first quarter of 2007;
-- Bookings included seven new Thorough ECG study agreements valued at an
average of slightly greater than $1 million each;
-- The backlog was a record $151.4 million, a net increase of
$11.2 million from December 31, 2007;
-- The cancellation rate was an annualized 15.6% as compared to an
annualized cancellation rate of 15.0% in the first quarter of 2007.
"We are extremely pleased with the first quarter results where we saw record quarterly revenue, transactions, bookings and backlog for eRT," commented Dr. Michael McKelvey, President and CEO of eRT. "We continue to execute very well on our projects. The integration of the CCSS acquisition is proceeding on schedule, and we are meeting with clients to begin the transition process of individual studies. Our services revenue grew by 80.9%, driven by outstanding growth in our core cardiac safety business. Bookings were strong across all phases, but especially in Phase I and Phase III studies. The quarter again demonstrated the leverage in our business model as evidenced by expanding gross margins and net income growth."
The Company reported revenues of $33.7 million for the first quarter of 2008, an increase of 59.7% from $21.1 million in the first quarter of 2007. Net income was $5.7 million for the first quarter of 2008, an increase of 155.6% from $2.2 million for the first quarter of 2007. Diluted net income per share was $0.11 for the first quarter of 2008, up $0.07 from the $0.04 in the first quarter of 2007.
eRT ended the quarter with $48.9 million in cash, cash equivalents and investments, an increase of $2.0 million from $46.9 million at December 31, 2007. Operations generated $7.6 million, which was partially offset by payments to Covance under the terms of the CCSS acquisition.
"Our pipeline of new opportunities is strong, reflecting the continued
emphasis on c
|SOURCE eResearchTechnology, Inc.|
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