News - 3rd Quarter Results
Covalent Group, Inc. Reports Profitable Third Quarter Results
WAYNE, Pa., Oct. 20 /PRNewswire/ -- Covalent Group, Inc. (Nasdaq: CVGR) today announced results for the third quarter of 1999.
Revenues for the quarter increased 49% to $4,048,000 as compared to $2,709,000 for the same period last year.
Net income for the three months ended September 30, 1999 amounted to $409,000 ($.03 per share basic and diluted) as compared to a net loss of $20,000 a year ago.
"The quarter continued to demonstrate strong revenue and earnings performance and the Company's balance sheet remains strong," said Chief Executive Bruce LaMont. "The profitability trend initiated in the first quarter of the year is an important step towards meeting our objectives which have resulted in more than a 50% growth in revenues during the first nine months of the year as compared to last year.
Importantly, selling and administrative expenses for the quarter decreased as compared to the same period last year due to consolidation in our operating structure, as previously announced."
Mr. LaMont, continued, "The Company's backlog at September 30 stood at $23 million, a marked improvement as compared to the $11 million backlog of a year earlier.
Furthermore, we expect the backlog to increase as we close additional new business, in several therapeutic areas, in the near future."
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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.... |
