PARSIPPANY, N.J., Nov. 9, 2011 /PRNewswire/ -- PDI, Inc. (Nasdaq: PDII), today reported financial and operational results for the third quarter ended September 30, 2011. Summary financial and operating highlights include:
- Revenues increased to $37.2 million for the third quarter of 2011 vs. $36.0 million in the third quarter of 2010
- Consolidated third quarter 2011 operating income from continuing operations of $32,000 vs. $400,000 in the third quarter of 2010; excluding Group DCA operations, earned $200,000 in operating income in the third quarter of 2011
- Reported positive cash flow from operations of $3.1 million in the first nine months of 2011, cash and equivalents at September 30, 2011 of $65.5 million and no debt
- Gerald R. Melillo, Jr., pharmaceutical industry veteran, joined PDI as senior vice president of Business Development
- Announced the 7th consecutive renewal of a seasonal sales services agreement with a Top 10 pharmaceutical company, utilizing PDIs Shared Sales team. Expected to generate approximately $11 million in revenue from Fall 2011 through Spring 2012, $6 million of which will be realized in 2011
Condensed Summary Statement of Continuing Operations | ||||||||
3rd Quarter Ended | Nine Months Ended | |||||||
September 30,* | September 30,* | |||||||
$'s in millions except EPS | 2011 | 2010 | 2011 | 2010 | ||||
Revenue, net | $ 37.2 | $ 36.0 | $ 124.0 | $ 100.0 | ||||
Gross profit | 8.2 | 8.5 | 26.1 | 22.7 | ||||
Operating expenses: | ||||||||
Compensation expense | 4.7 | 4.5 | 16.8 | 13.5 | ||||
Other SG&A | 3.5 | 3.5 | 11.5 | 10.4 | ||||
Facilities realignment | - | - | - | 0.6 | ||||
Total operating expenses | 8.1 | 8.0 | 28.3 | 24.5 | ||||
Operating income (loss) | $ - | $ 0.4 | $ (2.2) | $ (1.7) | ||||
Other (expense) income, net | - | 0.1 | (0.1) | 0.1 | ||||
Provision (benefit) for income tax | 0.2 | 0.1 | (0.7) | 0.2 | ||||
(Loss) income from continuing operations | $ (0.2) | $ 0.4 | $ (1.6) | $ (1.8) | ||||
Diluted (loss) income from continuing | ||||||||
operations per share | $ (0.01) | $ 0.03 | $ (0.11) | $ (0.13) | ||||
*Unaudited | ||||||||
CEO Comments
