ERT (ERES), formerly eResearchTechnology, Inc., a provider of technology-based products and services to the pharmaceutical and medical device industries, reported Thursday a rise in fourth-quarter profit, helped by an increase in revenues. In addition, the company provided an outlook for the first quarter and fiscal 2009.
The Philadelphia, Pennsylvania-based company's quarterly net income increased 9.8% to $5.7 million or $0.11 per share from $5.2 million or $0.10 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.13 per share for the quarter. Analysts' estimates typically exclude special items.
Total net revenues for the quarter grew to $30.1 million from $28.9 million in the earlier year. Analysts estimated revenues of $34.2 million for the quarter.
Total operating expenses increased to $9 million from $8 million a year ago.
New bookings during the quarter were $45.1 million, an increase of 15.1% over $39.2 million in the year earlier.
For the fiscal year, the company posted net income of $25 million or $0.48 per share, compared to $15.3 million or $0.29 per share in the previous year. Net revenues for the year increased to $133.1 million from $98.7 million in the prior year.
Backlog increased to $166.5 million as of December 31, 2008, an increase of 18.8% from the prior year.
Looking ahead to first quarter, the company expects earnings in the range of $0.01 to $0.04 per share. Revenues are expected to be between $21 million and $24 million.
For the full year 2009, ERT anticipates earnings in the range of $0.25 - $0.43 and revenues between $105 million and $125 million.
Michael McKelvey, president and chief executive officer said, "In 2009 we anticipate lower revenues due mostly to delays in Thorough QT bookings and trial starts and also as a result of a higher proportion of our bookings being in longer-to-recognize Phase III studies."
ERES closed Thursday's regular trading at $6.45 on the Nasdaq.
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