Celeris Corporation Narrows Operating Losses for Second Quarter 2001.Business Editors NASHVILLE Nashville, city (1990 pop. 487,969), state capital, coextensive with Davidson co., central Tenn., on the Cumberland River, in a fertile farm area; inc. as a city 1806, merged with Davidson co. 1963. , Tenn.--(BUSINESS WIRE)--July 24, 2001 Celeris Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CRSC CRSC Combat-Related Special Compensation (US military) CRSC Center for Research in Scientific Computation CRSC Northern Californian Rabbit Specialty Club CRSC Calibration and Repair Support Company ), a provider of specialty clinical research services to pharmaceutical, medical device and biotechnology companies Top 100 Biotechnology Companies The following is a list of the top 100 biotechnology companies ranked by revenue. The first nine companies qualify for the list of the top 50 pharmaceutical companies. , today announced results from operations for the second quarter and six months ended June June: see month. 30, 2001. Revenues for the second quarter ended June 30, 2001, were $2.5 million compared with revenues of $3.1 million for the second quarter of 2000. Net loss for the second quarter was $684,000, or $0.21 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared with a net loss of $994,000, or $0.32 per diluted share, in the prior-year quarter. Backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. of client contracts currently stands at $11.7 million. For the six months ended June 30, 2001, revenues were $4.9 million compared with revenues of $6.1 million in the first half of 2000. The net loss for the year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. period amounted to $1.43 million, or $0.43 per diluted share, compared with a net loss of $1.84 million, or $0.59 per diluted share a year ago. Barbara Barbara maid exemplifying personal and domestic neatness. [Br. Lit.: Old Curiosity Shop] See : Orderliness A. Cannon, president and chief executive officer of Celeris Corporation, said, "We have now decreased our operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the fourth consecutive quarter, and are encouraged by our high level of repeat business as well as our interaction with new clients. We believe our continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. improving results bode bode 1 v. bod·ed, bod·ing, bodes v.tr. 1. To be an omen of: heavy seas that boded trouble for small craft. 2. well for the future and provide a positive outlook for the rest of 2001 as well as 2002." A listen-only simulcast and 30-day replay of Celeris' second quarter conference call will be available online at www.celeriscorp.com or www.streetevents.com on July July: see month. 25, 2001, beginning at 11:00 a.m. Eastern time. Celeris Corporation is a provider of specialty clinical research services and information technology services that expedite ex·pe·dite tr.v. ex·pe·dit·ed, ex·pe·dit·ing, ex·pe·dites 1. To speed up the progress of; accelerate. 2. and streamline the clinical trial and regulatory submission process for pharmaceutical, medical device and biotechnology manufacturers. This press release may contain "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. include statements of intent, belief or current expectations of Celeris Corporation and its management. Such forward-looking statements are not guarantees of future results and involve risks and uncertainties that may cause actual results to differ materially from the results discussed in the forward-looking statements. Risks and uncertainties that may cause such differences include, but are not limited to the uncertainty of market acceptance of the Company's clinical research services; changes in the Company's backlog including potential cancellation, delay or change in the scope of client contracts for clinical research services; the Company's dependence on a single client for a material portion of the Company's revenues; the market acceptance of the Company's Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the capabilities; and other risk factors detailed in the Company's Securities and Exchange Commission filings, including the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2000.
CELERIS CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of
Operations (In thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
----------------- ------------------
2001 2000 2001 2000
------- ------- ------- -------
Revenue:
Clinical research services $2,345 $2,859 $4,547 $5,648
Project pass-through expenses 152 229 327 469
------- ------- ------- -------
Total revenue 2,497 3,088 4,874 6,117
Cost of revenue:
Clinical research services 1,622 1,897 3,078 3,854
Project pass-through expenses 152 229 327 469
------- ------- ------- -------
Total cost of revenue 1,774 2,126 3,405 4,323
------- ------- ------- -------
Gross profit 723 962 1,469 1,794
Operating expenses 1,444 2,044 2,988 3,821
------- ------- ------- -------
(Loss) from operations (721) (1,082) (1,519) (2,027)
Interest income, net 37 88 93 187
------- ------- ------- -------
Net (loss) $(684) $(994) $(1,426) $(1,840)
======= ======= ======= =======
Basic and diluted income
(loss) per common share $(0.21) $(0.32) $(0.43) $(0.59)
======= ======= ======= =======
Basic and diluted weighted
average shares outstanding 3,316 3,130 3,316 3,127
CELERIS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
June 30, Dec. 31,
2001 2000
-------- --------
ASSETS
Current Assets:
Cash, cash equivalents and restricted funds $4,071 $5,238
Accounts receivable, net of allowance of
$244 and $258, respectively 1,729 1,868
Other current assets 292 216
-------- --------
Total current assets 6,092 7,322
Net furniture, fixtures and equipment 1,063 1,325
-------- --------
Total Assets $7,155 $8,647
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued expenses $978 $1,087
Deferred revenue and payables 718 605
Current portion of capital lease obligation 129 124
Net current liabilities of
discontinued operations 75 99
-------- --------
Total current liabilities 1,900 1,915
Long-term portion of capital lease obligation 57 123
Shareholders' Equity:
Common stock, $0.01 par value - 13,511
shares authorized and 3,357 and 3,316
shares issued and outstanding, respectively 34 33
Additional paid-in capital 68,736 68,722
Accumulated deficit (63,572) (62,146)
-------- --------
Total shareholders' equity 5,198 6,609
-------- --------
Total Liabilities and Shareholders' Equity $7,155 $8,647
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