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Kendle Delivers Record Sales, Net Service Revenues and Earnings Per Share for Second Quarter 2008
Date:8/6/2008

for second quarter 2008 were 45 percent in North America, 44 percent in Europe, 8 percent in Latin America and 3 percent in the Asia/Pacific region. Net service revenues by geographic region for second quarter 2007 were 50 percent in North America, 42 percent in Europe, 5 percent in Latin America and 3 percent in the Asia/Pacific region. The top five customers based on net service revenues accounted for 28 percent of net service revenues for both the second quarter of 2008 and 2007. No single customer accounted for more than 10 percent of net service revenues in the three-month period ended June 30, 2008.

New business awards for second quarter 2008 were $204 million, which represents a 24 percent increase over the same quarter last year. Contract cancellations for the quarter were $27 million. Total business authorizations amounted to approximately $979 million at June 30, 2008, up 13 percent from Dec. 31, 2007, and up 29 percent from June 30, 2007. The net book-to-bill ratio was 1.4 to 1 for the three months ended June 30, 2008.

"Kendle delivered a strong performance for the second quarter," said Chairman and CEO Candace Kendle, PharmD. "We remain focused on our strategic customer development and business expansion initiatives to drive continued growth in our business and increased profitability and value for our shareholders."

Cash flow from operations for the second quarter 2008 was $6.1 million compared with $9.9 million for the same period of the prior year. Cash and marketable securities at June 30, 2008, totaled $25.3 million, including $1.5 million of restricted cash, compared with $25.1 million, which included $1.0 million of restricted cash, at June 30, 2007. In addition to the $200 million of convertible debt that was outstanding at June 30, 2008 and December 31, 2007, at June 30, 2008, the Company had $11.0 million of debt outstanding under its revolving credit facility that was incurred to finance, in part, the purchase of DecisionL
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SOURCE Kendle International Inc.
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