<PAGE>
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
Date of Report (Date of earliest event reported): February 7, 2000
COMMISSION FILE NUMBER 000-26537
ALLSCRIPTS, INC.
(Exact name of registrant as specified in its charter)
Delaware 36-3444974
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2401 Commerce Drive, Libertyville, Illinois 60048
(Address of principal executive offices and zip code)
(847) 680-3515
(Registrant's telephone number, including area code)
None
(Former name or former address, if changed since last report)
Item 5. Other Events
Allscripts, Inc. announced its results for the three months and twelve
months ended December 31, 1999 in the press release filed as Exhibit 99.1.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
99.1 Press release dated February 7, 2000.
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.
ALLSCRIPTS, INC.
By: /s/ John G. Cull
----------------
John G. Cull
Senior Vice President, Finance
Dated: February 7, 2000
<PAGE>
For Further Information:
Brenda Stewart/Public Relations David Mullen/CFO
Allscripts, Inc. Allscripts, Inc.
2401 Commerce Drive 2401 Commerce Drive
Libertyville, IL 60048 Libertyville, IL 60048
847-680-3515, ext. 532 847-680-3515, ext. 282
E-Mail Address: [email protected]
Web Site: www.allscripts.com
Traded: Nasdaq: MDRX
Allscripts Reports Fourth Quarter Results;
Significant Increase in eCommerce Revenue
(LIBERTYVILLE, IL--February 7, 2000)
Allscripts, Inc. (Nasdaq: MDRX) today reported its results for the three months
and twelve months ended December 31, 1999. eCommerce revenue for the quarter was
$4,106,000, a 757% increase over the same quarter of 1998 and a 40% increase
sequentially over the third quarter of 1999. Total revenue for the fourth
quarter was $8,191,000, a 49% increase over the fourth quarter of 1998.
Loss from continuing operations for the fourth quarter was $4,971,000 or $0.21
per share compared with a loss of $2,010,000 or $0.32 per share in the same
period last year. Net loss for the quarter ended December 31, 1999 was
$4,971,000, compared with a loss of $1,922,000 in the same period last year. Net
loss attributable to common stockholders was $4,971,000 or $0.21 per share,
versus a loss of $2,549,000 or $0.31 per share for the quarter ended December
31, 1998.
For the twelve months ended December 31, 1999, eCommerce revenue was $9,694,000,
an increase over the comparable 1998 time period of 621%. Total revenue for the
twelve months ended December 31, 1999 was $27,586,000, up 17% from the
comparable period in 1998. eCommerce revenue includes the sale of prescription
medications over the Internet, as well as technology-related revenue for
software license fees, computer hardware sales and leases and related services.
"While other people are talking about the problem of medication errors, we are
providing solutions that thousands of physicians use each day to prescribe more
accurately," said Glen Tullman, CEO of Allscripts. "Interest in our electronic
prescribing, connectivity and dispensing solutions accounts, in part, for our
strong operating results."
Loss from continuing operations for the twelve months ended December 31, 1999
was $15,433,000 or $1.59 per share, compared with a loss of $7,694,000 or $1.66
per share in the same period last year. Net loss for the twelve months ended
December 31, 1999 was $11,244,000, compared with a loss of $7,514,000 for the
twelve months ended December 31, 1998. Net loss attributable to common
stockholders was $13,442,000 or $1.21 per share for the twelve months ended
December 31, 1999, versus a loss of $9,929,000 or $1.63 per share for the same
period last year.
As of December 31, 1999, TouchScript, the Company's point-of-care medication
management software product, was installed at more than 400 physician practice
sites across the United States.
<PAGE>
Allscripts provides physicians with Internet and client/server medication
management solutions designed to improve the quality and cost effectiveness of
pharmaceutical healthcare. The Company currently offers products in four
categories: point-of-care medication management, Internet products and services,
including e-detailing, information products and prepackaged medications.
Allscripts' TouchScript software enables electronic prescribing, routing of
prescription information and capturing of prescription data at the point of
care. The Company's other e-commerce products and services offer physicians and
their patients medication-related education and information services. Allscripts
also sells prepackaged medications to physicians so they can offer their
patients the convenience of receiving prescription medications in the
physician's office. Allscripts is headquartered in Libertyville, Illinois and
provides services to over 10,000 physicians at 3,000 sites across the United
States.
