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Biotech / Medical : Covalent Group Inc (CVGR) an undiscovered CRO -- Ignore unavailable to you. Want to Upgrade?

To: JanyBlueEyes who wrote (96)	4/25/2000 3:30:00 PM
From: JanyBlueEyes	Respond to of 107

News - Best Quarterly Results Ever Covalent Group, Inc. Reports Best Quarterly Earnings in Company's History WAYNE, Pa., April 25 /PRNewswire/ -- Covalent Group, Inc. (Nasdaq: CVGR) today announced earnings for the first quarter of 2000 that were the best operating results in the Company's history. Net income for the quarter increased 71% to $590,000 or $.05 per share (basic and diluted) as compared to $345,000 or $.03 per share (basic and diluted) for the same period last year. Revenues for the three months ended March 31, 2000 increased to $3,674,000 compared to $3,265,000 a year ago. Kenneth M. Borow, M.D. Chief Executive Officer of Covalent said, "The first quarter's results follow a highly successful 1999 and are especially gratifying in that they demonstrate that actions implemented over the past 18 months are producing their planned results. The Company's backlog, as discussed previously, is expected to grow significantly as we finalize contracts for the remainder of the clinical development programs announced last month as well as other new business. Our emphasis on earnings performance and, in particular, operating margins continue to show the desired results -- the operating profit margin for the first quarter increased to 25% of revenues as compared to 16% for 1999. We remain committed to our year 2000 key strategic goals of increasing revenues by 50% and increasing net income by 100%." <<table>> 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(R), for use in clinical trials, and Virtual HouseCall(R), a disease assessment system. This press release contains forward-looking statements......