PRWW Reports First Quarter 2001 Operating Results; Shareholders Approve Name Change to eResearchTechnology, Inc.; Ticker Symbol Will Change to ERES

Apr 26, 2001, 01:00 ET from PRWW, Ltd.

    PHILADELPHIA, April 26 /PRNewswire/ -- PRWW, Ltd. (Nasdaq:   PRWW) reported
 today its financial results for the first quarter of 2001.  PRWW also
 announced that at its Annual Shareholders Meeting on Tuesday, April 24, 2001,
 its shareholders approved changing the Company's name to eResearchTechnology,
 Inc. (eRT).  The name change and a change of the Company's ticker symbol to
 ERES are expected to be effective on April 27.
     Net revenues for the three months ended March 31, 2001 were $5.9 million
 versus $6.1 million for the three months ended March 31, 2000.  Excluding an
 asset impairment charge (discussed below), the Company had a net loss of
 $477,000 or $0.07 per share in the first quarter of 2001, compared to a net
 loss of $213,000 or $0.03 per share in the prior year first quarter.
     During the first quarter of 2001, the Company recorded an asset impairment
 charge of $5.0 million due to continued negative market conditions affecting
 its investments in Medical Advisory Systems, Inc. and AmericasDoctor.com,
 Inc., both of which are internet based service organizations.  This charge
 reduces the carrying value of these investments to $3.1 million.  Including
 this impairment charge, the Company reported a net loss of $5.4 million or
 $0.78 per share for the three months ended March 31, 2001.
     Services revenue in 2001 increased by 15% over the first quarter of the
 prior year while revenue from licenses declined to $26,000 from $993,000 in
 the same period.  Joseph Esposito, President and CEO, commented that "Even
 though our pipeline of new business opportunities is strong, growing caution
 in the general business climate and particularly in the technology sector has
 impacted final decisions on new software licenses in this quarter.  The
 Company received orders for its eResNet and Community technology under the
 application service provider (ASP) model in this quarter from GlaxoSmithKline
 and US Oncology reinforcing and evidencing the Company's strategy to build a
 predictable, recurring revenue base rather than rely on one-time fees.  In
 addition, we received several new consulting agreements from existing clients.
 By expanding our eResNet product and service offerings, as well as our sales
 staff during 2000, we feel eRT is positioned for growth in our markets for the
 remainder of 2001."
 
     Company Financial Guidance for 2001
     The following statements are based on current expectations.  These
 statements are forward-looking, and actual results may differ materially.  The
 Company expects accelerating revenues between ten to twenty percent quarter
 over quarter for the balance of this year based on eRT's increasing services
 backlog.  Visibility on software licenses remains less clear as capital
 expenditures in excess of $500,000 are receiving extra scrutiny in our
 experience.  However, our reliance on one-time license fees continues to
 diminish as a result of our planned flexible acquisition programs.  New
 products and services and larger consulting opportunities are all beginning to
 have a positive impact on our backlog of business.
     The Company expects to exceed breakeven results by the third quarter of
 2001 with annual revenues that will grow between ten and twenty percent over
 2000, thus producing an operating profit for the full year, excluding asset
 impairment charges.  The Company expects earnings per share to fall within the
 following ranges for the remainder of 2001:  second quarter -- $(0.07) to
 $0.01; third quarter -- $0.01 to $0.10; fourth quarter -- $0.09 to $0.19.
 With $19 million in working capital as of March 31, 2001, eRT has sufficient
 capital on hand to complete this year's business plan and position the Company
 for future growth.
 
