Sunquest posts loss despite strong growth
Sunquest posts loss despite strong growthTucson, AZ-based Sunquest Information Systems reported a 25% increase in revenue for its third quarter. Despite healthy revenue growth, however, earnings before write-offs were below analysts'
Sunquest posts loss despite strong growth
Tucson, AZ-based Sunquest Information Systems reported a 25% increase in revenue for its third quarter. Despite healthy revenue growth, however, earnings before write-offs were below analysts' expectations.
For the third quarter (end-September), Sunquest had revenues of $24.3 million, compared with $19.3 million for the same period in 1996. The company reported a net loss after write-offs of $268,000, compared with a net income of $1.7 million for the third quarter in 1996.
Sunquest had two sizable write-offs in the quarter: $1.3 million for in-process technology acquired in connection with the purchase of the PreciseCare Medication Management System from Medintell Systems and $1.5 million for previously capitalized software development costs relating to Sunquest's IntelliCarer suite of products.
The primary reason the company failed to meet analysts' expectations for earnings before write-offs was delays in customer installation schedules and the resultant delays in revenue recognition, said Dr. Sidney Goldblatt, president and CEO. The company is taking steps to mitigate these delays by increasing staff in certain areas such as interfacing, customer training, and targeted consulting.
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