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Physician Computer Network, Inc Reports Third Quarter and Nine Months 1997 Results Physician Computer Network, Inc. Completes Acquisition of SOLION PCNI listed as one of the "Magic 25" stocks to own in 1997 PCN Receives Highest Rating in Industry Reviews Physician Computer Network, Inc Reports Third Quarter And Nine Months 1997 ResultsMorris Plains, N.J. (October 30, 1997) - Physician Computer Network, Inc., (NASDAQ: PCNI) today reported results for the third quarter and the nine months ended September 30, 1997. Revenues for the third quarter were $26,140,237, a 3% increase over revenues of $25,311,356 in the third quarter of 1996. Net income for the third quarter was $3,259,747 or $.06 earnings per share, compared with net income of $4,488,312 or $.08 earnings per share in the third quarter of 1996. For the first nine months of 1997, revenues were $76,042,479, an 11% increase over revenues of $68,206,564 for the comparable 1996 period. Net income for the first nine months was $10,804,101 or $.20 earnings per share, compared with net income of $11,470,878 or $.22 earnings per share in the first nine months of 1996. Hank Green, President and CEO of PCN stated, "During the third quarter we experienced high acceptance levels for our new Health Network Version 1.4 product, which was made available in August. In fact, September was the largest sales month for our Direct channel since we introduced the Health Network product over two years ago." "Although sales of the clinical product of our HealthPoint joint venture continued at a pace equal to or better than competition, the sales were less than we had expected. Physician interest in this technology continues to be extremely high and we are working with the HealthPoint team to provide further enhancements to broaden physician specialty knowledge and to increase functionality. At the same time, we are making significant investments in our PCN infrastructure today so we can install and train large volumes of HealthPoint advanced clinical systems in the future as our increasing sales opportunities materialize. Through September 30, we have spent approximately $4 million more in 1997 for this purpose, or approximately $.05 per share, than we spent during the same period in 1996. We continue to be confident that the Health Network and HealthPoint product offerings will continue to be an important component of PCN's future and those expenditures which decrease short-term results are justified." Physician Computer Network, Inc. is a leader in developing, marketing, and supporting information technology to physician-based healthcare organizations, including group practices, integrated delivery networks, MSOs, IPAs, and other models of physician organizations. PCN's application software products address the financial, clinical, administrative, and management needs within these organizations and facilitate the electronic connectivity between them and other healthcare industry entities, including hospitals, clinical laboratories, managed care providers, and insurance intermediaries. PCN's robust product offerings have been selected by and installed at more then 100,000 physicians nationwide. PCN is based in Morris Plains, New Jersey, and has been providing physicians with software technology since 1983. Back to TopPhysician Computer Network, Inc. is Selected by Cypress Medical Network--MSO seeks to Integrate Healthcare Information SystemsMorris Plains, NJ (September 26, 1997)-Physician Computer Network, Inc. (NASDAQ: PCNI) today announced that it has been selected by Cypress Medical Network to provide integrated healthcare IT solutions for the more than 150 physicians who are part of the Cypress Medical Group independent physician association. Cypress Medical Network (CMN) is a management services organization that was founded by Community Hospital of the Monterey Peninsula to provide practice management and IPA management services to Cypress Medial Group and the hospital. CMN selected the PCN® Health Network™ practice management system for use by the approximately seventy Monterey Peninsula-area practices within the MSO. These practices are also affiliated through Cypress Medical Group, in an independent physician association (IPA) that has close ties to the hospital. "Today's models of healthcare organization are constantly changing and becoming increasingly more complex," said Ken Ernsting, Senior Vice President of Sales and Marketing at PCN. "The most effective healthcare IT solutions are designed to seamlessly integrate various organizational models by meeting the needs of patients, physicians, physician associations, MSOs and hospitals alike. We at PCN are confident that CMN's selection of our award-winning product will provide them the dynamic solution they are seeking." CMN conducted a lengthy evaluation of practice management systems before selecting PCN Health Network. Eric Johnsen, CMN's Vice President of Practice Management, stated, "We selected PCN Health Network because of its ease of use and functionality. We also feel that the level of service we received from PCN, both during and since the evaluation process, are reflective of the company's ability to meet our current and future needs, not only in the area of practice management, but also managed care and electronic medical records." CMN estimates that both the number of users and its implementation of PCN applications will increase over time, with approximately 150 physicians and 400 users on PCN's integrated practice management, managed care and clinical information systems by the year 