Phase Forward Inc. (NSDQ:PFWD) closed out its last quarter as a solo company with mixed results, as first-quarter revenues rose but profits slid.
The Waltham, Mass.-based clinical trial data management provider, which agreed to a $685 million buyout from Oracle Corp. (NSDQ:ORCL) earlier this month, posted sales of $57.2 million for the three months ended March 31, up 17.2 percent compared with $48.8 million during Q1 2009.
But net income slipped 52.6 percent to $1.9 million, or 5 cents per diluted share, compared with $4.1 million, or 9 cents per diluted share, during the same period last year.
The Oracle deal, expected to close in mid-2010, will see the software giant pay $17 per share for Phase Forward. That’s a roughly 30 percent premium over the company’s $13.08 close April 15, the day before the buyout was announced. Phase Forward shares were at $16.77 in early-morning trading today.
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