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(69)1,622Accrued expenses
(3,728)5,145Income taxes
(2,955)(1,125)Deferred revenues
5881,153Deferred rent
211(225)Net cash provided by operating activities
24,69018,793Investing activities: Purchases of property and equipment
(3,567)(15,987) Purchases of investments
-(999) Proceeds from sales of investments
-10,731 Payments related to sale of EDC operations
(1,150)- Payments for acquisitions
(655)(82,789)Net cash used in investing activities
(5,372)(89,044)Financing activities: Proceeds from long-term debt
-23,000 Repayment of long-term debt
-(2,000) Repayment of capital lease obligations
(43)- Proceeds from exercise of stock options
372215 Stock option income tax benefit
13429 Repurchase of common stock for treasury
(15,120)-Net cash (used in) provided by financing activities
(14,657)21,244Effect of exchange rate changes on cash
1,030(639)Net increase (decrease) in cash and cash equivalents
5,691(49,646)Cash and cash equivalents, beginning of period
66,37668,979Cash and cash equivalents, end of period
$ 72,067$
9,333eResearchTechnology, Inc. and SubsidiariesReconciliation of GAAP to Non-GAAP Information (in thousands, except per share amounts)(unaudited)Three Months EndedNine Months EndedSeptember 30, 2009
June 30, 2010
September 30, 2010September 30, 2009
September 30, 2010Net revenues$
22,726
$
29,096
$
45,128$
70,688
$
96,093Reconciliation of GAAP to Non-GAAP gross margin:GAAP gross margin
$
,731
$
5,814
$
20,097$
36,361
$
47,669Amortization of acquired intangibles and other assets
-
833
2,451-
3,284Non-GAAP gross margin
$
,731
$
,647
$
22,548$
36,361
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