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Encorium Reports Fourth Quarter and Full Year 2008 Financial Results
Date:4/27/2009

- New business awards in 2008 total $36.1 million, an increase of 22% over 2007

- Results include non-cash goodwill impairment charge of $12.5 million for the fourth quarter, $14.4 million for the full year

WAYNE, Pa., April 27 /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 fourth quarter and year ended December 31, 2008.

2008 Fourth Quarter Financial Results

Net revenue for the fourth quarter of 2008 was $7.1 million, a decrease of 14.5% from $8.3 million for the fourth quarter of 2007. The decrease in net revenues was primarily due to an $800,000 decrease in revenues generated by our European operations and a $400,000 decrease in revenues generated in the U.S. The decrease in revenues at the Company's European operations included approximately $500,000 of unfavorable foreign currency fluctuations for the three months ended December 31, 2008 compared with the same prior year period. The decrease in net revenues generated in the U.S. was primarily due to a decrease in the number of contracts and related contract values of active clinical studies being conducted in the U.S. during the fourth quarter of 2008 compared to the same prior year period. The Company had a consolidated backlog at the end of 2008 of $34.4 million compared to $38.7 million at the end of 2007.

Direct expenses for the fourth quarter of 2008 were $4.8 million, or 67.6% of net revenues compared to $5.4 million, or 65% of revenues, for the comparable prior year period. The decrease
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SOURCE Encorium Group, Inc.
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