Allscripts reports strong Q4, FY10 results

Allscripts-Misys has announced robust financial results for the fiscal 2010 fourth quarter and fiscal year, which ended May 31.

For the fiscal 2010 fourth quarter, which ended May 31, the Chicago-based company said its net income was $15.7 million, compared to net income of $13.4 million for the same period last year, an increase of 17 percent. Allscripts also saw a double-digital increase—a  14 percent increase—in its 2010 fiscal fourth quarter revenue, which $190.3 million, compared to $166.3 million for the same period last year.

For the fiscal 2010 year, which also concluded May 31, the company reported $62.9 million in net income, compared to net income of $26 million for fiscal 2009. Likewise, the total revenue saw an increase of 28 percent—$704.5 million, compared to $548.4 million for fiscal 2009, according to Allscripts.

As of May 31, the company claimed cash and marketable securities of $145.3 million, a net increase of 23 percent over the third quarter of fiscal 2010. Allscripts said it repaid all outstanding borrowings under its credit facility during the fourth quarter.

“The recent release by the US Department of Health and Human Services of the final rule on meaningful use is a pivotal event for our industry,” said Glen Tullman, CEO of Allscripts.

The company has also made significant progress in its effort to merge with Eclipsys, and in a related proposed reduction in Misys’ majority ownership interest in the company, Allscripts officials said.