UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

August 17, 2015

 

 

QUALITY SYSTEMS, INC.

(Exact name of registrant as specified in its charter)

 

 

 

CALIFORNIA   001-12537   95-2888568

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification Number)

18111 Von Karman, Suite 700

Irvine, California 92612

(Address of Principal Executive Offices)

(949) 255-2600

(Registrant’s Telephone Number, Including Area Code)

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 17, 2015, Steve Puckett, Executive Vice President and Chief Technology Officer of the Company, resigned by mutual agreement with the Company.

 

Item 7.01 Regulation FD Disclosure.

The Company issued a press release on August 17, 2015, announcing the resignation of Steve Puckett as Executive Vice President and Chief Technology Officer of the Company. The press release making these announcements is attached hereto as Exhibit 99.1.

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit

No.

  

Description

99.1    Press Release dated August 17, 2015


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    QUALITY SYSTEMS, INC.
Date: August 17, 2015     By:  

/s/ JOCELYN A. LEAVITT

      Jocelyn A. Leavitt
      Executive Vice President, General Counsel and Secretary


EXHIBITS ATTACHED TO THIS REPORT ON FORM 8-K

 

Exhibit

No.

  

Description

99.1    Press Release dated August 17, 2015


Exhibit 99.1

 

LOGO

 

  For Further Information, Contact:
  Susan J. Lewis
 

954-389-3700

slewis@qsii.com

FOR IMMEDIATE RELEASE

    AUGUST 17, 2015

QUALITY SYSTEMS, INC. ANNOUNCES TRANSITION OF

TECHNOLOGY FUNCTION LEADERSHIP

IRVINE, Calif … August 17, 2015 … Quality Systems, Inc. (NASDAQ: QSII), a leading provider of healthcare information systems, services, and connectivity solutions, today announced a transition in its technology leadership.

Steve Puckett, Executive Vice President and Chief Technology Officer, has resigned by mutual agreement with the Company. Responsibility for the Company’s technology functions has immediately moved to Daniel J. Morefield, Executive Vice President and Chief Operating Officer of the Company. Mr. Puckett will remain with the Company until November 13, 2015 to support a smooth transition. The Company will use this transitional opportunity to evaluate how to best structure its technology functions going forward, and also examine the prioritization, timing and application of investment and resources in its ongoing and contemplated technology development initiatives.

Rusty Frantz, President and Chief Executive Officer of Quality Systems, Inc., said, “Since joining the Company in July, I continue to take a detailed, fresh look at our technology initiatives in the context of what will be best for our customers in a dynamic healthcare environment that increasingly demands value-based care delivery, coordinated care and patient engagement. Positioning our customers with strong solutions to accomplish the transition to these changes also best positions Quality Systems for a strong future.”

About Quality Systems, Inc.

Irvine, Calif.-based Quality Systems, Inc. and its NextGen Healthcare subsidiary develop and market computer-based practice management, electronic health records and revenue cycle management applications as well as connectivity products and services for medical and dental group practices and small hospitals. Visit www.qsii.com and www.nextgen.com for additional information.

 

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Quality Systems, Inc.

Transition of Technology Function Leadership - Page 2

SAFE HARBOR PROVISIONS FOR FORWARD-LOOKING STATEMENTS

This news release may contain forward-looking statements within the meaning of the federal securities laws, including but not limited to, statements regarding future events, developments in the healthcare sector and regulatory framework, the Company’s future performance, as well as management’s expectations, beliefs, intentions, plans, estimates or projections relating to the future. Risks and uncertainties exist that may cause the results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements and additional risks and uncertainties are set forth in Part I, Item A of our most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2015, including but not limited to: the volume and timing of systems sales and installations; length of sales cycles and the installation process; the possibility that products will not achieve or sustain market acceptance; seasonal patterns of sales and customer buying behavior; impact of incentive payments under The American Recovery and Reinvestment Act on sales and the ability of the Company to meet continued certification requirements; the development by competitors of new or superior technologies; the timing, cost and success or failure of new product and service introductions, development and product upgrade releases; undetected errors or bugs in software; product liability; changing economic, political or regulatory influences in the health-care industry; changes in product-pricing policies; availability of third-party products and components; competitive pressures including product offerings, pricing and promotional activities; the Company’s ability or inability to attract and retain qualified personnel; possible regulation of the Company’s software by the U.S. Food and Drug Administration; changes of accounting estimates and assumptions used to prepare the prior periods’ financial statements; and general economic conditions. A significant portion of the Company’s quarterly sales of software product licenses and computer hardware is concluded in the last month of a fiscal quarter, generally with a concentration of such revenues earned in the final ten business days of that month. Due to these and other factors, the Company’s revenues and operating results are very difficult to forecast. A major portion of the Company’s costs and expenses, such as personnel and facilities, are of a fixed nature and, accordingly, a shortfall or decline in quarterly and/or annual revenues typically results in lower profitability or losses. As a result, comparison of the Company’s period-to-period financial performance is not necessarily meaningful and should not be relied upon as an indicator of future performance. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

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