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

mpared to $69.8 million for the nine months ended September 30, 2007, an increase of 47.7%;

-- Net income was $19.3 million, or $0.37 per diluted share, for the nine months ended September 30, 2008 compared to net income of $10.1 million, or $0.20 per diluted share, for the nine months ended September 30, 2007, an increase of 91.6%;

-- Bookings for the nine months ended September 30, 2008 were $142.1 million, which are $3.4 million higher than the bookings of $138.6 recorded for the entire year 2007;

-- The Company's gross margin percentage for the nine months ended September 30, 2008 was 55.3% compared to 49.9% for the nine months ended September 30, 2007. Operating income margin for the nine months ended September 30, 2008 was 28.9% compared to 21.1% for the nine months ended September 30, 2007;

-- Revenues from acquired backlog of CCSS were $8.2 million and cost of revenues were $7.2 million for the nine months ended September 30, 2008. Operating income during this period included a loss of $2.2 million from the operations of CCSS and the integration of CCSS into eRT;

-- The Company's tax rate was 37.1% for the nine months ended September 30, 2008 compared to 38.5% for the nine months ended September 30, 2007; and

-- For the nine months ended September 30, 2008, cash provided by operating activities was $26.8 million.

"We continue to be pleased with our results through the third quarter of 2008," commented Dr. Michael McKelvey, President and CEO of eRT. "Our $33.9 million of revenue for the third quarter reflected the expected sequential decrease from our record $35.5 million in the second quarter 2008 due to slower activity in the summer months and a working down of the CCSS backlog. Through the nine months ending September 30, 2008, revenue, bookings, and net income have all exceeded the levels achieved in all of 2007. As an example, net income through the first nine months of 2008 was 26.8% higher than in the en
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SOURCE eResearchTechnology, Inc.
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