Kendle’s Year-End Income Up 57%
Cincinnati-based contract research organization (CRO) Kendle reported full year 2008 net service revenues of $475.1 million, an increase of 19% over the same period last year. Net service revenues for the fourth quarter were $109.2 million, up 5% over the same period 2007.
Net income for the year rose 57% to $29.4 million, or $1.96 per share on a diluted basis, compared to $18.7 million or $1.26 per diluted share for the same period 2007.
Net income for the fourth quarter was down year-over-year to $5 million, or $0.33 per diluted share, compared with $6.4 million, or $0.43 per diluted share, for the fourth quarter 2007.
For the full-year 2009, the company is projecting net service revenues in the range of $510 to $530 million.