-- The Company's tax rate was 35.8% for the third quarter of 2008, which included the effect of certain tax benefits realized, compared to 37.7% for the third quarter of 2007;
-- New bookings were $43.0 million compared to $35.5 million for the third quarter of 2007, an increase of 21.1%;
-- New bookings included seven new Thorough ECG study agreements, valued at an average of slightly greater than $1 million each;
-- The backlog was $159.2 million, compared to $157.9 million at June 30, 2008.
-- The book-to-bill ratio was 1.3 in the third quarter of 2008, compared to 1.4 in the second quarter of 2008; and
-- eRT ended the third quarter with $62.4 million in cash, cash equivalents, and investments, an increase of $6.5 million from $55.9 million at June 30, 2008. For the three months ended September 30, 2008, net cash provided by operating activities was $8.8 million.
Other recent highlights:
-- The cancellation rate was an annualized 19.6% as compared to 18.1% in the second quarter of 2008. The cancellation rate is calculated as the sum of the actual value of study cancellations plus studies that are completed at amounts under the original contracted amount divided by beginning backlog. The increase in the cancellation rate was caused by a number of long-term projects ending without completion of the full number of contracted ECGs.
-- We successfully completed the integration of the CCSS acquisition with the complete transfer of all operating activities from the CCSS Reno facility into our operations in Philadelphia and Peterborough, UK; and
-- We are on track for the move of our corporate headquarters (and US- based core lab) in Philadelphia to a larger facility, also in Philadelphia, by the end of 2008.
Financial highlights for the first nine months of 2008:
-- For the nine months ended September 30, 2008, the Company reported
net revenues of $103.1 million co
|SOURCE eResearchTechnology, Inc.|
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