Kendle Reports 50% Income Drop, Suspends Guidance for 2009
Kendle’s net income was cut almost 50% in the second quarter 2009 with income dropping to $3.2 million, or $0.21 per diluted share, compared with net income of $6.3 million, or $0.42 per diluted share in Q2 2008. Net revenues for the quarter were $107.4 million, down from $127 million during the same period last year.
The contract research organization also announced that it is suspending financial guidance for 2009 “due to a combination of factors” and will reassess its guidance policy in 2010. Kendle CEO Candace Kendle did not comment on the financial results when they were released Thursday night. Kendle’s shares rose nine cents to $11.96 in after hours trading.
Earlier this month, Kendle reorganized its executive suite and created the new role of chief administrative officer (CAO) to increase innovation, productivity and organizational efficiency, the company said. Kendle’s chief operating officer Christopher Bergen assumed the role of executive vice president and CAO, while former Quintiles executive Stephen Cutler, Ph.D., replaced Bergen as COO and senior vice president.