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<CONFORMED-NAME>COMPUTER PROGRAMS & SYSTEMS INC
<CIK>0001169445
<ASSIGNED-SIC>7371
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<STATE-OF-INCORPORATION>DE
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<FILENAME>a4622621.txt
<DESCRIPTION>COMPUTER PROGRAMS AND SYSTEMS INC.
<TEXT>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                  ------------


                                    FORM 8-K

                                 CURRENT REPORT
                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934


        Date of report (Date of earliest event reported): April 22, 2004


                       COMPUTER PROGRAMS AND SYSTEMS, INC.
               (Exact Name of Registrant as Specified in Charter)


          Delaware                  000-49796                  74-3032373
(State or Other Jurisdiction     (Commission File            (IRS Employer
      of Incorporation)              Number)              Identification No.)


              6600 Wall Street,                                    36695
               Mobile, Alabama                                   (Zip Code)
  (Address of Principal Executive Offices)


                          (251) 639-8100 (Registrant's
                     telephone number, including area code)


                                       N/A
          (Former Name or Former Address, if Changed Since Last Report)










<PAGE>



Item 7.          Financial Statements and Exhibits.

(c) Exhibits.

         Exhibit Number                 Exhibit
         --------------                 -------
         99.1                           Press Release dated April 22, 2004


Item 12.         Results of Operations and Financial Condition.

         On April 22, 2004, Computer Programs and Systems, Inc. ("CPSI") issued
a press release announcing financial information for its fiscal first quarter
ended March 31, 2004. The press release is attached as Exhibit 99.1 to this Form
8-K and is furnished to, but not filed with, the Commission.




<PAGE>



                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.



                              COMPUTER PROGRAMS AND
                              SYSTEMS, INC.

                              By:    /s/ David A. Dye
                                     ----------------------------
                                     David A. Dye
                                     President and Chief Executive Officer


Dated: April 22, 2004



<PAGE>



                                INDEX TO EXHIBITS


Exhibit Number                      Exhibit
--------------                      --------
99.1                                Press Release dated April 22, 2004 *


* This exhibit is furnished to, but not filed with, the Commission by inclusion
herein.



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>a4622621_ex991.txt
<DESCRIPTION>COMPUTER PROGRAMS AND SYSTEMS INC. PRESS RELEASE
<TEXT>
                                                                    EXHIBIT 99.1

Computer Programs and Systems, Inc. Announces First Quarter Results;
Company Declares Regular Quarterly Dividend of $0.12 Per Share

    MOBILE, Ala.--(BUSINESS WIRE)--April 22, 2004--Computer Programs
and Systems, Inc. (NASDAQ/NM:CPSI):

    Highlights:

--  Cash collections of $20.1 million for the quarter on sales of
    $18.2 million;

--  Recorded positive free cash flow of $3.0 million (excluding
    dividend);

--  Signed eight new system installation contracts;

--  Signed business office outsourcing contracts with four hospitals;
    and

--  Declares regular quarterly dividend of $0.12 per share.

    Computer Programs and Systems, Inc. (NASDAQ/NM:CPSI), a leading
provider of healthcare information solutions, today announced results
for the first quarter ended March 31, 2004.
    The Company also announced that its Board of Directors has
declared a regular quarterly cash dividend of $0.12 (twelve cents) per
share, payable May 27, 2004, to shareholders of record as of the close
of business on May 6, 2004.
    David Dye, chief executive officer and president of CPSI, stated,
"Our company's revenue and earnings continue to be negatively affected
by the difficult financial environment among community hospitals
nationwide. However, we are pleased that, despite these conditions, we
continue to generate profits and free cash flow."
    Total revenues for the first quarter ended March 31, 2004,
decreased 9.3% to $18.2 million compared with total revenues of $20.1
million for the prior year. Net income for the quarter ended March 31,
2004, decreased 63.6% to $0.8 million, or $0.07 per diluted share,
compared with $2.7 million, or $0.20 per diluted share, for the
quarter ended March 31, 2003. Cash provided from operations for the
first quarter was $3.3 million compared with $1.6 million for the same
period last year.
    Mr. Dye continued, "During the first quarter, we increased our
total customer base to 497 clients with the addition of seven
facilities in six states across the country. The new hospital clients
ranged in size from 12 to 126 beds, and the average contract size was
$0.45 million. We also signed contracts to provide business office
outsourcing services for four of our existing hospital information
system clients. We remain excited about the long-term growth
opportunities in our patient statement, electronic billing and
business office outsourcing areas."
    Commenting on the projected second quarter operations, Mr. Dye
stated, "For the second quarter of 2004, we anticipate total revenues
of $19.0 to $20.0 million and net income of approximately $1.3 to $1.5
million, or $0.12 to $0.14 per diluted share. Our 12-month backlog as
of March 31, 2004, was $61.6 million, consisting of $15.6 million in
non-recurring system purchases and $46.0 million in recurring payments
for support, outsourcing, ASP and ISP contracts, compared with a
12-month backlog of $57.6 million as of March 31, 2003."
    In closing, Mr. Dye added, "We continue to believe that the
overall financial condition of community hospitals will improve
throughout the remainder of 2004 and into 2005 as a result of the
increased Medicare reimbursement contained in the Medicare
Prescription Drug Bill passed by Congress late last year.
Additionally, we believe that we are beginning to see a trend whereby
more hospitals are realizing the need to move toward an electronic
patient chart by automating the clinical areas in their facility with
a system that is fully integrated with their financial and patient
accounting departments. In the first quarter, we experienced a
significant increase in the number of hospitals in our active new
customer sales pipeline. With our continued focus on leading edge
product development and quality customer support, we believe CPSI
remains well positioned for sustained long term growth."
    A listen-only simulcast and replay of CPSI's first quarter
conference call will be available on-line at www.cpsinet.com and
www.fulldisclosure.com on April 23, 2004, beginning at 9:00 a.m.
Eastern Time.

