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
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 grosPage: 1 2 3 4 5 6 7 8 Related biology technology :1
. Discovery Labs Reports Third Quarter Financial Results and Progress on Lead Programs2
. Verenium Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 20113
. Interleukin Genetics Reports Third Quarter 2011 Financial Results4
. Cell Therapeutics, Inc. Reports Results of Annual Meeting of Shareholders5
. Nile Therapeutics Reports 2011 Third Quarter Financial Results6
. Pharmasset Reports Fiscal Year End 2011 Financial Results7
. Palatin Technologies, Inc. Reports First Quarter Fiscal Year 2012 Results; Teleconference and Webcast to be held on November 15, 20118
. SeraCare Reports Fiscal Year 2011 and Fourth Quarter Financial Results9
. WaferGen Reports Third Quarter 2011 Financial Results and Announces New Commercialization Strategy10
. Hadasit Bio-Holdings Ltd. Reports Significant External Financing for Portfolio Companies11
. Biodel Reports Fourth Quarter Fiscal Year 2011 Financial Results