Other income, which is primarily interest income, declined to $30,000 in the third quarter of 2009 compared to $600,000 in 2008 due to a combination of significantly lower interest rates and lower average cash balances.
The operating loss for the third quarter of 2009 declined to $4.6 million compared to $9.6 million in the same period of 2008. On an adjusted basis, which excludes the loss from the product commercialization contract, facilities realignment and severance charges, the operating loss for the third quarter of 2009 declined 38% to $2.7 million from $4.4 million in 2008.
The net loss per share for the third quarter of 2009 was $0.32 compared to $0.63 in 2008.
Cash and cash equivalents as of September 30, 2009 were $70.6 million, a $5.6 million decline from June 30, 2009 and a $19.5 million decline from December 31, 2008. This decrease is primarily attributable to the Company's operating losses and cash expenses related to fulfillment of commitments, which extend through December 31, 2009, under the terminated product commercialization contract. As of September 30, 2009, the Company's cash equivalents were predominately invested in Treasury money market funds and the Company had no commercial debt.
As previously announced, PDI will hold a conference call today, to discuss financial and operational results of the third quarter ended September 30, 2009 as follows:
Time: 4:30 pm (ET)
Dial-in numbers: 866-644-4654 (U.S. & Canada) or (706) 643-1203
Conference ID#: 38133586
Live webcast: www.pdi-inc.com
The teleconference replay will be available three hours after completion through Saturday, November 7, 2009 by dialing 800-642-1687 (U.S. & Canada) or 706-645-9291 and entering conference ID 38133586. The archived webcast will be available
|SOURCE PDI, Inc.|
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