2000. Physician Computer Network, Inc. is a leader in developing, marketing and supporting information technology to physician-based healthcare organizations, including group practices, integrated delivery networks, MSOs, IPAs and other models of physician organizations. PCN's application software products address the financial, clinical, administrative and management needs within these organizations and facilitate electronic connectivity between them and other healthcare industry entities, including hospitals, clinical laboratories, managed care providers and insurance intermediaries. PCN's robust product offerings are utilized by more than 100,000 physicians nationwide. PCN is based in Morris Plains, NJ and has been providing physicians with software technology since 1983. Back to TopPhysician Computer Network, Inc. Completes Acquisition of SOLIONMorris Plains, NJ (September 24, 1997) - Physician Computer Network, Inc. (NASDAQ: PCNI) announced today that it has acquired SOLION, a leading provider of printed products and computer supplies primarily to the Healthcare Industry.SOLION is a privately held company, based in Westwood, Massachusetts with approximately 7,000 physician offices as customers and annual revenues of approximately $11,000,000. The purchase price was $6,250,000 of which half was cash and half was common stock. The acquisition is expected to be accretive to PCN's 1997 earnings. Jack Mortell, PCN's Chief Operating Officer stated, "SOLION is a leader in the market of providing printed products and supplies to the physician marketplace. PCN has an installed base of over 100,000 physicians nationwide. Our plan is to make the excellent SOLION products and services available to our entire physician base." Physician Computer Network is a leader in developing, marketing and supporting practice management software products for physicians. The software is designed to link its current installed base of over 100,000 office-based physicians with hospitals, clinical laboratories, managed care providers, Blue Cross/Blue Shield and Medicare and Medicaid intermediaries. Back to TopPhysician Computer Network, Inc. Signs $110 Million Credit Agreement; Financing Available for Acquisition StrategyMorris Plains, NJ (September 12, 1997) - Physician Computer Network, Inc., (NASDAQ: PCNI) announced today that the company has established a revolving credit facility of $110,000,000 with a group of banks and financial institutions. The term of the agreement is four years. The facility is available to provide financing for acquisitions, working capital and general corporate purposes. Lehman Commercial Paper, Inc. is the arranger and syndication agent, and Fleet Bank, NA is the administrative agent for the facility. Jack Mortell, Executive Vice President and Chief Operating Officer of PCN stated, "We are pleased that based on our financial profile, which is virtually debt-free, we were able to have this $110 million facility made available to us. We plan to continue our successful acquisition strategy, which has resulted in ten (10) acquisitions over the last four years." Physician Computer Network is a leader in developing, marketing and supporting practice management software products for physicians. The software is designed to link its current installed base of approximately 98,000 office- based physicians with hospitals, clinical laboratories, managed care providers, Blue Cross/Blue Shield and Medicare and Medicaid intermediaries. Back to TopPhysician Computer Network, Inc. Reports Second Quarter and Six Months 1997 Results and Announces General Availability of GUI Version of PCN Health Network Information SystemMorris Plains, NJ (July 30, 1997) - Physician Computer Network, Inc., (NASDAQ: PCNI) today reported results for the second quarter and the six months ended June 30, 1997. Revenues for the second quarter were $25,820,007, an 18% increase over revenues of $21,868,260 in the second quarter of 1996. Net income for the second quarter was $4,224,626, a 15% increase over net income of $3,667,907 in the second quarter of 1996. Earnings per share were $.08 for the quarter, compared with $.07 in the 1996 second quarter. For the first six months of 1997, revenues were $49,902,242, a 16% increase over revenues of $42,895,208 for the comparable 1996 period. Net income for the 1997 first half totaled $7,544,354 or $0.14 per share with 55,648,081 shares outstanding, compared with $6,982,566 or $0.14 per share with 51, 703,121 shares outstanding in the 1996 first half. Hank Green, President and CEO of PCN stated, "We are very pleased with our second quarter and six months 1997 results. During the second quarter we continued to see strong demand for the PCN Health Network Information System, the HealthPoint ACS product, and migrations from our legacy systems to the PCN Health Network product. With our second quarter sales and our pipeline of sales opportunities, we are optimistic about the future outlook and the continued success of our product offerings." Jack Mortell, PCN's Executive Vice President and COO stated, "We are very excited about the general availability of the PCN Health Network version 1.4 product. The release of this latest version is of significance to our current and future customers, as it features the option of a combined GUI and character-based environment; provides for a Central Administration Module for large health systems, including Master Patient Index (MPI) capabilities; includes the ability to seamlessly connect to business intelligence tools from Cognos for multi-dimensional reporting and analysis; and offers numerous other general