DATATRAK International, Inc. Announces Fourth Quarter and Full Year Result...($775000; and(iii) legal expense of $7500...),Health

Date:3/16/2009

$775,000; and (iii) legal expense of $750,000 related to the ClickFind litigation. The 2007 full year loss from operations of $(10,968,000) included severance expense of $915,000. Net loss for the year ended December 31, 2008 was $(16,797,000) and reflects the forgiveness of a $3 million debt obligation during 2008. The net loss for the year ended December 31, 2007 was $(10,854,000).

"During the last 18 months, we made great strides to strengthen DATATRAK's positioning through the reorganization of leadership, right-sizing of our business and renewed focus on our customers. We are pleased to say that many of these initiatives began to bear fruit in the fourth quarter, driving a 15% increase in revenues, while concurrently reducing direct costs by 55% and reporting a substantial improvement in our operating loss both sequentially and over the fourth quarter of 2007. While we realize there is still work ahead of us, we are encouraged by our progress to date," commented Raymond J. Merk, Chief Financial Officer and Chief Operating Officer of DATATRAK International.

"This past year was a game changer for DATATRAK. We are pleased to note that in 2008 we completed the heavy-lifting stage of our reorganization efforts, which bolstered DATATRAK's financial position, matching its cost structure with current backlog levels and anticipated revenues, as well as strengthening our management team," commented Laurence P. Birch, Chairman of the Board and interim-Chief Executive Officer of the Company. "Looking ahead, 2009 will be focused solely on maximizing operational performance. At the heart of this shift will be re-establishing and strengthening our relationships with existing and potential clients with the goal of addressing their needs in electronic data collection. While the current economic climate has impacted the clinical trial industry, we are a leaner organization today than we have been historically, and believe we
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SOURCE DATATRAK International, Inc. Copyright©2009 PR Newswire. All rights reserved

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