CPSI 2017 Annual Report

88 18. SUBSEQUENT EVENTS Credit Agreement Amendment On February 8, 2018, the Company entered into a Third Amendment (the "Amendment") to CPSI's existing Credit Agreement, to increase the aggregate principle amount of the revolving credit facility (the "Amended Revolving Credit Facility") from $45 million to $50 million. This Amendment increases the aggregate principle amount of the credit facilities from $162 million to$167 million, which includes a $117 million term loan facility and the $50 million Amended Revolving Credit Facility. Declaration of Dividends On February 8, 2018, the Company announced a dividend for the first quarter of 2018 in the amount of $0.10 per share. The dividend was paid on March 9, 2018 to stockholders of record as of the close of business on February 22, 2018. 19. QUARTERLY FINANCIAL STATEMENTS (UNAUDITED) The following table presents a summary of our results of operations for our eight most recent quarters ended December 31, 2017. The information for each of these quarters is unaudited and has been prepared on a basis consistent with the audited financial statements. This information includes all adjustments, consisting only of normal recurring adjustments, we consider necessary for fair presentation of this information when read in conjunction with the audited financial statements and related notes. Our operating results have varied on a quarterly basis and may fluctuate significantly in the future. (In thousands, except for per share data) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Ended December 31, 2017 Sales revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . $ 64,075 $ 67,677 $ 67,113 $ 78,062 Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,557 36,885 35,475 45,380 Operating income (loss) . . . . . . . . . . . . . . . . . . . 3,234 4,448 5,622 (18,118) Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . 246 1,587 2,288 (21,537) Net income (loss) per share Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.02 $ 0.11 $ 0.17 $ (1.57) Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.02 0.11 0.17 (1.57) Year Ended December 31, 2016 Sales revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . $ 69,643 $ 68,415 $ 64,663 $ 64,551 Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,089 34,913 32,767 33,491 Operating income . . . . . . . . . . . . . . . . . . . . . . . . 776 5,263 4,244 4,092 Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . (1,663) 1,996 1,599 2,001 Net income (loss) per share Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (0.13) $ 0.15 $ 0.12 $ 0.15 Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.13) 0.15 0.12 0.15