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EXHIBIT 99
[CELERIS CORPORATION LOGO] NEWS RELEASE
CONTACT: PAUL R. JOHNSON
CHIEF FINANCIAL OFFICER
(615) 341-0223
CELERIS CORPORATION REPORTS BOTTOM LINE IMPROVEMENT
FOR FIRST QUARTER 2001
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Company Maintaining Strong Backlog of Contracts
NASHVILLE, Tennessee (April 24, 2001) -- Celeris Corporation (Nasdaq/NM:CRSC), a
provider of specialty clinical research services to pharmaceutical, medical
device and biotechnology companies, today announced results from operations for
the first quarter ended March 31, 2001. The Company also announced that its
backlog of contracts remained relatively constant, down slightly from the prior
quarter to $11.9 million for the first quarter of 2001.
Barbara A. Cannon, president and chief executive officer of Celeris
Corporation, said, "We are pleased to report that the first quarter of 2001
represents a continuation of two very important trends - a strong backlog of
contracts as well as a decrease in the Company's loss for the quarter. We expect
this momentum to continue throughout the remainder of 2001. Clients value our
service excellence and KnowledgePort(TM) capabilities, which propel us closer to
our profitability goal."
Revenues for the first quarter ended March 31, 2001, were $2.4 million
compared with revenues of $3.0 million for the first quarter of 2000. Net loss
for the quarter ended March 31, 2001, was $742,000, or $0.22 per diluted share,
compared with a loss of $846,000, or $0.27 per diluted share, in the prior-year
quarter.
A listen-only simulcast and 30-day replay of Celeris' first quarter
conference call will be available online at www.celeriscorp.com or
www.streetevents.com on April 25, 2001, beginning at 11:00 a.m. Eastern time.
Celeris Corporation is a provider of specialty clinical research
services and information technology services that expedite and streamline the
clinical trial and regulatory submission process for pharmaceutical, medical
device and biotechnology manufacturers.
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CRSC Reports First Quarter Results
Page 2
April 24, 2001
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This press release may contain "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These forward-looking
statements include statements of intent, belief or current expectations of
Celeris Corporation and its management. Such forward-looking statements are not
guarantees of future results and involve risks and uncertainties that may cause
actual results to differ materially from the results discussed in the
forward-looking statements. Risks and uncertainties that may cause such
differences include, but are not limited to the uncertainty of market acceptance
of the Company's clinical research services; changes in the Company's backlog
including potential cancellation, delay or change in the scope of client
contracts for clinical research services; the Company's dependence on a single
client for a material portion of the Company's revenues; the market acceptance
of the Company's Internet capabilities; the possibility that the Company may be
unable to regain compliance with Nasdaq National Market continued listing
requirements; and other risk factors detailed in the Company's Securities and
Exchange Commission filings, including the Company's Form 10-K for the year
ended December 31, 2000.
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CRSC Reports First Quarter Results
Page 3
April 24, 2001
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CELERIS CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended
March 31,
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2001 2000
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Revenues:
Clinical research services $ 2,201 $ 2,789
Project pass-through expenses 176 240
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2,377 3,029
Cost of sales:
Direct costs 1,456 1,957
Project pass-through expenses 176 240
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1,632 2,197
Gross profit 745 832
Operating expenses 1,543 1,777
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Loss from operations (798) (945)
Interest income, net 56 99
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Net loss $ (742) $ (846)
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Basic and diluted loss per common share $ (0.22) $ (0.27)
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Basic and diluted weighted average shares outstanding 3,316 3,124
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CRSC Reports First Quarter Results
Page 4
April 24, 2001
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CELERIS CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, Dec. 31,
2001 2000
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ASSETS
Current Assets:
Cash, cash equivalents, restricted funds, and
short-term investments $ 4,834 $ 5,238
Accounts receivable, net of allowance of
$237 and $258, respectively 1,474 1,868
Other current assets 237 216
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Total current assets 6,545 7,322
Net furniture, fixtures and equipment 1,180 1,325
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Total Assets $ 7,725 $ 8,647
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued expenses $ 1,014 $ 1,087
Deferred revenue and payables 532 605
Current portion of capital lease obligation 126 124
Net current liabilities of discontinued operations 95 99
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Total current liabilities 1,767 1,915
Long-term portion of capital lease obligation 91 123
Shareholders' Equity:
Common stock, $0.01 par value - 13,511 shares
authorized and 3,316 shares issued and outstanding 33 33
Additional paid-in capital 68,722 68,722
Accumulated deficit (62,888) (62,146)
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Total shareholders' equity 5,867 6,609
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Total Liabilities and Shareholders' Equity $ 7,725 $ 8,647
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