PharmaNet Development Group, Inc. (NASDAQ: PDGI), a leading
provider of drug development services to branded pharmaceutical,
biotechnology, generic drug and medical device companies, today
reported GAAP net earnings from continuing operations for its
fourth quarter 2006 of $3.5 million ($0.19 per diluted share) and
for the full year ended December 31, 2006 of $6.1 million ($0.33
per diluted share). "The fourth quarter and full year 2006
financial results demonstrate the determination and commitment of
the entire management team and all PharmaNet Development Group
employees to make continued progress while overcoming the
significant challenges of 2006,� commented Jeffrey P. McMullen,
president and chief executive officer. Mr. McMullen added, �While
addressing certain events related to its discontinued operations,
the Company continued to build an organization and infrastructure
that has achieved robust revenue growth, strengthened its cash
position and solidified its financing allowing us to continue to
build upon the momentum of the early and late stage businesses and
2007 growth in backlog.� Basis of presentation Due to the Company's
decision to discontinue certain operations in 2006, all financial
results for the periods presented reflect the Company's continuing
operations only, unless otherwise stated. To better reflect ongoing
operations for investors for the periods presented, adjusted
(non-GAAP) results are used throughout this press release and the
accompanying tables. The three months ended December 31, 2006
adjusted financial results exclude the following costs: a) a tax
valuation allowance of $2.6 million ($0.14 per diluted share)
recorded within earnings from continuing operations. The valuation
allowance results from the Company's 2006 domestic financial
results (which have created U.S. Net Operating Loss (NOL)
carry-forwards of approximately $40 million) and short-term
projections for the geographic distribution of income and losses
which preclude realizing any current tax benefit from certain of
the Company�s domestic losses until the Company restores its
domestic profitability to utilize its NOLs, b) non-cash
amortization ($0.7 million) and c) non-cash compensation expense
resulting from the adoption of SFAS 123(R) ($0.1 million). For the
full year 2006, adjusted financial results exclude the following
costs: a) an impairment of goodwill related to the Clinical
Pharmacology Services (CPS), now named Specialty Pharmaceutical
Services ($7.9 million), b) a non-cash financing charge related to
the Company�s credit facility ($1.2 million), c) non-cash
amortization ($3.0 million), d) a tax valuation allowance of $2.6
million ($0.14 per diluted share) and e) non-cash compensation
expense resulting from the adoption of SFAS 123(R) ($1.1 million).
The Company adopted SFAS No. 123(R), Share Based Payment, on
January 1, 2006. A reconciliation of GAAP results to adjusted
(non-GAAP) results can be found in the unaudited financial tables
included in this press release. A further explanation of the
reasoning behind the use of non-GAAP financial results can be found
at the end of this press release. Fourth Quarter 2006 Financial
Summary GAAP direct revenue, which does not include reimbursed
out-of-pocket expenses, increased 3.3% to $79.1 million in the
fourth quarter 2006 compared to $76.6 million in the fourth quarter
2005 primarily due to strong growth in the late stage segment
offset by lower direct revenue in the early stage segment. Compared
to the previous quarter, fourth quarter direct revenues increased
4.1% sequentially. GAAP corporate SG&A expenses increased to
$4.6 million in fourth quarter 2006 compared to $4.2 million in
fourth quarter 2005. Adjusted corporate expenses, which exclude
123(R) expenses and non-recurring legal and professional fees,
increased to $4.3 million in the fourth quarter 2006 from $3.5
million in the fourth quarter 2005 primarily due to non-cash
amortization of restricted stock units. GAAP operating margin was
9.4% in the fourth quarter 2006 compared with 12.5% in the fourth
quarter 2005. Adjusted operating margin for the fourth quarter 2006
decreased to 10.5% from 13.7% in the fourth quarter 2005 primarily
due to lower direct revenues in the early stage segment, continued
investment in early stage clinical and laboratory facilities and
higher corporate expenses. GAAP net earnings were $3.5 million
($0.19 per diluted share) in the fourth quarter 2006 compared to
$6.1 million ($0.47 per diluted share) in the fourth quarter 2005.
Adjusted net earnings for the fourth quarter 2006 were
approximately $6.8 million ($0.36 per diluted share) compared to
$9.5 million ($0.51 per diluted share) for the fourth quarter 2005
primarily due to lower profits in the early stage segment and
increased corporate expenses partly offset by increased
profitability in the late stage segment. The Company�s backlog was
$352.7 million at December 31, 2006 compared to $357.0 million at
September 30, 2006. Backlog consists of anticipated direct revenue
from signed contracts and letters of intent that either have not
started or are in process and have not been completed. As of
February 28, 2007, the Company�s backlog grew to $417.8 million.
