April 26, 2012 / 9:46 PM / 5 years ago

UPDATE 1-Allscripts' development costs hurt profit

2 Min Read

* Q1 adj EPS $0.12 vs est $0.24

* Q1 rev $365.5 million vs est $387.7 million

* Expects 2012 EPS of $0.74-$0.80 vs est $1.09

* Sees 2012 revenue $1.48-$1.52 bln vs est $1.64 bln

* Shares plunge 45 percent after market

April 26 (Reuters) - Allscripts Healthcare Solutions Inc posted a quarterly profit much below analysts' expectations and forecast weak 2012 earnings due to higher software development costs and lower booking.

Shares of the Chicago-based company plunged 45 percent to $8.70 in extended trading. They closed at $16.02 on Thursday on the Nasdaq.

For the quarter ended March 31, the healthcare information technology provider's bookings slipped 8 percent to $194.6 million from a year ago. The company's research and development costs grew 64 percent to $36.1 million.

Net income for the quarter was $5.8 million, or 3 cents a share, compared with $12.6 million, or 7 cents a share a year ago.

Excluding items, it earned 12 cents share.

Revenue rose 9 percent to $365.5 million.

Analysts polled by Thomson Reuters expected the company to post a profit of 24 cents a share on revenue of $387.7 million.

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