Bio-Imaging makes some gains

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Bio-Imaging Technologies Inc. yesterday announced its financial results for the 2nd quarter which ended June 30, 2005, making some gains from the 1st quarter and moving in the direction of profitability. The company showed a net loss for the second quarter at $713,000, and for the first half was $1.71 million.
   
"As anticipated, we have reduced our operating loss by $478,000," Mark L. Weinstein, President, CEO, Bio-Imaging in a release. He added, "Continued strong contract signings raised our backlog to a record high of $47.1 million, representing a 22 percent increase over the end of 2004. This growth in backlog is a leading indicator of significant progress in our efforts to return to profitability."
   
Additionally, the company's service revenue matched with 1st quarter, and the company gained about $500,000 in expense savings due to work force reductions that occurred earlier in the year.    
   
"With the reduced operating expenses and anticipated revenue contribution from the strong first half signings and revenue opportunities associated with CapMed," added Weinstein, "we reiterate our estimate that 2005 total revenues will be similar to the $29.7 million in 2004 and we expect our 2005 net loss per share, assuming a full income tax benefit of approximately 40 percent, to be in the range of $0.21 to $0.25 per share."