Cash, cash equivalents, and investments in marketable securities at
December 31, 2006 were $53.8 million compared to $53.8 million at
September 30, 2006 and $37.4 million at December 31, 2005. Net cash
used in continuing operations was $2.6 million. Capital
expenditures were $9.6 million (of which $5.8 million was invested
in the new Quebec City facility and reimbursed to the Company as
part of the sale lease back transaction announced in October 2006),
depreciation was $2.8 million and amortization was $0.7 million in
the fourth quarter 2006 compared with $6.7 million, $2.7 million
and $0.9 million, respectively, in the fourth quarter 2005. Net
Days Sales Outstanding for continuing operations, which include
accounts receivable and unbilled services less current and
long-term advanced billings, were 34 days at December 31, 2006,
reflecting a more normalized level, compared with 23 days at
September 30, 2006. The Company�s effective tax rate in the fourth
quarter 2006 was 38.7% compared to 12.3% benefit in the fourth
quarter 2005. Excluding the valuation allowance described above,
the Company�s effective tax rate would have been a benefit of 5.2%
in the fourth quarter 2006. During the fourth quarter 2006, the
Company and its advisors re-evaluated whether the Company would be
able to realize the deferred tax asset primarily created by the
operations that were discontinued during the second quarter 2006.
After completing its analysis, the Company determined that it is
unlikely that the deferred tax asset could be realized in the
immediate future. As a result, the Company recorded a tax valuation
allowance of approximately $2.6 million in continuing operations
and $12.7 million in discontinued operations. For the segment
financial results provided below, the Company has excluded an
allocation of corporate expenses related to certain adjusted
selling, general and administrative ("SG&A") expenses. Early
Stage PharmaNet Development Group, Inc.�s early stage segment
primarily includes the areas of Phase I clinical trials, support
services and bioanalytical services. For the early stage segment,
GAAP direct revenue, which does not include reimbursed
out-of-pocket expenses, was approximately $30.3 million in the
fourth quarter 2006 compared to $34.6 million in the fourth quarter
2005 and $25.9 million in the third quarter 2006. Direct revenues
were lower in the fourth quarter 2006 compared with the fourth
quarter 2005 due to lower volume and pricing. The continued
sequential improvement resulted primarily from higher volume
through the laboratories. Early stage segment GAAP operating
margins decreased to 17.3% in the fourth quarter 2006 compared to
26.8% in the fourth quarter 2005. Early stage segment adjusted
operating margins decreased to 17.7% in the fourth quarter 2006
compared to 27.4% in the fourth quarter 2005 primarily due to lower
direct revenues. The backlog for the early stage segment increased
to $43.1 million from $37.6 million reported at September 30, 2006
due to improving visibility in new generic, Phase I and
bioanalytical business. As of February 28, 2007, the early stage
backlog is $40.5 million. The construction plan is on schedule for
the new Quebec City facility that will replace the two existing
facilities that comprise Anapharm headquarters. Approximately 90%
of the building and tenant improvements are completed. The Company
expects to begin occupying the facility during March 2007 and
complete the move by the end of May 2007. The Company is completing
the leasehold improvements at its Toronto site which will house
clinical facilities. Currently, these improvements are expected to
be completed by early April 2007. The Company expects to open the
Toronto facility mid-year 2007. Capital expenditures for the Quebec
City facility were $5.8 million in the fourth quarter 2006 and
$13.3 million for the full year (these amounts have been reimbursed
to the Company through the sale lease back transaction). The
Company plans to invest approximately $2.1 million (which will not
be reimbursed) in 2007 to complete the fit out of the facility.
Effective January 1, 2007, the Company will begin reporting its
Specialty Pharmaceutical Services business in the late stage
segment rather than the early stage segment. Direct revenues were
approximately $3.7 million in 2006. Late Stage PharmaNet
Development Group, Inc.�s late stage segment primarily conducts
Phase II through IV clinical trials, data management and
biostatistics, medical and scientific affairs, regulatory affairs
and submissions, and provides software tools and services for use
in clinical trials. For the late stage segment, GAAP direct
revenue, which does not include reimbursed out-of-pocket expenses,
were $48.8 million in the fourth quarter 2006 compared to $41.9
million in the fourth quarter 2005. Late stage segment GAAP
operating margins were 13.9% in the fourth quarter 2006 compared to
10.8% in the fourth quarter 2005. Late stage segment adjusted
operating margins were 15.0% in the fourth quarter 2006 compared to
12.5% in the fourth quarter 2005 primarily due to higher volume.
The backlog for the late stage segment was $309.6 million at
December 31, 2006 compared to $319.4 million at September 30, 2006.
As of February 28, 2007, the late stage backlog was $377.3 million.
Full Year 2006 Financial Summary Full year 2006 GAAP direct
revenue, which does not include reimbursed out-of-pocket expenses,
increased 12.2% to $302.4 million compared to $269.6 million in
2005 primarily due to strong growth in the late stage segment
offset by lower direct revenue in the early stage segment. GAAP
corporate SG&A expenses increased to $21.0 million in 2006
compared to $12.3 million in 2005 primarily due to additional
professional, legal and accounting fees ($3.0 million), non-cash
compensation expense resulting from the adoption of SFAS 123(R)
($1.1 million), 2005 management bonuses not paid out ($1.0
million), amortization of RSUs ($2.0 million) and additional
insurance, travel expense and salaries ($1.7 million). GAAP
operating margin was 4.3% in 2006 compared with 11.1% in 2005.
