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PDI Reports 2012 Third Quarter Financial Results
Date:11/5/2012

PARSIPPANY, N.J., Nov. 5, 2012 /PRNewswire/ -- PDI, Inc. (Nasdaq: PDII), today reported financial and operational results for the third quarter ended September 30, 2012. Summary of third quarter and subsequent financial and operating highlights include:

  • Signed multi-year Sales Services contract valued at up to $150 million with Top 5 global pharmaceutical company.
  • Gerald J. Melillo promoted to President, Sales Services.
    • Condensed Summary Statement of Continuing Operations 3rd Quarter EndedNine Months EndedSeptember 30,*September 30,*2012201120122011Revenue, net$ 31,781$ 36,069$ 91,267$ 119,008Gross profit5,9397,67519,87523,770Operating expenses:Compensation expense4,0754,17112,72615,150Other SG&A2,6203,3098,44210,885Total operating expenses6,6957,48021,16826,035Operating (loss) income$ (756)$ 195$ (1,293)$ (2,265)Other expense, net-(48)(15)(122)Provision (benefit) for income tax74183219(512)Loss from continuing operations$ (830)$ (36)$ (1,527)$ (1,875)Diluted loss per share from continuing operations$ (0.06)$ -$ (0.10)$ (0.13)*Unaudited 

    CEO Comments
    Commenting on the company's results, Nancy Lurker, chief executive officer of PDI, Inc., noted, "As expected, third quarter revenue was below that of the same period in 2011 due primarily to the timing and implementation of new contracts. To date, we have won more than $250 million of new contracts and renewals in 2012. Due to the timing of these wins and the execution timelines of these contracts, we expect that only approximately $40 million will impact revenue in 2012. Factoring in this activity, we now estimate that total revenue for the full year of 2012 will be in the range of $127 - $130 million. 

    "Gross margins on our new Sales Services business in 2012 continue to trend lower than historical rates, including the $150 million win announced recently. We expect the gros
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    SOURCE PDI, Inc.
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