system enhancements. Physician Computer Network is a leader in developing, marketing and supporting practice management software products for physicians. The software is designed to link its current installed base of approximately 98,000 office-based physicians with hospitals, clinical laboratories, managed care providers, Blue Cross/Blue Shield and Medicare and Medicaid intermediaries. Back to TopPhysician Computer Network, Inc. Selected by Houston Medical Group for Information System InitiativesMorris Plains, N.J. (May 5, 1997) - Physician Computer Network, Inc. (NASDAQ:PCNI) today announced the signing of an agreement to provide physician information system solutions to Houston Medical Group, (HMG) an IPA based in Houston, Texas. The agreement, reached after an extensive RFP and system review process, provides for the PCN® Health Network™ suite of products, including practice management, and other information technology, to be installed for use by the 150-plus physicians within the IPA. One of the primary goals of Houston Medical Group, founded in 1995 by 28 Texas Medical Center physicians, is to create a common management services organization with responsibility for payor contracting and managed care relationships for all member physicians. As stated in the HMG Executive Summary "A critical component in support of this process, the development of effective information systems (IS), is essential to coordinate HMG's practices, consolidate information, and provide management tools to further HMG development objectives." According to Kevin Perryman, Systems and Operations Manager for Houston Medical Group, "The physicians recognized early on that the ability of the IPA to be competitive and successful within the managed care arena would require state-of-the-art information systems technology." According to Toby Samo, M.D., President of Houston Medical Group, "Of the five vendors ultimately invited to participate in our final review sessions, PCN presented the most robust yet easy-to-use application. This, coupled with the stable, experienced nature of the company, an impressive user base, integrated clinical information management and a highly competitive cost structure, made PCN the clear choice for HMG. Our focus group of office managers were quickly impressed by the robust yet easy to use nature of the product. In addition, the integration of HealthPoint ACS, provided an easy and efficient path for future implementation of a clinical system. The final key for HMG was in the extremely positive feedback received from PCN's customer references." Ken Ernsting, Senior Vice President of Sales and Marketing for PCN said, "The Houston Medical Group is an organization that recognizes the importance of superior information technology and has built its infrastructure with this technology in mind. The powerful capabilities of PCN Health Network, coupled with the forward thinking project management within HMG, will allow for highly effective system implementations. We are delighted to be a part of this implementation." Physician Computer Network, Inc. based in Morris Plains, New Jersey, develops, markets and supports provider-based healthcare information management systems designed to manage the clinical, financial and managed care aspects of outpatient healthcare delivery. Additionally, PCN links its installed base of over 95,000 physicians with hospitals, clinical laboratories, managed care providers, and insurance carriers nationwide. Back to TopPhysician Computer Network, Inc. Selected by JFK Health Systems, Inc. for Information System InitiativesMorris Plains, N.J. (March 15, 1997) - Physician Computer Network, Inc. (NASDAQ:PCNI) today announced the signing of an agreement to provide physician information system solutions to JFK Health Systems, Inc., a growing New Jersey-based health system comprised of a 441-bed acute care hospital, a 94-bed Rehabilitation Institute, the New Jersey Neuroscience Institute, and three long-term facilities. The agreement provides for the PCN Health Network suite of products, including practice management, EDI, managed care and other information technology, to be installed for use at the acute care, rehab and outpatient care facilities of JFK. Local implementation, training, service and support will be provided through K-S Marlin, a Value-Added PCN Reseller. According to Louis Hermans, CIO, VP of Information Systems, "Our goal was to partner with an information systems vendor that could provide state-of-the-art software that was both scaleable and flexible enough to work for all of our providers. In addition, we wanted to ensure that the system of choice was one that our physicians would accept and utilize, and one which would be surrounded by superior support and implementation services." According to Toni Augustine, Director of Billing Services, "From the beginning, the PCN product stood out from the rest as a comprehensive, yet user-friendly application. In addition, it quickly became evident that both PCN and K-S Marlin were able to work closely with JFK to ensure that our implementation would fit within the overall technology plan for the Health System." The plan for JFK's MSO initiative will be to offer a "physician desktop" model, which will provide seamless access to all practice applications, along with connectivity to the hospital and other enterprise-wide systems directly from the physician's desktop. JFK will implement PCN applications at the practice level as part of this model. Ken Ernsting, Senior Vice President of Sales and Marketing for PCN said, "PCN is delighted to have the opportunity to help JFK