    About Computer Programs and Systems, Inc.

    CPSI is a leading provider of healthcare information solutions for
community hospitals with 497 client hospitals in 45 states. Founded in
1979, the Company is a single-source vendor providing comprehensive
software and hardware products, complemented by complete installation
services and extensive support. Its fully integrated, enterprise-wide
system automates clinical and financial data management in each of the
primary functional areas of a hospital. CPSI's staff of over 650
technical, healthcare and medical professionals provides system
implementation and continuing support services as part of a
comprehensive program designed to respond to clients' information
needs in a constantly changing healthcare environment. For more
information, visit www.cpsinet.com.
    This press release contains forward-looking statements within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements can be
identified generally by the use of forward-looking terminology and
words such as "expects," "anticipates," "estimates," "believes,"
"predicts," "intends," "plans," "potential," "may," "continue,"
"should," "will" and words of comparable meaning. Without limiting the
generality of the preceding statement, all statements in this press
release relating to estimated and projected earnings, margins, costs,
expenditures, cash flows, growth rates and future financial results
are forward-looking statements. We caution investors that any such
forward-looking statements are only predictions and are not guarantees
of future performance. Certain risks, uncertainties and other factors
may cause actual results to differ materially from those projected in
the forward-looking statements. Such factors may include: overall
business and economic conditions affecting the healthcare industry;
saturation of our target market and hospital consolidations; changes
in customer purchasing priorities and demand for information
technology systems; competition with companies that have greater
financial, technical and marketing resources than we have; failure to
develop new technology and products in response to market demands;
fluctuations in quarterly financial performance due to, among other
factors, timing of customer installations; failure of our products to
function properly resulting in claims for medical losses; government
regulation of our products and customers; interruptions in our power
supply and/or telecommunications capabilities and other risk factors
described from time to time in our public releases and reports filed
with the Securities and Exchange Commission, including, but not
limited to, our Annual Report on Form 10-K. We also caution investors
that the forward-looking information described herein represents our
outlook only as of this date, and we undertake no obligation to update
or revise any forward-looking statements to reflect events or
developments after the date of this press release.


                  COMPUTER PROGRAMS AND SYSTEMS, INC.
             Unaudited Condensed Statements of Operations
                 (in thousands, except per share data)

                                                   Three Months Ended
                                                        March 31,
                                                    2004       2003
                                                   -------   -------
Sales revenues:
 System sales                                       $7,104   $10,103
 Support and maintenance                             9,254     8,298
 Outsourcing                                         1,854     1,674
                                                   -------   -------
   Total sales revenues                             18,212    20,075

Cost of sales:
 System sales                                        6,433     7,133
 Support and maintenance                             4,144     3,911
 Outsourcing                                         1,139       995
                                                   -------   -------
   Total cost of sales                              11,716    12,039
                                                   -------   -------
   Gross profit                                      6,496     8,036

Operating expenses:
 Sales and marketing                                 1,284     1,368
 General and administrative                          4,073     3,444
                                                   -------   -------
   Total operating expenses                          5,357     4,812
                                                   -------   -------

   Operating income                                  1,139     3,224
Interest income, net                                    62        45
Other                                                    9        40
                                                   -------   -------
   Income before taxes                               1,210     3,309
Provision for income taxes                             455     1,238
                                                   -------   -------
   Net income                                         $755    $2,071
                                                   =======   =======

Basic earnings per share                             $0.07     $0.20
                                                   =======   =======
Diluted earnings per share                           $0.07     $0.20
                                                   =======   =======

Weighted average shares outstanding:
 Basic                                              10,490    10,488
 Diluted                                            10,527    10,569

                  COMPUTER PROGRAMS AND SYSTEMS, INC.
                  Unaudited Condensed Balance Sheets
                            (in thousands)
                                                  March 31,  Dec. 31,
                                                    2004       2003
                                                   -------   -------

                                ASSETS

Current assets:
 Cash and cash equivalents                         $11,181    $9,473
 Accounts receivable, net of allowance for
  doubtful accounts of $914 and $904 respectively    9,668    11,917
 Financing receivables, current portion              1,589     1,113
 Inventory                                           1,091     1,102
 Deferred tax assets                                   994       973
 Prepaid expenses                                      169       364
 Prepaid income taxes                                 --         120
                                                   -------   -------
   Total current assets                             24,692    25,062

Financing receivables, long-term                       795       794
Property and equipment                              10,289     9,909
Accumulated depreciation                            (4,965)   (4,561)
                                                   -------   -------

   Total assets                                    $30,811   $31,204
                                                   =======   =======

                 LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
 Accounts payable                                   $1,459    $1,126
 Deferred revenue                                    1,438     1,634
 Accrued vacation                                    1,593     1,562
 Other accrued liabilities                             746     1,130
 Income taxes payable                                  314      --
                                                   -------   -------
   Total current liabilities                         5,550     5,452

Stockholders' equity:
 Common stock, par value $0.001 per share,
  30,000,000 shares authorized, 10,489,849
  and 10,488,000 shares issued and
  outstanding, respectively                             10        10
 Additional paid-in capital                         17,290    17,290
 Deferred compensation                                (161)     (174)
 Retained earnings                                   8,122     8,626
                                                   -------   -------
   Total stockholders' equity                       25,261    25,752
                                                   -------   -------

   Total liabilities and stockholders' equity      $30,811   $31,204
                                                   =======   =======


    CONTACT: Computer Programs and Systems Inc., Mobile
             M. Stephen Walker, 251-639-8100

</TEXT>
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