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

60)

Changes in operating assets and liabilities

exclusive of CCSS acquisition:

Accounts receivable (2,269) (2,622)

Prepaid expenses and other (833) (1,616)

Accounts payable (2,184) (240)

Accrued expenses 382 (1,013)

Income taxes 2,553 348

Deferred revenues (647) 583

Net cash provided by operating activities 12,499 17,978

Investing activities:

Purchases of property and equipment (7,995) (5,239)

Purchases of investments (40,651) -

Proceeds from sales of investments 39,530 2,392

Payments for acquisition - (4,798)

Net cash used in investing activities (9,116) (7,645)

Financing activities:

Repayment of capital lease obligations (1,132) (855)

Proceeds from exercise of stock options 1,462 1,174

Stock option income tax benefit 578 704

Net cash provided by financing activities 908 1,023

Effect of exchange rate changes on cash 108 8

Net increase in cash and cash equivalents 4,399 11,364

Cash and cash equivalents, beginning of period 15,497 38,082

Cash and cash equivalents, end of period $19,896 $49,446


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SOURCE eResearchTechnology, Inc.
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