The stock price for community hospital information systems vendor Computer Programs and Systems Inc. rose 9 percent in morning trading on April 23 after the company reported mixed financial results for the first quarter of 2010, but raised expectations for the second quarter.
Mobile, Ala.-based CPSI had first quarter net income of $2.9 million, down 27 percent from the same period a year ago, as clients rescheduled two system installations to later this year. Earnings per share of 27 cents missed investment analyst expectations by a nickel. Quarterly revenue increased 4.7 percent to $31.5 million.
However, the company expects second quarter earnings per share of 36-38 cents, up from analyst expectations of 35 cents. CPSI also expects revenue of $35-36.5 million for the quarter, up from a consensus analyst figure of about $33.9 million.
The company will be operating at higher capacity for clinical software implementations--spurred by the HITECH Act--during the rest of the year and beyond, says Boyd Douglas, president and CEO.
More information is available at cpsinet.com.
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