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ERT Reports Fourth Quarter and Full Year 2011 Operating Results
Date:2/27/2012

PHILADELPHIA, Feb. 27, 2012/PRNewswire/ -- eResearchTechnology, Inc. (ERT), (Nasdaq: ERT) a global technology-driven provider of health outcomes research services and customizable medical devices to biopharmaceutical sponsors and contract research organizations (CROs),announced results today for the fourth quarter and fiscal year ended December 31, 2011.  Unless otherwise noted, all comparative numbers refer to changes from the same period a year ago.  The financial results for 2010 include the seven months' results related to the acquisition of CareFusion Research Services (RS or German operations) that was completed on May 28, 2010.

This press release contains financial measures prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and non-GAAP measures adjusted to exclude the impact of the amortization of the acquired intangibles and other assets, acquisition and other costs related to the RS acquisition, an investment impairment and related income tax effects.  A reconciliation of these GAAP and non-GAAP measures is found in the attached "Reconciliation of GAAP to Non-GAAP Information."

Financial Highlights for the Fourth Quarter of 2011

  • Net revenues were $52.3 million for the fourth quarter of 2011 compared to $48.1 million for the third quarter of 2011 and $44.9 million a year ago.  
  • GAAP gross margin percentage was 40.9% in the fourth quarter of 2011 compared to 41.5% for the third quarter of 2011 and 43.9% a year ago.  Non-GAAP gross margin percentage was 44.9% in the fourth quarter of 2011 compared to 45.5% for the third quarter of 2011 and 49.0% a year ago.  The GAAP and Non-GAAP gross margin percentage decline year over year was due to higher costs associated with the ramp up of our German operations to meet customer study deliverables, integration rel
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