     eRT Services
     The quarter ended March 31, 2001 reflects increased activity in all of the
 Company's service segments, which include centralized diagnostic testing
 services, technology consulting and the newly introduced ASP service.  Our
 centralized diagnostics business exceeded expectations in the quarter due to
 increased penetration of existing accounts and the addition of new accounts.
 In the technology business, there is strong movement to pilot projects related
 to eTrials using the Company's ASP model, which allows for a rapid deployment
 capability that is built into our system.  The ASP approach offers eRT the
 opportunity to build market share and sign accounts that historically were not
 open to account penetration.  This approach impacts one-time license revenues
 as ASP contracts are recognized over time; however, the Company believes that
 this business is essential to building a predictable strong, recurring revenue
 model.  Additionally, we estimate that all of eRT's customers who have
 licensed eResNets to date will be operational by the end of the year.  This
 will enable clients to use and then reuse these networks to conduct their
 clinical trials, leveraging the power of our technology.  The Company
 anticipates generating incremental network subscription fees from clients that
 are authorizing network access to physicians, site coordinators and site
 monitors for electronic data capture and study monitoring beginning in the
 fourth quarter of this fiscal year.  eRT anticipates that its eResNet and
 Community technology could be the foundation of as many as fifty eTrials in
 the year 2002.  The annual network subscription fee for using the technology
 to conduct each eTrial averages $30,000.  In addition, the Company receives
 consulting fees from its clients to assist them in setting up each eTrial.
 
     eRT Licenses
     The Company experienced a delay in one-time license revenues in the first
 quarter of 2001 with contract signings being delayed into the second and
 possibly the third quarters.  The Company believes it continues to have the
 best end-to-end solution that is competitively priced and fully supported in
 the eResearch business sector, a sector that is experiencing increasing
 interest as sponsors embrace the need to move from manual to technology based
 clinical research processing of clinical data.  The Company's pipeline for
 eResNet solutions is strong reflecting the overall enhanced activity in this
 sector and the Company's expanded sales and professional services
 organization.  The Company had fourteen eResNet customers at March 31, 2001
 and expects to have between 22 and 30 eResNet customers by the end of 2001.
 The average one-time license fee for each eResNet is approximately $500,000.
     Based in Philadelphia, PA, eResearchTechnology, Inc. (http://www.ert.com),
 formerly called PRWW, Ltd., is a business-to-business provider of integrated
 software applications and technology consulting services to the
 pharmaceutical, biotechnology and medical device industries.  The Company
 offers Internet and other technology-based solutions designed to streamline
 the clinical trials process by enabling its customers to automate many parts
 of a clinical trial.  The Company is also a market leader in providing
 centralized core-diagnostic electrocardiographic services on a global basis.
 
     Statements included in this release constitute forward-looking statements
 within the meaning of the Private Securities Litigation Reform Act of 1995.
 Such statements involve a number of risks and uncertainties such as
 competitive factors, technological development, market demand, and the
 Company's ability to obtain new contracts and accurately estimate net revenues
 and net income due to variability in size, scope and duration of projects, and
 internal issues in the sponsoring client.  Further information on potential
 factors that could affect the Company's financial results can be found in the
 Company's Report on Form 10-K filed with the Securities and Exchange
 Commission (SEC).
 
 
                          PRWW, LTD. AND SUBSIDIARIES
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                     (in thousands, except per share data)
 
                                                For the Three Months Ended
                                             March 31, 2001     March 31, 2000
                                                         (unaudited)
             Net revenues:
                 Licenses                               $26               $993
                 Services                             5,868              5,088
 
             Total net revenues                       5,894              6,081
 
             Costs of revenues:
                 Cost of licenses                       106                 86
                 Cost of services                     3,114              3,093
 
             Total costs of revenues                  3,220              3,179
 
             Gross margin                             2,674              2,902
 
             Operating expenses:
                 Selling and marketing                1,329              1,192
                 General and
                  administrative                      1,329              1,534
                 Research and development              1,249                803
                 Asset impairment charge              4,970                -
 
             Total operating expenses                 8,877              3,529
 
             Operating loss                          (6,203)              (627)
             Interest income, net                       361                272
             Gain on sale of domestic CRO
              operations                                232                -
 
             Loss before income taxes                (5,610)              (355)
             Income tax benefit                         279                142
             Minority interest dividend                (116)               -
 
             Net loss                               $(5,447)             $(213)
 
             Basic and diluted net loss
              per share                              $(0.78)            $(0.03)
 
 
 
                     CONSOLIDATED BALANCE SHEET INFORMATION
                                 (in thousands)
 
                                            March 31, 2001   December 31, 2000
                                             (unaudited)
              Working Capital                    19,127            $30,689
              Total Assets                       40,213             53,964
              Stockholders' Equity               30,750             34,170
 
