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Article Excerpt
-- Conference Call Today at 11:00 A.M. EDT --
NEWTOWN, Pa. -- Bio-Imaging Technologies, Inc. (NASDAQ: BITI), d/b/a BioClinica, a global provider of clinical trial services, today announced its financial results for the quarter ending March 31, 2009. The operating results of Phoenix Data Systems ("PDS"), as a result of the acquisition completed March 24, 2008, are included in the first quarter 2009 financial results but are excluded from the first quarter 2008 financial results. The CapMed division, which was sold on January 6, 2009, was reclassified as a discontinued operation for all periods presented.
Financial highlights for continuing operations for the first quarter of 2009 include:
* Service revenues increased 31% to $14.5 million for the first quarter of 2009 as compared with $11.0 million for the first quarter of 2008. First quarter 2009 service revenue attributable to PDS was $3.7 million.
* Income from continuing operations before interest and taxes decreased 26% in the first quarter of 2009 to $1.2 million as compared with $1.6 million in the first quarter of 2008.
* Income from continuing operations, net of taxes decreased 31% to $786,000 in the first quarter of 2009, or $0.05 per fully diluted share, versus $1,136,000, or $0.09 per fully diluted share, in the first quarter of 2008.
* Backlog was $93.3 million as of March 31, 2009, compared with $96.3 million at March 31,...
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