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ERT Reports Second Quarter 2011 Operating Results
Date:8/1/2011

unts payable $
7,136 $
5,569 Accrued expenses,162 3,731 Deferred revenues,670 3,588 Total current liabilities34,968 32,888 Deferred rent2,368 2,397 Deferred income taxes3,703 4,098 Long-term debt21,000 21,000 Other liabilities2,141 2,146 Total liabilities4,180 2,529 Stockholders' equity:Preferred stock-$10.00 par value, 500,000 shares authorized,none issued and outstanding-   -   Common stock-$.01 par value, 175,000,000 shares authorized,,460,782 and 60,807,913 shares issued, respectively5 8 Additional paid-in capital,441 2,548 Accumulated other comprehensive (loss) income(1,545),413 Retained earnings31,037 35,911 Treasury stock, 11,589,603 and 11,596,966 shares at cost (79,883)(79,929)Total stockholders' equity50,655 9,551 Total liabilities and stockholders' equity $
214,835 $
232,080 eResearchTechnology, Inc. and SubsidiariesConsolidated Statements of Cash Flows(in thousands)(unaudited)Six Months Ended June 30,20102011Operating activities:   Net income $
2,578 $
4,874   Adjustments to reconcile net income to net cashprovided by operating activities:Depreciation and amortization,307 2,460 Cost of sales of equipment4 8 Share-based compensation,425 ,421 Deferred income taxes216 413 Loss on disposal of equipment-   780 Changes in operating assets and liabilities:Accounts receivable(1,722)3,648 Inventory(436)(4,973)Prepaid expenses and other(925)(1,761)Accounts payable,227 (1,002)Accrued expenses4,925 (2,624)Income taxes(1,120)(1,288)Deferred revenues2 ,738 Deferred rent(204)23 Net cash provided by operating activities2,377 3,717 Investing activities:   Purchases of property and equipment(8,773)(14,754)   Purchases of investments(999)-     Proceeds from sales of investments,731 -     Payments for acquisitions(80,475)(117)Net cash used in investing activities(79,516)(14,871)Financing activities:   Proceeds from long-term debt23,000 -     Proceeds from exercise of stock options
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