Clinicor Achieves 35% Increase in Q4 Net Service Revenue.Business Editors AUSTIN Austin. 1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum , Texas--(BUSINESS WIRE)--March 3, 2000 - Revenue Rise, Combined with Operating Enhancements, Drives 65% Improvement in Q4 Bottom Line - Clinicor, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CLCR), an innovative provider of clinical research services to the biotechnology, pharmaceutical, and medical device industries, today announced improved operating results for the fourth quarter and year ended December December: see month. 31, 1999. For the fourth quarter of 1999, Clinicor's net service revenue, net of reimbursable re·im·burse tr.v. re·im·bursed, re·im·burs·ing, re·im·burs·es 1. To repay (money spent); refund. 2. To pay back or compensate (another party) for money spent or losses incurred. or pass-through pass-through n. 1. An opening between two rooms, especially a shelved space between a kitchen and dining room that is used for passing food. 2. A route through which something is permitted to pass. 3. costs, grew 35% to $2,018,000, versus $1,499,000 in the year-ago fourth quarter. Direct costs as a percentage of net service revenues were reduced to 65% from 74%, and SG&A expenses were reduced to 38% from 54%, contributing to a 65% decrease in the fourth quarter net loss, to $192,000, compared to a net loss of $551,000 in the year-ago fourth quarter. The net loss applicable to common stock was $449,000, or $0.11 per share, compared to $784,000, or $0.19 per share. Per share results for the 1999 and 1998 fourth quarter periods are based on 4,169,734 weighted average shares outstanding. Net service revenue rose 4% in 1999 to $7,623,000, versus $7,319,000 in 1998. Direct costs as a percentage of net service revenue declined to 64% in 1999 from 76% in 1998, while SG&A remained roughly constant. Clinicor's net loss for 1999 improved by 43% to $1,114,000, compared to a net loss of $1,941,000 in 1998. The net loss applicable to common stock was also reduced by 27% in 1999 to $2,082,000, or $0.50 per share, compared to a net loss applicable to common stock of $2,865,000, or $0.69 in the year-earlier period. Per share results for 1999 and 1998 are based on 4,169,734 and 4,150,761 weighted average shares outstanding, respectively. Robert S Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. . Sammis, President, commented, "Clinicor made significant financial and operational progress during 1999, including the attainment of break-even cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses during the final six months of 1999, a Company first. Our new business development efforts secured new contact authorizations of over $11 million in 1999, a 100% increase over 1998. Our net service revenue contract 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. was $4.0 million at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. and has since increased 60% to $6.4.million as of January January: see month. 31, 2000. Based on the strength of development spending in the industry as a whole, the trend of Clinicor's new business authorizations in the past few months and the volume of our current contract proposals, we are well positioned to achieve continued top-line and bottom-line bot·tom-line adj. 1. Concerned exclusively with costs and profits: bottom-line issues. 2. Ruthlessly realistic; pragmatic: a bottom-line political strategy. improvements in 2000. "We also launched of our first 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 application, CorDat@, a proprietary web-enabled enterprise application solution which provides our clients with real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. clinical study information concerning all aspects of clinical research trials in process at Clinicor. The system has been met with a very positive response from customers and prospective customers. This state-of-the-art web application leverages our investment in our Oracle database enterprise applications that encompass our project management, data management and financial reporting and budgeting processes. These efforts place our organization on a significantly more competitive footing and expand our range of growth opportunities in 2000 and beyond." Clinicor, Inc., an Austin, Texas-based contract research organization (CRO), provides product development services including Phase I - IV clinical trials project management, patient recruitment, monitoring, data management, biostatistical services and regulatory consultation to the pharmaceutical, biotechnology and medical device industries. Clinicor differentiates itself through a unique operating model Operating Model is a term that is used in many contexts. In essence an operating model describes how an organization operates across both business and technology domains. The Operating Model describes what is important for the organization. that emphasizes its specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. patient recruitment, patient management and study monitoring capabilities. Certain statements in this press release, including statements regarding the Company's new business development efforts and anticipated financial performance are 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. . A variety of factors could cause the Company's actual results and experience to differ materially from the results anticipated by management. Among the risks and uncertainties that could affect the Company's operations and performance are matters affecting the timing of clinical trials being conducted by the Company, including possible decisions by sponsors to suspend or alter the timing or scope of clinical trials, risks related to the management and financing of growth, and other risks. Detailed information concerning factors that could cause actual results to differ materially from management's expectations is available in the "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial " portion of the Company's report on Form 10-KSB for the year ended December 31, 1998.
Clinicor, Inc.
Summary Statement of Operations
Three Months Ended Twelve Months Ended
December 31, December 31,
1999 1998 1999 1998
(unaudited) (audited)
Service revenue:
Gross revenue $ 3,514,849 $2,988,448 $14,780,184 $11,553,901
Reimbursable
costs 1,497,013 1,489,817 7,156,951 4,235,221
----------- ---------- ----------- -----------
Net service
revenue 2,017,836 1,498,631 7,623,233 7,318,680
Operating costs
and expenses:
Direct costs 1,305,518 1,106,322 4,857,689 5,584,810
Selling, general
and administrative 773,236 806,217 3,281,877 3,255,331
Depreciation and
amortization 72,058 114,970 450,541 435,846
----------- ---------- ----------- -----------
Total operating
costs and
expenses 2,150,812 2,027,509 8,590,107 9,275,987
Loss from operations (132,976) (528,878) (966,874) (1,957,307)
Interest income
(expense) (58,952) (21,925) (147,547) 16,105
----------- ---------- ----------- -----------
Net loss $ (191,928) $ (550,803) $(1,114,421) $(1,941,202)
========== ========== =========== ===========
Preferred stock dividends
and other charges (257,452) (233,113) (967,553) (923,437)
----------- ---------- ----------- -----------
Net loss applicable to
common stock $ (449,380) $ (783,916) $(2,081,974) $(2,864,639)
========== ========== =========== ===========
Net loss applicable
to common stock
per share:
Basic/Diluted $ (0.11) $ (0.19) $ (0.50) $ (0.69)
========== ========== =========== ===========
Weighted average number
of common share
equivalents
outstanding:
Basic/Diluted 4,169,734 4,169,734 4,169,734 4,150,761
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