Computer Programs & Systems (CPSI) Misses Q1 EPS by 19c

Computer Programs & Systems (NASDAQ: CPSI) reported Q1 EPS of $0.54, $0.19 worse than the analyst estimate of $0.73. Revenue for the quarter came in at $69.6 million versus the consensus estimate of $74.98 million.

"As the market leader for community healthcare IT with more than 35 percent market share, we are energized about our future," said Boyd Douglas, president and chief executive officer of CPSI. "In the short time since we acquired Healthland and its subsidiaries, we have already seen a positive response from the market. Community healthcare organizations have made it clear that they are looking for a technology partner with the experience, understanding and scalability to meet their unique needs with proven IT solutions.

"The momentum around our company integration efforts has already led to some positive and key outcomes in the first quarter of 2016. Cost synergies are actually ahead of schedule, and we expect revenue synergies to progressively increase throughout the remainder of the year, as planned. In addition to being ahead of schedule with these integration efforts, we are also pleased with the level of sales activity we are experiencing with both existing and new clients. Again, we are confident that our results will reflect improvement for the year."

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