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PharmaNet Development Group Reports Fourth Quarter and Full Year 2008 Preliminary Financial Results
Date:2/25/2009

PRINCETON, N.J., Feb. 25 /PRNewswire-FirstCall/ -- PharmaNet Development Group, Inc. (the "Company") (Nasdaq: PDGI), a leading provider of clinical development services, today reported preliminary net income for the fourth quarter ended December 31, 2008, of $1.6 million, or $0.08 per diluted share, compared to net income from continuing operations of $3.8 million, or $0.20 per diluted share, in the fourth quarter 2007.

All financial data provided in this press release is subject to recording a fourth quarter non-cash impairment charge related to goodwill and indefinite-lived assets which is the result of the decline in the Company's market capitalization during the fourth quarter 2008. The Company is working with its valuation consultant and is in the process of completing its annual goodwill, indefinite-lived and long-lived asset impairment assessments, in accordance with Statement of Financial Accounting Standards ("SFAS") No. 142, Goodwill and Other Intangible Assets, and SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets.

The anticipated fourth quarter 2008 impairment charge is not indicative of the Company's performance or its ability to continue to run its operations, and will not have any impact on the Company's future cash flows from operating activities. Until the final determination is made, the financial information contained in this press release, without taking into account the fourth quarter 2008 non-cash impairment charge, is not presented in accordance with US generally accepted accounting principles (GAAP). We will disclose the amount of the fourth quarter 2008 impairment charge and any related tax impact once we have completed the assessment process and file our annual report on Form 10-K with the Securities and Exchange Commission (the "SEC")on or before March 16, 2009.<
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SOURCE PharmaNet Development Group, Inc.
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