Netsmart Announces Year End Results for 2003
March 03 2004 - 9:00AM
PR Newswire (US)
Netsmart Announces Year End Results for 2003 Net Income Up 153%;
Revenues Increase 23% ISLIP, N.Y., March 3 /PRNewswire-FirstCall/
-- Netsmart Technologies, Inc. , a leading supplier of
enterprise-wide software solutions for health and human services
providers, reported results for the year ended December 31, 2003.
Net income for the year ended December 31, 2003 was $3,029,000, or
$0.69 per share (basic) and $.64 per share (diluted), as compared
to $1,195,000 or $.32 per share (basic) and $.29 per share
(diluted) for 2002, representing an increase of 153%. The net
income for 2003 includes a $900,000 deferred tax benefit associated
with our tax loss carry forward. There was a deferred tax benefit
adjustment in 2002 in the amount of $400,000. Revenue for the year
ended December 31, 2003 was $27,175,000 as compared to $22,126,000
for the year ended December 31, 2002, representing an increase of
23%. Net income for the fourth quarter ended December 31, 2003 was
$691,000 and compared to $348,000 for the quarter ended December
31, 2002 before the addition of the 2002 fourth quarter tax benefit
of $400,000. Revenue for the fourth quarter ended December 31, 2003
was $7,359,000 as compared to $5,805,000 representing an increase
of 27%. James Conway, CEO of Netsmart Technologies, stated that,
"We are pleased to report these significant results for 2003. This
revenue for this period is the highest in our Company's history and
our balance sheet, which has been fueled by quality earnings,
continues to get stronger with year end working capital of $14.7
million and a cash balance of $15.9 million. Our 2003 contract
signings with major accounts in both state and county environments
have resulted in a backlog of approximately $24 million at December
31, 2003 of which $12.7 million represents recurring revenue." He
added: "We expect that the demand for information technology in the
health and human services marketplace will continue to grow. We
believe that the strength of our balance sheet and earnings record
provides us with a competitive advantage and that our competitors
will be challenged by the difficulties typically faced by small
private companies in accessing the capital markets. We believe that
our organization is ideally positioned to expand and strengthen our
leadership position." 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 do not constitute a part of this
release. NETSMART TECHNOLOGIES, INC. Comparative Operating Results
for the Year and Three Months Ended December 31, Year Three Months
2003 2002 2003 2002 Revenue $27,175,000 $22,126,000 $7,359,000
$5,805,000 Net Income $3,029,000(1) $1,195,000(2) $691,000(1)
$748,000(3) Net Income Per Share Basic $.69 $.32 $.13 $.19 Weighted
Average Shares of Common Stock Outstanding Basic 4,418,364
3,748,537 5,280,445 3,866,524 Net Income Per Share Diluted $.64
$.29 $.13 $.18 Weighted Average Shares of Common Stock Outstanding
Diluted 4,752,068 4,153,484 5,464,977 4,227,525 (1) The Company's
tax provision has been reduced in all periods as a result of
available net operating loss carry forwards. In addition, the
Company recognized a $900,000 tax benefit during 2003 as a result
of a further reduction in its deferred tax asset valuation
allowance. (2) The Company's tax provision has been reduced in all
periods as a result of available net operating loss carry forwards.
In addition, the Company recognized a $400,000 tax benefit during
2002 as a result of a further reduction in its deferred tax asset
valuation allowance. (3) The Company's tax provision has been
reduced in all periods as a result of available net operating loss
carry forwards. In addition, the Company recognized a $400,000
taxbenefit during the three months ended 12/31/02 as a result of a
further reduction in its deferred tax asset valuation allowance.
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/
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