UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
March 8, 1999
(Date of Report)
March 5, 1999
(Date of earliest event reported)
-------------------------
Commission File Number 0-26816
IDX SYSTEMS CORPORATION
(Exact name of registrant as specified in its charter)
Vermont 03-0222230
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1400 Shelburne Road
South Burlington, VT 05403
(Address of principal executive offices)
Registrant's telephone number, including area code: (802-862-1022)
Exhibit Index on Page 2 of 5
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ITEM 5. OTHER EVENTS
On March 5, 1999, the Company announced that, based on currently
available information, the Company expects sales for the first quarter ending
March 31, 1999 to be in the range of $60 to $65 million. The Company expects
sales in this range to result in a loss of ($0.22) - ($0.28) per share for the
quarter, versus analysts' consensus estimates of profit of $.35 per share. The
after tax loss for the quarter is expected to be ($5) - ($7) million.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
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EXHIBIT NO. DESCRIPTION PAGE
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99 IDX News Release dated 4
March 5, 1999
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
IDX SYSTEMS CORPORATION
(Registrant)
Date: March 8, 1999 /S/ John A. Kane
____________________________________
John A. Kane
Vice President, Finance and Administration
Chief Financial Officer, and Treasurer
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EXHIBIT 99
IDX Systems Corporation
1400 Shelburne Road
Burlington, VT 05402-1070
- --------------------------------------------------------------------------------
Contact: Jack Kane
Chief Financial Officer
(802) 864-1758 x6199
FOR IMMEDIATE RELEASE
IDX SYSTEMS CORPORATION ANNOUNCES
PRELIMINARY FIRST QUARTER RESULTS
BURLINGTON, VT, March 5, 1999 -- IDX Systems Corporation (Nasdaq: IDXC)
announced today that based on currently available information, the Company
expects sales for the first quarter ending March 31, 1999 to be in the range of
$60 to $65 million. Sales in this range are expected to result in a loss of
($0.22) - ($0.28) per share for the quarter, versus analysts' consensus
estimates of $.35 per share. The after tax loss for the quarter is expected to
be ($5) - ($7) million.
"We believe the primary factor in the sales shortfall is the unexpected deferral
of purchasing decisions by our customers and prospects," said Richard E.
Tarrant, IDX Chief Executive Officer. "Although our projected first quarter
performance is well below expectation, we believe that our business is
fundamentally sound. Based on the information available, we expect to return to
profitability in the second quarter. The contracts that have been delayed are
still in the pipeline. IDX has a well-established customer base, a proven track
record and functionally rich, integrated products and services. We are committed
to a strategy of combining enterprise software with the advantages of Internet
technology, which positions the Company for future growth."
The Company plans to announce first quarter results in late April 1999.
Founded in 1969, IDX Systems Corporation provides complete healthcare
information solutions for integrated delivery networks including group
practices, MSOs and hospitals. To connect systems and sites across the
enterprise, IDX offers IDXtendR @ the Site Series. The IDXtendR product line
provides comprehensive, integrated products and services to manage costs and
contracts, measure utilization, capture clinical data and monitor patient
outcomes - while streamlining patient flow and automating business processes.
IDX is the company of choice at more than 1,600 customer sites nationwide.
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This press release contains forward-looking statements that involve a number of
risks and uncertainties, including statements concerning the amount and timing
of sales and earnings. Among the important factors that could cause actual
results to differ materially from those indicated by such forward-looking
statements are volume and timing of systems sales and installations, length of
sales cycles and installation process, seasonal patterns of sales and customer
buying behaviors, the potential disruption of customer's purchasing plans due to
work on their own year 2000 problems, development and implementation of year
2000 ready products for the Company's internal use, development and
implementation of year 2000 ready solutions for customers, development by
competitors of new or superior technologies, delays in product development,
undetected errors or bugs in software, product liability, changing economic,
political and regulatory influences on the healthcare industry, changes in
product pricing policies, competitive pressures, possible regulation of the
Company's software by the U.S. Food and Drug Administration, general economic
conditions, and the risk factors detailed from time to time in the Company's
periodic reports and registration statements filed with the Securities and
Exchange Commission, which important factors are incorporated herein by
reference.
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