Clinical research company Averion International Corp. of Southboro said an $800,000 restructuring charge is mostly to blame for a $1.9 million first quarter net loss.
The charge was related to a 13 percent workforce reduction undertaken as part of a merger between Averion’s predecessor company, IT&E International Group, and Millennix Inc.
The combined company named itself Averion in 2006.
The company claimed first quarter revenue of $8.8 million, a 91 percent increase over the $4.6 million in revenue it reported for the same quarter a year ago.
The merger was intended to streamline the company’s operations, and according to its first quarter report, expenses as a percentage of revenue are falling.
The company expects to reduce operating costs by $2.5 million annually.
