Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Gurupup who wrote (22)	11/12/1997 12:32:00 PM
From: Clayleas	Read Replies (1) \| Respond to of 107

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.