East Resources Acquisition (NASDAQ:ERES)
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eResearchTechnology, Inc. Updates First Quarter Outlook
PHILADELPHIA, March 10 /PRNewswire-FirstCall/ -- eResearchTechnology, Inc.
(eRT), (NASDAQ:ERES), a leading provider of centralized electrocardiographic
(ECG) collection and interpretation services, updated its outlook for the first
quarter ended March 31, 2005.
eRT expects revenue in the first quarter to be 12 to 18% below the low end of
the previous guidance range due to delays in trial starts, reluctance of
sponsors to initiate thorough cardiac safety studies until there is further
regulatory guidance, and uncertainty related to the timing of closing targeted
one-time system and technology contracts in the quarter. Due to the relatively
fixed nature of the operating expenses, the percentage impact on earnings per
share will be greater than on revenue.
"As we have previously disclosed, there is a considerable amount of uncertainty
in the clinical research or drug development industry at this time, due in part
to evolving regulatory guidance. Such uncertainty has caused a slowing in new
signings as well as delays in the initiation of new studies. This trend has
continued in the first quarter. We believe that regulators will reinforce the
importance of cardiac safety testing in clinical trials at the upcoming
targeted conferences on this issue in April and May 2005, and will further
clarify the regulatory guidance last provided in September 2004, so that the
continued uncertainty that we believe has temporarily impacted our industry
will be alleviated," commented Joseph Esposito, President and CEO.
The company plans to announce complete first quarter results on April 27, 2005
and will provide additional information regarding full year 2005 revenues and
earnings at that time based on having more complete information including the
status on contracts received by the end of the quarter.
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 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
Forms 10-K and 10-Q filed with the Securities and Exchange Commission. The
company undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events, or otherwise.
DATASOURCE: eResearchTechnology, Inc.
CONTACT: Bruce Johnson of eResearchTechnology, Inc., +1-215-282-5580; or
Matt Hayden of Hayden Communications, +1-858-704-5065, for
eResearchTechnology
Web site: http://www.ert.com/