CLEVELAND, Feb. 26 /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 fourth quarter and full year of 2007.
For the three months ended December 31, 2007, revenue decreased approximately 54% to $1,839,000 and the Company reported a net loss of $(2,486,000), or $(0.18) per share on both a basic and diluted basis. These results compared with revenue of $3,986,000 and a net loss of $(2,382,000) or $(0.21) per share on both a basic and diluted basis in the fourth quarter of 2006. The 2006 fourth quarter period included income tax expense of $976,000 whereas the 2007 fourth quarter period included a tax benefit of $(140,000).
For the year ended December 31, 2007, DATATRAK's revenue decreased approximately 40% to $10,562,000, and a net loss of $(10,854,000), or $(0.82) per share on both a basic and diluted basis, was recorded for the period. The Company reported revenue of $17,690,000 and a net loss of $(4,490,000), or $(0.40) per share on both a basic and diluted basis in the previous year.
DATATRAK recorded severance charges totaling $192,000 in the fourth
quarter of 2007 associated with the reduction of 21 employees. The employee
reductions are expected to decrease annual direct costs by approximately
$800,000 and annual SG&A expenses by approximately $867,000, for a total
cost reduction of approximately $1,667,000 per year. Coupled with the 28
employee reductions from earlier in the year, annual direct costs are
expected to decrease by approximately $1,595,000 and annual SG&A expenses
are expected to decrease by approximately $2,262,000 in future years.
|SOURCE DATATRAK International, Inc.|
Copyright©2008 PR Newswire.
All rights reserved