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PPD Reports Third Quarter 2007 Financial Results; Announces Increase in Annual Cash Dividend From $0.12 to $0.40 Per Year
Date:10/23/2007

Third Quarter Highlights - Gross new authorizations of $570.6 million, a sequential increase of 20.6

percent, resulting in a net book-to-bill ratio of 1.4 - Cash flow from operations of $61.6 million, resulting in $146.3 million

cash flow from operations year-to-date

- EPS of $0.32 within guidance range

WILMINGTON, N.C., Oct. 23 /PRNewswire-FirstCall/ -- PPD, Inc. (Nasdaq: PPDI) today reported its financial and operating results for the third quarter ended September 30, 2007.

PPD recorded net revenue of $357.2 million for the third quarter of 2007, an increase of 14.1 percent over net revenue of $313.1 million for the third quarter of 2006. Net revenue for the third quarter 2007 included reimbursed out-of-pocket expenses of $28.7 million, compared to $23.3 million for the same period in 2006.

Income from operations for third quarter 2007 was $52.9 million, compared to income from operations of $52.0 million for the same period last year. Third quarter 2007 income from operations included $4.3 million of stock compensation expense, compared to stock compensation expense of $5.0 million for the third quarter 2006. Research and development expense for third quarter 2007 was $8.4 million, compared to $1.9 million for the same period last year. The increase in R&D expense was primarily related to costs incurred to conduct Phase I clinical studies for PPD's statin compound for the treatment of dyslipidemia.

Third quarter 2007 earnings per diluted share were $0.32, compared to earnings per diluted share of $0.31 for the third quarter of 2006.

Segment Performance

Development segment net revenue for third quarter 2007, which does not include reimbursed out-of-pocket expenses, was $323.8 million, an increase of 13.5 percent over the same period in 2006. Development segment income from operations for third quarter 2007 was up 14.0 percent to $61.2 million
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SOURCE PPD, Inc.
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