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ERT Reports Third Quarter 2011 Operating Results
Date:10/27/2011

PHILADELPHIA, Oct. 27, 2011 /PRNewswire/ -- eResearchTechnology, Inc. (ERT), (Nasdaq: ERT) a global technology-driven provider of services and customizable medical devices to biopharmaceutical and healthcare organizations and the market leader for centralized cardiac safety and respiratory efficacy services in drug development, announced today results for the third quarter ended September 30, 2011.  Unless otherwise noted, all comparative numbers refer to changes from the same period a year ago.  The financial results include the results related to CareFusion Research Services (RS and now included as part of our German operations) commencing from its date of acquisition 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 and acquisition and other costs related to the RS acquisition 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 Third Quarter of 2011

  • New bookings were $78.4 million in the third quarter of 2011 compared to $70.9 million for the second quarter of 2011 and $59.1 million a year ago.  
  • The gross book-to-bill ratio was 1.6 in the third quarter of 2011 compared to 1.7 in the second quarter of 2011 and 1.3 a year ago.  
  • Backlog was $343.8 million as of September 30, 2011 compared to $333.2 million as of June 30, 2011 and $303.1 million a year ago.  The annualized cancellation rate was 14.6% in the third quarter of 2011 compared to 13.4% in the second quarter of 2011 and 14.6% a year ago.  
  • Net revenues were
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  • SOURCE ERT
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