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Net earnings for the third quarter increased to $48.39 million or $0.57 per share, compared with $45.01 million or $0.54 per share in the year-ago period. Non-GAAP net earnings for the quarter increased to $51.35 million or $0.61 per share from $47.45 million or $0.57 per share during the comparable period year-ago. On average, twenty analysts polled by Thomson Reuters expected the company to earn $0.61 per share. Analysts' estimates typically exclude special items.
According to the North Kansas City based company, adjusted third quarter 2009 and 2008 net earnings and earnings per share exclude the impact of accounting pursuant to Statement of Financial Accounting Standards or SFAS No. 123R, Share-Based Payment, which requires the expensing of stock options.
Total revenue for the quarter declined by 3% to $409.41 million, compared with $422.73 million in the year-ago period. Seventeen Wall Street analysts estimated revenues of $420.83 million.
The healthcare information services provider reported that bookings in the third quarter of 2009 increased by 11% to $424.3 million from $383.6 million in the third quarter of 2008
Segment-wise, revenue from system sales declined to $118.32 million from $137.52 million, while support, maintenance and services revenue increased to $284.18 million from $275.70 million year-ago. Reimbursed travel revenue declined to $6.90 million from $9.50 million in the prior year period.
Cerner's total operating expenses declined to $269.22 million from $282.66 million year-ago.
"Our execution was solid in the third quarter, which included strong bookings, earnings, and cash flow," said Neal Patterson, Cerner co-founder, chairman and chief executive officer. "We are also encouraged by leading indicators that reflect demand beginning to be driven by the Health Information Technology for Economic and Clinical Health or HITECH provisions in the American Recovery and Reinvestment Act of 2009 or ARRA," he added.
According to the guidance issued by the company, fourth quarter 2009 adjusted earnings per share before stock options expense is estimated to range between $0.68 and $0.74, and fourth quarter revenues are expected to be between $435 million and $465 million. Cerner expects booking for the fourth quarter in the range of $425-$475 million. The street estimates earnings of $0.74 per share on revenues of $473.18 million. For the nine months ended October 3, the net earnings per share increased to $132.97 million or $1.59 per share, compared with $117.12 million or $1.40 per share during the comparable period year-ago. Year-to-date non-GAAP net earnings were $140.63 million or $1.68 per share, compared with $128.96 million or $1.54 per share during the comparable period year-ago. Year-to-date total revenue declined to $1.20 billion from $1.21 billion year-ago.
CERN closed Wednesday's regular trade on the Nasdaq at $76.86, down $3.07 or 3.84%.
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