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Datatrak International, Inc. Reports Results for Third Quarter and First Nine Months of 2020
Datatrak International, Inc. Reports Results for Third Quarter and First Nine Months of 2020.
About this update from Datatrak International, Inc.
[{"type":"text","content":"\n CLEVELAND, OH, Nov. 10, 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 third quarter and the first nine months of 2020.  Financial Highlights: Revenue for the third quarter of 2020 was $1,752,000 compared to $2,028,000 for the third quarter of 2019. Despite the overall decrease in revenue, the Company has seen a significant increase in the number of new contracts and new customers during 2020 compared to the last three years. Direct costs decreased by $92,000 to $490,000 for the three months ended September 30, 2020 compared to $582,000 for the three months ended September 30, 2019 due to less amortization related to software development efforts that have been placed into production.  The Company’s gross margin increased to 72% for the three months ended September 30, 2020 compared to 71% for the three months ended September 30, 2019.  Selling, general and administrative (“SG&A”) expenses decreased by $75,000 to $1,288,000 for the three months ended September 30, 2020 compared to $1,363,000 for the three months ended September 30, 2019.  The decrease in SG&A expenses was driven by lower employee expenses, due to personnel changes and partially offset by higher recruiting costs.  Depreciation and amortization was $2,000 and $5,000 for the three months ended September 30, 2020 and 2019, respectively.  As a result of the items discussed, Datatrak had a loss from operations for the three months ended September 30, 2020 of ($28,000) compared to income from operations of $79,000 for the three months ended September 30, 2019.  After other income of $1,000 for the three months ended September 30, 2020 and $3,000 for the three months ended September 30, 2019, the Company’s net loss for the three months ended September 30, 2020 was ($27,000) compared to net income of $82,000 for the three months ended September 30, 2019. Revenue for the first nine months of 2020 was $5,448,000 compared to $5,834,000 for the first nine months of 2019.  Despite the overall decrease in revenue, the Company has ...