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eResearchTechnology Reports First Quarter 2008 Results
Date:5/5/2008

383 414

Provision for uncollectible accounts - 30

Share-based compensation 483 470

Changes in operating assets and

liabilities exclusive of CCSS acquisition:

Accounts receivable 1,654 (222)

Prepaid expenses and other (681) (11)

Accounts payable (2,209) (984)

Accrued expenses 84 (1,548)

Income taxes 1,395 (299)

Deferred revenues (398) (344)

Net cash provided by operating

activities 6,174 7,596

Investing activities:

Purchases of property and equipment (2,490) (1,430)

Purchases of investments (26,633) -

Proceeds from sales of investments 24,842 455

Payments for acquisition - (3,673)

Net cash used in investing

activities (4,281) (4,648)

Financing activities:

Repayment of capital lease obligations (40) (751)

Proceeds from exercise of stock options 879 189

Stock option income tax benefit 109 103

Net cash provided by (used in)

financing activities 948 (459)

Effect of exchange rate changes on cash 7 (3)

Net increase in cash and cash equivalents 2,848 2,486

Cash and cash equivalents, beginning

of period 15,497 3
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SOURCE eResearchTechnology, Inc.
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