PharmaNet Development is the latest contract research organization (CRO) to release disappointing quarterly earnings as a result of contract cancellations, slow sales and negative foreign exchange rates. Princeton, N.J.-based PharmaNet reported a decrease in direct revenue to $89.2 million, down $10 million, or 10.6%, from the same period last year. Almost $1.5 million of that drop was a result of foreign currency exchange translation.

Although PharmaNet’s early stage segment saw a 13.2% increase in direct revenues, revenues from the late stage segment fell 25% to $46.6 million due to contract cancellations and postponements. The company’s backlog was also down from $579.2 million in June to $521.6 million as of September 30.

In September, PharmaNet cut its full-year revenue forecast more than $30 million to the range of $358 million to $368 million. With the release of third quarter earnings, the company reiterated its September guidance.

PharmaNet’s shares have plunged since September, but in early morning trading Thursday, shares were up 24% to $1.55