News - Third Quarter Results
Covalent Group, Inc. Reports Third Quarter Results
WAYNE, Pa., Nov. 9 /PRNewswire/ -- Covalent Group, Inc. (NASDAQ:CVGR)
today announced results for the third quarter ended September 30, 1998. Covalent reported revenues of $2,709,000 and a net loss of $20,000 or $.00 per share. These financial results are in comparison to revenues of $3,545,000 and net income of $322,000 or $.03 per share for the third quarter of last
year.
Bruce LaMont, President and Chief Executive Officer, commented, "The third quarter reflects our continued focus on cost containment with modest growth in revenues over the preceding quarter. Our recent efforts have resulted in converting one of our previously announced letters of intent into an awarded contract. Our outlook for increasing operating profits for the fourth quarter 1998 and 1999 has improved based upon the awarding of a $13.6 million, multiyear, clinical study as announced in the accompanying press release."
Contact Covalent on-line: cracorp.com |
