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

In addition, the company recorded a $0.7 million charge in the fourth quarter of 2012 from the write-down of assets related to the fourth quarter 2011 sale of certain assets of the company's discontinued Pharmakon business unit.

During the fourth quarter of 2012 the Marketing Services segment incurred a charge of approximately $0.7 million related to the downsizing of office space related to Group DCA in Parsippany, New Jersey.
We are currently seeking to sublet this unused office space.

Operating Loss- For the fourth quarter of 2012 the operating loss was $23.9 million, compared to an operating loss of $2.4 million in the fourth quarter of 2011.  Excluding the effect of the asset impairment and facilities realignment charges in 2012 and the contingent consideration buyout in 2011, Adjusted Operating Income in the fourth quarter of 2012 was $0.3 million compared to $0.5 million in 2011.

Liquidity and Cash Flow- Adjusted EBITDA for the fourth quarter of 2012 was $1.1 million compared to $(1.6) million in the fourth quarter of 2011. Cash and cash equivalents as of December 31, 2012 were $52.8 million, down $11.6 million from December 31, 2011.

  • The decrease in cash from December 31, 2011 is primarily attributable to the payments of severance and close-out costs associated with the fourth quarter 2011 sale of our Pharmakon business unit, right-sizing of the Group DCA unit, scheduled payments to the sellers of Group DCA in 2012 and the timing of collection of certain trade receivables.
  • As of December 31, 2012, the company's cash equivalents were predominantly invested in U.S. Treasury money market funds and the company had no commercial debt.

    Non-GAAP Financial MeasuresIn addition to United States generally accepted accounting principles, or GAAP, results provided throughout this document, PDI has provided certain non-GAAP financial measures to help evaluate the results of its performance. The company believes that t
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    SOURCE PDI, Inc.
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