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ReSearch Pharmaceutical Services, Inc. Unaudited Quarterly Report for the Period Ended September 30, 2009
Date:11/13/2009

ome for the third quarter in 2008 of $0.7 million.

Financial highlights for the nine months ended September 30, 2009

  • Service revenues for the nine months ended September 30, 2009 of $145.4 million grew $27.9 million or 23.8% as compared to the same period in 2008.
  • Direct costs increased 19.8% to $105.3 million for the nine months ending September 30, 2009, but decreased as a percentage of service revenue, from 74.9% to 72.5%, from the nine months ended September 30, 2008.
  • Selling, general, and administrative expenses increased 42.4% to $32.4 million for the nine months ended September 30, 2009 from $22.7 million for the nine months ended September 30, 2009.
  • EBITDA for the nine months ended September 30, 2009 of $7.7 million or 5.3% of service revenues, increased from $6.8 million or 5.8% of service revenues for the nine months ended September 30, 2008.
  • Net income before provision for income taxes for the nine months ended September 30, 2009 of $4.6 million decreased $1.0 million from $5.6 million for the nine months ended September 30, 2008. Net income for the nine months ended September 30, 2009 decreased to $2.0 million, from net income for the nine months ended September 30, 2008 of $3.2 million.

Operational highlights for the nine months ended September 30, 2009

  • In early 2009, the Company announced that it had entered into an agreement to acquire a clinical research organization (CRO) in China, providing the Company with expanded capabilities in the Asian market and complementing its current operations in the Americas and Europe. This acquisition was completed on July 7, 2009

A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP measure are located at the end of this press release.

Commenting on the third quarter results, Daniel M. Perlman, Chairman and CEO
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SOURCE ReSearch Pharmaceutical Services, Inc.
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