Celeris Corporation Reports Bottom Line Improvement for First Quarter 2001; Company Maintaining Strong Backlog of Contracts.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 24, 2001 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, 2001. The Company also announced that its 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 contracts remained relatively constant, down slightly from the prior quarter to $11.9 million for the first quarter of 2001. 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 are pleased to report that the first quarter of 2001 represents a continuation of two very important trends - a strong backlog of contracts as well as a decrease in the Company's loss for the quarter. We expect this momentum to continue throughout the remainder of 2001. Clients value our service excellence and KnowledgePort(TM) capabilities, which propel pro·pel tr.v. pro·pelled, pro·pel·ling, pro·pels To cause to move forward or onward. See Synonyms at push. [Middle English propellen, from Latin us closer to our profitability goal." Revenues for the first quarter ended March 31, 2001, were $2.4 million compared with revenues of $3.0 million for the first quarter of 2000. Net loss for the quarter ended March 31, 2001, was $742,000, or $0.22 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 of $846,000, or $0.27 per diluted share, in the prior-year quarter. A listen-only simulcast Simulcast is a portmanteau of "simultaneous broadcast", and refers to programs or events broadcast across more than one medium, or more than one service on the same medium, at the same time. and 30-day replay of Celeris' first quarter conference call will be available online at www.celeriscorp.com or www.streetevents.com on April 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 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 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; the possibility that the Company may be unable to regain compliance with Nasdaq National Market continued listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. ; 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, 2000.
CELERIS CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended
March 31,
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2001 2000
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Revenues:
Clinical research services $2,201 $2,789
Project pass-through expenses 176 240
------- -------
2,377 3,029
Cost of sales:
Direct costs 1,456 1,957
Project pass-through expenses 176 240
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1,632 2,197
Gross profit 745 832
Operating expenses 1,543 1,777
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Loss from operations (798) (945)
Interest income, net 56 99
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Net loss $(742) $(846)
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Basic and diluted loss
per common share $(0.22) $(0.27)
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Basic and diluted weighted
average shares outstanding 3,316 3,124
CELERIS CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
March 31, Dec. 31,
2001 2000
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ASSETS
Current Assets:
Cash, cash equivalents, restricted
funds, and short-term investments $4,834 $5,238
Accounts receivable, net of allowance of
$237 and $258, respectively 1,474 1,868
Other current assets 237 216
-------- --------
Total current assets 6,545 7,322
Net furniture, fixtures and equipment 1,180 1,325
-------- --------
Total Assets $7,725 $8,647
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued expenses $1,014 $1,087
Deferred revenue and payables 532 605
Current portion of capital lease obligation 126 124
Net current liabilities of
discontinued operations 95 99
-------- --------
Total current liabilities 1,767 1,915
Long-term portion of capital lease obligation 91 123
Shareholders' Equity:
Common stock, $0.01 par value - 13,511
shares authorized and 3,316 shares
issued and outstanding 33 33
Additional paid-in capital 68,722 68,722
Accumulated deficit (62,888) (62,146)
-------- --------
Total shareholders' equity 5,867 6,609
-------- --------
Total Liabilities and Shareholders' Equity $7,725 $8,647
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