 
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SOURCE PRWW, Ltd.
    PHILADELPHIA, April 26 /PRNewswire/ -- PRWW, Ltd. (Nasdaq:   PRWW) reported
 today its financial results for the first quarter of 2001.  PRWW also
 announced that at its Annual Shareholders Meeting on Tuesday, April 24, 2001,
 its shareholders approved changing the Company's name to eResearchTechnology,
 Inc. (eRT).  The name change and a change of the Company's ticker symbol to
 ERES are expected to be effective on April 27.
     Net revenues for the three months ended March 31, 2001 were $5.9 million
 versus $6.1 million for the three months ended March 31, 2000.  Excluding an
 asset impairment charge (discussed below), the Company had a net loss of
 $477,000 or $0.07 per share in the first quarter of 2001, compared to a net
 loss of $213,000 or $0.03 per share in the prior year first quarter.
     During the first quarter of 2001, the Company recorded an asset impairment
 charge of $5.0 million due to continued negative market conditions affecting
 its investments in Medical Advisory Systems, Inc. and AmericasDoctor.com,
 Inc., both of which are internet based service organizations.  This charge
 reduces the carrying value of these investments to $3.1 million.  Including
 this impairment charge, the Company reported a net loss of $5.4 million or
 $0.78 per share for the three months ended March 31, 2001.
     Services revenue in 2001 increased by 15% over the first quarter of the
 prior year while revenue from licenses declined to $26,000 from $993,000 in
 the same period.  Joseph Esposito, President and CEO, commented that "Even
 though our pipeline of new business opportunities is strong, growing caution
 in the general business climate and particularly in the technology sector has
 impacted final decisions on new software licenses in this quarter.  The
 Company received orders for its eResNet and Community technology under the
 application service provider (ASP) model in this quarter from GlaxoSmithKline
 and US Oncology reinforcing and evidencing the Company's strategy to build a
 predictable, recurring revenue base rather than rely on one-time fees.  In
 addition, we received several new consulting agreements from existing clients.
 By expanding our eResNet product and service offerings, as well as our sales
 staff during 2000, we feel eRT is positioned for growth in our markets for the
 remainder of 2001."
 
     Company Financial Guidance for 2001
     The following statements are based on current expectations.  These
 statements are forward-looking, and actual results may differ materially.  The
 Company expects accelerating revenues between ten to twenty percent quarter
 over quarter for the balance of this year based on eRT's increasing services
 backlog.  Visibility on software licenses remains less clear as capital
 expenditures in excess of $500,000 are receiving extra scrutiny in our
 experience.  However, our reliance on one-time license fees continues to
 diminish as a result of our planned flexible acquisition programs.  New
 products and services and larger consulting opportunities are all beginning to
 have a positive impact on our backlog of business.
     The Company expects to exceed breakeven results by the third quarter of
 2001 with annual revenues that will grow between ten and twenty percent over
 2000, thus producing an operating profit for the full year, excluding asset
 impairment charges.  The Company expects earnings per share to fall within the
 following ranges for the remainder of 2001:  second quarter -- $(0.07) to
 $0.01; third quarter -- $0.01 to $0.10; fourth quarter -- $0.09 to $0.19.
 With $19 million in working capital as of March 31, 2001, eRT has sufficient
 capital on hand to complete this year's business plan and position the Company
 for future growth.
 
     eRT Services
     The quarter ended March 31, 2001 reflects increased activity in all of the
 Company's service segments, which include centralized diagnostic testing
 services, technology consulting and the newly introduced ASP service.  Our
 centralized diagnostics business exceeded expectations in the quarter due to
 increased penetration of existing accounts and the addition of new accounts.
 In the technology business, there is strong movement to pilot projects related
 to eTrials using the Company's ASP model, which allows for a rapid deployment
 capability that is built into our system.  The ASP approach offers eRT the
 opportunity to build market share and sign accounts that historically were not
 open to account penetration.  This approach impacts one-time license revenues
 as ASP contracts are recognized over time; however, the Company believes that
 this business is essential to building a predictable strong, recurring revenue
 model.  Additionally, we estimate that all of eRT's customers who have
 licensed eResNets to date will be operational by the end of the year.  This
 will enable clients to use and then reuse these networks to conduct their
 clinical trials, leveraging the power of our technology.  The Company
 anticipates generating incremental network subscription fees from clients that
 are authorizing network access to physicians, site coordinators and site
 monitors for electronic data capture and study monitoring beginning in the
 fourth quarter of this fiscal year.  eRT anticipates that its eResNet and
 Community technology could be the foundation of as many as fifty eTrials in
 the year 2002.  The annual network subscription fee for using the technology
 to conduct each eTrial averages $30,000.  In addition, the Company receives
 consulting fees from its clients to assist them in setting up each eTrial.
 
