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.
|SOURCE Kendle International Inc.|
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