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Eresearchtechnology Inc (ERES) SEC Filing 10-Q Quarterly report for the period ending Thursday, September 30, 2010

Eresearchtechnology Inc

CIK: 1026650
Exhibit 99.1
ERT Reports Third Quarter 2010 Results
   
Revenues of $45.1 million for the third quarter — up 99% from prior year
 
   
GAAP diluted net income per share of $0.06 for the third quarter / Non-GAAP diluted net income per share of $0.11 for the third quarter
 
   
Bookings of $59.1 million for the third quarter
PHILADELPHIA, November 4, 2010/PRNewswire-FirstCall/ — eResearchTechnology, Inc. (ERT), (Nasdaq: ERES — News), a global provider of technology and services to the pharmaceutical, biotechnology, and medical device industries, announced today results for the three and nine months ended September 30, 2010. Unless otherwise noted, all comparative numbers refer to changes from the same period a year ago. The financial results for the third quarter of 2010 include a full quarter of results related to the acquisition of CareFusion Research Services (RS), which 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 which exclude the impact of the amortization of the acquired intangibles and other assets and acquisition and other costs related to the recent acquisition of RS 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 third quarter of 2010
   
Net revenues were $45.1 million for the third quarter of 2010 compared to $29.1 million for the second quarter of 2010 and $22.7 million a year ago. Revenues from RS were $21.5 million in the third quarter of 2010, compared to $5.7 million in the second quarter of 2010 (which only had one month of revenue from RS).
 
   
GAAP gross margin percentage was 44.5% in the third quarter of 2010 compared to 54.4% for the second quarter of 2010 and 51.6% a year ago. The gross margin percentage decline was due to (1) inclusion of a full quarter of RS financials in the third quarter compared to the inclusion of one month of RS financials in the second quarter as RS historically has had a lower gross margin than ERT, (2) higher costs associated with the ramp up of the RS operations to meet increased demand, (3) integration-related activities, and (4) a higher mix of site support revenue to total revenue as the RS site support revenue has a lower gross margin than services. Non-GAAP gross margin percentage was 50.0% in the third quarter of 2010 compared to 57.2% for the second quarter of 2010 and 51.6% a year ago.
 
   
GAAP operating income margin percentage was 14.6% in the third quarter of 2010 compared to 3.6% for the second quarter of 2010 and 20.7% a year ago. The second quarter of 2010 was impacted by $3.8 million of acquisition and integration related costs due to the acquisition of RS. Non-GAAP operating income margin percentage was 21.3% in the third quarter of 2010 compared to 19.7% for the second quarter of 2010 and 20.7% a year ago.

 

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The following information was filed by Eresearchtechnology Inc on Thursday, November 4, 2010 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-Q Quarterly 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-Q Quarterly Report
Accession Number: 0000950123-10-103256
Submitted to the SEC: Tue Nov 09 2010 4:14:34 PM EST
Accepted by the SEC: Tue Nov 09 2010
Period: Thursday, September 30, 2010
Industry: Testing Laboratories

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