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
Date of Report
(Date of earliest event reported)
October 25, 2010
QUALITY SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
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CALIFORNIA
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001-12537
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95-2888568 |
(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer
Identification Number) |
18111 Von Karman, Suite 600
Irvine, California 92612
(Address of Principal Executive Offices)
(949) 255-2600
(Registrants Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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TABLE OF CONTENTS
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Item 2.02 |
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Results of Operations and Financial Condition. |
The information in this Item 2.02 of this Form 8-K, as well as Exhibit 99.1 attached hereto,
shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended (the Exchange Act), nor shall it be deemed incorporated by reference in any filing under
the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth
by specific reference in such a filing.
On October 29, 2010, Quality Systems, Inc. (the Company) issued a press release announcing
its financial performance for the period ended September 30, 2010. A copy of the press release is
attached to this Form 8-K as Exhibit 99.1, which is incorporated herein by this reference.
On October 29, 2010, the Company held a conference call concerning its financial performance
for the period ended September 30, 2010. The Company expects to file a copy of the transcript of
the conference call as soon as available by amendment to this Form 8-K. The conference call
contains forward-looking statements regarding the Company and includes cautionary statements
identifying important factors that could cause actual results to differ materially from those
anticipated.
Use of Non-GAAP Financial Measures
The Company from time to time discloses its Days Sales Outstanding (DSO), which is a
non-GAAP financial measure. During the quarter ended September 30, 2010, DSO was 126 days. The
Company calculates DSO as follows: Net revenue for the quarter is annualized (multiplied by four)
and then divided by 365 days to yield an average daily sales amount. The balance of accounts
receivable net of any reserves for bad debts is then divided by that average daily sales amount
resulting in a DSO figure. For the quarter ended September 30, 2010, the calculation was as
follows:
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Quarterly Revenue |
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81,457,000 |
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Times four(4) |
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4 |
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Equals Annualized Revenue |
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325,828,000 |
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Divided by 365 days |
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÷ |
365 |
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Equals Daily Revenue |
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= |
$892,679 |
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Net Accounts Receivable |
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112,506,000 |
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Divided by Average Daily Revenue |
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÷ |
892,679 |
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Equals Days Sales Outstanding |
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= |
126 |
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Quarterly Dividend
On October 25, 2010, the Companys Board of Directors declared a quarterly cash dividend of
$0.30 per share on the Companys outstanding shares of common stock, payable to shareholders of
record as of December 17, 2010 with an anticipated distribution date on or about January 5, 2011
pursuant to the Companys current policy to pay a regular quarterly dividend on the Companys
outstanding shares of common stock each fiscal quarter subject to further Board review, approval
and establishment of record and distribution dates by the Board prior to the declaration and
payment of each such quarterly dividend.
A copy of the Companys press release announcing the dividend and earnings results is attached
hereto as Exhibit 99.1 and is incorporated herein by reference.
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