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

kforce reduction initiative. On a non-GAAP basis, excluding the above restructuring and goodwill impairment charges, loss from operations for the fourth quarter was $1.3 million compared with income from operations of $8.7 million for the fourth quarter of 2009.

On a GAAP basis, net loss for the fourth quarter of 2010 was $9.2 million or $0.62 per diluted share, which included $0.16 per share related to the restructuring charge and $0.48 per share related to the goodwill impairment charge. Net income for the fourth quarter of 2009 was $2.3 million or $0.16 per diluted share, which included $0.18 per share related to a restructuring charge. On a non-GAAP basis, excluding the restructuring and goodwill impairment charges, net income for the fourth quarter was $391,000 or $0.03 per diluted share compared with net income of $5.0 million or $0.34 per diluted share for the same period last year.

Balance Sheet and Cash Flow InformationCash and cash equivalents at Dec. 31, 2010, totaled $21.2 million compared with $52.1 million at Dec. 31, 2009.  Days sales outstanding in accounts receivables, net of advances were 41 days compared with 34 days at Dec. 31, 2009. Capital expenditures for the quarter totaled $3.0 million and were largely related to IT hardware and software. As of Dec. 31, 2010, no amounts were outstanding under the Company's revolving credit facility.

Full-Year ResultsFor full-year 2010, net service revenues were $333.8 million compared with $416.7 million for full-year 2009. The top five customers based on net service revenues accounted for 26.2 percent of total revenues versus 27.2 percent for the same period last year.

On a GAAP basis, loss from operations for full-year 2010 was $1.2 million, which included $4.5 million in restructuring and $7.3 million in goodwill impairment charges. Income from operations for full-year 2009 was $35.6 million, which included $10.2 million in restructuring expenses. On a non-GAAP basi
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SOURCE Kendle International Inc.
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