During February 2013, the Company used a portion of the net proceeds from the sales of its clinical trial services business to repay all $29.3 million of its then outstanding bank debt.
In February 2013, the Company sold its clinical trial services business for $52.0 million, plus an earn-out of up to $3.75 million related to certain performance-based milestones. Accordingly, this business is being accounted for as discontinued operations. For the fourth quarter of 2012, loss from discontinued operations was $6.5 million after-tax, or $(0.21) per diluted share, and included a non-cash goodwill impairment charge in the fourth quarter of 2012 of $7.3 million after-tax, or $(0.24) per diluted share.
Guidance for First Quarter 2013The following statements are based on current management expectations. Such statements are forward-looking and actual results may differ materially. These statements do not include the potential impact of any future mergers, acquisitions or other business combinations, any impairment charges or valuation allowances, or significant legal proceedings. For the first quarter of 2013, the Company expects:
- Revenue to be in the $110.0 million to $112.0 million range.
- Gross profit margin to be in the 24.5% to 25.0% range.
- Adjusted EBITDA from continuing operations margin to be in the 0.0% to 2.0% range. Adjusted EBITDA, a non-GAAP financial measure, is defined in the accompanying financial statement tables.
- Earnings per diluted share to be essentially at break-even.