) fell 3.7% to close at $4.91 after the company posted dismal
fourth-quarter earnings results on Feb 27. Loss came in at 25
cents per share, wider than the Zacks Consensus Estimate loss of
11 cents and the year-ago loss of 3 cents.
Loss per share of 83 cents for full-year 2013 came in narrower
than the loss of $1.75 incurred in 2012. Revenues for 2013
grossed $150.8 million, up 18.8% over 2012.
Behind the Headlines
Total revenue of PDI Inc. grossed nearly $36.4 million in the
quarter, improving 2% year over year, largely on the back of
higher contribution from the Sales Services segment. The top line
was ahead of the Zacks Consensus Estimate of $38 million.
While Sales Services revenues improved 6.6%, Product
Commercialization Services revenues increased 7.3% year over
year. Marketing Services revenues, on the other hand, plunged 71%
year over year.
Gross margin contracted 75 basis points to 12.1%.
Total operating expense dipped to $8.0 million due to an absence
of asset impairment and a facilities realignment in the reported
Adjusted operating loss was $3.6 million, which compared
unfavorably with profit of $0.284 million earned in the year-ago
Adjusted earnings before income taxes, interest expenses,
interest income, depreciation and amortization (EBITDA) was
negative $2.9 million versus earnings of $1.1 million in the
PDI Inc. exited 2013 with cash and cash equivalents of $45.6
million, decreasing from $52.8 million as of Dec 31, 2012.
Total assets were valued at $69.1 million versus $78.4 million at
2012 end. Total stockholders' equity came in at $32.4 million
versus $35.6 million at 2012-end.
Cash used in operating activities by PDI Inc. was $3.5 million in
2013, higher than $10.3 million used in 2012.
PDI Inc. upgraded internal systems for CSO business and completed
and launched the innovative new software platform - PD One.
The company also began execution of strategy through Interpace
Diagnostics to be a commercialization partner for companies in
the molecular diagnostics industry. PDI Inc. entered into two
collaboration agreements to commercialize molecular diagnostic
PDI Inc. expects 2014 revenues in core business to be down
slightly from the 2013 level. Gross profit is expected to remain
flat year over year as profit from higher margin offerings and
continued improvements in cost of services offset much of the
impact of lower revenues.
Operating expenses are estimated to be lower than the 2013
number, as a result of which operating loss is expected to
Adjusted EBITDA from the core business is projected to be
slightly positive. This guidance excludes the impact of Interpace
PDI Inc. presently holds a Zacks Rank #2 (Buy).
Performance of Other Business Service Providers
SouFun Holdings Ltd.
) reported fourth-quarter operating earnings of $1.41 per share
which exceeded the Zacks Consensus Estimate by 34.5%. Results
surged 86% year over year.
) delivered fourth-quarter 2013 operating loss of 3 cents per
share, narrower than the Zacks Consensus Estimate loss of 13
cents and the year-ago loss of 15 cents per share.
) posted fourth-quarter loss per share of 20 cents, wider than
the Zacks Consensus Estimate loss of 17 cents but narrower than
the loss of 34 cents per share incurred in the year-ago
PDI INC (PDII): Free Stock Analysis Report
RENTRAK CORP (RENT): Free Stock Analysis
SOUFUN HLDG-ADR (SFUN): Free Stock Analysis
VIAD CORP (VVI): Free Stock Analysis Report
To read this article on Zacks.com click here.