CINCINNATI, May 6 /PRNewswire-FirstCall/ -- Kendle (Nasdaq: KNDL), a leading, global full-service clinical research organization, today reported net income of $886,000 or $0.06 per share for the first quarter 2009 compared with net income of $4.1 million or $0.27 per diluted share for the first quarter 2008. On a pro forma basis, net income for the first quarter of 2009 was $0.47 per diluted share compared with $0.38 per diluted share in the first quarter of 2008.
First Quarter 2009 Results
Net service revenues for the quarter ended March 31, 2009, totaled $108.1 million, a decrease of 5 percent compared with the same period in 2008. Excluding the impact of foreign exchange rates, revenues for the quarter increased 8 percent compared with the same period in 2008.
Income from operations for the three months ended March 31, 2009, was $8.1 million or 7.5 percent of net service revenues versus $14.0 million or 12.2 percent of net service revenues for first quarter 2008. The reduction in operating income is largely attributable to the decline of net service revenues for the quarter. Excluding the impact of foreign exchange rates, income from operations for the period ended March 31, 2009 would have been $11.4 million or 9.3 percent of net service revenues on a constant currency basis.
Effective Jan. 1, 2009, Kendle adopted APB 14-1 which increased interest expense for additional non-cash interest amounting to $1.7 million and $1.5 million for the periods ended March 31, 2009 and 2008 respectively.
The effective tax rate for
|SOURCE Kendle International Inc.|
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