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Revenues Up, but Charges Hurt Eclipsys

May 6, 2008
by root
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Despite an increase in revenues of 10 percent, Eclipsys Corporation suffered a rough quarter, with one-time charges leaving the company looking at profits down 88 percent, to $290,000, compared to $2.4 million last year.

Costs, charges and gains included:

Costs of $1.7 million associated with the relocation of the corporate headquarters from Boca Raton, Fla., to Atlanta.

Costs of $2.0 million associated with the defense and anticipated settlement of derivative litigation.

A charge of $1.3 million associated with the acquisition of EPSi.

Additional gain of $2.0 million resulting from the sale of the Clinical Practice Model Resource Center business.

A charge of $1.5 million resulting from a change in the company’s estimate for uncertainties in income taxes.

Stock-based compensation expense of $3.3 million.

Excluding these factors, the company saw 32 percent growth in non-GAAP net income, to $8.1 million from $6.2 million a year ago.

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