Information systems provider Cerner reported record first-quarter revenues of $191.5 million, up 9% compared with the $175.3 million posted in the same period in 2002. For the quarter (end-March 29), the Kansas City-based firm had net earnings of $5.6 million, compared with net earnings of $9.6 million in the first quarter of 2002.
Cerner earlier this month said that lower new business bookings caused the company’s first-quarter results to fall short of expectations.
Looking ahead, the vendor said it expects 2003 revenues of approximately $840 million to $860 million, including approximately $25 million of revenue from reimbursed travel expense. Cerner added that it has reclassified travel expenses for which it is reimbursed by clients as a revenue category; previously they were classified as "other income." The company increases its cost of goods sold by a corresponding amount.
In the second quarter, Cerner expects revenues of approximately $200 million to $205 million, including approximately $6 million of revenue from reimbursed travel expense. The firm predicted bookings revenue in the second quarter to be approximately $175 million to $180 million.
By AuntMinnie.com staff writersApril 17, 2003
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Cerner lowers Q1 expectations, April 3, 2003
Cerner’s Q4 shows healthy growth, January 24, 2003
Seshadri joins Cerner, January 7, 2003
PACS firms integrate, broaden product lines, November 18, 2002
Cerner posts record Q3, October 17, 2002
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