MOUNTAIN VIEW, Calif., April 21 /PRNewswire-FirstCall/ -- Omnicell, Inc. (Nasdaq: OMCL), a leading provider of system solutions to acute healthcare facilities, today announced results for its first quarter ended March 31, 2008.
GAAP results: Revenues for the first quarter of 2008 totaled $62.1 million, up $4.1 million or 7.2% from the fourth quarter of 2007 and up $13.9 million or 29.8% from the first quarter of 2007.
First quarter 2008 net income as reported in accordance with U.S.
generally accepted accounting principles (GAAP) was $3.7 million, or $0.10
per fully diluted share. This compares to net income of $14.3 million, or
$0.39 per fully diluted share in the fourth quarter of 2007, and compares
to $4.0 million in the first quarter of 2007, or $0.13 per fully diluted
share. The existence and subsequent release of a tax valuation allowance
created differences in income tax liabilities which affect the
comparability of results for these periods:
1. Excluding the partial reversal of a tax valuation allowance, the
effective tax rate in 2007 was 6% in the first quarter and 3% in the
fourth quarter. These low tax rates were due to the availability of a
valuation allowance to offset our tax liabilities.
2. The fourth quarter of 2007 included an income tax benefit related to
the partial reversal of a tax valuation allowance totaling $7.2
million, or $0.20 per fully diluted share.
3. Due to the release of the valuation allowance in the prior quarter, our
effective tax rate in the first quarter of 2008 increased to a
statutory rate of 40.5%.
Non-GAAP results: Non-GAAP net income for the first quarter of 2008 was
$6.8 million, or $0.
|SOURCE Omnicell, Inc.|
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