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eResearch Technology Revenues Down 60% in ‘09

Wednesday, March 3, 2010 06:05 AM

Philadelphia-based eResearch Technology (ERT) reported a 60% drop in net income in 2009 compared with 2008. Net income in 2009 was $10.7 million, or $0.22 per diluted share, compared with $25 million, or $0.48 per diluted share, for full-year 2008.

Net revenues were $93.8 million for the year, compared with $133.1 million in 2008.

Net revenue for the fourth quarter 2009 was $23.1 million, compared with $30.1 million for the same period a year ago. Net income for the fourth quarter was $3.3 million, or $0.07 per diluted share—down from $5.7 million, or $0.11 per diluted share, in Q4 2008.

For 2010, ERT anticipates net revenues of between $98 million and $105 million and diluted net income per share of between $0.28 and $0.34.

 

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