Click here to close now.

Welcome!

.NET Authors: Jayaram Krishnaswamy, Adine Deford, Peter Silva, Pat Romanski, Kevin Benedict

News Feed Item

DATATRAK International, Inc. Reports Third Quarter 2012 Results

59% Increase in Backlog - 21% Increase in Revenue - Highest Cash Balance in Four Years

CLEVELAND, Nov. 12, 2012  /PRNewswire/ -- DATATRAK International, Inc. (OTCQX: DATA), a leader in developing cloud-based, unified eClinical™ technologies and delivering related services for the clinical trials industry, today announced its operating results for the third quarter of 2012.

"DATATRAK's robust third quarter performance demonstrates the realization of the strategic investments we continue to make.  We believe our results indicate that the industry is beginning to embrace the benefits of our DATATRAK ONE™ unified platform," stated Laurence P. Birch, DATATRAK's Chairman of the Board and CEO.  "As the cost for new drug development is ever increasing, we believe DATATRAK offers what others cannot – a true Total Cost of Ownership advantage.  In our opinion, our competitors mask their high pricing and inefficiencies by emphasizing paper to EDC efficiencies.  The sophisticated simplicity of our cloud-based unified platform drives down total trial costs, while also offering a lower cost solution.  DATATRAK is a global company, transforming the drug development process with global solutions – from Concept to Cure®."

Highlights for the third quarter of 2012 include:

  • Revenues for the third quarter of 2012 increased 21% over the comparable period for 2011
  • Gross Profit Margin remained stable at 84%
  • Backlog at the end of the quarter totaled approximately $18.3 million – a 59% increase over backlog at December 31, 2011 and the highest balance in 7 years
  • Cash balance at quarter end of $2.6M is the highest balance since 2008
  • Solid new contract sales results:
    • New contract sales year-to-date for 2012 outpaced 2011 and 2010 new contract sales by 57% and 99%, respectively
    • In Q3, recognizing the benefits of a unified cloud Technology, 88% of all new clients purchased multiple products within the DATATRAK ONE™ Platform
  • Expanded diversity of client base utilizing benefits of DATATRAK's Unified Cloud-based Clinical Research Platform
    • Bellicum Pharmaceuticals awarded DATATRAK a multi-million dollar, five-year technology agreement.  Bellicum uses Chemical Induction of Dimerization technology to treat human disease.

In other news, the Company announced that its Board of Directors appointed Ms. Jennifer Mabe Fox as Chief Financial Officer. Ms. Mabe Fox has been serving as the VP of Finance and Quality at DATATRAK since August 2011, and will continue to lead the Company's finance, quality and investor relations functions in her new role.

"Jennifer is very talented and has made valuable contributions to our Company," said Mr. Birch. "Her promotion is well deserved."

Ms. Mabe Fox has 17 years accounting and finance experience with 14 years industry experience. Ms. Mabe Fox was previously the CFO and VP of Finance and Quality Control for ClickFind, which was acquired by DATATRAK in 2006. Ms. Mabe Fox earned a Bachelor of Science degree in Economics and a Master of Science degree in Accounting from Texas A&M University. She is also a Certified Public Accountant and a Chartered Global Management Accountant.

Financial Highlights:
Driven by the continued improvement in backlog and new contract sales, revenue for the third quarter of 2012 increased 21% to $2.5 million compared to $2.1 million in the third quarter of 2011.  The gross profit margin remained stable at 84% for the three months ended September 30, 2012 and for the three months ended September 30, 2011.  The Company's loss from operations for the three months ended September 30, 2012 was $(456,000) compared to $(466,000) for the corresponding period in the prior year.  The operating results for both years reflect the Company's planned strategic expansion of the Sales, Marketing and Software Development, as well as the accrual of management incentive plan awards and sales compensation awards; whereas 2012 also reflects strategic investments in Finance, Quality Assurance, and consulting costs to complete user interface enhancements.

DATATRAK's backlog at September 30, 2012 was $18.3 million compared to a backlog of $11.6 million at December 31, 2011.  Backlog consists of future value from authorization letters to commence services, statements of work, technology and services agreements, change orders and other customer contracts, billed and unbilled.  The improvement in backlog from December 31, 2011 to September 30, 2012 was due to the increase in new contract sales.  New contract sales year-to-date for 2012 outpaced 2011 new contract sales by 57%.

About DATATRAK International, Inc.
DATATRAK International is a worldwide technology and services company delivering eClinical solutions and related services for the clinical trials industry.  DATATRAK built its multi-component, comprehensive solution on a single, unified platform and expanded this concept to include services delivery via DATATRAK's Clinical and Consulting Services™ group.  The Company delivers a complete portfolio of software products designed to accelerate the reporting of clinical research data from sites to sponsors and ultimately regulatory authorities, faster and more efficiently than loosely integrated technologies.  The DATATRAK ONE™ software solution, deployed worldwide through an ASP or Enterprise Transfer offering, supports Phase I - Phase IV drug and device studies in multiple languages throughout the world.  DATATRAK has offices located in Cleveland, Ohio; Bryan, Texas; and Cary (RTP), North Carolina. For more information, visit http://www.datatrak.net.

All contracts are subject to possible delays or cancellation or can change in scope in a positive or negative direction.  Therefore, current backlog is not necessarily indicative of the Company's future quarterly or annual revenue.  Historically, backlog has been a poor predictor of the Company's short-term revenue.

