Inveresk Research Group, which had to pull back on a stock offering earlier this year, had better news to report on sales and revenues.
The company booked $77 million in new business. Inveresk (Nasdaq: IRGI) also says revenues climbed 9 percent, to $57.7 million, compared to the first quarter of 2002. Net income was $7.4 million, or 20 cents per share, compared to a $400,000 loss in 2002.
However, revenues were down from $69.8 million, and net income dropped from $9.4 million, or 25 cents per share, compared to the last quarter of 2002.
Excluding costs from the withdrawn stock offering, Inveresk says net income was $9.2 million. Inveresk also cited “short-term volatility” from its operations in Montreal for project delays.
The company forecasts growth of between 11-14 percent for the year.