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

cember 31, 2007. The decrease in revenue 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. offset by an increase in revenues generated by our European operations, which was due in part to favorable foreign currency fluctuations. For the year, European operations represented 74% of net revenues and U.S. operations represented 26% of net revenues.

Direct expenses for the year ended December 31, 2008 were $21.3 million, or 70.6% of net revenue, compared to $20.2 million, or 64.0% of net revenue, for the year ended December 31, 2007 and included approximately $1.0 million in foreign currency fluctuations absorbed by the Company's European operations. SG&A expenses for 2008 were $14.1 million, or 46.6% of net revenue, compared to $12.4 million, or 39.1% of net revenue, for 2007. Of the $1.7 million increased in SG&A, approximately $900,000 was non-recurring transaction costs attributable to the Prologue and Linkcon transactions that were terminated during the third quarter of 2008. Excluding non-recurring transaction costs, SG&A would have decreased by $100,000 in 2008 compared to 2007 and would have represented approximately 40.6% of net revenue.

Depreciation and amortization expense for 2008 declined to $1.7 million compared to $2.6 million for the 2007, primarily as a result of a reduction in the amount of amortization related to the intangible assets acquired from the Remedium acquisition.

The Company reported a net loss for the twelve months ended December 31, 2008 of $21.1 million, or $(1.02) per diluted share, as compared to a net loss of $2.8 million, or $(0.14) per diluted share for the twelve months ended December 31, 2007. Included in the results is a non-cash $14.4 million, or ($0.70) per share, asset impairment charge related to the Company's intangible assets, which includes a $1.9 million non-cas
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SOURCE Encorium Group, Inc.
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