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eResearchTechnology Reports Second Quarter 2008 Results
Date:8/4/2008

of 2007, an increase of 42.0%;

-- New bookings included a record 15 new Thorough ECG study agreements, valued at an average of slightly greater than $900,000 each;

-- The backlog was a record $157.9 million, an increase of $6.5 million from March 31, 2008.

-- The book-to-bill ratio was 1.4 in the second quarter of 2008, the same as in the second quarter of 2007; and

-- eRT ended the second quarter with $55.9 million in cash, cash equivalents and investments, an increase of $7.0 million from $48.9 million at March 31, 2008. For the three months ended June 30, 2008, net cash provided by operating activities was $10.4 million.

Other recent highlights:

-- eRT appointed Keith Schneck as its new Chief Financial Officer in July 2008; Mr. Schneck has extensive public company experience as the CFO for Neoware, Inc. and Integrated Circuit Systems;

-- The cancellation rate was an annualized 18.1% as compared to an annualized cancellation rate of 17.6% in the second quarter of 2007;

-- Reflecting our growth, we are moving our corporate headquarters (and US-based core lab) in Philadelphia to a larger facility, also in Philadelphia, by the end of 2008; and

-- eRT appointed Michael DeMane to the Board of Directors in July 2008. Mr. DeMane was previously Chief Operating Officer of Medtronic, Inc. and served as Senior Vice President and President Europe, Canada, Latin America and Emerging Markets. Mr. DeMane brings a wealth of international operations and marketing experience to the Board.

"We are very pleased with the second quarter results where we saw record quarterly revenue, ECG transactions, backlog and very strong bookings for eRT," commented Dr. Michael McKelvey, President and CEO of eRT. "Our services revenue grew by 55.9%, driven by outstanding growth in our core cardiac safety business. Bookings were strong, especially for Thorough QT studies. In comparison to the first quarter of 2008, margins increase
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SOURCE eResearchTechnology, Inc.
Copyright©2008 PR Newswire.
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