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Kendle Reports Record 3Q 08 Net Income and Total Business Authorizations
Date:11/4/2008

riod in 2007. Total business authorizations at Sept. 30, 2008, were $1.0 billion, an increase of 16 percent from Dec. 31, 2007, and an increase of 22 percent from Sept. 30, 2007. Contract cancellations for the third quarter 2008 totaled $38 million or 18 percent of gross sales for the quarter. The net book-to-bill ratio for the three months ended Sept. 30, 2008, was 1.4 to 1.

"Our impressive results for the quarter are a testament to the strength of our late stage markets, the value of our business model and the expertise and determination of our associates worldwide," said Chairman and CEO Candace Kendle, PharmD. "Coupled with our broad therapeutic and geographic reach, we believe we are well positioned to achieve our strategic growth initiatives and to meet our customers emerging outsourcing needs."

Income from operations for the three months ended Sept. 30, 2008, was $15.9 million, or 12.7 percent of net service revenues, compared to income from operations of $14.2 million, or 14.2 percent of net service revenues, for the same period of the prior year.

Cash flow from operations for the third quarter 2008 was $6.7 million compared with $13.7 million for the same period in 2007. Cash and marketable securities at Sept. 30, 2008, totaled $18.4 million, including $850,000 of restricted cash, compared with $29.1 million, which included $1.2 million of restricted cash at Sept. 30, 2007. In addition to the convertible notes that were outstanding at Sept. 30, 2008, the Company had $2.0 million of debt outstanding under its revolving credit facility. Days sales outstanding in accounts receivable were 46 days for the third quarter 2008 compared with 40 days for the same period of the prior year. Capital expenditures totaled $6.1 million compared with $3.4 million for the same period in 2007.

Nine-Month Results

Net income for the nine months ended Sept. 30, 2008, was $24.4 million or $1.63 on a diluted basis, an increase of 98 percent, comp
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SOURCE Kendle International Inc.
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