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news.Revenues for the first half decreases by 10%
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DATATRAK International has reported a decrease in revenue by 19% or $0.41m to $1.8m for the second quarter ended June 30, 2009, compared to $2.2m for the same three months in 2008.
The company has reported a net loss of $39,000, or $0.00 per share on a basic and diluted basis, for the three months ending June 30, 2009 compared to a net loss of $16m, or $1.17 per share on a basic and diluted basis, for the same period of 2008.
Fo r the six month ended June 30, 2009, the company has reported a decrease in revenue by 10% or $420,000 to $3.9m, compared to $4.3m in the first half of 2008.
The company has reported a net loss of $827,000, or $0.06 per share on a basic and diluted basis for the first half of 2009, compared to a net loss of $18.2m, or $1.33 per share on a basic and diluted basis, reported for the same period of 2008.
Birch, chairman of the Board and Interim CEO of DATATRAK International, said: With three consecutive quarters of near break-even performance, we are pleased with the ongoing commitment of our team to execute our strategy to drive operating results. If you adjust for severance charges for the last three quarters and focus on the underlying operational performance of the company our net loss from operations was only $153,000 and $165,000 in the first and second quarter of this year, respectively, and was a slight profit of $15,000 in the fourth quarter of 2008.
“This nine month operating loss of $303,000 compares to a nine month operating loss of $6.9m, excluding impairment charges and severance, for the prior year period. While our progress to date has been substantial, we continue to keep our eye on the prize as we believe profitability and self sustaining cash flow will be key to DATATRAK’s long-term success.
We continue to look for ways to increase our current backlog, and have implemented many new initiatives with this goal in mind. According to new research published in July by IDC Health Insights the use of commercial electronic data capture (EDC) solutions in the life sciences industry continues to grow as companies seek to more quickly and effectively collect and use clinical data to accelerate time to market for new drugs and devices, he added.