LENEXA, Kan., May 4, 2005 (PRIMEZONE) -- Mediware Information Systems, Inc. (Nasdaq:MEDW) reported for the quarter ended March 31, 2005, revenue of $9.9 million, up 6 percent from the year-ago period. Net income for the third quarter of fiscal 2005 was $830,000, or 10 cents per fully diluted share, compared to $561,000, or 7 cents per fully diluted share for the third quarter of fiscal 2004.
George Barry, Mediware's CEO, said, "The record revenue for the quarter reflects an increasing response to our blood bank product introduction. Significant advances were achieved on our Medication Management system including obtaining referenceability of our MediMAR product. Market indications are that acceptance of our products will remain strong. As previously stated, results for the quarter and near term will continue to be affected by product transition costs and costs associated with Sarbanes-Oxley compliance."
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Third Quarter and Annual Fiscal
2005 and 2004 Operating Statement Highlights
(in thousands) (unaudited):
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Three Months Nine Months
Ended Ended
March 31 March 31
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2005 2004 2005 2004
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System Sales $ 3,688 $ 3,333 $ 8,905 $ 9,173
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Services $ 6,193 $ 5,987 $18,682 $18,267
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Total Revenue $ 9,881 $ 9,320 $27,587 $27,440
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Operating Expenses $ 8,622 $ 8,480 $23,787 $23,217
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Operating Income $ 1,259 $ 840 $ 3,800 $ 4,223
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Net Earnings $ 830 $ 561 $ 2,422 $ 2,732
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Earnings Per Basic
Share $ 0.11 $ 0.07 $ 0.31 $ 0.37
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Earnings Per Common
Share- Diluted
(as reported) $ 0.10 $ 0.07 $ 0.30 $ 0.33
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Fiscal 2005 and 2004 Condensed Balance Sheet Highlights
(in thousands) (unaudited):
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As of the Period Ended
March 31
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2005 2004
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Cash and Cash Equivalents $13,013 $ 9,171
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Working Capital $12,064 $ 8,162
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Long-term Debt $ 36 $ 1,470
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Stockholders' Equity $33,682 $28,302
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About Mediware
Mediware provides clinical information systems for hospitals and integrated healthcare delivery systems. Its products include HCLL(tm) Transfusion, LifeTrak(r), IIE(tm) (Instrument Interface Engine), Hemocare(r), LifeLine(tm) (Blood Bank), WORx(r), MediCOE(tm), MediMAR(tm), Pharmakon(r), and Digimedics(tm) (Medication Management), Surgiware(tm) and Perioperative Solutions(tm) (Operating Room), as well as the JAC Stock Control System (pharmacy) in the United Kingdom. Mediware has over 1,100 systems installed in the U.S., Canada, the U.K., and elsewhere.
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, 2004, 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.