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DATATRAK International, Inc. Announces 2008 Third Quarter and Nine Month Operating Results
Date:11/6/2008

Q3 Revenue increases 12% over prior year quarter; Q3 Gross Profit Margin

improves to 76%

CLEVELAND, Nov. 6 /PRNewswire-FirstCall/ -- DATATRAK International, Inc. (Nasdaq: DATA), a technology and services company focused on global eClinical solutions for the clinical trials industry, today reported its operating results for the third quarter and first nine months of 2008.

For the three months ended September 30, 2008, revenue increased 12% compared to the prior year third quarter and was up 5% compared to the second quarter of this year. Revenue for the third quarter was $2,367,000 compared to $2,116,000 and $2,249,000 in the third quarter of last year and second quarter of this year, respectively. Gross profit margin for the three months ended September 30, 2008, was 76% compared to 50% and 60% in the third quarter of last year and second quarter of this year, respectively. The significant improvement in margin reflects not only higher revenues but substantially lower direct costs. Direct costs decreased 46% and 37% compared to the third quarter of the prior year and the second quarter of this year, respectively. The closure of the Company's German office and the consolidation of its Help Desk services into the Cleveland office was a main component of the cost savings.

DATATRAK's financial results for the third quarter of 2008 were negatively impacted by the accounting treatment for certain cost reduction steps undertaken during the quarter. Selling, general and administrative expenses include a charge of $835,000 related to the Company's German office and office equipment leases. The $835,000 represents the fair value of the entire remaining obligation of such leases. DATATRAK is in nego
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SOURCE DATATRAK International, Inc.
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