Kendle Announces Third Quarter EPS of $.10

Kendle

today reported new business awards for the third quarter of 2010 of $131.4 million. Contract cancellations and related adjustments during the quarter moderated significantly to $10.4 million or 1.3 percent of the Company's backlog at June 30, 2010, resulting in a net book-to-bill of 1.5. New business authorizations (backlog) at Sept. 30, 2010, totaled $807.4 million, a 4.0 percent improvement sequentially over the second quarter of 2010. Net service revenues for the quarter ended Sept. 30, 2010, totaled $83.2 million compared with $104.6 million for the same period a year ago. The top five customers, based on net service revenues, accounted for 29 percent of total revenues versus 27 percent in the third quarter of 2009. Income from operations for the quarter was $5.6 million or 6.7 percent of net service revenues versus $15.5 million or 14.9 percent of net service revenues in the third quarter of 2009. Net income for the quarter totaled $1.5 million or $0.10 per diluted share compared with net income of $8.8 million or $0.59 per diluted share in the third quarter of 2009.