Health Systems meet its Information Technology objectives by providing advanced PCN application software, coupled with the exceptional services of K-S Marlin. The powerful components of the product, at both the physician and MSO level, are important capabilities to many forward-thinking systems like JFK." Physician Computer Network, Inc. based in Morris Plains, New Jersey, develops, markets and maintains provider-based healthcare information management systems designed to manage the clinical, financial and managed care aspects of outpatient healthcare delivery. Additionally, PCN links its installed base of over 95,000 physicians with hospitals, clinical laboratories, managed care providers, and insurance carriers nationwide. Back to TopPhysician Computer Network, Inc. Reports Record Results for Fourth Quarter and Full Year 1996 -- Company Plans First Quarter 1997 Common Stock Buy-BackMorris Plains, N.J. (February 18, 1997) -- Physician Computer Network, Inc. (Nasdaq: PCNI) today reported record results for the fourth quarter and full year ended December 31, 1996. Revenues for the fourth quarter reached $27,590,928, a 60% increase over revenues of $17,279,114 in the fourth quarter of 1995. Net income for the 1996 fourth quarter was $4,585,368, or $0.08 per share, as compared to a loss of $16,468,881 or ($0.39) per share in the fourth quarter of 1995 which included special one-time accounting charges of $19,915,000. For the full year 1996, revenues rose 129% to $95,797,492 from $41,805,342 for the full year 1995. Net income for the 1996 full year was $16,056,246, or $0.30 per share, as compared to a loss of $11,680,187 or ($0.29) per share for the full year 1995. The net income and per share results achieved in 1996 include an increase in the effective tax rate to 21% in 1996 and a 14.2 million increase in the weighted average number of common shares outstanding. "We are very proud of our achievements in 1996," commented Hank Green, President and Chief Executive Officer of PCN. "Four quarters of outstanding growth in both revenues and earnings, continued focus on our acquisition strategy with the completion of two additional acquisitions in 1996 and, of course, our partnership with Glaxo Wellcome Inc. early in 1996 which formed the HealthPoint joint venture to provide clinical information technology solutions, were just some of the highlights of our successful year." Mr. Green added, "In the fourth quarter of 1996, we continued to show strength in system sales through new business and migrations to our PCN Health Network™ Information System, as well as in system upgrades and recurring revenues. In addition, revenue was favorably impacted by the general release in December of HealthPoint ACS™, the first clinical product offering from HealthPoint. Revenue growth, coupled with our continuing focus on cost and expense containment, resulted in our excellent financial profile." Of note, since September 1993, PCN has acquired eight practice management software businesses, with the last two, Wismer-Martin, Incorporated and the practice management software business of CUSA Technologies, Incorporated having been closed during 1996. All of the acquisitions have been accounted for as purchases. Mr. Green further added, "Due to the purchase accounting nature of our acquisitions, which have been primarily funded through equity offerings in the public markets, our operating results reflect significant non-cash expenses for amortization of acquired intangible assets amounting to approximately $7.2 million in 1996 compared with $2.9 million in 1995." The company also announced that it plans to exercise its option to repurchase 2,325,000 shares of its common stock from IBM Credit Corporation at a price of $4.60 prior to the end of the first quarter of 1997. Physician Computer Network is a leader in developing, marketing and supporting practice management software products for physicians. The software is designed to link its current installed base of approximately 95,000 office-based physicians with hospitals, clinical laboratories, managed care providers, Blue Cross/Blue Shield and Medicare and Medicaid intermediaries. Back to TopPCN Announces New Release of PCN Health Network Information System & Interfaces to HealthPoint ACS and Context’s CodeLink PlusMorris Plains, N.J. - (January 6, 1997) - Physician Computer Network, Inc. (NASDAQ:PCNI) announced today the latest release of its PCN Health Network Information System, Version 1.3.0. This new version of PCN’s highly acclaimed information management system includes interfaces to two exciting products, HealthPoint ACS and CodeLink Plus. HealthPoint ACS, unveiled at HIMSS in March 1996 and released for general availability December 3, 1996, is one of the most advanced clinical information systems available to office-based physicians. CodeLink Plus, developed by Context Software Systems, Inc. is the industry’s most popular code referencing tool. According to Ken Ernsting, Senior Vice President of Sales and Marketing, "We are excited to have the new functionality of these two products incorporated into our client solutions. The availability of these products with our PCN Health Network Information System will provide our users with added value in the clinical aspects of their business as well as in the management of administrative and financial functions." With ten years of development by medical experts and technicians, HealthPoint’s advanced technology is designed for seamless integration of information related to patient history, treatment protocols, formulary and health plan requirements, patient education and