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PDI Reports 2012 Fourth Quarter and Year End Financial Results
Date:3/6/2013

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 ope
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    SOURCE PDI, Inc.
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