Clinicor Reports 1999 First Quarter Results.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)--May 14, 1999-- 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 pharmaceutical, biotechnology and medical device industries, today announced operating results for the first quarter ended March 31, 1999. For the three-months ended March 31, 1999, the Company's net loss narrowed to $452,144, compared to a net loss of $561,222 in the year-ago first quarter, primarily due to the Company's continued success with managing expenses. 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, was $1,613,181, compared to $2,198,916 in the 1998 period. During the 1999 first quarter, direct costs were lowered by 71% to $1,081,566, as the Company conducted fewer clinics that were directly managed by the Company and reduced its full-time study, patient and data management staff in response to contract cancellations that occurred in 1998. SG&A expenses rose slightly versus the year-earlier period, as the Company bolstered bol·ster n. A long narrow pillow or cushion. tr.v. bol·stered, bol·ster·ing, bol·sters 1. To support or prop up with or as if with a long narrow pillow or cushion. 2. its senior management team with several new appointments, including Dr. Rosina Maar, Clinicor's new Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and Susan Krivacic, Senior Vice President of Marketing and Business Development. Clinicor's first quarter net loss applicable to common stock, after preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividends and conversion discount, was reduced by 15% to $687,188, or $0.16 per basic share, compared to $789,828, or $0.19 per basic share in the 1998 first quarter. The weighted average number of basic shares outstanding in the 1999 and 1998 first quarter periods was 4,169,734 and 4,124,654, 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, "We are beginning to see demonstrable de·mon·stra·ble adj. 1. Capable of being demonstrated or proved: demonstrable truths. 2. Obvious or apparent: demonstrable lies. progress from our marketing and business development initiatives aimed at expanding our base of customers and 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. . Our contract backlog level rose by 16% in the first quarter, an initial measure of the successful efforts being made under Susan Krivacic's leadership." Clinicor, Inc., an Austin, Texas-based contract research organization (CRO), provides product development services including Phase I - IV clinical trials management, patient recruitment, monitoring, data management 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. Management believes that Clinicor's approach accelerates the recruitment of patient populations and enhances the accuracy of clinical data, resulting in high caliber clinical trial services offering significant value to sponsors. Certain statements in this press release 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. -0-
CLINICOR, INC.
Summary Balance Sheet
March 31, 1999
(in thousands)
(Unaudited)
Cash, restricted cash
and cash equivalents $1,175
Total current assets $3,846
Total assets $5,043
Total current liabilities $3,456
Total liabilities $3,788
Total stockholders' equity $1,255
CLINICOR, INC.
Summary Statements of Operations
(in thousands, except per share data)
Three Months Ended
March 31,
1999 1998
Service revenue: (unaudited)
Gross service revenue $ 3,190 $ 2,867
Reimbursable costs 1,577 668
Net service revenue 1,613 2,199
Operating costs and expenses:
Direct costs 1,082 1,851
Selling, general and administrative 872 826
Depreciation and amortization 101 105
Total operating costs and
expenses 2,055 2,783
Loss from operations (441) (584)
Other income and expenses:
Interest income 30 38
Interest expense (40) (15)
Other income and expenses (11) 23
Net loss $ (452) $ (561)
Net loss $ (452) $ (561)
Preferred stock dividends (235) (229)
Net loss applicable to
common stock $ (687) $ (790)
Net loss applicable to
common stock per share:
Basic/Diluted $ (0.16) $ (0.19)
Weighted average number of
common shares
Basic/Diluted 4,170 4,125
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