MILWAUKEE, Nov. 9 /PRNewswire-FirstCall/ — Merge Technologies Incorporated, d.b.a. Merge Healthcare (Nasdaq: MRGE; TSX: MRG), a medical imaging software and services company, today announced the filing of its financial results on Form 10-Q for the quarter ended September 30, 2006. Included in the filing was the following information:
(Logo: http://www.newscom.com/cgi-bin/prnh/20030430/MRGELOGO )Q3 results
Total net sales for the three months ended September 30, 2006 were approximately $14.0 million, a decrease when compared to net sales of approximately $35.0 million for the three months ended September 30, 2005.
The Company’s third quarter 2006 net loss was $10.8 million or $(0.32) per share. Net income for the third quarter 2005 was $9.6 million, or $0.28 per share on a diluted basis.
YTD Results
Total net sales for the first nine months of 2006 totaled $61.9 million, up from $57.1 million reported for the first nine months of 2005. The Company recognized previously deferred revenue of approximately $18.3 million for the nine months ended September 30, 2006.
The Company’s net loss for the first nine months of 2006 was $231.4 million or $(6.88) per share. This loss included a write-down of goodwill of $219.4 million. The net loss for the same period in 2005 was $5.4 million, or $(0.25) per share.
The Company’s cash balance as of September 30, 2006 was $52.2 million, a decrease from $60.7 million as of June 30, 2006.
Deferred revenues were down slightly on a sequential basis. The company reported deferred revenues of $20.4 million as of September 30, 2006, as compared to $20.6 million as of June 30, 2006.
For any additional details, please refer to our Form 10-Q that can be found on the Company’s website at http://www.mergehealthcare.com/investorrelations/index.htm .
Earnings Call
The Company will conduct a conference call on Friday, November 17, 2006, at 10:00 AM (Eastern) to review third quarter results and provide an update of the company’s business operations and strategies.
Investors will have the opportunity to listen to the conference call via phone or over the Internet at http://www.videonewswire.com/event.asp?id=36314 . To listen to the live call, via internet, participants should go to the web site at least fifteen minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, a replay via the phone or Internet will also be available shortly after the call. Detailed call and web cast information is also listed at: http://www.mergehealthcare.com/investorrelations/confcalllist.asp .
Merge Healthcare is a market leader in the development and delivery of medical imaging and information management software and services. Our innovative software solutions use leading-edge imaging software technologies that accelerate market delivery for our OEM customers, while our end-user solutions improve our customers’ productivity and enhance the quality of patient care they provide. For additional information, visit our website at http://www.merge.com/ .
Except for the historical information herein, the matters discussed in this news release include forward-looking statements that may involve a number of risks and uncertainties. When used in this press release, the words “will,” “believes,” “intends,” “anticipates,” “expects” and similar expressions are intended to identify forward-looking statements. Actual results could differ materially from those expressed in, or implied by, the forward-looking statements based on a number of factors, including, but not limited to, the uncertainty created by, the adverse impact on relationships with customers, potential customers, suppliers and investors potentially resulting from, and other risks associated with, the changes in the Company’s senior management; costs, risks and effects of the investigation by the Audit Committee of the Board of Directors; the impact of the restatement of financial statements of the Company and other actions that may be taken or required as a result of such restatement; risks associated with the Company’s possible delisting from the Nasdaq Global Market; costs, risks and effects of legal proceedings and investigations, including the informal, non-public inquiry being conducted by the Securities and Exchange Commission and class action, derivative, and other lawsuits; risks in product and technology development, market acceptance of new products and continuing product demand, the impact of competitive products and pricing, ability to integrate acquisitions, changing economic conditions, credit and payment risks associated with end-user sales, dependence on major customers, dependence on key personnel, and other risk factors detailed in the Company’s filings with the Securities and Exchange Commission. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances, or for any other reason.