Except for the historical information contained in this press release, the statements made in this release are forward-looking statements.  These forward-looking statements are made based on management's expectations, assumptions, estimates and current beliefs concerning the operations, future results and prospects of the Company and are subject to uncertainties and factors which are difficult to predict and, in many instances, are beyond the control of the Company, and which could cause actual results to differ materially from those contemplated in these forward-looking statements.  For a list of certain factors that may cause actual results to differ materially from those contemplated in these forward looking statements, please see the Company's report filed with the OTCQX Market on August 15, 2012 announcing its results for the three-month period ending June 30, 2012. The Company undertakes no obligation to update publicly or revise any forward-looking statement whether as a result of new information, future events or otherwise.

 

DATATRAK International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet Data
(Unaudited)


September 30, 2012

December 31, 2011

Cash and investments

$2,580,502

$2,298,690

Accounts receivable, net

1,409,390

758,727

Property & equipment, net

101,866

179,320

Deferred tax assets

11,800

38,500

Other

496,553

393,073

   Total assets

$4,600,111

$3,668,310




Accounts payable and other current liabilities

$1,872,842

$1,623,714

Deferred revenue

4,642,603

3,159,247

Deferred tax liabilities

11,800

38,500

Other long-term liabilities

15,508

29,557

Shareholders'  deficit

(1,942,642)

(1,182,708)

   Total liabilities and shareholders' deficit

$4,600,111

$3,668,310




 

 

DATATRAK International, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)


For the Three Months Ended September 30,


2012

2011

Revenue

$2,483,704

$2,050,688

Direct costs

405,434

337,103

   Gross profit

2,078,270

1,713,585




Selling, general and administrative expenses

2,495,148

2,140,247

Depreciation and amortization

38,910

39,131

   Loss from operations

(455,788)

(465,793)




Interest income

131

89

Interest expense

(3,572)

(3,680)

Other income

255,393

   Net loss

$ (459,229)

$  (213,991)

     Net loss per share:



          Net loss per share, basic and diluted

$       (0.03)

$        (0.01)

          Weighted-average shares outstanding, basic and diluted

15,335,329

14,527,705

 

 

DATATRAK International, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)

 


For the Nine Months Ended September 30,


2012

2011




Revenue

$6,939,636

$6,071,861

Direct costs

1,206,732

1,022,297

   Gross profit

5,732,904

5,049,564




Selling, general and administrative expenses

7,045,613

5,748,863

Depreciation and amortization

116,660

118,266

   Loss from operations

(1,429,369)

(817,565)




Interest income

410

408

Interest expense

(9,218)

(10,935)

Other income

255,393










   Net loss

$(1,438,177)

$  (572,699)

     Net loss per share:



          Net loss per share, basic and



          Diluted

$        (0.10)

$       (0.04)

          Weighted-average shares outstanding

15,120,764

14,321,817





SOURCE DATATRAK International, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborate. Cisco and our partners are building the platform for the Internet of Everything by connecting the...
15th Cloud Expo, which took place Nov. 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, expanded the conference content of @ThingsExpo, Big Data Expo, and DevOps Summit to include two developer events. IBM held a Bluemix Developer Playground on November 5 and ElasticBox held a Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of Bluemix, its services and functionality and provide short-term introductory projects that developers can complete between sessions.
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things compatible devices.
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
The list of ‘new paradigm’ technologies that now surrounds us appears to be at an all time high. From cloud computing and Big Data analytics to Bring Your Own Device (BYOD) and the Internet of Things (IoT), today we have to deal with what the industry likes to call ‘paradigm shifts’ at every level of IT. This is disruption; of course, we understand that – change is almost always disruptive.
WebRTC is an up-and-coming standard that enables real-time voice and video to be directly embedded into browsers making the browser a primary user interface for communications and collaboration. WebRTC runs in a number of browsers today and is currently supported in over a billion installed browsers globally, across a range of platform OS and devices. Today, organizations that choose to deploy WebRTC applications and use a host machine that supports audio through USB or Bluetooth can use Plantronics products to connect and transit or receive the audio associated with the WebRTC session.
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
Sonus Networks introduced the Sonus WebRTC Services Solution, a virtualized Web Real-Time Communications (WebRTC) offer, purpose-built for the Cloud. The WebRTC Services Solution provides signaling from WebRTC-to-WebRTC applications and interworking from WebRTC-to-Session Initiation Protocol (SIP), delivering advanced real-time communications capabilities on mobile applications and on websites, which are accessible via a browser.
SYS-CON Events announced today that Aria Systems, the leading innovator in recurring revenue, has been named “Bronze Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Proven by the world’s most demanding enterprises, including AAA NCNU, Constant Contact, Falck, Hootsuite, Pitney Bowes, Telekom Denmark, and VMware, Aria helps enterprises grow their recurring revenue businesses. With Aria’s end-to-end active monetization platform, global brands can get to market faster with a wider variety of products and services, while maximizin...
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
SYS-CON Events announced today that Alert Logic, the leading provider of Security-as-a-Service solutions for the cloud, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® and DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo® and DevOps Summit 2015 Silicon Valley, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dr...
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make smarter decisions, faster.
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective storage designed to handle the massive surge in back-end data in a world where timely analytics is e...
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Things. Akana enables enterprises to share data as APIs, connect and integrate applications, drive part...
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and sim...
Cloud is not a commodity. And no matter what you call it, computing doesn’t come out of the sky. It comes from physical hardware inside brick and mortar facilities connected by hundreds of miles of networking cable. And no two clouds are built the same way. SoftLayer gives you the highest performing cloud infrastructure available. One platform that takes data centers around the world that are full of the widest range of cloud computing options, and then integrates and automates everything. Join SoftLayer on June 9 at 16th Cloud Expo to learn about IBM Cloud's SoftLayer platform, explore se...