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Eresearchtechnology Inc (ERES) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

Eresearchtechnology Inc

CIK: 1026650

Exhibit 99.1

ERT Reports Fourth Quarter and Full Year 2011 Operating Results

 

   

Record revenues of $52.3 million for the fourth quarter and $184.9 million for the full year 2011

 

   

GAAP diluted net income per share of $0.09 for the fourth quarter / Non-GAAP diluted net income per share of $0.14 for the fourth quarter

 

   

Record bookings of $82.5 million for the fourth quarter / $303.5 million for full year 2011

 

   

2012 guidance for revenue of $195 to $203 million / GAAP diluted net income per share of between $0.40 and $0.48 / Non-GAAP diluted net income per share of between $0.45 and $0.53

PHILADELPHIA, February 27, 2012 /PRNewswire-FirstCall/ — eResearchTechnology, Inc. (ERT), (Nasdaq: ERT—News) a global technology-driven provider of health outcomes research services and customizable medical devices to biopharmaceutical sponsors and contract research organizations (CROs),announced results today for the fourth quarter and fiscal year ended December 31, 2011. Unless otherwise noted, all comparative numbers refer to changes from the same period a year ago. The financial results for 2010 include the seven months’ results related to the acquisition of CareFusion Research Services (RS or German operations) that was completed 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, acquisition and other costs related to the RS acquisition, an investment impairment 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 Fourth Quarter of 2011

 

   

Net revenues were $52.3 million for the fourth quarter of 2011 compared to $48.1 million for the third quarter of 2011 and $44.9 million a year ago.

 

   

GAAP gross margin percentage was 40.9% in the fourth quarter of 2011 compared to 41.5% for the third quarter of 2011 and 43.9% a year ago. Non-GAAP gross margin percentage was 44.9% in the fourth quarter of 2011 compared to 45.5% for the third quarter of 2011 and 49.0% a year ago. The GAAP and Non-GAAP gross margin percentage decline year over year was due to higher costs associated with the ramp up of our German operations to meet customer study deliverables, integration related activities and additions to inventory reserves.

 

   

GAAP operating income margin percentage was 12.1% in the fourth quarter of 2011 compared to 10.9% for the third quarter of 2011 and 11.6% a year ago. Non-GAAP operating income margin percentage was 16.2% in the fourth quarter of 2011 compared to 14.9% for the third quarter of 2011 and 18.5% a year ago.


The following information was filed by Eresearchtechnology Inc on Monday, February 27, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
CIK: 1026650
Form Type: 10-K Annual Report
Accession Number: 0001193125-12-094716
Submitted to the SEC: Fri Mar 02 2012 5:12:03 PM EST
Accepted by the SEC: Fri Mar 02 2012
Period: Saturday, December 31, 2011
Industry: Testing Laboratories

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