Clinicor Reports 1999 Second Quarter Results and 80% Year-To-Date Rise in Contract Backlog.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)--Aug. 13, 1999-- Clinicor, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CLCR, http://www.clinicor.com), an innovative provider of clinical research services to the pharmaceutical, biotechnology and medical device industries, today announced operating results for the second quarter and six months ended June June: see month. 30, 1999. Not reflected in the quarterly results was a significant increase in the Company's net service revenue 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. to approximately $8.0 million at June 30, 1999, compared to $4.4 million at December December: see month. 31, 1998 and $5.1 million at March 31, 1999. For the 1999 second quarter, net service revenues were $1,651,292, versus $2,047,260 a year ago. The decline was primarily attributable to the contract backlog reductions in 1998 due to contract cancellations and less new business while the Company restructured its business development efforts. As a measure of the success of this restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). effort, Clinicor's backlog rose approximately 80% during the first six months of 1999 as compared to a decline of 34% for the comparable period of 1998. Clinicor's second quarter net loss was $496,782 ($731,856 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), or $0.18 per share, compared to a net loss of $268,711 ($497,317 after preferred stock dividends), or $0.12 per share, in the year-ago second quarter. The weighted average shares outstanding in the second quarter periods of 1999 and 1998 were 4,169,734 and 4,148,488, respectively. For the first six months of 1999, net service revenues were $3,264,473, versus $4,246,176 in the year-earlier six-month period. Clinicor's first half net loss was $948,899 ($1,419,047 after preferred stock dividends), or $0.34 per share, compared to a net loss of $829,932 ($1,287,144 after preferred stock dividends), or $0.31 per share, in the year-ago six-month period. The weighted average shares outstanding in the first six months of both 1999 and 1998 were 4,169,734 and 4,131,261, 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 of Clinicor, commented, "The strong improvement in our net service revenue backlog is a testament to the diligent dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d efforts and success of our business development team and the excellent work of our operations group. We expect future quarterly operating results to reflect this increase in backlog. Our recent launch of CorDat@ - a proprietary, web-enabled enterprise application solution for accessing 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. updates on all aspects of clinical research trials conducted for ongoing studies at Clinicor - has also made a successful impact on the Company's overall image in the industry and it is being well received by both existing and new sponsors as a value-added service A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. that we provide with all trials." 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 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. 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. Additional information can be found at http://www.clinicor.com. 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-
Summary Balance Sheet
June 30, 1999
(in thousands)
(unaudited)
Cash and cash equivalents $ 984
Total current assets $ 5,006
Total assets $ 6,148
Total current liabilities $ 5,223
Total liabilities $ 5,449
Total stockholders' equity $ 699
CLINICOR, INC.
Summary Statements of Operations
(in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
(unaudited) (unaudited)
1999 1998 1999 1998
Service revenue:
Gross revenue $3,338 $3,324 $6,528 $6,191
Reimbursable costs 1,687 1,277 3,264 1,945
Net service revenue 1,651 2,047 3,264 4,246
Operating costs and expenses:
Direct costs 1,010 1,391 2,092 3,242
Selling, general and
administrative 961 828 1,833 1,654
Depreciation and amortization 142 108 243 214
Total operating costs
and expenses 2,113 2,327 4,168 5,110
Loss from operations (462) (280) (904) (864)
Other income and expenses:
Interest income 14 38 33 76
Interest expense 51 27 91 42
Other 2 -- 13 --
Other income and expenses (35) 11 (45) 34
Net loss $(497) $(269) $(949) $(830)
Net loss $(497) $(269) $(949) $(830)
Preferred stock dividends (235) (228) (470) (457)
Net loss applicable to
common stock $(732) $(497) $(1,419) $(1,287)
Net loss applicable to
common stock per share $(0.18) $(0.12) $(0.34) $(0.31)
Weighted average number of
basic and diluted
common shares
equivalent outstanding 4,169,734 4,148,488 4,169,734 4,131,261
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