Inveresk Research Group, which went public in July of last year, reported its second straight quarter of growth in revenues and earnings this morning.
Inveresk (Nasdaq: IRGI), a contract research organization, had net earnings of $9.4 million, or 25 cents per share. On revenues of $69.8 million. Earnings per share in the previous quarter were 24 cents.
Before markets opened today, Inveresk stock traded at $17.95. It has been as high as $22.12 and as low as $8.67 since being listed on Nasdaq.
Compared to one year ago, quarterly revenues for services increased 22 percent to $57.8 million, and revenues for services increased 47 percent to $12 million, the company said.
Among major expenses in 2002 was the cost of expansion of facilities in Canada and Scotland, which cost $25.5 million, according to the company.
Inveresk reported new business signings of $68.9 million for the fourth quarter and $210 million backlog in sales.