Healthcare informatics firm Eclipsys reported strong growth in revenues for the company's first quarter (end-March 31), but the company's net loss also rose due to charges related to restructuring and expensing stock options.
For the period, the company posted sales of $100.8 million, up 19.4% compared with revenues of $84.4 million in the same period the year before. The company's net loss on a generally accepted accounting principles (GAAP) basis was $8 million, compared to a net loss of $7.2 million in the first quarter of 2005.
The first-quarter numbers included a restructuring charge of $7.2 million associated with personnel reductions taken during the quarter to reduce costs. Eclipsys also incurred an expense associated with adopting new accounting standards regarding the expensing of stock options. This reduced first-quarter earnings by $2.9 million.
By AuntMinnie.com staff writers
May 3, 2006
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