Healthcare information systems firm IDX Systems will be taking a nonrecurring charge of $8.9 million to $9.2 million in its fourth quarter. The Burlington, VT-based vendor said the charge was related to asset impairment and rent obligations associated with its Seattle office, which carries a lease agreement through 2005.
IDX is moving to a new location in Seattle in February, but has been unable to secure a subtenant to assume its existing lease. The write-off and subsequent elimination of rent expense at the existing location will have a positive effect on 2003 earnings, however, IDX said.
As a result, IDX said it's raising earnings-per-share estimates from its previous guidance of 68¢ to 74¢. IDX also said it remains comfortable with 2003 revenue growth projections of approximately 15%.
By AuntMinnie.com staff writersDecember 11, 2002
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