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

es Services segment gross profit for the fourth quarter of 2012 of $5.9 million was $0.5 million lower than the fourth quarter of 2011. While revenue was $0.9 million higher in 2012, lower margins were realized on new business.
  • Marketing Services segment gross profit for the fourth quarter of 2012 of $0.2 million was $0.6 million lower than 2011 as a result of lower revenue and a lower gross profit percentage within the segment.
  • Product Commercialization Services segment gross profit for the fourth quarter of 2012 of $0.9 million was $0.6 million lower compared to 2011 as a result of lower revenue due to the internalization of commercialization activities by our customer.
  • Total Operating Expenses- For the fourth quarter of 2012, total operating expenses were $30.9 million compared to $11.1 million in 2011. Included in fourth quarter 2012 expenses are $23.5 million of asset impairment and $0.7 million of facilities realignment charges and included in 2011 expenses is $2.9 million of Group DCA contingent consideration buyout and related charges.  Excluding these items, total operating expenses for the fourth quarter of 2012 were $6.7 million; $1.5 million lower than of 2011. The decrease is a result of the company's continuing focus on cost reduction and right-sizing of the business.

    During the fourth quarter of 2012 the company recorded total asset impairments of $23.5 million. The majority of these asset impairment charges, $22.8 million, were associated with the write-down of goodwill and other intangible assets in the Group DCA business unit within our Marketing Services segment.  The company continues to believe in the long-term growth of this business and intends to continue to invest to achieve that growth. However, the recent decline in revenue, the decrease in new business generated and changes in pharmaceutical industry spending, at least in the near term, were factors contributing to the impairment charge. 
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    SOURCE PDI, Inc.
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