Celeris Corporation Reports Second Quarter Results.Business Editors, Health & Medical Writers 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 26, 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 second quarter and six months ended June June: see month. 30, 2000. Revenues for the second quarter ended June 30, 2000, were $2.86 million, a 19% increase over revenues of $2.40 million in the second 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 $994,000, or $0.32 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 $1.04 million, or $0.33 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 $4.5 million. Backlog is in addition to the Company's 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. consulting business, which has historically generated approximately $1.0 million in revenue per quarter. Revenues for the six months ended June 30, 2000, were $5.65 million, a 30% increase over revenues of $4.33 million in the first half of 1999. Loss from continuing operations for the six months was $1.84 million, or $0.59 per diluted share, compared with a loss from continuing operations of $2.23 million, or $0.71 per diluted share, in the prior year period. 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, "Our results for the second quarter reflect increases in both volume of revenue and number of clients served. We believe we will sustain this level of revenue production into the second half of 2000, all the while actively seeking new opportunities to expand our revenue base and portfolio of device and pharmaceutical clients." Ms. Cannon added, "Our Internet-based data management tools are in the late stages of development, and we expect to begin beta-testing these tools with our active clients soon. A prototype version is now being used in demonstration with prospective clients and has been well received." In addition, on July July: see month. 25, 2000, the Minnesota Supreme Court The Minnesota Supreme Court is the highest court in the U.S. state of Minnesota and consists of seven members. The court was first assembled as a three-judge panel in 1849 when Minnesota was still a territory. denied the Company's petition for review of the Minnesota Minnesota, state, United States Minnesota (mĭn'ĭsō`tə), upper midwestern state of the United States. It is bordered by Lake Superior and Wisconsin (E), Iowa (S), South Dakota and North Dakota (W), and the Canadian provinces Court of Appeals' decision related to the Company's directors and officers insurance policies. The Court of Appeals decision held that the Company's insurance policies did not cover expenses and monetary liabilities associated with the Company's pending securities litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . There are no further appeals available to the Company. A listen-only simulcast of Celeris' second quarter conference call will be available online at www.celeriscorp.com or www.streetevents.com, www.streetfusion.com or www.vcall.com on July 27, 2000, beginning at 11:00 a.m. Eastern time. The online replay will follow approximately two hours later and continue for 30 days. 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 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 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 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 Six Months Ended
June 30, June 30,
----------------- -----------------
2000 1999 2000 1999
------- ------- ------- -------
Revenue $ 2,859 $ 2,399 $ 5,648 $ 4,332
Cost of sales 1,897 1,644 3,854 3,017
------- ------- ------- -------
Gross Profit 962 755 1,794 1,315
Operating expenses 2,044 1,930 3,821 3,859
------- ------- ------- -------
Income (loss) from operations (1,082) (1,175) (2,027) (2,544)
Interest income, net 88 139 187 309
------- ------- ------- -------
Income (loss) from
continuing operations (994) (1,036) (1,840) (2,235)
Gain (loss) on disposal of
discontinued operations -- 200 -- 400
------- ------- ------- -------
Net income (loss) $ (994) $ (836) $(1,840) $(1,835)
======= ======= ======= =======
Basic and diluted
income (loss) per common
share:(1)
Continuing operations $ (0.32) $ (0.33) $ (0.59) $ (0.71)
Discontinued operations -- 0.06 -- 0.13
------- ------- ------- -------
$ (0.32) $ (0.27) $ (0.59) $ (0.58)
======= ======= ======= =======
Basic and diluted
weighted average
shares outstanding(1) 3,129,978 3,134,883 3,127,196 3,137,333
(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)
June 30, Dec. 31,
2000 1999
-------- --------
ASSETS
Current Assets:
Cash, cash equivalents, restricted cash,
and short-term investments $ 5,744 $ 8,965
Accounts receivable, net of allowance
of $513 and $343, respectively 3,413 1,774
Other current assets 393 1,052
-------- --------
Total current assets 9,550 11,791
Net furniture, fixtures and equipment 1,545 1,388
-------- --------
Total Assets $ 11,095 $ 13,179
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued expenses $ 808 $ 1,068
Deferred revenue and payables 453 446
Accrued compensation 156 453
Current portion of capital
lease obligation 118 --
Net current liabilities of
discontinued operations 1,091 1,196
-------- --------
Total current liabilities 2,626 3,163
Long-term portion of capital
lease obligation 186 --
Shareholders' Equity:
Common stock, $0.01 par value -
13,511,111 shares authorized; and
3,178,655 and 3,119,646 shares
issued and outstanding, respectively 32 31
Additional paid-in capital 67,623 67,518
Accumulated deficit (59,372) (57,533)
-------- --------
Total shareholders' equity 8,283 10,016
-------- --------
Total Liabilities and
Shareholders' Equity $ 11,095 $ 13,179
======== ========
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion