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Encorium Reports Second Quarter 2010 Financial Results
Date:8/17/2010

WAYNE, Pa., Aug. 17 /PRNewswire-FirstCall/ -- Encorium Group, Inc. (Nasdaq: ENCO), a full service multinational clinical research organization (CRO) conducting studies in over 30 countries for many of the world's leading pharmaceutical and biotechnology companies, today announced its financial results for the second quarter and six months ended June 30, 2010.

As previously announced, on July 16, 2009 the Company sold substantially all of the assets relating to its U.S. line of business to Pierrel Research USA, Inc., the result of which the Company no longer has any employees or significant operations in the United States.  Due to this sale, for the three months ended June 30, 2010, the results of the U.S. business have been presented as discontinued operations in the Company's consolidated financial statements.

2010 Second Quarter Financial ResultsNet revenue for the second quarter of 2010 was 3.8 million, a $700 thousand decrease from $4.5 million for the second quarter of 2009.  The decrease in net revenues was primarily attributable to reduced new business awards, contract cancellations as well as performance of unexpected out of scope work for which revenue can not be recognized until corresponding change orders are executed with the clients.  Of the $700 thousand decrease, approximately $325 thousand was due to unfavorable foreign currency fluctuations for the three months ended June 30, 2010.  

The Company had a consolidated backlog at June 30, 2010 of $16.6 million compared to backlog at March 31, 2010 of $14.7 million and backlog of $19.6 million at June 30, 2009.  For the six months ended June 30, 2010 we obtained approximately $9.1 million of new business awards as compared to approximately $4.8 million for the six months ended June 30, 2009.

Direct expenses for the second quarter of 2010 declined to $2.6 million, or
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SOURCE Encorium Group, Inc.
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