AthenaHealth Reports Earnings (ATHN)
AthenaHealth (NASDAQ: ATHN) reported their fourth quarter earnings, which had been previously postponed, after the closing bell today. The company reported GAAP net income of $4.3 million or $0.12 per share, compared to $26.8 million or $0.77 per share in the year ago period. Athen (ATHN) also said that they have completed a restatement of prior period financials due to a change in the amortization period for deferred implementation revenue. The restatement goes back to 2005.
AthenaHealth had postponed their earnings results last month as a result of an internal accounting review relating to deferred implementation revenue, which they determined will be amortized over a longer period of time.
Non-GAAP net income for the quarter was $5.9 million or $0.17 per share. This was in line with analysts' estimates. Fourth quarter revenue came in at $54.45 million compared to $40.81 million in the year ago period. Wall Street consensus revenue estimates had been pegged at $55.04 million. In the after hours, ATHN shares have risen 5.31% to $39.27. Prior to the earnings postponement, the stock had been trading above $43.
