DATATRAK International, Inc. News
DATATRAK International Reports First Quarter Results for 2008
For the three months ended
The gross profit margin for the first quarter was 55% compared to 62% for the same period a year ago. The decline in gross profit margin was a result of the 41% decrease in revenue partially offset by a 30% reduction in direct costs.
DATATRAK's backlog at
"In our last financial release and conference call in late February we stated that we were seeing early signs of a building sales momentum as we entered this year and felt we were moving in such a direction that we believed 2008 would place us back on a positive sales growth trend," stated Dr.
Green Continued, "Based partially on our first quarter 2008 revenues, which represented our first sequential quarterly revenue increase in quite some time (going from
"Our relationship with NTT DATA continues to advance. During this quarter our respective teams have been working closely on continued training on our eClinical platform and we are working hand-in-hand with NTT DATA's marketing and sales team in
"While challenges and uncertainties still confront us, we are encouraged with our progress during the most recent quarter and remain positive about our future potential. We are focused on, and working to return the Company to a positive cash flow environment as quickly as possible. I encourage you to join our conference call later today where these and other topics will be discussed in more detail."
The Company will also host a conference call today at
A replay of the phone call and web cast will each be available at approximately
DATATRAK International, Inc. is a worldwide technology company focused on the provision of multi-component eClinical solutions and related services for the clinical trials industry. The Company delivers a complete portfolio of software products that were created in order to accelerate clinical research data from investigative sites to clinical trial sponsors and ultimately the FDA, faster and more efficiently than manual methods or loosely integrated technologies. The DATATRAK eClinical(TM) software suite can be deployed worldwide through an ASP offering or in a licensed Enterprise Transfer ASP model that fully empowers clients to design, set up and manage their clinical trials independently. The DATATRAK software suite and its earlier versions have successfully supported hundreds of international clinical trials involving thousands of clinical research sites and encompassing tens of thousands of patients in 59 countries. DATATRAK International, Inc.'s product suite has been utilized in some aspect of the clinical development of 16 separate drugs and one medical device that have received regulatory approval from either the United States Food and Drug Administration or counterpart European bodies. DATATRAK International, Inc. has offices located in
Except for the historical information contained in this press release, the statements made in this release are forward-looking statements. These forward- looking statements are made based on management's expectations, assumptions, estimates and current beliefs concerning the operations, future results and prospects of the Company and are subject to uncertainties and factors (including those specified below) which are difficult to predict and, in many instances, are beyond the control of the Company. Factors that may cause actual results to differ materially from those in the forward-looking statements include the limited operating history on which the Company's performance can be evaluated; the ability of the Company to continue to enhance its software products to meet customer and market needs; fluctuations in the Company's quarterly results; the viability of the Company's business strategy and its early stage of development; the timing of clinical trial sponsor decisions to conduct new clinical trials or cancel or delay ongoing trials; the Company's dependence on major customers; government regulation associated with clinical trials and the approval of new drugs; the ability of the Company to compete in the emerging EDC market; losses that potentially could be incurred from breaches of contracts or loss of customer data; the inability to protect intellectual property rights or the infringement upon other's intellectual property rights; the Company's success in integrating its acquisition's operations into its own operations and the costs associated with maintaining and/or developing two product suites; and general economic conditions such as the rate of employment, inflation, interest rates and the condition of capital markets. This list of factors is not all-inclusive. In addition, the Company's success depends on the outcome of various strategic initiatives it has undertaken, all of which are based on assumptions made by the Company concerning trends in the clinical research market and the health care industry. The Company undertakes no obligation to update publicly or revise any forward-looking statement whether as a result of new information, future events or otherwise.
DATATRAK International, Inc. and Subsidiaries Condensed Consolidated Balance Sheet Data (Unaudited) March 31, December 31, 2008 2007 Cash and investments $5,950,860 $8,514,361 Accounts receivable, net 1,395,989 1,070,688 Property & equipment, net 3,214,069 3,534,799 Deferred tax assets 1,301,700 1,399,000 Intangible assets, net 333,808 520,458 Goodwill 10,856,113 10,856,113 Other 511,102 577,792 Total assets $23,563,641 $26,473,211 Accounts payable and other current liabilities $6,452,693 $3,971,883 Long-term liabilities 2,674,241 5,931,962 Shareholders' equity 14,436,707 16,569,366 Total liabilities and shareholders' equity $23,563,641 $26,473,211 DATATRAK International, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) For the Three Months Ended March 31, 2008 2007 Revenue $2,088,229 $3,542,095 Direct costs 933,879 1,337,471 Gross profit 1,154,350 2,204,624 Selling, general and administrative expenses 2,856,600 3,422,671 Depreciation and amortization 522,426 622,403 Loss from operations (2,224,676) (1,840,450) Interest income 59,740 70,192 Interest expense 66,567 98,669 Loss on disposal 1,382 - Loss before income taxes (2,232,885) (1,868,927) Income tax expense - 26,300 Net loss $(2,232,885) $(1,895,227) Net loss per share: Basic: Net loss per share $(0.16) $(0.16) Weighted-average shares outstanding 13,681,901 11,858,949 Diluted: Net loss per share $(0.16) $(0.16) Weighted-average shares outstanding 13,681,901 11,858,949
SOURCE DATATRAK International, Inc.
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