     eRT Licenses
     The Company experienced a delay in one-time license revenues in the first
 quarter of 2001 with contract signings being delayed into the second and
 possibly the third quarters.  The Company believes it continues to have the
 best end-to-end solution that is competitively priced and fully supported in
 the eResearch business sector, a sector that is experiencing increasing
 interest as sponsors embrace the need to move from manual to technology based
 clinical research processing of clinical data.  The Company's pipeline for
 eResNet solutions is strong reflecting the overall enhanced activity in this
 sector and the Company's expanded sales and professional services
 organization.  The Company had fourteen eResNet customers at March 31, 2001
 and expects to have between 22 and 30 eResNet customers by the end of 2001.
 The average one-time license fee for each eResNet is approximately $500,000.
     Based in Philadelphia, PA, eResearchTechnology, Inc. (http://www.ert.com),
 formerly called PRWW, Ltd., is a business-to-business provider of integrated
 software applications and technology consulting services to the
 pharmaceutical, biotechnology and medical device industries.  The Company
 offers Internet and other technology-based solutions designed to streamline
 the clinical trials process by enabling its customers to automate many parts
 of a clinical trial.  The Company is also a market leader in providing
 centralized core-diagnostic electrocardiographic services on a global basis.
 
     Statements included in this release constitute forward-looking statements
 within the meaning of the Private Securities Litigation Reform Act of 1995.
 Such statements involve a number of risks and uncertainties such as
 competitive factors, technological development, market demand, and the
 Company's ability to obtain new contracts and accurately estimate net revenues
 and net income due to variability in size, scope and duration of projects, and
 internal issues in the sponsoring client.  Further information on potential
 factors that could affect the Company's financial results can be found in the
 Company's Report on Form 10-K filed with the Securities and Exchange
 Commission (SEC).
 
 
                          PRWW, LTD. AND SUBSIDIARIES
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                     (in thousands, except per share data)
 
                                                For the Three Months Ended
                                             March 31, 2001     March 31, 2000
                                                         (unaudited)
             Net revenues:
                 Licenses                               $26               $993
                 Services                             5,868              5,088
 
             Total net revenues                       5,894              6,081
 
             Costs of revenues:
                 Cost of licenses                       106                 86
                 Cost of services                     3,114              3,093
 
             Total costs of revenues                  3,220              3,179
 
             Gross margin                             2,674              2,902
 
             Operating expenses:
                 Selling and marketing                1,329              1,192
                 General and
                  administrative                      1,329              1,534
                 Research and development              1,249                803
                 Asset impairment charge              4,970                -
 
             Total operating expenses                 8,877              3,529
 
             Operating loss                          (6,203)              (627)
             Interest income, net                       361                272
             Gain on sale of domestic CRO
              operations                                232                -
 
             Loss before income taxes                (5,610)              (355)
             Income tax benefit                         279                142
             Minority interest dividend                (116)               -
 
             Net loss                               $(5,447)             $(213)
 
             Basic and diluted net loss
              per share                              $(0.78)            $(0.03)
 
 
 
                     CONSOLIDATED BALANCE SHEET INFORMATION
                                 (in thousands)
 
                                            March 31, 2001   December 31, 2000
                                             (unaudited)
              Working Capital                    19,127            $30,689
              Total Assets                       40,213             53,964
              Stockholders' Equity               30,750             34,170
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X84105470
 
 SOURCE  PRWW, Ltd.