eResearchTechnology Confirms That it Will Meet or Exceed Fourth Quarter and 2004 Guidance
November 11 2003 - 9:39AM
PR Newswire (US)
eResearchTechnology Confirms That it Will Meet or Exceed Fourth
Quarter and 2004 Guidance PHILADELPHIA, Nov. 11
/PRNewswire-FirstCall/ -- eResearchTechnology, Inc. reaffirms its
guidance for the remainder of 2003 and 2004. It expects to report
fourth quarter revenues for the quarter ended December 31, 2003 of
$18.7 to $19.0 million and earnings of $0.19 to $0.20 per diluted
share. For the full year of 2003, it expects revenues of $64.5 to
$64.8 million and expects diluted earnings per share of $0.57 to
$0.58. eRT expects to report revenues of $99 to $101 million and
earnings of $1.02 to $1.05 per diluted share for 2004. The guidance
does not include the impact of the 3-for-2 stock split previously
announced. The company will issue one additional share of common
stock for every two shares held by holders of record at the close
of business on November 5, 2003. Cash will be paid in lieu of
fractional shares. The shares will be distributed on November 26,
2003. "Management of eRT is confident in its ability to meet or
exceed its current guidance," said Joseph Esposito, eRT's president
and chief executive officer. "Despite diversification of shares by
members of our board and executive management team, including
myself, we remain confident about the company's future prospects."
The company reported total direct and indirect holdings of its
directors and executive officers at more than 4 million shares of
the company's common stock, including vested and unvested options,
which is 65% of their original holdings prior to any 2003 sales.
Based in Philadelphia, PA, eResearchTechnology, Inc.
(http://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) technology
and services to evaluate cardiac safety in clinical development.
The company is also a leader in providing technology and services
to streamline the clinical trials 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 may constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements, including, but not limited to, 2003 and 2004
guidance, 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 due to variability in size, scope and
duration of projects, and internal issues in the sponsoring client.
As a result, actual results may differ materially from any
financial outlooks stated herein. Further information on potential
factors that could affect the company's financial results can be
found in the company's Reports on Form 10-K and 10-Q filed with the
Securities and Exchange Commission. DATASOURCE:
eResearchTechnology, Inc. CONTACT: Bruce Johnson,
eResearchTechnology, Inc., +1-215-282-5580; or Matt Hayden, Hayden
Communications, +1-760-487-1137, for eResearchTechnology, Inc. Web
site: http://www.ert.com/
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