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

d in all three revenue categories -- services, site support, and licenses. Net income was $6.7 million, an increase of 60.9% from $4.1 million for the second quarter of 2007. The second quarter results again demonstrated the leverage in our business model as evidenced by expanding gross margins and net income growth."

For the six months ended June 30, 2008, the Company reported revenues of $69.1 million compared to $45.8 million for the six months ended June 30, 2007, an increase of 50.9%. eRT reported net income of $12.4 million, or $0.24 per diluted share, for the six months ended June 30, 2008 compared to net income of $6.4 million, or $0.12 per diluted share, for the six months ended June 30, 2007.

The Company's gross margin percentage for the six months ended June 30, 2008 was 54.8% compared to 51.0% for the six months ended June 30, 2007. Operating income margin for the six months ended June 30, 2008 was 27.8% compared to 20.4% for the six months ended June 30, 2007. The Company's tax rate was 37.7% for the six months ended June 30, 2008 compared to 39.0% for the six months ended June 30, 2007. For the six months ended June 30, 2008, cash provided by operating activities was $18.0 million.

"We continue to execute very well on our projects. The integration of the CCSS acquisition is approximately 3 months ahead of schedule. We are very fortunate to hire someone of the caliber of Keith Schneck as our new CFO. We believe that he will make a strong impact on our business. Our pipeline of new opportunities is strong, reflecting the continued emphasis on cardiac safety and eRT's reputation for quality, medical and scientific leadership, project execution and technology innovation," continued Dr. McKelvey. "The pricing environment continues to be stable. We continue to see expanded opportunities with all of our CRO key partnerships and Phase I units. While there are many areas in which we need to continue to improve, the first half of the year ha
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SOURCE eResearchTechnology, Inc.
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