Women's Health Weekly
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Finance
CRO reports $1.9 million in Q3 revenue, down from last year
December 16th, 2004
Covalent Group, Inc., (CVGR) announced its financial results for the third quarter ended September 30, 2004. Net revenue for the third quarter of 2004 was $1.9 million as compared with $3.9 million for the comparable prior-year period. The decrease of $2.0 million reflects the convergence of three distinct factors: lower than anticipated revenues due to the winding down of several legacy fixed-price contracts that were at the end of their project cycle; temporary delays in the timing of the start-up of 3 new projects; and negative changes of scope in three projects that resulted in reduced contract value. The company believes the negative revenue impact related to the...
Source: Women's Health Weekly (2004-12-16)
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