PARSIPPANY, N.J., March 6, 2013 /PRNewswire/ -- PDI, Inc. (Nasdaq: PDII), today reported financial and operational results for the fourth quarter and year ended December 31, 2012. Summary financial and operating highlights include:
Full year 2012 revenue was $126.9 million compared to $157.3 million for 2011. The company's revenue was lower in 2012 compared to 2011 primarily due to the expiration of certain contracts and the timing of initiation of new contract wins.
The company finished the full year with over $250 million of new multi-year contract wins and renewals, significantly higher than 2011.
Operating loss for 2012 which includes asset impairment charges of $23.5 million was $25.2 million compared to $4.7 million in 2011, however, Adjusted Operating Loss (a non-GAAP measure) for 2012 was $1.0 million compared to $1.8 million in 2011 and a profit of $0.3 million in the fourth quarter of 2012.
Adjusted EBITDA (a non-GAAP measure) for 2012 increased to $2.8 million compared to a loss of $0.1 million for 2011.
Condensed Summary Statement of Continuing Operations($ in thousands, except per share data) (Unaudited)4th Quarter EndedYear EndedDecember 31,December 31,2012201120122011Revenue, net$ 35,632$ 38,283$ 126,899$ 157,291Gross profit6,9858,70126,86032,471Operating expenses:Compensation expense3,6884,54416,41419,694Other SG&A3,0133,70511,45514,590Asset impairment23,517-23,517- GroupDCA contingent consideration buyout and related charges-2,889-2,889 Facilities realignment706-706-Total operating expenses30,92411,13852,09237,173Operating loss$(23,939)$ (2,437)$ (25,232)$ (4,702)Other (expense) income, net(13)119(28)(14)Provision (benefit) for income tax(11)(422)208(939)Loss from continuing operations$(23,941)$ (1,896)$ (25,468)$ (3,777)Diluted loss per share from continuing opePage: 1 2 3 4 5 6 7 8 9 10 Related medicine technology :1
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