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ERT Reports Second Quarter 2011 Operating Results
Date:8/1/2011

PHILADELPHIA, Aug. 1, 2011 /PRNewswire/ -- eResearchTechnology, Inc. (ERT), (Nasdaq: ERT) a global technology-driven provider of services and customizable medical devices to biopharmaceutical and healthcare organizations and the market leader for centralized cardiac safety and respiratory efficacy services in drug development, announced today results for the second quarter ended June 30, 2011.  Unless otherwise noted, all comparative numbers refer to changes from the same period a year ago.  The financial results include the results related to CareFusion Research Services (RS and now included as part of our German operations) commencing from its date of acquisition on May 28, 2010.  

This press release contains financial measures prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and non-GAAP measures adjusted to exclude the impact of the amortization of the acquired intangibles and other assets and acquisition and other costs related to the RS acquisition and related income tax effects.  A reconciliation of these GAAP and non-GAAP measures is found in the attached "Reconciliation of GAAP to Non-GAAP Information."

Financial Highlights for the Second Quarter of 2011

  • Net revenues were $42.8 million for the second quarter of 2011 compared to $41.7 million for the first quarter of 2011 and $29.1 million a year ago.  Revenues from our German operations were $20.3 million in the second quarter of 2011, compared to $18.9 million in the first quarter of 2011 and $5.7 million a year ago, which comprised only the month of June.

  • GAAP gross margin percentage was 37.4% in the second quarter of 2011 compared to 44.2% for the first quarter of 2011 and 54.4% a year ago.  Non-GAAP gross margin percentage was 42.0% in the second quarter of 2011 compared to 48.7%
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