This announcement contains forward-looking statements that involve risks and
uncertainties. These forward-looking statements are developed by combining
currently available information with Allscripts' beliefs and assumptions. These
statements often contain words like believe, expect, anticipate, intend,
contemplate, seek, plan, estimate or similar expressions. Forward-looking
statements do not guarantee future performance. These statements are made under
the protection afforded them by Section 21E of the Securities Exchange Act of
1934. Because Allscripts cannot predict all of the risks and uncertainties that
may affect it, or control the ones it does predict, Allscripts' actual results
may be materially different from the results expressed in its forward-looking
statements. For a more complete discussion of the risks, uncertainties and
assumptions that may affect Allscripts, see its Registration Statement on Form
S-1 (No. 333-78431), as amended July 23, 1999.
Allscripts will conduct a conference call on Monday, February 7, 2000 at 5:00
p.m. Eastern Standard Time. A recording of the conference call will be available
for review through February 14, 2000 by calling (800) 642-1687, ID# 663912.
###
<PAGE>
Allscripts, Inc.
Condensed Consolidated Balance Sheets
(amounts in thousands)
<TABLE>
<CAPTION>
December 31, December 31,
Assets 1998 1999
---- ----
<S> <C> <C>
Current assets
Cash and marketable securities $ 718 $ 55,610
Accounts receivable, net 9,525 5,466
Inventories 2,905 3,585
Prepaid expenses 230 749
----------- -----------
Total current assets 13,378 65,410
----------- -----------
Fixed assets, net 1,784 4,940
Intangible assets, net 3,702 3,575
Other assets 57 89
----------- -----------
Total assets $ 18,921 $ 74,014
=========== ===========
Liabilities, Redeemable Preferred Shares and Stockholders' Equity
Current liabilities
Notes payable $ 4,000 $ -
Accounts payable and accrued expenses 9,107 6,591
----------- -----------
Total current liabilities 13,107 6,591
----------- -----------
Long term debt 59 59
----------- -----------
Total liabilities 13,166 6,650
----------- -----------
Redeemable preferred shares, including cumulative dividends 32,547 -
----------- -----------
Stockholders' equity (deficit) (26,792) 67,364
----------- -----------
Total liabilities, redeemable preferred shares
and stockholders' equity $ 18,921 $ 74,014
=========== ===========
</TABLE>
<PAGE>
Allscripts, Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per share amounts)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
1998 1999 1998 1999
---- ---- ---- ----
Revenue $ 5,515 $ 8,191 $ 23,682 $ 27,586
Cost of revenue 4,089 6,515 17,320 21,909
------- ------- -------- --------
Gross profit 1,426 1,676 6,362 5,677
Operating expenses:
Selling, general and administrative expenses 2,951 6,854 12,658 20,656
Amortization of intangibles 93 606 372 1,351
Other operating expenses 318 - 430 319
------- ------- -------- -------
Loss from operations (1,936) (5,784) (7,098) (16,649)
Interest income (expense), net (74) 813 (596) 1,216
------- ------- ------- -------
Loss from continuing operations (2,010) (4,971) (7,694) (15,433)
Income from discontinued operations 88 - 970 642
Gain from sale of discontinued operations - - - 3,547
------- ------- ------- -------
Loss before extraordinary item (1,922) (4,971) (6,724) (11,244)
Extraordinary loss from early extinguishment of debt - - (790) -
------- ------- ------- -------
Net loss (1,922) (4,971) (7,514) (11,244)
Accretion of mandatory redemption value of
preferred shares and accrued dividends of preferred shares (627) - (2,415) (2,198)
------- ------- ------- -------
Net loss attributable to common stockholders $(2,549) $(4,971) $(9,929) $(13,442)
========= ========= ========= ==========
Per share data-basic and diluted:
Loss from continuing operations (including
accretion and accrued dividends on preferred shares) $ (0.32) $ (0.21) $ (1.66) $ (1.59)
Income from discontinued operations 0.01 - 0.16 0.06
Gain from sale of discontinued operations - - - 0.32
Extraordinary loss - - (0.13) -
------- ------- ------- --------
Net loss $ (0.31) $ (0.21) $ (1.63) $ (1.21)
========== ========= ========= ==========
Weighted average shares of common stock outstanding
used in computing loss per share 8,154 24,031 6,076 11,082
</TABLE>
