Kendle Delivers Record Sales and Backlog and Strong Growth in Operating Margin for Third Qu... (ion or 12.8 percent of net service reven...)

Kendle Delivers Record Sales and Backlog and Strong Growth in Operating Margin for Third Quarter 2007

Date:10/31/2007

ion, or 12.8 percent of net service revenues. Excluding the amortization charge referenced above, proforma income from operations was approximately $40.7 million, or 13.9 percent of net service revenues. Income from operations for the nine months ended Sept. 30, 2006 was approximately $21.8 million. Excluding the amortization charge in the nine months ended Sept. 30, 2006, proforma income from operations was $22.5 million, or 11.4 percent of net service revenues. Net income for the first nine months of 2007 was approximately $12.3 million compared to net income of $13.2 million in the first nine months of 2006. Excluding the amortization of acquired intangibles and the write-off of deferred financing costs, net income for the first nine months of 2007 was $16.9 million, or $1.14 per diluted share. Excluding the amortization of acquired intangibles in the first nine months of 2006, net income was $13.6 million, or $0.92 per diluted share.

Net service revenues by geographic region for the nine months ended Sept. 30, 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 25 percent of net service revenues for the first nine months of 2007 compared to 29 percent of net service revenues for the first nine months of 2006.

Cash flow from operations for the nine months ended Sept. 30, 2007, was a positive $38.1 million. Capital expenditures for the nine-month period totaled $10.8 million.

Updated Full-Year 2007 Guidance

Kendle also updated full-year 2007 guidance. Net service revenue guidance for the full year 2007 is now projected to be in a range of $390-$400 million. Operating margin on both a GAAP and proforma basis remains unchanged from the previous guidance and is expected to be between 12 and 14 percent and 13 and 15 percent, respectively. Kendle now expects GAAP EPS in the range of $1.25 to $1.35 and
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