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PDI Reports 2014 Second Quarter Financial Results
Date:8/13/2014

2.1 million lower than the second quarter of 2013 and, as anticipated, the overall gross profit percentage decreased to 15% in 2014 from 18% in 2013.

  • Sales Services gross profit of $4.8 million was $0.5 million lower than the second quarter of 2013 due primarily to lower revenue and previously disclosed competitive pricing pressures.
  • Marketing Services gross profit for the second quarter of 2014 was a negative $0.5 million due to the decrease in revenue and increased costs associated with the launch of our new product, PD One™.
  • Product Commercialization Services gross profit of $0.6 million was $0.4 million lower compared to the second quarter of 2013 primarily due to expenses related to one of our collaboration agreements for molecular diagnostic tests.
  • Total Operating Expenses- Total operating expenses for the second quarter of 2014 were $7.3 million as compared to $7.7 million for the same period in 2013. Included in second quarter 2014 expenses are $0.7 million of investment costs related to our molecular diagnostics strategic initiative. Excluding these costs, total operating expenses for the second quarter of 2014 were $6.6 million; $1.1 million lower than 2013 operating expenses.

    Operating Income/Loss- The operating loss for the second quarter of 2014 was $2.5 million, compared to $0.8 million for the same period in 2013.  The 2014 operating loss was primarily the result of the anticipated lower revenue and margins as well as the company's investment in strategic initiatives.

    Liquidity and Cash Flow- Adjusted EBITDA (a non-GAAP measure defined in the release) for the second quarter of 2014 was $(1.5) million compared to $0.2 million in the second quarter of 2013. Cash and cash equivalents at the end of the second quarter were $35.6 million, down $10.0 million from December 31, 2013 due primarily to increases in working capital requirements, timing of certain payments from customers and invest
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    SOURCE PDI, Inc.
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