Quality Systems Inc.:
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The Tustin medical services company said Tuesday that charges related to a recent acquisition erased an operating gain and resulted in a net loss of $2.7 million, or 46 cents a share, for its fiscal 1998 first quarter, compared with a loss of $7.7 million, or $1.34 a share, a year earlier.
At the same time, the company said, revenue for the period ended June 30 rose 51% to a record $7.1 million from $4.7 million in the prior first quarter.
Quality Systems, which develops computer systems and software for managing medical and dental practices, said it wrote off $4.7 million in one-time costs connected with its May acquisition of MicroMed Healthcare Information systems, an Atlanta-based provider of medical practice management systems.
Excluding the write-off and a related income tax benefit, Quality Systems earned $256,000 from operations during the first quarter, down from $533,000 a year earlier.
The company said it ended its fiscal first quarter with no long-term debt and $16.8 million in cash and securities on hand.
Quality System shares gained 13 cents Tuesday in moderate Nasdaq market trading to close at $6.50.
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