Business
Datatrak International, Inc. Reports First Quarter Results for 2020
Datatrak International, Inc. Reports First Quarter Results for 2020.
About this update from Datatrak International, Inc.
[{"type":"text","content":"\n CLEVELAND, OH, May 06, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Datatrak International, Inc. (OTC Markets: DTRK), a worldwide Software-as-a-Service (“SaaS”) provider and innovation leader of cloud-based technologies for the life sciences industry, today announced its operating results for the first quarter of 2020.  Financial Highlights: Datatrak was profitable for the first quarter of 2020.  Revenue for the first quarter of 2020 was $1,951,000 compared to $1,922,000 for the first quarter of 2019.  Direct costs decreased by $46,000 for the three months ended March 31, 2020 compared to the three months ended March 31, 2019 due to less amortization related to software development efforts that have been placed into production, which was partially offset by higher employee costs.  The Company’s gross profit margin was 75% for the three months ended March 31, 2020 compared to 72% for the three months ended March 31, 2019.  SG&A expenses increased by $179,000 for the three months ended March 31, 2020 compared to the three months ended March 31, 2019.  The increase in SG&A expenses was driven by higher employee expenses, due to salary adjustments and lower software capitalization, and consulting costs. However, travel and legal costs decreased for the three months ended March 31, 2020 compared to the three months ended March 31, 2019.  Depreciation and amortization was $4,000 and $5,000 for the three months ended March 31, 2020 and 2019, respectively.  As a result of the items discussed, Datatrak had income from operations of $62,000 for the three months ended March 31, 2020 compared to $165,000 for the three months ended March 31, 2019.  After other income of $4,000 for the three months ended March 31, 2020 and $1,000 for the three months ended March 31, 2019, the Company’s net income for the three months ended March 31, 2020 was $66,000 compared to $166,000 for the three months ended March 31, 2019. Datatrak’s backlog at March 31, 2020 was $12.3 million compared to a backlog of $13.3 million at December 31, 2019.  Backlog consists of future value from authorization letters to commence services, statements of work, technology and services agreements, change orders and other customer contracts...