May 16, 2008
Revenues, Losses Up for Southborough Co.
By Eileen Kennedy
Averion International Corp. of Southborough dramatically increased its revenues and widened its net losses in the first quarter of 2008.
The clinical research group saw total revenue reach $17.7 million in the first quarter, compared to $7.2 million for the same time last year. It attributed the increase in part to the acquisition of Hesperion AG, which was completed in October 2007.
Its first quarter net losses were $2.7 million, compared to $1.9 million for the same period in 2007. It attributed $800,000 of the loss to the net effects of a weaker U.S. dollar against the franc and the Euro.
The company also named Lawrence R. Hoffman as its chief financial officer and executive vice president during the first quarter. Hoffman has 30 years of corporate finance, accounting, legal and operating experience.
The clinical research group saw total revenue reach $17.7 million in the first quarter, compared to $7.2 million for the same time last year. It attributed the increase in part to the acquisition of Hesperion AG, which was completed in October 2007.
Its first quarter net losses were $2.7 million, compared to $1.9 million for the same period in 2007. It attributed $800,000 of the loss to the net effects of a weaker U.S. dollar against the franc and the Euro.
The company also named Lawrence R. Hoffman as its chief financial officer and executive vice president during the first quarter. Hoffman has 30 years of corporate finance, accounting, legal and operating experience.
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