SOMERSET, N.J., Dec. 21 /PRNewswire-FirstCall/ -- Ventiv Health, Inc. today filed a Form 8-K with the Securities and Exchange Commission, which provides historical financial information for inChord Communications, Inc., the healthcare marketing and communications company acquired by Ventiv on October 5, 2005 and which is now Ventiv’s Communications Services business. In addition, Ventiv provides information in this press release that is not included in the Form 8-K, about inChord historical non acquisition-related adjustments that Ventiv does not expect to reoccur.
For the nine months ended September 30, 2005, inChord’s historical adjusted operating earnings were $14.9 million, which includes $4.6 million of historical operating earnings and $8.9 million of pro-forma acquisition- related adjustments as shown in the Form 8-K, and an additional non- acquisition related adjustment of $1.4 million which Ventiv does not expect to reoccur.
For the twelve months ended December 31, 2004, inChord’s historical adjusted operating earnings were $17.4 million, which includes $9.0 million of historical operating earnings as shown in the Form 8-K, and additional non- acquisition related adjustments of $8.4 million which Ventiv does not expect to reoccur.
Eran Broshy, Ventiv’s CEO, stated, “We have been extremely pleased with inChord’s performance during the two months since our acquisition. inChord’s highly-recurring historical results and very positive outlook for 2006 -- in combination with cross-selling synergies that are beginning to emerge between inChord and Ventiv Commercial Services -- underscore the strong strategic and financial rationale for the combination.”
About Ventiv Health
Ventiv Health, Inc. is the leading provider of commercialization services to the global pharmaceutical and lifesciences industries. Ventiv delivers its customized clinical, sales, marketing and communications services through its three core business segments: Commercial Services, Clinical Services and Communications Services. Ventiv’s 4,600 employees support over 150 client organizations, including 18 of the Top 20 global pharmaceutical companies as well as emerging and specialty biotech leaders. For more information on Ventiv Health, Inc. visit http://www.ventiv.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding (i) our expectations that certain adjustments to inChord’s historical adjusted operating earnings will not reoccur; and (ii) our expectations regarding and consequences resulting from inChord’s historical results, outlook for 2006 and cross-selling synergies. Such forward-looking statements involve risks that may cause Ventiv’s performance to differ materially. Such risks include, without limitation: (i) our inability to successfully address integration and synergy issues between inChord and Ventiv; (ii) the reoccurrence of certain adjustments to operating earnings; and (iii) inChord’s inability to continue to perform consistent with its historical results and outlook for 2006. Readers of this press release are referred to documents filed from time to time by Ventiv Health, Inc. with the Securities and Exchange Commission for further discussion of these and other factors.
Ventiv Health, Inc.
CONTACT: Investors: John Emery, CFO of Ventiv Health, Inc.,+1-732-537-4804, investor@ventiv.com, or Media: Julie Kelly of VentivHealth Inc., +1-732-537-4840, jkelly@ventiv.com
Web site: http://www.ventiv.com/
