Business
Datatrak International, Inc. Reports Results for Second Quarter and First Half of 2020
Datatrak International, Inc. Reports Results for Second Quarter and First Half of 2020.
About this update from Datatrak International, Inc.
[{"type":"text","content":"\n CLEVELAND, Aug. 05, 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 second quarter and the first half of 2020. Financial Highlights: Revenue for the second quarter of 2020 was $1,745,000 compared to $1,884,000 for the second quarter of 2019.  Despite the overall decrease in revenue, the Company has seen a rise in the number of new contracts and new customers during the second quarter of 2020 compared to the second quarter of 2019.  Direct costs decreased by $104,000 for the three months ended June 30, 2020 compared to the three months ended June 30, 2019 due to less amortization related to software development efforts that have been placed into production.  There was also a decrease in employee costs due to a higher percentage of direct employee costs being included in capitalized software development efforts for the three months ended June 30, 2020 compared to the three months ended June 30, 2019.  The Company’s gross margin was 73% for the three months ended June 30, 2020 compared to 70% for the three months ended June 30, 2019.  Selling, general and administrative (“SG&A”) expenses increased by $34,000 for the three months ended June 30, 2020 compared to the three months ended June 30, 2019.  The increase in SG&A expenses was driven by higher employee expenses, due to lower software capitalization and salary adjustments, and consulting costs.  However, travel and advertising costs decreased for the three months ended June 30, 2020 compared to the three months ended June 30, 2019.  Depreciation and amortization was $3,000 and $5,000 for the three months ended June 30, 2020 and 2019, respectively.  As a result of the items discussed, Datatrak had a loss from operations for the three months ended June 30, 2020 of ($39,000) compared to income from operations of $28,000 for the three months ended June 30, 2019.  After other expenses of ($2,000) for the three months ended June 30, 2020 and other income of $2,000 for the three months ended June 30, 2019, the Company’s net loss for the three months ended June 30, 20...