Reuters: Global Markets: Allscripts' development costs hurt profit

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Allscripts' development costs hurt profit Apr 26th 2012, 21:49 Thu Apr 26, 2012 5:49pm EDT (Reuters) - Allscripts Healthcare Solutions Inc (MDRX.O) 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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