Kendle Delivers Record Net Service Revenues and New Business Authorizations for First Qu...(serve related to potential collection is...),Health

Net income was $5.6 million in first quarter 2008 compared to net income of $4.2 million for the same period of the prior year. Net service revenues by geographic region for the first quarter of 2008 were 46 percent in North America, 42 percent in Europe, 7 percent in Latin America and 5 percent in the Asia/Pacific region. Net service revenues by geographic region for the first quarter of 2007 were 50 percent in North America, 43 percent in Europe, 4 percent in Latin America and 3 percent in the Asia/Pacific region. The top five customers based on net service revenues accounted for 31 percent of net service revenues for first quarter 2008 compared to 26 percent of net service revenues for first quarter 2007. No single customer accounted for more than 10 percent of net service revenues in the three-month period ended March 31, 2008.

New business awards for first quarter 2008 were $180 million, which represents a 20 percent increase over the same quarter last year. Contract cancellations for the quarter were $25 million. Total business authorizations amounted to $917 million at March 31, 2008, up 6 percent from Dec. 31, 2007, and up 31 percent from March 31, 2007. The net book-to-bill ratio was 1.4 to 1 for both the three months ended March 31, 2008, and 2007.

"Kendle's results reflect strong and continued growth in net service revenues, new business awards and total business authorizations, all of which were record highs," said Candace Kendle, PharmD, Chairman and Chief Executive Officer. "During the quarter we saw a continued shift in our revenue distribution outside North America, marking the ongoing success of our globalization efforts and enhanced competitive position. We remain on target to meet the financi
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