Business
Datatrak International, Inc. Reports Fourth Quarter and Full Year Results for 2019
Datatrak International, Inc. Reports Fourth Quarter and Full Year Results for 2019.
About this update from Datatrak International, Inc.
[{"type":"text","content":"\n CLEVELAND, March 24, 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 fourth quarter and full year of 2019. Financial Highlights: Datatrak achieved its fourth consecutive year and seventh consecutive quarter of profitability.  Revenue for the fourth quarter of 2019 was $1,909,000 compared to $1,915,000 for the fourth quarter of 2018.  Direct costs decreased by $48,000 for the three months ended December 31, 2019 compared to the three months ended December 31, 2018 due to lower employee costs, a higher capitalization of software development and less amortization related to software development efforts that have been placed into production.  The Company’s gross profit margin was 73% for the three months ended December 31, 2019 compared to 71% for the three months ended December 31, 2018.  SG&A costs decreased by $38,000 for the comparable quarters.  The Company saw decreases in equipment and licensing costs, as well as employee expenses, legal and state taxes.  These decreases were partially offset by higher consulting and travel costs.  Depreciation and amortization was $5,000 for both the three months ended December 31, 2019 and 2018.  As a result of the items discussed, Datatrak had income from operations for the three months ended December 31, 2019 of $102,000 compared to $21,000 for the three months ended December 31, 2018.  After other income of $6,000 for the fourth quarter of 2019 compared to other expense of $(1,000) for the fourth quarter of 2018, the Company’s net income for the three months ended December 31, 2019 was $108,000 compared to $20,000 for the three months ended December 31, 2018. Datatrak’s full year revenue for 2019 was $7,743,000 compared to $7,447,000 for the full year of 2018.  Direct costs increased $149,000 for the year ended December 31, 2019 compared to the year ended December 31, 2018 due to new employees hired in the third quarter of 2018 and an increase in amortization related to software development efforts that have been placed into production.  These increases were partially offset...