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.