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eResearchTechnology Net Income Up 62%

Tuesday, August 5, 2008 11:19 AM

eResearchTechnology (eRT), a provider of centralized ECG and eClinical technology, ePRO and other services to the pharmaceutical, biotechnology, medical device industries, reported second quarter net income jumped 62.5% to 13 cents a share on revenue that increased 43.4% to a record $35.5 million.

Operating income was up 72.2 % to $10.8 million, compared with the second quarter of 2007. Operating income included a loss of $300,000 from the operations of CCSS and the integration of CCSS into eRT.

New bookings rose 42% to $49 million compared with $34.5 million for the second quarter of 2007. Those new bookings included a record 15 new Thorough ECG study agreements, valued at an average of slightly greater than $900,000 each.

Backlog was also a record at $157.9 million, an increase of $6.5 million from March 31, 2008.

In late morning trading, eResearchTechnology’s shares were up 1.5% to $14.34.

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