AMICAS Reports Financial Results for the Fourth Fiscal Quarter and Year Ended Decembe...(ment : As noted above in the fourth quar...),Health

Date:2/25/2009

ment: As noted above, in the fourth quarter of 2008, the Company incurred a $27.5 million, or $0.78 per share, 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.

Operating Loss: Operating loss for the year ended December 31, 2008, was $32.1 million, compared to an operating loss of $4.5 million for the year ended December 31, 2007.

Net Loss/Income: The Company's net loss for the year ended December 31, 2008, was $30.1 million, or $0.77 per share including impairment charges of $27.5 million or $0.71 per share, compared to a net loss of $862,000, or $0.02 per share, for the year ended December 31, 2007.

Cash Flow: For the year ended December 31, 2008, net cash provided by operations was $4.4 million as compared to $7.0 million for in the year ended 2007.

Stock Repurchase: During the fiscal year ended December 31, 2008, the Company repurchased 9.4 million shares of its common stock in accordance with the repurchase plans announced by the Company during the year. In aggregate, the Company has repurchased a total of 14.3 million shares for approximately $40.3 million since 2006.

Business Perspective

Dr. Stephen Kahane, president, chief executive officer, and chairman of AMICAS, said, "We had our best quarter of bookings in the history of AMICAS. This is the third consecutive quarter in which we delivered record bookings for the Company. Revenue growth was modest, mainly due to our signing more multi-year customer relationships. In addition, we now have record non-recurring backlog and defe
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SOURCE AMICAS, Inc. Copyright©2009 PR Newswire. All rights reserved

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