CLEVELAND, March 16 /PRNewswire-FirstCall/ -- DATATRAK International, Inc. (Nasdaq: DATA), a technology and services company focused on global eClinical solutions for the clinical trials industry, today announced its operating results for the fourth quarter and full year of 2008.
Revenue for the fourth quarter of 2008 increased 15% to $2,122,000 compared to $1,839,000 in the same period of 2007. Gross profit margin improved to 80% for the three months ended December 31, 2008 compared to 48% for the last three months of 2007. The improvement in the Company's gross margin reflects the increase in revenue, coupled with a 55% reduction in direct costs.
For the three months ended December 31, 2008, DATATRAK's loss from operations was $(109,000) compared to $(2,632,000) in the fourth quarter of the prior year. Net income in the fourth quarter of 2008 was $3,035,000 and reflects the forgiveness of a $3 million debt obligation during the quarter. The net (loss) in the fourth quarter of 2007 was $(2,486,000).
For the year ended December 31, 2008, revenue decreased 16% to $8,826,000 compared to $10,562,000 in the same period of 2007. Direct cost and selling, general and administrative expenses decreased a combined $4,668,000, or 26%, for full year 2008 compared to full year 2007. Gross profit margin improved to 68% for the twelve months ended December 31, 2008 compared to 57% for the same time period of 2007. The improvement in margin reflects the decrease in revenue coupled with a 38% reduction in direct cost.
For the year ended December 31, 2008, DATATRAK's loss from operations was
$(19,473,000) compared to $(10,968,000) for the year ended December 31, 2007.
The 2008 loss from operations of $(19,473,000) includes: (i) non-cash asset
impairment charges of $12,788,000; (ii) severance expense of
|SOURCE DATATRAK International, Inc.|
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