $0.18 to $0.20 per share, and net loss per share exclusive of non-cash charges and restructuring charges in the range of $0.06 to $0.08 per share. "Our first quarter results are reflective of the difficult environment in which we are currently operating," said Chuck Jett, Chairman and CEO of Emageon. "High penetration rates for our core radiology products in the large hospital sector and a more constrained capital spending willingness by our existing and prospective customers are realities that we must manage through. We were pleased to generate positive cash flow from operations in the first quarter. Our balance sheet is strong, and we are continuing to invest in our software products and to position ourselves to win market share in the next cycle." Conference Call. Emageon will host a conference call for investors on May 12, 2008, at 10:00 A.M. EDT to discuss its financial results for the quarter. The call will be webcast by Thomson/CCBN and can be accessed at Emageon's web site at http://investor.emageon.com/ . The dial-in telephone number for the call is 888-679-8035 (internationally, at 617-213-4848), passcode 55905402. Replay is available from 11:00 A.M. EDT, May 12, 2008, until 11:59 P.M. EDT, May 22, 2008, at 888-286-8010 (internationally, at 617-801-6888), passcode 44165855. The webcast is also being distributed through the Thomson StreetEvents Network to both institutional and individual investors. Individual investors can listen to the call at http://www.fulldisclosure.com/ , Thomson/CCBN's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson's password-protected event management site, StreetEvents (http://www.streetevents.com/). Forward Looking Statements. This press release contains forward-looking statements about Emageon that represent the Company's current views with respect to, among other things, future events and financial performance. Any forward-looking statements contained in this press release are based on Emageon's historical performance and on current plans, beliefs and expectations. Actual results may differ materially from those expressed or implied by such forward-looking statements as a result of various risks, uncertainties and other factors beyond its control. These risks, uncertainties and other factors include, among others, the risk that it may not compete successfully against larger competitors, risks associated with the cyclical nature of its industry and changes in economic conditions in general, risks associated with its history of operating losses, risks associated with changes in its primary market for PACS radiology systems and the recent decline in PACS radiology system sales orders, risks associated with fluctuations in its quarterly operating results, risks associated with the recent decline in the market price of its common stock, risks associated with the nomination of a competing slate of directors for election at this year's annual meeting of stockholders, the risk of loss of its senior executive management, risk associated with expansion of its market and selling efforts into new product segments, the risk that its target markets do not develop as expected, the risk that its acquisitions could result in integration difficulties, dilution or other adverse financial consequences, the risk of failure to raise additional capital on acceptable terms, risks associated with its reliance on continuing relationships with large customers, the risk of significant product errors or product failures, the risk of its reliance on reseller arrangements for important components of its solution, the risk that it may not respond effectively to changes in its industry, the risk of its customers' reliance on third party reimbursements, and the risk of the potential impact on its business of Food & Drug Administration (FDA) regulations and other applicable health care regulations. Additional information concerning these and other factors that could affect Emageon's financial and operating results may be found under the heading "Risk Factors" and elsewhere in the Company's Form 10- K for the year ended December 31, 2007, which was filed with the Securities and Exchange Commission on March 17, 2008. Emageon undertakes no obligation to update these forward-looking statements or other information provided in this press release except as may be required by law. About Emageon. Emageon provides information technology systems for hospitals, healthcare networks and imaging facilities. Its enterprise family of solutions includes RadSuite(TM), HeartSuite(TM) and other specialty suites. All Emageon solutions are built on a unified Enterprise Content Management system offering advanced visualization and infrastructure tools for the clinical analysis and management of digital medical images, reports and associated clinical content. Emageon's standards-based solutions are designed to help customers enhance patient care, automate workflow, lower costs, improve productivity, and provide better service to physicians. For more information, please visit http://www.emageon.com/ . On May 5, 2008, Emageon Inc. filed a preliminary proxy statement with the Securities and Exchange Commission in connection with its upcoming 2008 annual meeting of