-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TqnYGRe26u3IR9xb7QXqsyrIH2VRRMzZe1SxhjbWvu/rz8qL+/rSSNns9vtQh4A9 HuGbKacOFuGAjYIut9V6/A== 0000950116-02-000823.txt : 20020424 0000950116-02-000823.hdr.sgml : 20020424 ACCESSION NUMBER: 0000950116-02-000823 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020424 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ERESEARCHTECHNOLOGY INC /DE/ CENTRAL INDEX KEY: 0001026650 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-TESTING LABORATORIES [8734] IRS NUMBER: 223264604 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-29100 FILM NUMBER: 02620111 BUSINESS ADDRESS: STREET 1: 30 SOUTH 17TH STREET CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: 2159720420 MAIL ADDRESS: STREET 1: 30 SOUTH 17TH STREET CITY: PHILADELPHIA STATE: PA ZIP: 19102 FORMER COMPANY: FORMER CONFORMED NAME: PREMIER RESEARCH WORLDWIDE LTD DATE OF NAME CHANGE: 19961107 8-K 1 eightk.txt EIGHT-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 205498 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: April 24, 2002 (Date of earliest event reported) eResearchTechnology, Inc. ----------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 0-29100 22-3264604 - --------------------------------- ------------- ------------------- (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 30 South 17th Street, Philadelphia, PA 19103 --------------------------------------- ------------------ (Address of principal executive offices) (Zip Code) 215-972-0420 ---------------------------------------------------- (Registrant's telephone number, including area code) Item 5. OTHER EVENTS 5.1 Attached hereto as Exhibit 99.1 and incorporated by reference herein is financial information for eResearchTechnology, Inc. for the quarter ended March 31, 2002 and forward-looking statements relating to 2002 as presented in a press release of April 24, 2002. Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (c) Exhibits 99.1 First Quarter 2002 Earnings Press Release dated April 24, 2002. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. eResearchTechnology, Inc. (Registrant) Date: April 24, 2002 By: /s/ Bruce Johnson ------------------------- Bruce Johnson Chief Financial Officer (Principal Financial and Accounting Officer) EX-99.1 3 exh99-1.txt EXHIBIT 99.1 EXHIBIT 99.1 eResearchTechnology, Inc. Reports First Quarter 2002 Operating Results Records Net Income of $0.10 per Share on Revenue Growth of 42% PHILADELPHIA, PA April 24, 2002/PR Newswire/--eResearchTechnology, Inc. (NASDAQ: ERES) reported today its financial results for the first quarter of 2002. Net revenues for the three months ended March 31, 2002 were $8.4 million versus $5.9 million for the three months ended March 31, 2001, an increase of 42%. The company reported net income of $709,000 or $0.10 per share in the first quarter of 2002, compared to a net loss of $5.4 million or $0.78 per share in the first quarter of 2001. The results for the first quarter of 2001 include an investment asset impairment charge of $5.0 million, which reduced net income by $0.71 per share. Company Financial Guidance The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially. For the remainder of 2002, the company expects revenue to grow thirty percent or more for each quarter over the prior year's quarter. The company expects earnings per share to be between $0.10 and $0.13 for the second quarter; between $0.12 and $0.15 in the third quarter; and between $0.15 and $0.18 in the fourth quarter of 2002. With $19.8 million in cash and short-term investments at March 31, 2002, the company has sufficient capital on hand to complete this year's business plan and position the company for future growth. Based in Philadelphia, PA, eResearchTechnology, Inc. (www.eRT.com), is a provider of technology and services to the pharmaceutical, biotechnology and medical device industries on a global basis. The company is a market leader in providing centralized core-diagnostic electrocardiographic (ECG) services to evaluate cardiac safety in clinical development. The Company is also a leader in providing technology and services to streamline the clinical trial process by enabling its customers to automate the collection, analysis, and distribution of clinical data in all phases of clinical development. Statements included in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, and the Company's ability to obtain new contracts and accurately estimate net revenues and net income due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential factors that could affect the Company's financial results can be found in the Company's Report on Form 10-K & 10-Q filed with the Securities and Exchange Commission (SEC). eResearchTechnology, Inc. and Subsidiaries Consolidated Statements of Operations (in thousands, except per share information)
For the Three Months Ended March 31, 2002 March 31, 2001 -------------- -------------- (unaudited) Net revenues: Licenses and subscriptions $ 754 $ 26 Services 7,607 5,868 -------------- -------------- Total net revenues 8,361 5,894 -------------- -------------- Costs of revenues: Cost of licenses and subscriptions 134 106 Cost of services 3,401 3,114 -------------- -------------- Total costs of revenues 3,535 3,220 -------------- -------------- Gross margin 4,826 2,674 -------------- -------------- Operating expenses: Selling and marketing 1,475 1,329 General and administrative 1,342 1,329 Research and development 1,159 1,249 -------------- -------------- Total operating expenses 3,976 3,907 -------------- -------------- Operating income (loss) 850 (1,233) Interest income, net 158 361 Investment asset impairment charge -- (4,970) Gain on sale of domestic CRO operations 35 232 -------------- -------------- Income (loss) before income taxes 1,043 (5,610) Income tax provision (benefit) 334 (279) Minority interest dividend -- 116 -------------- -------------- Net income (loss) $ 709 $ (5,447) ============== ============== Basic and diluted net income (loss) per share $ 0.10 $ (0.78) ============== ==============
Consolidated Balance Sheet Information (in thousands, unaudited)
March 31, 2002 December 31, 2001 -------------- ----------------- Cash and Short-term Investments $ 19,776 $ 18,429 Working Capital 20,825 20,689 Total Assets 43,495 41,000 Shareholders' Equity 33,780 32,792
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