etrials Posts $1.3 Million Loss, But Revenues Increase 6.7%
Posted March 31, 2006 7:12 a.m. EST
MORRISVILLE, N.C. — etrials
, which went public in February through a merger with CEA Acquisition Corporation, posted a $1.3 million loss in 2005, the company reported Thursday.
etrials provides eClinical software and services for clinical trials.
etrials (Nasdaq: EYWC) reported a 6.7 percent increase in revenues to $13.6 million from $12.8 million in 2004. The company had a net income of $260,000 in 2004.
Costs were driven up in 2005 by the settlement of a patent infringement lawsuit for $420,000.
Looking ahead to 2006, the company said it expected to achieve profitability.
"Based on current contract backlog and expected new contract awards in 2006, etrials expects financial performance in 2006 to show steady, sequential, quarter over quarter performance improvements and be profitable for the year," the company said in a statement.