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AMICAS Reports Financial Results for the First Quarter Ended March 31, 2008

Positive cash flow from operations and an active first quarter 2008 stock

repurchase program

BOSTON, April 30 /PRNewswire-FirstCall/ -- AMICAS, Inc. (Nasdaq: AMCS), a leader in radiology and medical image and information management solutions, today reported unaudited financial results for the first quarter ended March 31, 2008.
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Q1 Financial Highlights

Revenue: Total revenues for the first quarter of 2008 were $12.8 million

compared to $12.4 million for the first quarter of 2007.

Operating Income/Loss: Operating loss for the first quarter of 2008 was

$1.2 million compared to an operating loss of $749,000 for the first

quarter of 2007.

Net Income/Loss: The Company's net loss for the first quarter of 2008 was

$467,000 or $(0.01) per share compared to net income of $146,000, or $0.00

per share, for the first quarter of 2007.

In the first quarter of 2008, both operating loss and net loss included

$433,000 of non-cash stock-based compensation expense and $764,000 of

depreciation and amortization. In the first quarter of 2007, operating

loss and net loss included $523,000 of non-cash stock-based compensation

expense and $775,000 of depreciation and amortization.

Cash and Cash Flow: AMICAS ended the first quarter of 2008 with a cash,

cash equivalents, and marketable securities balance of $72.0 million, no

long-term debt, and working capital of $66.8 million. AMICAS generated

$1.0 million of cash flow from operations in the first quarter of common stock (4,593) -

Exercise of stock options 181 17

Cash (used in) provided by financing

activities (4,412) 17

Increase (decrease) in cash and cash equivalents 4,531 (243)

Cash and cash equivalents at beginning of period 8,536 7,331

Cash and cash equivalents at end of period $13,067 $7,088

Supplemental disclosure of cash paid during

the period for:

Income taxes, net of refunds $115 $-

Non-cash investing activities:

Unrealized gain on available-for-sale securities $120 $6

2008 Projected

Reconciliation of projected net loss to Lower Upper

projected pro-forma EBITDA Range Range

Projected net loss $(1,350) $(850)

Interest income 3,000 3,000

Operating loss (4,350) (3,850)

Non-cash stock compensation expense 1,816 1,816

Depreciation and amortization 1,286 1,286

Amortization of software development costs 2,286 2,286

Projected pro-forma EBITDA $1,038 $1,538

Reconciliation of net (loss) income to Three Months Ended

pro-forma EBITDA March 31,

2008 2007

Net (loss) income $(467) $146

Provision for income taxes (61) (62)

Interest income 789 957

Loss on sale of investments (31) -

Operating loss (1,164) (749)

Non-cash stock compensation expense 433 523

Depreciation and amortization 275 272

Amortization of software development costs 489 503

Pro-forma EBITDA $33 $549


Stock Repurchase: During the fourth quarter of 2007, the Board of

Directors directed the Company to initiate a $25 million stock repurchase

plan. The Company repurchased approximately 1,681,000 shares of its common

stock for approximately $4.5 million in the first quarter of 2008. The

Company has repurchased approximately 1,982,000 shares for approximately

$5.3 million in total under this program. Under a previously authorized

stock repurchase plan, during 2006, the Company repurchased 4.5 million

shares of its common stock for approximately $15.0 million, the total

amount authorized by the AMICAS Board of Directors under the prior plan.

Pro-forma EBITDA: Pro-forma EBIDTA, a non-GAAP financial measure, was

$33,000 in the first quarter of 2008 as compared to $549,000 in the first

quarter of 2007.

"Pro-forma EBITDA," refers to net income, adjusted for amortization,

depreciation, interest, taxes, and stock compensation expense. A

reconciliation of net (loss) income determined under GAAP to pro-forma

EBITDA is included below. Management believes that its pro-forma EBITDA

measurement, when viewed in addition to the Company's reported GAAP

results, provides an additional meaningful measure of operating

performance, enabling investors to more thoroughly evaluate current

performance in comparison to past performance. This information will

necessarily differ from comparable information that may be provided by

other companies and should not be considered in isolation or as an

alternative to the Company's operating and other financial information

determined under GAAP.

