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ERT Reports First Quarter 2011 Operating Results
Date:5/2/2011

PHILADELPHIA, May 2, 2011 /PRNewswire/ -- eResearchTechnology, Inc. (ERT), (Nasdaq: ERT) a global technology-driven provider of  services and customizable medical devices to biopharmaceutical and healthcare organizations and the market leader for centralized cardiac safety and respiratory efficacy services in drug development, announced today results for the first quarter ended March 31, 2011.  Unless otherwise noted, all comparative numbers refer to changes from the same period a year ago.  The financial results include the results related to CareFusion Research Services (RS) commencing from its date of acquisition on May 28, 2010.

This press release contains financial measures prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and non-GAAP measures adjusted to exclude the impact of the amortization of the acquired intangibles and other assets and acquisition and other costs related to the RS acquisition and related income tax effects.  A reconciliation of these GAAP and non-GAAP measures is found in the attached "Reconciliation of GAAP to Non-GAAP Information."

Financial Highlights for the First Quarter of 2011

  • Net revenues were $41.7 million for the first quarter of 2011 compared to $44.9 million for the fourth quarter of 2010 and $21.9 million a year ago.  Revenues from RS were $18.9 million in the first quarter of 2011, compared to $20.0 million in the fourth quarter of 2010.

  • GAAP gross margin percentage was 44.2% in the first quarter of 2011 compared to 43.9% for the fourth quarter of 2010 and 53.8% a year ago.  Non-GAAP gross margin percentage was 48.7% in the first quarter of 2011 compared to 49.0% for the fourth quarter of 2010 and 53.8% a year ago.  

  • GAAP operating income margin percentage was 12.8% in the first quart
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  • SOURCE ERT
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