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Kendle Announces Fourth Quarter and Full-Year 2010 Results
Date:3/2/2011

CINCINNATI, March 2, 2011 /PRNewswire/ -- Kendle (Nasdaq: KNDL), a leading, global full-service clinical research organization, today reported new business awards of $152.1 million for the fourth quarter of 2010 versus $134.7 million for the fourth quarter of 2009. Gross book-to-bill improved 25 percent sequentially from the third quarter of 2010 to 2.0 in the fourth quarter. Net book-to-bill for the quarter was 1.3 as contract cancellations and adjustments totaled $51.2 million. New business authorizations (backlog) at Dec. 31, 2010 totaled $828.2 million, a 2.6 percent sequential improvement from Sept. 30, 2010.

"During 2010, we made significant strides toward positioning Kendle for long-term growth, including reinvigorating our sales efforts, bringing in new leadership, improving our processes, realigning our cost structure and implementing new technology," said Chairman and CEO Candace Kendle, PharmD, "I'm pleased with the progress we are making as a result of these initiatives, which will continue to enhance our ability to better serve our customers and lay the foundation for a return to top line growth going forward.''

Fourth Quarter 2010 ResultsNet service revenues for the quarter ended Dec. 31, 2010, totaled $77.9 million compared with $96.6 million for the same period a year ago. The top five customers based on net service revenues accounted for 32.4 percent of total revenues versus 26.3 percent in the fourth quarter of 2009.

On a GAAP basis, loss from operations for the quarter was $11.7 million, which included $3.2 million in restructuring charges related to the previously announced closing of one of the Early Stage locations and $7.3 million in goodwill impairment charges related to the Early Stage segment. Income from operations for the fourth quarter of 2009 was $4.9 million, which included a restructuring charge of $3.8 million related to a wor
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SOURCE Kendle International Inc.
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