WALTHAM, Mass. (AP) – Phase Forward Inc., a provider of data management software for drug safety and clinical trials, said its first-quarter profit fell 53 percent as business costs and operating expenses outstripped modest revenue gains.
The company reported net income of $1.9 million, or 5 cents per share, compared with $4.1 million, or 9 cents per share a year ago.
Revenue rose 17 percent to $57.2 million.
Excluding an accounting adjustment, the company earned $5.2 million, or 12 cents per share, compared with $6.7 million, or 15 cents per share a year ago.
Analysts surveyed by Thomson Reuters expected 12 cents per share.
Its shares slipped 2 cents to $16.78.
Earlier this month Oracle Corp. announced it would buy Phase Forward for $685 million.
The deal is expected to close in the middle of this year.
Date: April 27, 2010
Source: Associated Press