Tuesday November 11, 11:02 am Eastern Time
Company Press Release
SOURCE: Covalent Group, Inc.
Covalent Group, Inc. Announces Third Quarter Results
WAYNE, Pa., Nov. 11 /PRNewswire/ -- Covalent Group, Inc. (OTC Bulletin
Board: CVGR - news) today announced operating results for its third
quarter ended September 30, 1997. Revenues increased 32% to $3,545,000
as compared to $2,687,000 for the same period last year. Net income
for the quarter amounted to $322,000 or $.03 per share compared to a
net loss of $94,000 or $.01 per share for the comparable period last
year.
Commenting on the results, Bruce LaMont, President and CEO, stated,
''I am pleased with the confidence our expanding client base is
placing in our ability to provide innovative solutions for their needs
which translates into increased revenues for Covalent, as well as
record earnings from continuing operations for this quarter.'' Mr.
LaMont added, ''We are encouraged by the amount of future business
opportunities that are presenting themselves, both in new clinical
research and for our interactive voice recognition system.''
Covalent Group, Inc.
Consolidated Statements of Operations - Summary
(amounts in thousands, except per share amounts)
Unaudited
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
Revenues $3,545 $2,687 $9,859 $6,623
Gross Profit 1,383 1,062 2,834 2,826
Income from Continuing
Operations before Taxes 389 244 287 793
Net income (loss) 322 (94) 324 334
Net income (loss) per share: $.03 $(.01) $.03 $.03
Covalent provides drug development and health management solutions to
drug and device manufacturers, as well as to managed care
organizations. To aid its pharmaceutical and managed care customers,
Covalent has developed an automated data collection system using an
interactive voice recognition system -- Virtual HouseCall.
This press release contains forward-looking statements. Actual results
might differ materially from those projected in the forward-looking
statements. Additional information concerning factors that could cause
actual results to materially differ from those in forward-looking
statements is contained in Covalent's SEC filings, including periodic
reports under the Securities Exchange Act of 1934, as amended, copies
of which are available upon request from Covalent's investor relations
department.
SOURCE: Covalent Group, Inc. |