Business Perspective

Dr. Stephen Kahane, president, chief executive officer, and chairman of AMICAS, said, "We have continued to maintain positive cash flow from operations while building our business through significant investments in both innovative research and development programs and important distribution initiatives. We believe that, although practices and imaging businesses are continuing to feel the impact of the Deficit Reduction Act (DRA), more and more are realizing that improved automation can both improve operating efficiency and help with the growth initiatives of the practice and business. As we emphasized last quarter, numerous large radiology groups have made the decision to use AMICAS products as the basis for their automation infrastructure going forward. Over the past six months, AMICAS was able to sign several very sophisticated and informed imaging service providers. We will continue to work hard to help these new partners succeed and to make sure that others follow in their footsteps. Again, as we mentioned last quarter, it is noteworthy that, despite obstacles such as DRA and other reimbursement pressures, these groups made the decision to take their automation support to the next level with industry leading offerings from AMICAS."

Dr. Kahane went on to say, "Over the past two years, AMICAS has bought back over $20 million of its common stock. AMICAS has no debt and has a very strong recurring revenue base. As we have said before, AMICAS remains committed to being the leading independent image and information management solutions provider in the healthcare industry. We believe that our innovative end-to-end suite of products, our strong and experienced team of professionals, and our dedicated focus on image and information management will help our customers and partners by empowering them to grow, differentiate, and efficiently run their practices and businesses in 2008 and beyond."

Dr. Kahane added, "AMICAS is continuing 2008 energized, focused, and ready to work relentlessly to reach our goals and objectives and to become the leading independent vendor of choice in the image and information management marketplace."

Looking Forward

AMICAS continues to expect 2008 revenues to be between $52 million and $54 million, with pro-forma EBITDA expected to be between $1.0 million and $1.5 million, which is consistent with a net loss of approximately ($0.02) per share.

Combining a market where imaging businesses continue to embrace automation as part of the response to the DRA with the combination of new product introductions already in progress, AMICAS expects 2008 bookings growth of between 10 and 20 percent. Bookings are defined as contractual commitments from customers for licenses, services, hardware, and maintenance/support.

Conference Call

AMICAS will host a conference call on Thursday, May 1, at 8:30 a.m. Eastern Time to discuss the Company's 2008 first fiscal quarter results. Investors and other interested parties may dial in to the call using the toll free number 1-800-862-9098. (Conference ID: 7AMICAS). The conference call will also be available via Webcast at Following the conclusion of the call, a replay will be available at 1-800-938-1598 or 402-220-1545 until May 31, 2008.

AMICAS, Vision Series, Vision Reach, RadStream and AMICAS Insight are trademarks or registered trademarks of AMICAS, Inc.

About AMICAS, Inc.

AMICAS, Inc. ( is a leader in radiology and medical image and information management solutions. The AMICAS(R) Vision Series(TM) products provide a complete, end-to-end solution for imaging centers, ambulatory care facilities, and radiology practices. Acute care and hospital clients are provided a fully-integrated, HIS/RIS-independent PACS, featuring advanced enterprise workflow support and scalable design. Complementing the Vision Series product family is AMICAS Insight(TM) Solutions, a set of client- centered professional and consulting services that assist our customers with a well-planned transition to a digital enterprise. HIS and RIS mean hospital information system and radiology information system, respectively.

Safe Harbor Statement

Except for the historical information herein, the matters discussed in this release include forward-looking statements. In particular, the forward- looking statements contained in this release include statements about future financial and operating results. When used in this press release, the words: believes, intends, plans, anticipates, expects, estimates, and similar expressions are intended to identify forward-looking statements. Such forward- looking statements are subject to a number of risks, assumptions and uncertainties that could cause actual results to differ materially which include, but are not limited to, the following: a significant portion of the Company's quarterly sales are concluded in the last month of the fiscal quarter; the length of sales and delivery cycles; the deferral and/or realization of deferred software license and system revenues according to contract terms; the timing, cost and success or failure of current and new product and service introductions and product upgrade releases; potential patent infringement claims against AMICAS and the related defense costs; the ability of AMICAS to comply with all government laws, rules and regulations; and other risks affecting AMICAS' businesses generally and as set forth in AMICAS' most recent filings with the Securities and Exchange Commission, including the section entitled "Risk Factors" of our most recent annual report on Form 10-K, and subsequent quarterly reports on Form 10-Q. All forward- looking statements in this release are qualified by these cautionary statements and are made only as of the date of this release. AMICAS is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise. The financial statements and information as of, and for the period ended, March 31, 2008 contained in this press release are subject to review by the Company's independent registered public accounting firm.


