Allscripts Healthcare Solutions Inc. (MDRX) swung to a
fourth-quarter loss as the electronic health-records company was
hit by weaker sales, a deferred-revenue provision and other
items.
However, shares were up 8% at $12.07 in recent after-hours
trading as analysts said the company turned in solid bookings
during the quarter. Through Tuesday's close, the stock has risen
19% this year.
The Chicago-based company--which endured a rocky year amid
downturn in financial performance as well as management and board
shakeups--late last year said it had finished a review of strategic
options--including a possible sale--and that its board decided it
was best to continue under new management.
The company in December said board member Paul Black would take
over immediately as chief executive, succeeding longtime CEO Glen
Tullman, and that the company's president also was stepping
down.
Earlier Tuesday, the company disclosed some restructuring and
cost-cutting efforts, including plans to close 12 offices and one
warehouse. The company also is making changes to its corporate
operating structure in an effort to trim product-development
costs.
"Our fourth quarter and 2012 financial results did not meet our
expectations," Mr. Black said. Following the conclusion of
Allscripts' strategic review last year, Mr. Black said he has been
engaged with clients and team members.
Allscripts Healthcare reported a loss of $24.3 million, or 14
cents a share, compared with a year-earlier profit of $26 million,
or 14 cents a share. Excluding acquisition-related impacts,
deferred-revenue impacts and other items, adjusted earnings were
down at 16 cents from 25 cents a year earlier. Revenue decreased
9.6% to $350.9 million amid the deferred-revenue provision.
Analysts polled by Thomson Reuters most recently projected
earnings of 20 cents on revenue of $368 million.
Gross margin fell to 38.8% from 45.1%.
Write to Tess Stynes at tess.stynes@dowjones.com
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