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PDI Reports 2013 First Quarter Financial Results
Date:5/13/2013

g competitive pressures. As a result of our ongoing focus on lower costs, operating expenses declined $1.4 million and we are pleased to note that for the first quarter of 2013 we achieved operating income of $2.3 million compared to a loss of $0.2 million for the first quarter last year."

Ms. Lurker continued, "As we have previously discussed, we entered 2013 with a strong backlog of business under contract. Given the strong first quarter 2013 results and assuming a reasonable level of new business wins and no early termination of existing contracts, we still anticipate revenue for the full year to be approximately 25% higher than 2012. We also still expect gross profit percentages to continue to decline over the course of 2013, resulting in gross profit for the full year to be at or below the level achieved in 2012.

"We previously announced that 2013 would be a year of investment and expansion of our strategic focus. Given the dynamics of our current core businesses, we are committed to continuing to grow our top line, streamline costs and to develop more predictable, higher growth and higher margin businesses. While we will continue to aggressively pursue ongoing cost improvements, we do expect our expenses to increase slightly to support investment in areas aimed at differentiating and further strengthening our core offerings. Strategically, we also will continue to pursue full product commercialization partnering opportunities that leverage our current PDI infrastructure and capabilities through Interpace BioPharma, our specialty biopharmaceutical division. In addition, we plan to launch a new Group DCA product that will connect health care providers, sales representatives and other promotional channels in a new and unique way. We expect to see tangible results in each of these initiatives by the end of 2013."

First Quarter Business Review Revenue- For the first quarter of 2013, revenue of $42.9 million was $11.2 million or 36% higher than
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SOURCE PDI, Inc.
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