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

Net income $994,033 $748,239 $1,982,762 $3,224,372 --------- -------- ---------- ---------- Net income per common share: Basic $0.03 $0.02 $0.05 $0.10 Diluted $0.03 $0.02 $0.05 $0.09 Weighted average number of common shares outstanding: Basic 37,231,635 32,547,406 36,910,087 32,507,708 Diluted 38,141,116 34,049,551 37,955,539 34,069,060

         ReSearch Pharmaceutical Services, Inc. and Subsidiaries
             Condensed Consolidated Statements of Cash Flows

                                                       Nine Months Ending
                                                         September 30,
                                                      2009           2008
                                                      ----           ----
                                                          (unaudited)
    Net income                                  $1,982,762     $3,224,372
    Adjustments to reconcile net income to
      net cash (used in) provided by operating
     activities:
     Depreciation and amortization               2,554,806      1,233,451
     Stock-based compensation                      453,630        413,771
     Deferred tax benefit                         (317,115)             -
     Changes in operating assets and
      liabilities:
     Accounts receivable                        (7,298,979)    (1,897,447)
     Prepaid expenses and other assets             383,865       (968,379)
     Accounts payable                             (582,190)        17,973
     Accrued expenses and other liabilities      1,849,424       (518,930)
     Customer deposits                          (2,559,107)      (307,155)
     Deferred revenue                            1,761,991     (1,640,451)
               
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SOURCE ReSearch Pharmaceutical Services, Inc.
Copyright©2009 PR Newswire.
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