Date:11/4/2010

, (2) higher costs associated with the ramp up of the RS operations to meet increased demand, (3) integration-related activities, and (4) a higher mix of site support revenue to total revenue as the RS site support revenue has a lower gross margin than services.  Non-GAAP gross margin percentage was 50.0% in the third quarter of 2010 compared to 57.2% for the second quarter of 2010 and 51.6% a year ago.  

GAAP operating income margin percentage was 14.6% in the third quarter of 2010 compared to 3.6% for the second quarter of 2010 and 20.7% a year ago.  The second quarter of 2010 was impacted by $3.8 million of acquisition and integration related costs due to the acquisition of RS.  Non-GAAP operating income margin percentage was 21.3% in the third quarter of 2010 compared to 19.7% for the second quarter of 2010 and 20.7% a year ago.  

GAAP net income was $3.2 million, or $0.06 per diluted share, in the third quarter of 2010 compared to $0.8 million, or $0.02 per diluted share, in the second quarter of 2010 and $2.8 million, or $0.06 per diluted share, a year ago.  Non-GAAP net income was $5.4 million, or $0.11 per diluted share, in the third quarter of 2010 compared to $4.0 million, or $0.08 per diluted share, in the second quarter of 2010 and $2.8 million, or $0.06 per diluted share, a year ago.  Unfavorable foreign exchange rate movements in the third quarter of 2010 resulted in a negative impact to GAAP and non-GAAP diluted net income per share of approximately $0.03 per diluted share.

Cash flow from operations was $6.4 million in the third quarter of 2010, compared to $7.1 million in the second quarter of 2010 and $5.6 million a year ago.

Cash and short-term investments totaled $19.4 million at September 30, 2010 compared to $78.8 million on December 31, 2009.  ERT had $21.0 million in debt as of September 30, 2010, down from $23.0 million at June 30, 2010 due
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SOURCE eResearchTechnology, Inc. Copyright©2010 PR Newswire. All rights reserved

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