Health care information technology company Allscripts-Misys Healthcare Solutions Inc. said Monday that its third-quarter net income plunged on a boost in costs and charges.
The company said its net income fell to $1.4 million, or a penny per share, from $12.9 million, or 9 cents per share, a year earlier. Revenue rose 47 percent to $242.4 million from $164.9 million.
Excluding one-time items, the company said it earned 19 cents per share. Analysts polled by Thomson Reuters, who typically exclude one-time items, on average expected profit of 17 cents per share and revenue of $289.7 million.
Allscripts-Misys said its quarterly system sales grew 40 percent to $46.9 million from a year earlier. Maintenance revenue rose 29 percent to $76.8 million. Transaction processing and other revenue grew 42 percent to $79.7 million, while professional service revenue more than doubled to $39 million from a year earlier.
The company expects fourth-quarter adjusted profit between 18 cents and 19 cents per share and, for all of fiscal 2010, between 73 cents and 74 cents per share. The company expects 2011 profit between 85 cents and 89 cents per share.
Analysts expect fourth-quarter profit of 19 cents per share, full-year profit of 72 cents per share and 2011 profit of 86 cents per share.
Shares of Allscripts fell 24 cents to close at $19.25.
