Eclipsys posts strong Q3 net income, partly due to tax benefit

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Eclipsys has released its fiscal results for the third quarter of 2008, which ended Sept. 30.
On a generally accepted accounting principle (GAAP) basis, Eclipsys posted a net income for the 2008 third quarter of $87.4 million, which included a one-time income-tax benefit of $80 million, compared to net income of $8.9 million in the third quarter of 2007.

Revenues for the 2008 third quarter were $132.4 million, compared with revenues of $121.1 million for the quarter that ended Sept. 30, an increase of approximately 9 percent, according to the company.

The Atlanta-based Eclipsys said it ended the current quarter with $89.5 million in cash and marketable securities, as well as $111.1 million in long-term investments. The company’s operating cash flows for the 2008 third quarter were $35 million, an increase of $12.6 million compared to the year-ago quarter. Free cash flows for the quarter were $22.4 million compared to $12.3 million for the third quarter 2007.