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eResearchTechnology Reports Third Quarter 2008 Results

(62,190) (62,190)

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)


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


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 '/>"/>

SOURCE eResearchTechnology, Inc.
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