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PDI Inc. (PDII) filed Quarterly Report for the period ended 2011-09-30.
Pdi Inc. has a market cap of $100.2 million; its shares were traded at around $6.8 with and P/S ratio of 0.7.
This is the annual revenues and earnings per share of PDII over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of PDII.
Highlight of Business Operations:
We paid cash (net) of approximately $23.9 million for Group DCA, of which $1.3 million was placed in escrow. As of September 30, 2011, $1.3 million remains in escrow and any remaining amounts will be paid in May 2012, eighteen months from the date of acquisition. The final purchase price is subject to working capital adjustment in accordance with the purchase agreement. The purchase agreement also provides for the members of Group DCA to earn up to an additional $30 million from the date of acquisition through December 31, 2012. These payouts are based on Group DCA's achievement of revenue and gross profit metrics and range up to: $5.0 million in the period ended December 31, 2010; and $12.5 million in each of the years ending December 31, 2011 and 2012. The metrics for payments related to the period ended December 31, 2010 were not achieved.Revenue in our Sales Services segment for the quarter ended September 30, 2011 decreased by $4.0 million, or 12.1%, to $29.3 million, compared to the quarter ended September 30, 2010. The decrease in Sales Services revenue was primarily due to new business wins in the second half of 2010 and 2011 of $7.5 million being more than offset by non-renewal of contracts totaling $10.5 million and a reduction in revenue from existing contracts of approximately $1.0 million.
Revenue in our Sales Services segment for the nine-month period ended September 30, 2011 increased by $14.3 million, or 15.5%, to $106.2 million, compared to the nine-month period ended September 30, 2010. The increase in Sales Services revenue was primarily due to business wins in the second half of 2010 totaling approximately $27.9 million and 2011 new business wins of $5.5 million, partially offset by a reduction in revenue from the expiration of certain existing contracts and the reduction in size of certain other existing contracts totaling approximately $19.1 million.
Revenue in the Marketing Services segment for the nine-month period ended September 30, 2011 increased by $6.2 million, or 77.6%, to $14.2 million, compared to the nine-month period ended September 30, 2010. This increase was primarily attributable to the addition of $8.8 million of revenue from Group DCA, partially offset by revenue from our Pharmakon business unit decreasing approximately $2.6 million compared to the nine-month period ended September 30, 2010. Pharmakon s decrease in revenue, net was the result of a decrease in program attendee revenue of $1.2 million, a decrease in direct mail campaign revenue of $0.9 million, and a decrease of $0.5 million in other ancillary revenues.
For the nine-month period ended September 30, 2011, net cash provided by operating activities was $3.1 million, compared to $12.5 million of net cash provided by operating activities for the nine-month period ended September 30, 2010. The main components of cash provided by operating activities during the nine-month period ended September 30, 2011 were the non-cash expense items of approximately $4.1 million and an increase in unearned contract revenue of $8.0 million, partially offset by a decrease in other accrued expenses of $4.0 million and long-term liabilities of $2.1 million. The main components of cash provided by operating activities during the nine-month period ended September 30, 2010 were an increase in accrued salaries and bonus of $3.4 million, an increase in other accrued expenses of $3.8 million and the receipt of a $3.3 million income tax refund, partially offset by a net loss of $4.3 million.
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