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Kendle

Early and Late Stage revenues decline

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Kendle 4Q10

4Q Service Revenues: $77.9 million (-19%)

4Q Loss: $9.2 million (earnings of $5.0 million in 4Q09)

FY Service Revenues: $333.8 million (-20%)

FY Loss: $4.6 million (earnings of $15.2 million in FY09)

Comments: Early Stage service revenues dropped 38% in 4Q10 and fell 31% for FY. Late Stage service revenues declined 16% and 17% in those periods, respectively. The company took a $7.3 impairment charge in 4Q related to closing an facility in its Early Stage unit, and took a $3.8 million charge for restructuring costs.

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