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ERT Reports Third Quarter 2009 Results
Date:10/29/2009

nd 1.3 a year ago.
  • Backlog was $165.6 million as of September 30, 2009 compared to $153.7 million as of June 30, 2009. The annualized cancellation rate was 20.0% for the third quarter of 2009 compared to 16.1% in the second quarter of 2009 and 19.6% a year ago.
  • Cash and cash equivalents totaled $72.1 million at September 30, 2009 compared to $66.4 million at December 31, 2008.
  • ERT purchased 196,016 shares of its common stock at an average price of $5.49 under its approved stock repurchase program in the third quarter of 2009 at a total cost of $1.1 million leaving 5.0 million shares available for repurchase under this program.
  • Financial highlights for the first nine months of 2009:

    • Net income was $7.4 million, or $0.15 per diluted share, for the nine months ended September 30, 2009 compared to net income of $19.3 million, or $0.37 per diluted share, for the nine months ended September 30, 2008.
    • Net revenues were $70.7 million for the nine months ended September 30, 2009 compared to $103.1 million for the nine months ended September 30, 2008.
    • Gross margin percentage for the nine months ended September 30, 2009 was 51.4% compared to 55.3% for the nine months ended September 30, 2008.
    • Operating income margin for the nine months ended September 30, 2009 was 18.2% compared to 28.9% for the nine months ended September 30, 2008.
    • The results include the EDC operations, which were sold on June 23, 2009. EDC licenses and services revenue was $2.5 million and $4.4 million in the first nine months of 2009 and 2008, respectively.
    • New bookings for the nine months ended September 30, 2009 were $109.2 million compared to $142.1 million in the nine months ended September 30, 2008.
    • For the nine months ended September 30, 2009, cash provided by operating activities was $24.7 million compared to $26.8 million for the nine months ended September 30, 2008.
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    SOURCE eResearchTechnology, Inc.
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