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But signs of recovery were strong, the health care technology company said Wednesday after it reported growth in adjusted net earnings as well as a record quarter for bookings of new business.
"Given the third-quarter economy, we're pleased with the results," said Marc Naughton, Cerner's chief financial officer.
For the quarter ended Oct. 3, the North Kansas City-based company reported revenue of $409.4 million, down 3 percent from the third quarter last year.
Third-quarter net earnings this year, according to generally accepted accounting principles, were $48.4 million, or 57 cents a share, compared with $45 million, or 54 cents a share last year.
Adjusted third-quarter net earnings were $51.3 million, compared with $47.4 million a year ago.
Bookings for the quarter were $424.3 million, up 11 percent from $383.6 million in the same quarter a year ago.
The company reported operating cash flow of $73.4 million for the quarter.
Company chairman and CEO Neal Patterson said in remarks prepared for the earnings report that Cerner was encouraged by recovery act efforts, which will put more emphasis on electronic medical records.
The American Recovery and Reinvestment Act "will continue to be a driver of demand for several years as health care organizations embrace technology to create a safer, more-efficient and higher-quality health care system," Patterson said.
Looking ahead, Cerner expects fourth-quarter revenue of $435 million to $465 million and earnings per share of 68 cents to 74 cents.
Cerner President Trace Devanny said the company was optimistic that its longstanding focus on electronic records for health care put it "in the spotlight" of health care reform. It is well positioned, he said, to fight expensive inefficiency in medical recordkeeping.
Cerner shares closed Wednesday at $76.86, down $3.07, or 3.84 percent.
To reach Diane Stafford, call 816-234-4359 or send e-mail to stafford@kcstar.com.
To see more of The Kansas City Star, or to subscribe to the newspaper, go to http://www.kansascity.com. Copyright (c) 2009, The Kansas City Star, Mo. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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