Finishes 2008 with record bookings and continued positive cash flow from operations
BOSTON, Feb. 25 /PRNewswire-FirstCall/ -- AMICAS, Inc. (Nasdaq: AMCS), a leader in radiology and medical image and information management solutions, today reported unaudited financial results for the fourth quarter and year ended December 31, 2008.
Q4 Financial Highlights
Revenue: Total revenue for the fourth quarter of 2008 was $11.7 million, compared to $11.7 million for the fourth quarter of 2007.
Non-GAAP Operating Loss: Operating loss, excluding impairment charges, for the fourth quarter of 2008 was $1.6 million, compared to an operating loss of $1.9 million for the fourth quarter of 2007.
Adjusted EBITDA: Adjusted EBITDA, a non-GAAP financial measure, was a loss of $320,000 for the fourth quarter of 2008 as compared to a loss of $437,000 for the fourth quarter of 2007.
Non-GAAP Net Loss/Income: The Company's net loss, excluding impairment charges, for the fourth quarter of 2008 was $1.2 million as compared to a net loss of $902,000 for the fourth quarter of 2007.
Impairment: In the fourth quarter of 2008, the Company incurred a $27.5 million impairment charge of which $27.3 million relates to goodwill and $0.2 million relates to internal use purchased software. The goodwill charge was primarily due to the sustained decline in the market value of the Company's equity during the fourth quarter of 2008. The Company does not expect that the non-cash charge will have a material impact on its financial condition, cash flow, or liquidity.
SOURCE AMICAS, Inc.
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