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Kendle Announces First Quarter 2009 Results
Date:5/6/2009

the first quarter of 2009 was 88.4 percent compared with the as adjusted effective tax rate for 2008 of 42.9 percent. Included in the first quarter 2009 tax expense and effective tax rate is $4.4 million or $0.30 per diluted share of tax expense relating to the unwinding of a Pound Sterling foreign currency hedge.

Pro forma earnings per share, excluding the impact of APB 14-1 and the additional expense related to the foreign currency hedge, is $0.47 per diluted share compared with $0.38 per diluted share for the same period last year.

Cash flow from operations for first quarter 2009 was $8.3 million. Cash, cash equivalents and marketable securities at March 31, 2009, totaled $56.0 million. Days sales outstanding in accounts receivables were 38 days compared with 45 days in the first quarter of 2008. Capital expenditures for the quarter ended March 31, 2009, totaled $5.4 million.

Total new business authorizations at March 31, 2009 were $930 million compared with $1.0 billion at Dec. 31, 2008 and $917 million at March 31, 2008. New business awards in first quarter 2009 were $72 million compared with $180 million for the same period last year. Contract cancellations in the first quarter were $52 million.

Margin Improvement and Cost Reduction Initiatives

In the second quarter 2009, the Company implemented a series of initiatives to reduce its variable costs. These initiatives include strict controls over all discretionary spending, a hiring and wage freeze, and workforce and capacity optimization initiatives to better balance our staffing levels with customer demand. The Company expects to take a one-time charge in the second quarter of 2009 for severance-related and other expenses in the range of $3.5 million to $4.5 million. The Company anticipates these initiatives will generate savings of between $17.5 million and $22.5 million in the second half of 2009.

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SOURCE Kendle International Inc.
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