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ERT Reports Second Quarter 2009 Results
Date:7/30/2009

2009.
  • Cash and cash equivalents totaled $68.7 million at June 30, 2009 compared to $66.4 million at December 31, 2008.
  • ERT purchased 741,267 shares of its common stock at an average price of $5.43 under its approved stock repurchase program in the second quarter of 2009 at a total cost of $4.0 million.
  • Backlog was $153.7 million as of June 30, 2009 compared to $157.0 million as of March 31, 2009. The June 30, 2009 backlog excludes the backlog attributable to the EDC operations. The annualized cancellation rate was 16.1 % in the second quarter of 2009 compared to 18.1% a year ago and 22.4% in the first quarter of 2009.
  • Financial highlights for the first six months of 2009:

    • For the six months ended June 30, 2009, the Company reported net revenues of $48.0 million compared to $69.1 million for the six months ended June 30, 2008.
    • Gross margin percentage for the six months ended June 30, 2009 was 51.4% compared to 54.8% for the six months ended June 30, 2008.
    • Operating income margin for the six months ended June 30, 2009 was 17.1% compared to 27.8% for the six months ended June 30, 2008.
    • Net income was $4.6 million, or $0.09 per diluted share for the six months ended June 30, 2009 compared to net income of $12.4 million, or $0.24 per diluted share, for the six months ended June 30, 2008.
    • The results include the EDC operations, which were sold on June 23, 2009. EDC licenses and services revenue was $2.5 million and $2.8 million in the first six months of 2009 and 2008, respectively. The Company reported a $0.5 million gain on the sale of the EDC operations, which is included in general and administrative expenses.
    • New bookings for the six months ended June 30, 2009 were $66.9 million compared to $99.1 million in the six months ended June 30, 2008.
    • For the six months ended June 3
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    SOURCE ERT
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