Colleen McCormick, Investor Relations


Condensed Consolidated Balance Sheets


(in thousands, except share data)

March 31, December 31,

2008 2007


Current assets:

Cash and cash equivalents $13,067 $8,536

Marketable securities 58,943 67,071

Accounts receivable, net of allowances

of $236 and $231, respectively 10,918 10,483

Prepaid expenses and other current assets 3,068 3,600

Total current assets 85,996 89,690

Property and equipment, less accumulated

depreciation and amortization of $7,016 and

$6,848, respectively 1,322 1,186

Goodwill 27,313 27,313

Acquired/developed software, less accumulated

amortization of $8,481 and $7,992, respectively 7,519 8,008

Other intangible assets, less accumulated

amortization of $1,849 and $1,742, respectively 1,551 1,658

Other assets 586 586

Total Assets $124,287 $128,441

Liabilities and stockholders' equity

Current liabilities:

Accounts payable and accrued expenses $7,126 $7,094

Accrued employee compensation and benefits 1,253 1,451

Deferred revenue 10,828 10,375

Total current liabilities 19,207 18,920

Unrecognized tax benefits 1,160 1,275

Commitments and contingencies

Stockholders' equity:

Preferred stock $.001 par value; 2,000,000

shares authorized; none issued - -

Common stock $.001 par value, 200,000,000

shares authorized, 51,372,862 and 51,296,823

issued, respectively 51 51

Additional paid-in capital 229,670 229,056

Accumulated other comprehensive income 180 60

Accumulated deficit (98,945) (98,478)

Treasury stock, at cost, 8,505,320 and

6,824,192 shares (27,036) (22,443)

Total stockholders' equity 103,920 108,246

Total Liabilities and Stockholders' Equity $124,287 $128,441

Condensed Consolidated Statements Of Operations


(in thousands, except per share data)

Three Months Ended

March 31,

2008 2007


Maintenance and services $9,753 $9,208

Software licenses and system sales 3,035 3,225

Total revenues 12,788 12,433

Costs and expenses

Cost of revenues:

Maintenance and services (a) 4,269 3,992

Software licenses and system sales, including

amortization of software costs of $489

and $503, respectively 2,211 1,519

Selling, general, and administrative (b) 5,002 5,377

Research and development (c) 2,195 2,022

Depreciation and amortization 275 272

13,952 13,182

Operating loss (1,164) (749)

Interest income 789 957

Loss on sale of investments (31) -

(Loss) income before provision for income taxes (406) 208

Provision for income taxes 61 62

Net (loss) income $(467) $146

(Loss) earnings per share

Basic: $(0.01) $0.00

Diluted: $(0.01) $0.00

Weighted average number of shares outstanding

Basic 43,628 44,549

Diluted 43,628 45,360

(a) includes $37,000 and $18,000 in stock-based compensation expense for

the three months ended March 31, 2008 and 2007, respectively

(b) includes $284,000 and $442,000 in stock-based compensation expense

for the three months ended March 31, 2008 and 2007, respectively

( c ) includes $112,000 and $63,000 in stock-based compensation expense

for the three months ended March 31, 2008 and 2007, respectively

CONDENSED Consolidated Statements Of Cash Flows


(in thousands)

Three Months Ended

March 31,

2008 2007

Operating activities

Net (loss) income $(467) $146

Adjustments to reconcile net (loss) income to

cash provided by operating activities:

Depreciation and amortization 275 272

Provisions for bad debts 55 (251)

Amortization of software development costs 489 503

Non-cash stock compensation expense 433 523

Changes in operating assets and liabilities:

Accounts receivable (489) 604

Computer hardware held for resale, prepaid

expenses, and other 533 978

Accounts payable and accrued expenses (167) 19

Deferred revenue including unearned discount 454 (109)

Unrecognized tax benefits (115) -

Cash provided by operating activities 1,001 2,685

Investing activities

Purchases of property and equipment (304) (88)

Purchase of software - (2,300)

Purchases of held-to-maturity securities (124,084) (23,392)

Maturities of held-to-maturity securities 113,799 28,076

Purchases of available-for-sale securities (1,500) (8,591)

Sales of available-for-sale securities 20,031 3,350

Cash used in investing activities 7,942 (2,945)

Financing activities

Repurchase of

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