Home » News » CROs/Service Providers » Kendle 3Q Revenues, Net Income Slide

Kendle 3Q Revenues, Net Income Slide

Thursday, November 5, 2009

Kendle, a global contract research organization, reported third quarter net income slipped to $8.8 million or $0.59 per diluted share for the third quarter of 2009, compared with net income of $9.4 million or $0.62 per diluted share for the third quarter of 2008.  

The company said execution of cost control initiatives helped it maintain net income. Net revenues for the third quarter were $104.6 million, down slightly from the second quarter and off $20 million from the year ago quarter.

On a pro forma basis, excluding the additional non-cash interest and restructuring charges, net income per diluted share for the third quarter of 2009 was $0.71 compared with $0.73 per diluted share for the third quarter of 2008.

Operating income for the quarter increased from the second quarter of 2009 to $15.5 million or 14.9%.

New business awards for the third quarter totaled $137.2 million, up from $132 million in the second quarter of 2009. Gross book to bill for the third quarter was 1.3 to 1.0.

Contract cancellations for the quarter were $53.8 million or 6.1% of the company’s backlog at June 30, representing a net book-to-bill of 0.8 to 1.0. Total business authorizations amounted to $84 million at Sept. 30, 2009.

Cash, cash equivalents and marketable securities at Sept. 30, 2009 totaled $57.7 million.

Looking for more news, check out the new FREE CenterWatch Weekly!

The new FREE CenterWatch Weekly is your source of critical news, emerging trends, and business issues around everything in the rapidly changing clinical research marketplace. Check out our new CWWeekly page! Sign up today for your free email newsletter, update your bookmarks and check us out regularly! We look forward to bringing you the best news and information about clinical research in 2018!