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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) - April 16, 1998
MEDICAL MANAGER CORPORATION
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(Exact Name of Registrant as Specified in Its Charter)
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DELAWARE 0-29090 59-3396629
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(State or Other Jurisdiction of (Commission File Number) (IRS Employer
Incorporation) Identification No.)
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3001 North Rocky Point Drive East, Suite 100, Tampa, Florida 33607
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(Address of Principal Executive Offices) (Zip Code)
(Registrant's Telephone Number, Including Area Code) (813) 287-2990
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NOT APPLICABLE
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(Former Name or Former Address; if Changed Since Last Report)
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Item 5. Other Events.
This Current Report on Form 8-K is being filed to disclose the press
release issued by Medical Manager Corporation (the "Company") on April 16, 1998.
The press release, which is filed as Exhibit 99 hereto, was to announce the
Company's unaudited operating results for the quarter ended March 31, 1998.
Item 7. Financial Statement and Exhibits
(c) Exhibits.
Exhibit No. Description Sequential Page Number
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99 Press Release dated
April 16, 1998
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SIGNATURE
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.
MEDICAL MANAGER CORPORATION
April 23, 1998 By: /s/ Frederick B. Karl, Jr.
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Frederick B. Karl, Jr.
Vice President and General Counsel
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EXHIBIT 99
MEDICAL MANAGER CORPORATION ANNOUNCES RECORD FIRST
QUARTER RESULTS
EPS REACHES $0.17 ON 41% REVENUE GAIN
TAMPA, Fla., April 16/PRNewswire/ -- Medical Manager Corporation (Nasdaq: MMGR -
news) announced today financial results for the first quarter ended March 31,
1998.
Revenues for the first quarter increased 41% to $27,651,000 compared to pro
forma revenues of $19,675,000 in the comparable quarter last year. Net earnings
were $3,523,000, or $0.17 per diluted share, compared with pro forma earnings of
$2,407,000, or $0.12 per diluted share in last year's first quarter.
Commenting on the results, John Kang, President of Medical Manager Corporation
stated, "We are pleased with our record results for the 1998 first quarter.
System sales and upgrades of The Medical Manager(R) software system remain
strong as we further penetrate both our core physician group market and larger
physician networks."
"We recently announced the addition of four Medical Manager dealers with
annualized revenues of $6.8 million, which strengthens our distribution channel.
Additionally, we closed two large contracts, which increases our presence in the
marketplace and provides significant add-on system opportunities. These
continued successes validate our corporate and product design strategies for the
large physician practice market."
Mr. Kang added, "In addition, servicing the largest installed base in the
industry, we are well-positioned to continue building this strong momentum. We
remain optimistic that future growth will be driven by the increased demand,
which we are already experiencing, for Version 9.0 and the potential
opportunities of Medical Manager's EDI services."
Medical Manager Corporation develops, markets, implements and supports The
Medical Manager physician practice management system, which addresses the
financial, administrative, clinical and practice management needs of physicians.
Since its development in 1982, The Medical Manager software's installed base has
grown to more than 24,000 client sites representing 110,000 physicians, making
it the most widely installed physician practice management system in the United
States.
The Medical Manager web site is located at http://www.medicalmanager.com
This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Act of 1995 (the "Act"). These statements are
based on current plans and expectations of Medical Manager Corporation and
involve risks and uncertainties that could cause actual future
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activities and results of operations to be materially different from those set
forth in the forward-looking statements. Important factors that could cause
actual results to differ include, among others, the success of the marketing,
sales, and installation of the Company's products, success of the beta listing
program for the latest version of the Company's software, continued demand for
the Company's products by the independent resellers, risks associated with the
Company's acquisition program, variations in stock prices, changes in government
regulations, competition, and risks of operations and growth of newly acquired
businesses. Forward-looking information provided by the Company under the Act
should be evaluated in the context of the foregoing factors. The Company
expressly disclaims any intent or obligation to update these forward-looking
statements.
MEDICAL MANAGER CORPORATION
STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
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THREE MONTHS ENDED
MARCH 31,
1998 1997
PRO FORMA(a)
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Revenue
Systems $17,949 $11,769
Maintenance and other 9,702 7,906
Total revenue 27,651 19,675
Cost of revenue
Systems 8,559 5,306
Maintenance and other 5,248 4,340
Total costs of revenue 13,807 9,646
Gross margin 13,844 10,029
Operating expenses
Selling, general and administrative 6,459 5,078
Research and development 1,010 798
Depreciation and amortization 705 369
Total operating expenses 8,174 6,245
Income from operations 5,670 3,784
Other income (expense)
Interest expense (107) (79)
Interest income 68 139
Other income (expense) 12 26
Income before income taxes 5,643 3,870
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THREE MONTHS ENDED
MARCH 31,
1998 1997
PRO FORMA(a)
Income taxes 2,120(b) 1,463
Net income $ 3,523 $ 2,407
Basic net income per common share $ 0.18 $ 0.12
Shares used in computing Basic EPS 19,915 19,481
Diluted net income per common share $ 0.17 $ 0.12
Shares used in computing Diluted EPS 20,855 19,481
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(a) The Founding Company mergers and the Company's initial public offering
closed on February 4, 1997.
(b) Income taxes giving effect for the acquisitions as of the beginning of
the quarter ended March 31, 1998.
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