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PDI Reports 2011 Fourth Quarter and Year End Financial Results
Date:3/7/2012

PARSIPPANY, N.J., March 7, 2012 /PRNewswire/ -- PDI, Inc. (Nasdaq: PDII), today reported financial and operational results for the fourth quarter and year ended December 31, 2011. Summary financial and operating highlights include:

  • Full year 2011 revenue of $157.3 million increased 17% compared to 2010. 2011 and 2010 revenue excludes the company's Pharmakon business unit, which was sold in the fourth quarter and is shown in discontinued operations. Full year 2011 operating loss of $4.7 million decreased by 32% compared to 2010; fourth quarter 2011 operating loss of $2.4 million decreased by 27% compared to 2010.
  • Excluding Group DCA operations and a $2.9 million one-time charge for the buy-out of certain potential earn-out obligations, the company achieved 2011 full year operating profit of $3.4 million and 2011 fourth quarter operating profit of $1.8 million.
  • Cash flow from operations was $2.0 million for the full year of 2011.
  • Recently signed renewal agreements with a top 5 global pharmaceutical client and a specialty pharmaceutical client, which, together, are expected to generate approximately $48 million of revenue in 2012.

  • Condensed Summary Statement of Continuing Operations($ in millions, except per share data)4th Quarter EndedYear EndedDecember 31,*December 31,*2011201020112010Revenue, net$
    38.3$
    42.3$
    57.3$
    34.6Gross profit8.78.132.526.6Operating expenses:   Compensation expense4.54.719.716.3   Other SG&A3.75.314.615.2DCA buyout and related costs2.9-2.9-Facilities realignment-1.4-2.0Total operating expenses11.111.437.233.5Operating loss$
    (2.4)$
    (3.3)$
    (4.7)$
    (6.9)Other income (expense), net0.1--0.1(Benefit) provision for income tax(0.4)0.2(0.9)0.4Loss from continuing operations$
    (1.9)$
    (3.5)$
    (3.8)$
    (7.2)Diluted loss per share from continuingoperations$
    (0.13)$
    (0.25)$
    (
    '/>"/>

    SOURCE PDI, Inc.
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