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ERT Reports Second Quarter 2009 Results
Date:7/30/2009

PHILADELPHIA, July 30 /PRNewswire-FirstCall/ -- eResearchTechnology, Inc. (ERT), (Nasdaq: ERES), a leading provider of centralized ECG, ePRO, and other services to the biopharmaceutical, medical device and related industries, announced today results for the second quarter and six-month period ended June 30, 2009. Unless otherwise noted, all comparative numbers refer to changes from the same period a year ago.

Highlights of the second quarter of 2009 were:

  • Revenue was $24.2 million for the second quarter of 2009 compared to $35.5 million a year ago and $23.8 million for the first quarter of 2009.
  • Gross margin percentage was 52.3% in the second quarter of 2009 compared to 57.0% a year ago and 50.4% for the first quarter of 2009.
  • Operating income margin percentage was 20.0% in the second quarter of 2009 compared to 30.3% a year ago and 14.0% for the first quarter of 2009.
  • Net income was $2.5 million, or $0.05 per diluted share in the second quarter of 2009 compared to $6.7 million, or $0.13 per diluted share a year ago and $2.1 million, or $0.04 per diluted share for the first quarter of 2009.
  • The results include the EDC operations, which were sold on June 23, 2009. EDC licenses and services revenue was $1.1 million in the second quarter of 2009 and $1.5 million in the second quarter of 2008. The Company reported a $0.5 million gain on the sale of the EDC operations, which is included in general and administrative expenses.
  • New bookings were $35.7 million in the second quarter of 2009 compared to $49.0 million a year ago and $31.2 million for the first quarter of 2009.
  • Cash flow from operations in the second quarter of 2009 was $10.0 million compared to $10.4 million a year ago and $9.1 million in the first quarter of
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SOURCE ERT
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