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eResearchTechnology Reports Third Quarter 2008 Results
Date:10/30/2008

Q3 2008 Net Revenues - $33.9 million vs. $24.0 million in Q3 2007 - an

increase of 41.5% Q3 2008 Diluted Net Income per Share - $0.13 vs. $0.07 in Q3 2007 - an

increase of 85.7%

Q3 2008 Operating Income margin of 31.1% vs. 22.4% in Q3 2007

Q3 2008 New Bookings of $43.0 million vs. $35.5 million in Q3 2007

PHILADELPHIA, Oct. 30 /PRNewswire-FirstCall/ -- eResearchTechnology, Inc. (eRT), (Nasdaq: ERES), a leading provider of centralized ECG and eClinical technology, ePRO and other services to the pharmaceutical, biotechnology, medical device and related industries, announced today results for the third quarter and nine-month period ended September 30, 2008.

Financial highlights for the third quarter of 2008 were:

-- Net revenues were $33.9 million, a 41.5% increase from the third quarter of 2007;

-- Diluted net income per share was $0.13, an 85.7% increase from the third quarter of 2007;

-- Gross margin was $19.1 million for a gross margin percentage of 56.3%, compared to 48.0% in the third quarter of 2007. The gross margin included the impact of the operating results of Covance Cardiac Safety Services (CCSS) and the integration of CCSS into eRT. CCSS generated net revenues of $1.9 million from acquired backlog during the third quarter while incurring costs of revenue of $1.7 million, including depreciation and amortization of acquired assets of $680,000;

-- Operating income was $10.5 million, a 96.8% increase from the third quarter of 2007. Operating income margin percentage was 31.1%, compared to 22.4% in the third quarter of 2007. Operating income included a loss of $505,000 from the operations of CCSS and the integrat
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SOURCE eResearchTechnology, Inc.
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