Kendle Announces Fourth Quarter and Full-Year 2009 Results
Kendle, a global full-service clinical research organization, today reported
its results for the fourth quarter and full-year 2009. Net income for the
fourth quarter of 2009 was $2.3 million or $0.16 per diluted share. On a
non-GAAP basis, net income for the fourth quarter of 2009 was $6.5 million or
$0.44 per diluted share, compared with $5.1 million or $0.34 per diluted share
for the fourth quarter of 2008, an increase in EPS of 29.4 percent.
Net revenues for the fourth quarter ended Dec. 31, 2009, were $96.6
million, compared with $109.2 million for the same period of the prior year.
Operating income for the fourth quarter of 2009 was $4.9 million or 5.1
percent of net revenue. On a non-GAAP basis, excluding the restructuring
charge, operating income for the quarter was $8.7 million or 9.0 percent
compared with $10.9 million or 10.0 percent for the same period in 2008.
New business awards for the fourth quarter of 2009 totaled $134.7 million
versus $137.2 million in the third quarter of 2009. Gross book-to-bill for the
quarter improved sequentially over the third quarter of 2009 to 1.4 to 1.0. As
a result of contract cancellations and adjustments arising outside of the
control of the Company during the quarter, the net book-to-bill is 0.8 to 1.0.
Gross new business awards for the full-year 2009 totaled $486.0 million. Total
business authorizations amounted to $829.5 million at Dec. 31, 2009.