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

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(0.26)CEO CommentsCommenting on the results, Nancy Lurker, chief executive officer of PDI, Inc. noted, "As anticipated and discussed during the third quarter conference call, revenue for the full year of 2012 was below that of 2011, due primarily to the timing and implementation of new contracts. During 2012 we won more than $250 million in new multi-year contracts and renewals; however, as a result of the timing of these wins and the execution timelines of these contracts, only $40 million impacted revenue in 2012. Looking forward to 2013, we expect revenues to be significantly higher as we continue to gain new business and realize revenue from the 2012 wins.

"The gross margin percentage for the full year of 2012 was essentially flat compared to 2011, but, as we previously discussed, due to intensified competitive pressures, is expected to decline in 2013 as new wins with lower margins are executed. From an operating standpoint, we maintained tight cost controls. For the full year of 2012, excluding asset impairment and facilities realignment charges we reduced ongoing compensation expense and other SG&A by approximately $6.4 million compared to 2011 and the Adjusted Operating Loss, which also excludes these charges, was $1.0 million. We also had positive Adjusted EBITDA of $2.8 million for the full year of 2012. Both of these measures were improvements compared to 2011."

Ms. Lurker continued, "We entered 2013 with a strong backlog of business under contract and expect our core business to generate significantly higher revenues during the year. Because these higher revenues will generate lower overall margins we will continue to maintain tight controls over ongoing operating expenses. In addition to being a year of revenue growth for PDI, 2013 will also be a year of investment. Given the dynamics of our current core businesses we are committed to continuing to differentiate them and to developing more p
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SOURCE PDI, Inc.
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