decreased 11% to $1.46 for 2007, compared to $1.64 for 2006. This
decrease is reflective of $0.03 and $0.30 of tax benefits recognized in
2007 and 2006, respectively, as described in note (1).
2007 Highlights and Key Accomplishments:
-- Record Revenue, Adjusted Operating Income and Adjusted EPS: Total
revenue, adjusted operating income and adjusted EPS of $977.3 million,
$102.2 million and $1.59, respectively, were new records for inVentiv,
underscoring the strength of the Company's multi-faceted business model
and continued effective execution across its businesses. In addition,
inVentiv delivered 13% pro forma organic net revenue growth for the
year.
-- inVentiv Clinical reported record total revenues of $186.9 million
during 2007 and $47.9 million during the fourth quarter of 2007, up 25%
and 23% respectively from the comparable prior-year periods. Billable
headcounts in clinical staffing continued to increase meaningfully
during 2007, further strengthening inVentiv Clinical's market position
in an expanding clinical trials marketplace. Revenues also increased
significantly within inVentiv Clinical's functional outsourcing
business.
-- inVentiv Communications reported record total revenues of $289.1
million during 2007 and $88.1 million during the fourth quarter of
2007, up 39% and 53% respectively from the comparable prior-year
periods, including results from several acquisitions completed during
2007. The division delivered over 30 significant new wins or
expansions with existing accounts over the course of the year,
resulting in enhanced momentum in the fourth quarter of 2007 and
accelerating organic growth leading to a strengthened outlook for 2008.
-- inVentiv Commercial reported total revenues of $400.8 million during
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