Income from operations for fourth quarter 2007 was approximately $15.2 million, or 14.6 percent of net service revenues, compared to a loss of approximately $1.8 million in fourth quarter 2006. Net income was approximately $6.4 million in fourth quarter 2007 compared to a loss of $4.7 million in the fourth quarter of 2006. Net service revenues by geographic region for the fourth quarter of 2007 were 50 percent in North America, 40 percent in Europe, 6 percent in Latin America and 4 percent in the Asia/Pacific region. The top five customers based on net service revenues accounted for 29 percent of net service revenues for fourth quarter 2007 compared to 26 percent of net service revenues for fourth quarter 2006.
New business awards were $174 million for fourth quarter 2007, which represents a 6 percent increase over the same quarter last year. Contract cancellations for the quarter were approximately $32 million. Total business authorizations amounted to $869 million at Dec. 31, 2007, up 5 percent from Sept. 30, 2007, and an all-time Company high.
"2007 was a year of significant growth for Kendle highlighted by record backlog and a strong increase in revenues and operating margin," said Candace Kendle, PharmD, Chairman and Chief Executive Officer. "Demonstrating our continued focus on project delivery and operational excellence in support of our customers' clinical development goals, we grew above the market for the fourth consecutive year. In particular, our increased scale and competitiveness in winning and executing megatrials was a significant contributor to our success and positions us well to deliver improved earnings and profitability for our shareholders as we move forward."
|SOURCE Kendle International Inc.|
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