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Encorium Reports First Quarter 2009 Financial Results
Date:5/19/2009

Net Loss Significantly Reduced to $195,220 in First Quarter on Cost Cutting

WAYNE, Pa., May 19 /PRNewswire-FirstCall/ -- Encorium Group, Inc. (Nasdaq: ENCO), a full service multinational contract research organization (CRO) that provides design, development, and management capabilities for clinical trials and patient registries to many of the world's leading pharmaceutical companies, today announced its financial results for the first quarter ended March 31, 2009.

Net revenue for the first quarter of 2009 was $7.0 million, a decrease of 6.1% from $7.5 million for the first quarter of 2008. The decrease in net revenues was primarily due to an $800,000 decrease in revenues generated by our European operations of which approximately $668,000 was related to unfavorable foreign currency fluctuations for the three months ended March 31, 2009 compared with the same prior year period. The Company's U.S. operations saw a $340,000 increase in net revenues during the quarter primarily due to a delay in recognizing revenue on a legacy project and additional revenue resulting from a significant increase in contract value for an ongoing clinical study that was signed during the first quarter of 2009. The Company had a consolidated backlog at March 31, 2009 of $31.2 million which included approximately $3.5 million of new business wins in the first quarter of 2009 compared to a backlog of $34.4 million at December 31, 2008 and $40.0 million at March 31, 2008.

Direct expenses for the first quarter of 2009 were $4.4 million, or 62.2% of net revenues, compared to $5.5 million, or 74.0% of net revenues, for the comparable prior year period. While the decrease in direct expenses was partially the result of approximately $440,000 of favorable foreign currency fluctuations absorbed by the Company
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SOURCE Encorium Group, Inc.
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