drug interaction databases - all at the point of care. HealthPoint ACS also provides a unique workflow management structure that helps guide the provider through daily routines, and clinical encounters. CodeLink Plus, repeatedly rated as one of the best coding solutions in the industry, provides access to the entire listing of CPT, HCPCS, and ICD-9 CM codes, as well as notes, cautions, warnings, Medicare rules and regulations and scores of other features that help ensure proper code selection. CodeLink also contains the logical links between CPT and ICD-9 CM codes by specialty. Links to the HealthPoint ACS product are also embedded. Physician Computer Network, Inc. based in Morris Plains, New Jersey, develops, markets and supports provider-based healthcare information management systems designed to manage the clinical, financial and managed care aspects of outpatient healthcare delivery. Additionally, PCN links its installed base of over 90,000 physicians with hospitals, clinical laboratories, managed care providers, and insurance carriers nationwide. Back to TopPCNI listed as one of the "Magic 25" stocks to own in 1997For the second consecutive year PCNI was rated as one of the "Magic 25" stocks in Individual Investor Magazine. Each year Individual Investor conducts thousands of hours of research aimed at selecting a group of 25 stocks which they believe to have the potential to post a return of 50% or better over the next twelve months. PCNI made the list for 1996 and again this year. Back to TopPhysician Computer Network, Inc. Announces General Availability of HealthPoint ACSMorris Plains, New Jersey (December 3, 1996) - Physician Computer Network, Inc. (NASDAQ: PCNI) today announced the general availability of HealthPoint ACSTM the first product offering by the PCN® and Glaxo Wellcome Inc. joint venture, which was formed in January of this year. HealthPoint ACS (Advanced Clinical System) is a Windows-based clinical information system for caregivers in both office and hospital ambulatory settings. This outstanding product is built around a powerful computerized patient record. HealthPoint ACS is designed to help caregivers enhance the quality of patient care and reduce healthcare costs. The system features the capability for organizations and caregivers to document the clinical encounter, monitor and improve their workflow, and assist with practice analysis. The HealthPoint ACS system incorporates a problem oriented, structured database and integrated medical knowledge. The HealthPoint ACS system provides caregivers with immediate access to information needed to make clinical decisions at the point of care. It is designed to reduce administrative time, improve office workflow, and help coordinate treatment. The HealthPoint ACS system offers caregivers an exciting array of new information tools with which to provide quality patient care and document clinical information in a structured format for outcomes analysis. The HealthPoint ACS system is available immediately through nationwide coverage by both PCN’s Direct Sales team and its Value Added Resellers. In addition, electronic interfaces are available for PCN’s most popular Practice Management software, thereby increasing PCN’s product offerings. Hank Green, President and CEO of Physician Computer Network, Inc. said, "We believe that most progressive healthcare provider organizations will implement a computerized Patient Records product in the relative near term in order to maintain a competitive position within their respective marketplaces." Mr. Green went on to say, "We are very excited about the benefits that this product will bring to the healthcare industry, as well as the positive effects it will have on our sales and earnings." Both PCN and Glaxo Wellcome have contributed product and development assets to the HealthPoint joint venture and will contribute at least $50 million of capital to the venture, of which $43 million will be contributed by Glaxo Wellcome and $7 million will be contributed by PCN. Glaxo Wellcome Inc., based in Research Triangle Park, North Carolina, is the nation’s leading research-based pharmaceutical firm. HealthPoint is a healthcare information systems and services company dedicated to improving the quality, efficiency and cost-effectiveness of healthcare delivery by providing state-of-the-art management and communication services to providers, patients, payers and suppliers. Physician Computer Network develops, markets and supports medical practice management software designed to link its current installed base of approximately 90,000 office-based physicians with hospitals, clinical laboratories, managed care providers, Blue Cross/Blue Shield plans, Medicare and Medicaid intermediaries and pharmaceutical companies.
Back to TopPCN® Receives Highest Rating in Industry ReviewsMorris Plains, New Jersey (November 11, 1996) - For the second consecutive year, PCN has received the highest overall ratings from the CTS Guide to Practice Management Software. For the second consecutive year, PCN has received the highest overall ratings from the CTS Guide to Practice Management Software. CTS, Computer Training Services Inc., is an independent research firm that publishes an annual review of the ten most popular and powerful practice management software packages. Through hands-on experience with each of the packages, CTS reviewers provide detailed analysis of product features, user friendliness, documentation, reporting and more. The CTS Guide is often referenced as one of the most respected sources for reviewing and selecting practice management software. Back to Top |