Celeris Corporation Reports 44.3% Increase in Revenues.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)--April 25, 2000 Celeris Corporation (Nasdaq/NM: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 first quarter ended March 31, 2000. Revenues for the first quarter ended March 31, 2000, were $2.79 million, a 44.3% increase over revenues of $1.93 million in the first quarter of 1999. Loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the quarter was $846,000, or $0.27 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 loss from continuing operations of $1.20 million, or $0.38 per diluted share, in the prior year period. The Company also announced a 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 projects for clinical studies management, data management and clinical monitoring Clinical monitoring - Oversight and administrative efforts that monitor a participant's health during a clinical trial. The government and other clinical trial funding agencies require data and safety monitoring boards to oversee clinical trials. services presently valued at approximately $5.6 million. 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 continue to demonstrate steady progress as evidenced by the 44% increase in revenues and a 29% decrease in our operating loss 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. compared with one year ago. We are committed to providing the highest level of service possible to our clients, and we believe we are doing that based on our backlog of projects combined with an increasing level of new requests for proposals, both from existing and prospective clients." Ms. Cannon added, "We believe demand for CRO services remains strong and our position in the industry continues to strengthen. Our 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 initiative, which will provide our clients with enhanced data warehousing See data warehouse. data warehousing - data warehouse and integration services as well as real time access to their project data, combined with our commitment to quality client service will help to differentiate us in this marketplace." 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 streamline, path of a fluid flowing steadily and without appreciable turbulence. A body is said to be streamlined if its shape offers the least possible resistance to a current of air, water, or other fluid. the clinical trial and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. submission process for pharmaceutical, medical device and biotechnology manufacturers. This press release may contain "forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. " 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 new 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 timing of the development of the Company's Internet capabilities, and the related market acceptance thereof; 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 December: see month. 31, 1999.
CELERIS CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended
March 31,
------------------
2000 1999
---- ----
Revenue $ 2,789 $ 1,933
Cost of sales 1,957 1,373
------- ------
Gross Profit 832 560
Operating expenses 1,777 1,928
------- ------
Income (loss) from operations (945) (1,368)
Interest income, net 99 170
------- ------
Income (loss) from
continuing operations (846) (1,198)
Discontinued operations:
Loss from discontinued operations -- --
Gain (loss) on disposal of
discontinued operations -- 200
Total discontinued operations -- 200
Net income (loss) $ (846) $ (998)
======= ======
Basic and diluted income (loss)
per common share:(1)
Continuing operations $ (0.27) $ (0.38)
Discontinued operations -- 0.06
------- ------
$ (0.27) $ (0.32)
======= ======
Basic and diluted weighted average
shares outstanding(1) 3,124 3,140
(1) Adjusted to reflect a reverse three-for-one stock split on
July 29, 1999.
CELERIS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Dollars In thousands)
March 31, Dec. 31,
2000 1999
-------- -------
ASSETS
Current Assets:
Cash, cash equivalents, restricted
cash, and short-term investments $ 7,638 $ 8,965
Accounts receivable, net of
allowance of $385 and $343,
respectively 2,522 1,774
Other current assets 441 1,052
-------- --------
Total current assets 10,601 11,791
Net furniture, fixtures and equipment 1,622 1,388
-------- --------
Total Assets $ 12,223 $ 13,179
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable and
accrued expenses $ 789 $ 1,068
Deferred revenue and payables 466 446
Accrued compensation 246 453
Current portion of capital
lease obligation 115 --
Net current liabilities of
discontinued operations 1,166 1,196
-------- --------
Total current liabilities 2,782 3,163
Long-term portion of capital
lease obligation 217 --
Commitments and Contingencies -- --
Shareholders' Equity:
Common stock, $0.01 par value -
13,511,111 shares authorized; and
3,129,437 and 3,119,646 shares
issued and outstanding, respectively 31 31
Additional paid-in capital 67,572 67,518
Accumulated deficit (58,379) (57,533)
-------- --------
Total shareholders' equity 9,224 10,016
-------- --------
Total Liabilities and
Shareholders' Equity $ 12,223 $ 13,179
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