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

70% of net revenues, compared to $3.4 million, or 76% of net revenues, for the comparable prior year period.  The decrease in direct expenses was primarily the result of reductions in staff and subcontractors utilized on active clinical studies being conducted.  Approximately $230 thousand of the decrease was attributable to favorable foreign currency fluctuations.

Selling, general, and administrative expenses (SG&A) was $1.8 million, or 48% of net revenue, for the three months ended June 30, 2010, compared to $2.2 million, or 50% of net revenue, for the three months ended June 30, 2009.  Approximately $100 thousand of the decrease was attributable to favorable foreign currency fluctuations.

The Company reported a net loss from continuing operations of $805 thousand or $(0.24) per diluted share for the second quarter of 2010, compared to a net loss from continuing operations of $1.3 million, or $(0.50) per diluted share, in the second quarter of 2009.

2010 Six Months Financial ResultsNet revenue for the six months ended June 30, 2010 decreased to $6.8 million as compared to $9.0 million for the six months ended June 30, 2009.  The decrease in net revenue was primarily due to reduced new business awards, contract cancellations along with the performance of unexpected out of scope work.  Approximately $159 thousand of the decrease was attributable to unfavorable foreign currency fluctuations.

Direct expenses for the six months ended June 30, 2010 were $5.4 million compared to $6.4 million for the six months ended June 30, 2009.  The decrease in direct expenses was due to reductions in staff and subcontractors utilized on active clinical studies being conducted.  Approximately $67 thousand of the decrease was attributable to favorable foreign currency fluctuations.  Direct expenses as a percentage of net revenue were approximately 80% and 71% for the six months ended June 30, 2010 and June 30,
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SOURCE Encorium Group, Inc.
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