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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported) July 28, 2011
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 |
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(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 700
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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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 July 28, 2011, Quality Systems, Inc. (the Company) issued a press release announcing its
financial performance for the period ended June 30, 2011. 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 July 28, 2011, the Company held a conference call concerning its financial performance for
the period ended June 30, 2011. 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. For the quarter ended June 30, 2011, DSO was 135 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 June 30, 2011, the calculation was as follows:
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Quarterly Revenue |
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$ |
100,442,000 |
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Times four(4) |
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x |
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4 |
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Equals Annualized Revenue |
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401,768,000 |
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Divided by 365 days |
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÷ |
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365 |
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Equals Daily Revenue |
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= |
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$ |
1,100,734 |
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Net Accounts Receivable |
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$ |
148,907,000 |
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Divided by Average Daily Revenue |
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÷ |
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1,100,734 |
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Equals Days Sales Outstanding |
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= |
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135 |
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Item 5.02 |
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers. |
On July 27, 2011, Mr. Patrick Cline, the Companys President and a board member, notified the
Company that he intends to retire from his positions with the Company later this calendar year.
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Two-for-One Stock Split
On July 27, 2011, the Companys Board of Directors approved a two-for-one split of the
Companys common stock and a proportional increase in the number of Company common shares
authorized from 50 million to 100 million. Each shareholder of record at the close of business on
October 6, 2011 will receive one additional share for every outstanding share held on the record
date. The additional shares will be distributed October 26, 2011 and trading will begin on a
split-adjusted basis on October 27, 2011.
Quarterly Dividend
On July 27, 2011, the Companys Board of Directors declared a quarterly cash dividend of $0.35
per share on the Companys outstanding shares of common stock, payable to shareholders of record as
of September 19, 2011 with an anticipated distribution date on or about October 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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Item 9.01 |
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Financial Statements and Exhibits. |
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Exhibit No. |
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Description |
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99.1 |
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Press Release dated July 28, 2011 |
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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.
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Date: July 28, 2011 |
QUALITY SYSTEMS, INC.
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By: |
/s/ Paul Holt
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Paul Holt |
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Chief Financial Officer |
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EXHIBITS ATTACHED TO THIS REPORT ON FORM 8-K
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Exhibit No. |
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Description |
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99.1 |
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Press Release dated July 28, 2011 |
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