r the first quarter 2009, compared with $4.7 million or 65 percent of revenue for the same period in 2008. The adjusted gross profit contribution by business unit was a record $5.3 million (84 percent) from Email Encryption and negative $0.4 million (negative 35 percent) from e-Prescribing. The gross profit improvement for the quarter came from solid revenue growth in Email Encryption on a largely fixed cost structure, partially offset by the decline in e-Prescribing revenues.
R&D and SG&A Expenditures: On an adjusted basis, the Company's R&D expenses were $1.6 million and $1.5 million in the first quarter of 2009 and 2008, respectively. SG&A expenses on an adjusted basis were $4.0 million and $4.3 million in the first quarter of 2009 and 2008, respectively, with the decline in 2009 due to the Company's ongoing cost reduction measures.
Adjusted Earnings: The Company recorded an adjusted net loss of $0.7 million, or $0.01 per share for the first quarter of 2009, compared with an adjusted net loss of $1.0 million or $0.02 per share for the comparable quarter in 2008. The improvement in adjusted net loss was driven primarily by the improvements in the gross margin and SG&A discussed above. See the attached "Reconciliation of GAAP and Non-GAAP Financial Measures" for a reconciliation of GAAP to non-GAAP line items.
Outlook: The Company forecasts revenue for the second quarter to be between $7.3 and $7.6 million. e-Prescribing deployments for the second quarter are expected to be between 300 and 350 deployments. Adjusted earnings (loss) per share is expected to be between $0.00 and ($0.01).
First Quarter Conference Call Information
The Company's first quarter operating results will be released after close of the U.S. financial markets on April 28, 2009. The Company will hold a conference call to discuss this information on April 28 at 5:00Page: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Related medicine news :1
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