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Kendle Announces Third Quarter 2009 Results
Date:11/4/2009

econd quarter of 2009. Gross book to bill for the third quarter was a solid 1.3 to 1.0. Contract cancellations for the quarter were $53.8 million or 6.1 percent of the Company's backlog at June 30, 2009 and representing a net book-to-bill of 0.8 to 1.0. Total business authorizations amounted to $846.0 million at Sept. 30, 2009.

Cash flow from operations for the third quarter of 2009 was $10.6 million. Cash, cash equivalents and marketable securities at Sept. 30, 2009 totaled $57.7 million. Days sales outstanding in accounts receivables continue to be strong at 33 days compared with 46 days in the third quarter of 2008. Capital expenditures for the quarter totaled $2.9 million, composed primarily of investments in IT infrastructure related to the Company's implementation of an ERP system.

Open Market Repurchase

During the quarter, the Company paid $13.3 million in the open market to repurchase par value of $15.0 million of its convertible debt. Year-to-date, the Company has repurchased par value $40.0 million of its convertible debt for a total cost of $31.6 million. As a result of this program, the Company expects to reduce interest expense by approximately $9.8 million over the remaining term of the convertible notes, which includes approximately $750,000 in the fourth quarter of 2009.

Nine-Month Results

Net revenues for the nine-month period ended Sept. 30, 2009 were $320.0 million. This is $355.4 million on a constant currency basis and compares with $365.9 million reported for the same period in 2008.

Operating income for the first nine months of 2009 was $30.6 million or 9.6 percent of net service revenues. On a constant currency basis and excluding the restructuring charge taken in the second quarter of 2009, operating income is strong at $46.1 million or 13.0 percent of net revenues compared with $45.9 million or 12.5 percent of net revenues for same period of the prior year. The
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SOURCE Kendle International Inc.
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