stockholders, and prior to the annual meeting, Emageon will furnish its stockholders with a definitive proxy statement, together with a WHITE proxy card. Emageon stockholders are strongly advised to read Emageon's proxy statement as it contains important information. Stockholders may obtain the proxy statement, any amendments or supplements to the proxy statement, and the annual, quarterly and current reports and other information filed by Emageon with the Securities and Exchange Commission for free at the Internet website maintained by the Securities and Exchange Commission at http://www.sec.gov/. Copies of the definitive proxy statement and any amendments and supplements to the definitive proxy statement will also be available for free at Emageon's Internet website at http://www.emageon.com/ or by writing to Emageon Inc., 1200 Corporate Drive, Suite 200, Birmingham, Alabama 35242, Attn: Corporate Secretary. In addition, copies of Emageon's proxy materials may be requested by contacting our proxy solicitor, Morrow & Co., LLC at (800) 662-5200. Emageon's directors and certain of its officers may be deemed to be participants in the solicitation of proxies from its stockholders in connection with the annual meeting. Information identifying these participants and describing their direct and indirect interests is available in Emageon's preliminary proxy statement filed with the Securities and Exchange Commission on May 5, 2008. Unaudited Statements of Operations In Thousands, Except Per Share Amounts Three Months Ended March 31, 2008 2007 (1) Revenue: System sales $5,820 $13,668 Support services 13,447 13,682 Total revenue 19,267 27,350 Cost of revenue: System sales 4,272 8,722 Support services 6,676 7,681 Total cost of revenue 10,948 16,403 Gross profit 8,319 10,947 Operating expenses: Research and development 4,326 4,618 Sales and marketing 3,785 4,392 General and administrative 3,775 3,623 Amortization of intangible assets 345 345 Employee severance and related charges 819 - Total operating expenses 13,050 12,978 Operating loss (4,731) (2,031) Interest income 157 229 Interest expense (16) (33) Net loss $(4,590) $(1,835) Net loss per share, basic and diluted $(0.21) $(0.09) Weighted average shares outstanding, basic and diluted 21,453 21,297 (1) Certain reclassifications have been made to prior year amounts to conform with the current year presentation. Summary Consolidated Balance Sheets In Thousands (Unaudited) March 31, December 31, 2008 2007 ASSETS: Current assets: Cash and cash equivalents $18,283 $17,034 Trade accounts receivable, net 17,853 26,796 Inventories 6,869 6,249 Prepaid expenses and other current assets 4,454 3,398 Total current assets 47,459 53,477 Property and equipment, net 14,932 15,143 Other noncurrent assets 3,522 3,070 Intangible assets, net 26,753 27,604 Total Assets $92,666 $99,294 LIABILITIES AND STOCKHOLDER'S EQUITY: Current liabilities: Accounts payable and accrued expenses $12,418 $15,755 Deferred revenue 16,919 16,382 Current portion of capital lease obligations 30 36 Total current liabilities 29,367 32,173 Long-term deferred revenue 3,742 4,306 Other long-term liabilities 436 466 Long-term portion of capital lease obligations 41 53 Total liabilities 33,586 36,998 Stockholders' Equity 59,080 62,296 Total Liabilities and Stockholders' Equity $92,666 $99,294 Reconciliation of Non-GAAP Measures of Earnings In Thousands, Except Per Share Amounts (Unaudited) The following tables present the Company's net loss adjusted for employee severance and related charges, and for non-cash charges for depreciation, amortization of intangible assets, and stock-based compensation for the three month periods ended March 31, 2008 and 2007. Earnings determined in this manner do not represent earnings in accordance with generally accepted accounting principles ("GAAP"). The tables present the adjustments made to actual net loss determined under GAAP to derive earnings excluding the expenses described above for the periods presented. Three Months Ended March 31, 2008 2007 Net loss as reported $(4,590) $(1,835) Severance and related charges 819 - Net loss excluding severance charges $(3,771) $(1,835) Net loss per share excluding severance charges $(0.17) $(0.09) Net loss as reported $(4,590) $(1,835) Add: Depreciation 1,075 1,717 Amortization 774 720 Stock-based compensation 1,487 (1) 687 Net (loss) income excluding certain non-cash charges $(1,254) $1,289 Add--cash portion of severance charges $392 $- Net (loss) income excluding certain non-cash charges and severance charges $(862) $1,289 Net (loss) income per share excluding certain non-cash charges and severance charges $(0.04) $0.06 (1) Includes $427 of stock-based compensation incurred in connection with severance activities, which together with the $392 of cash severance charges form the $819 "Employee severance and related charges" line item in the Statement of Operations for the three months ended March 31, 2008. DATASOURCE: Emageon Inc. CONTACT: John W. Wilhoite, CFO, Emageon, +1-205-259-2831, Susan Noonan, The SAN Group, LLC, +1-212-966-3650, Donna Kralowetz, Emageon, +1-205-913-5416 Web site: http://www.emageon.com/

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

EMAG VanEck ETF Trust