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Total stockholders' equity 113,512 135,952
Total liabilities and
stockholders' equity $147,696 $166,325
eResearchTechnology, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Nine Months Ended September 30,
2007 2008
Operating activities:
Net income $10,093 $19,336
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and amortization 11,066 12,519
Cost of sales of equipment 1,004 717
Provision for
uncollectible accounts - 60
Share-based compensation 1,576 1,966
Deferred income taxes 482 (1,151)
Changes in operating assets
and liabilities excluding CCSS
acquisition:
Accounts receivable (3,777) (6,601)
Prepaid expenses and other (595) (1,560)
Accounts payable (1,888) 357
Accrued expenses 1,500 (540)
Income taxes 2,267 931
Deferred revenues 995 747
Net cash provided by
operating activities 22,723 26,781
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