News - 2nd Quarter Results
Covalent Group, Inc. Reports Record Second Quarter Results WAYNE, Pa., July 15 /PRNewswire/ -- Covalent Group, Inc. (Nasdaq: CVGR news) today announced record results for the second quarter of 1999.
Revenues for the quarter increased 65% to $4,197,000 as compared to $2,543,000 for the same period last year. Net income for the three months ended June 30, 1999 amounted to $429,000 ($.04 per share basic and $.03 per share diluted) as compared to $2,000 for the same period last year.
The Company's backlog at June 30, 1999 increased to $26 million as compared to $7 million a year earlier. Backlog represents the value of future revenues to be earned from signed contracts.
Bruce LaMont, Chief Executive Officer commented, "1999 is preceding according to plan and operating results for the first half of the year show the benefit of major contracts secured late last year and subsequent upward revisions in the value of these contracts.
We are pleased to have signed additional new business this year which has helped to build our backlog and position Covalent for continued growth. In the future, we plan to continue to pursue clinical studies that will utilize our core competency in advanced clinical research."
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Covalent provides drug development services and health management solutions to pharmaceutical, biotechnology, and device manufacturers as well as managed care organizations. To aid its customers, Covalent has developed several currently available proprietary products utilizing interactive speech recognition technology including TeleTrial, for use in clinical trials, and Virtual HouseCall, a disease assessment system.
This press release contains forward-looking statements |
