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Allscripts in skid mode as shares plunge, chairman ousted - Plastic Granules Manufacturer by icdenta icdenta
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Allscripts in skid mode as shares plunge, chairman ousted - Plastic Granules Manufacturer by ICDENTA ICDENTA
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Article Posted: 01/22/2013 |
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Allscripts in skid mode as shares plunge, chairman ousted - Plastic Granules Manufacturer |
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It was no ordinary quarterly meeting Thursday forAllscripts. Its chairman Phil Pead was, by many accounts, forcedout. Three board members apparently resigned in protest. And thismorning, the EHR vendor's shares have plunged almost 43 percent to $9.15. The company also reported that CFO Bill Davis would be exiting May18 for another position outside the healthcare sector, leavinganalysts downgrading the firm's stock from "buy" to"neutral." [See also: Allscripts, Eclipsys to merge in $1.3 billion deal ] Sean Wieland, senior analyst from Piper Jaffrey was among thosedowngrading. "Any one of these items would be a concern, but all threehappening simultaneously leads us to question what else is therethat we don't know," he wrote in an analyst brief today. Headded that a rule of thumb is to downgrade on any CFO turnover. Allscripts CEO Glen Tullman is left standing, but at least oneanalyst has called for his resignation, according to Forbes , which suggested the company would need new leadership to regainconfidence. [See also: Allscripts-Eclipsys: 'A match made in heaven' - mostly ] Efforts to reach Tullman Friday morning were unsuccessful. A pressrelease from Allscripts said Pead's tenure on the board had been "terminated"but offered no reason for his departure. "While only speculation, we believe it came down to ashowdown of Glen vs. Phil, with Glen prevailing, and all those thatvoted with Phil followed his exit," Wieland wrote. In the quarterly report, which showed net income down by 54percent, Tullman blamed lower than expected sales for the poorquarterly showing. "Our overall results were primarily affected by lower thanexpected sales and an unfavorable sales mix, which directlyimpacted revenue and profit," he said in a statement. "Inaddition, our investments in improving client experience andaccelerating product development, as well as higher than expectedsoftware development expense, also put pressure on our bottom line. "While Allscripts continued to win important new clients,including three new Sunrise Clinical Manager contracts in thequarter, a number of our clients and prospects delayed commitmentsas they wait for us to introduce new releases and demonstrate morerobust integration," he added. "This dynamic, combinedwith the recent reorganization of our sales and service teams, werethe primary factors that caused sales to be lower than ourexpectations." Citi analyst George Hill was among the analysts downgrading sharesfrom "buy" to "neutral." The AsssociatedPress reported that Hill called the company's quarter"strongly disappointing." "Allscripts appears to be losing (market) share faster thanoriginally thought, and the negative leverage from a lack of newsoftware sales is now readily apparent," he wrote. He toospeculated that the board departures reflect a power struggle wonby Tullman. The firing of Pead, who joined Allscripts in the Eclipsys/Allcriptsmerger in June 2010, seems a far cry from expectations of what wasonce described as a perfect match, giving Allscripts a push intothe hospital market. "I've known Phil for years," Tullman told Healthcare ITNews then. "We both have a healthy degree of respect for eachother, and a friendship. So as we began to show up at the samemeetings .. those clients suggested we put the companiestogether." The numbers: Bookings of approximately $194.6 million. This compares to bookingsof $212.4 million in the first quarter of 2011. GAAP revenue of $364.7 million and non-GAAP revenue of $365.5million. This compares to GAAP and non-GAAP revenue of $335.3 and$346.1 million, respectively, in the first quarter of 2011. GAAP operating income of $13.0 million; non-GAAP operating incomeof $40.9. This compares to $24.5 million and $72.1 million,respectively, in the first quarter of 2011. GAAP net income(1) of $5.8 million; diluted earnings per share of$0.03. This compares to $12.6 million and $0.07, respectively, inthe first quarter of 2011. Non-GAAP diluted earnings per share of $0.12, compared to $0.21 inthe first quarter of 2011. $74.6 million in cash flow from operations; reduced debt by another$24.5 million, decreasing total outstanding debt to approximately$343.0 million as of March 31, 2012. [See also: Videos: Tullman, Pead discuss Allscripts/Eclipsys merger ]. The e-commerce company in China offers quality products such as Plastic Granules Manufacturer , China Plastic Master Batch, and more. For more , please visit Carbon Black Masterbatch today!
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