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Kendle Delivers Record Sales and Backlog and Strong Growth in Operating Margin for Third Quarter 2007
Date:10/31/2007

$0.27 per diluted share, including amortization of acquired intangibles. Excluding the amortization of acquired intangibles, EPS for third quarter 2006 was $0.30 per diluted share.

The Company's effective tax rate for the quarter was approximately 25 percent due to the reversal of approximately $833,000 of tax liabilities as required by FIN 48, "Accounting for Uncertainty in Income Taxes." The liabilities were established as of January 1, 2007 as part of the initial adoption of FIN 48. During third quarter 2007, the time period for assessing tax on these items expired, necessitating the reversal.

Income from operations for third quarter 2007 was approximately $14.2 million, or 14.2 percent of net services revenues. Net income was approximately $3.8 million in third quarter 2007 compared to $4.0 million in the third quarter of 2006. Net service revenues by geographic region for the third quarter were 51 percent in North America, 41 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 24 percent of net service revenues for third quarter 2007 compared to 30 percent of net service revenues for third quarter 2006.

"We are particularly pleased with the strong increase in our operating margin," noted Candace Kendle, PharmD, Chairman and Chief Executive Officer. "We look forward to building on this momentum to deliver improved value for our shareholders."

New business awards were a record $175 million for third quarter 2007, which represents an 18 percent increase over the same quarter last year. Contract cancellations for the quarter were approximately $7 million. Total business authorizations totaled $831 million at Sept. 30, 2007, up 10 percent from June 30, 2007, and an all-time Company high.

Reimbursable out-of-pocket revenues and expenses were $42.4 million for third quarter 2007 compared to $21.5 million in the same quarter a year ago.'/>"/>

SOURCE Kendle
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