ERT Reports First Quarter 2009 Results( PHILADELPHIA April 30 /- eResearchTec...)
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ERT Reports First Quarter 2009 Results
Date:4/30/2009
PHILADELPHIA, April 30 /PRNewswire-FirstCall/ -- eResearchTechnology, Inc. (ERT), (Nasdaq: ERES), a leading provider of centralized ECG, eClinical technology, ePRO and other services to the biopharmaceutical, medical device, and related industries, announced today results for the first quarter of 2009. Unless otherwise noted, all comparative numbers refer to changes from the same period a year ago.
Highlights of the first quarter were:
- Quarterly net revenue was $23.8 million for the first quarter of 2009 compared to $33.7 million a year ago.
- Gross margin percentage was 50.4% in the first quarter of 2009 compared to 52.5% a year ago.
- Operating income margin percentage was 14.0% in the first quarter of 2009 compared to 25.2% a year ago.
- ERT's tax rate was 40.1% in the first quarter of 2009 compared to 35.6% a year ago.
- Net income was $2.1 million for the first quarter of 2009 compared to $5.7 million a year ago.
- Diluted net income per share was $0.04 in the first quarter of 2009 compared to $0.11 a year ago.
- New bookings were $31.2 million in the first quarter of 2009 compared to $50.1 million a year ago.
- Total expenses were $20.4 million in the first quarter of 2009, compared to $25.2 million a year ago.
- Cash flow from operations in the first quarter of 2009 was $9.1 million, compared to $7.6 million a year ago.
- Cash, cash equivalents and investments totaled $65.6 million at March 31, 2009 compared to $66.4 million at December 31, 2008.
- ERT purchased 1,965,452 shares of its common stock at an average price of $5.05 under its approved stock repurchase program in the first quarter of 2009 at a total cost of $10.0 million.
- Backlog w
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