Adjusted operating margin for 2006 decreased to 8.3% from 12.5% in
2005 primarily due to lower direct revenues in the early stage
segment, continued investment in early stage clinical and
laboratory facilities and higher corporate expenses. GAAP net
earnings were $6.1 million ($0.33 per diluted share) in 2006
compared to $17.2 million ($0.94 per diluted share) in 2005.
Adjusted net earnings for 2006 were approximately $17.4 million
($0.94 per diluted share) compared to $23.3 million ($1.27 per
diluted share) for 2005 primarily due to lower profits in the early
stage segment and increased corporate expenses partly offset by
increased profitability in the late stage segment. Discontinued
operations The Company has a remaining $3.3 million balance of
expected cash costs relating to discontinued operations for
completion of the site clean-up, severance related costs and
contracted services. The Company is assessing its options with
respect to the sale of the land relating to its discontinued
operations. The Company also recorded a $12.7 million ($0.68 per
diluted share) valuation allowance within the loss from
discontinued operations, net of tax, to write down the value of
certain U.S. non-cash deferred tax assets. Guidance For continuing
operations in 2007, the Company expects: direct revenues to be in
the range of $334 � $339 million, with approximately one third of
the revenues coming from the early stage segment and two thirds of
the revenues coming from the late stage segment, Adjusted EBIT
margin to be in the range of 9.5% - 9.8%, corporate expenses to be
approximately $20 � $21 million, adjusted pre-tax earnings to be in
the range of $26 � $28 million, GAAP fully diluted EPS of $0.93 -
$1.08 and adjusted fully diluted EPS of $1.06 � $1.21, capital
expenditures to be in the range of $16 � $18 million, of which $2.1
million will be used to complete the expansion in Quebec City,
depreciation to be in the range of $12 � $13 million, amortization
to be approximately $2.8 million, and tax rate to be in the range
of 15% - 20%. The Company�s 2007 guidance takes into consideration
the impact of the recently recorded valuation allowance on the tax
rate and future 2007 diluted earnings per share. Conference Call
and Webcast A conference call and webcast to discuss fourth quarter
and full year 2006 financial results will be held on Thursday,
March 1, 2007 at 8:30 a.m., Eastern Time. Dial-in: (866) 713-8563
for U.S. (617) 597-5311 for International Pass code: 65023741 �
Dial-in Replay: (888) 286-8010 for U.S. (617) 801-6888 for
International Pass code: 53682689 � � The dial-in replay will be
available approximately two hours after the call through Thursday,
March 8, 2007.� � Webcast: Please visit www.pharmanet.com and
select the investor tab to access the webcast or alternatively, you
may click on the following hyperlink: �
http://ir.pharmanet.com/phoenix.zhtml?c=124176&p=IROL-Guestbook&UniqueId=1453069&mp=irol-eventdetails&mpdp=EventId~1453069!WebCastId~608399!StreamId~831375&pp=IROL-BasicWebCast&ppdp=EventId~1453069!WebCastId~608399!StreamId~831375&pph=339&ppw=270&rdu=&rdt=&upv=
� (Due to its length, this URL may need to be copied/pasted into
your Internet browser's address field. Remove the extra space if
one exists.) � The archived webcast will be available for
approximately thirty (30) days following the conference call.
Non-GAAP Financial Measures This press release contains non-GAAP
financial measures, which exclude, among other items, amortization
of acquisition-related intangible assets, non-recurring charges
related to financing, non-cash compensation expense resulting from
SFAS 123(R) and non-cash impairment charges. PDGI excludes these
items from the non-GAAP financial measures because they are outside
of its operations and are a useful indicator, which allows
management to monitor PDGI�s underlying business performance.
Non-GAAP results also allow investors to compare the reported GAAP
results and the non-GAAP First Call consensus estimate and to
compare the Company�s operations against the financial results of
other companies in the industry. The non-GAAP financial measures
included in this press release should not be considered superior to
or a substitute for results of operations prepared in accordance
with GAAP. Reconciliations of the non-GAAP financial measures used
in this press release to the most directly comparable GAAP
financial measures are set forth in the text of, and the
accompanying tables to, this press release, and can also be found
on the Company�s website. About PharmaNet Development Group, Inc.
PharmaNet Development Group, a global, drug development company,
provides a comprehensive range of services to the pharmaceutical,
biotechnology, generic drug, and medical device industries. The
Company offers clinical-development solutions including early and
late stage consulting services, Phase I clinical studies and
bioanalytical analyses, and Phase II, III and IV clinical
development programs. With approximately 2,200 employees and more
than 35 facilities throughout the world, PharmaNet is a recognized
leader in outsourced clinical development. For more information,
please visit our website at www.pharmanet.com. Forward-Looking
Statements Certain statements made in this press release are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 (the "Act"). Additionally,
words such as "seek," "intend," "believe," "plan," "estimate,"
"expect," "anticipate" and other similar expressions are
forward-looking statements within the meaning of the Act. Some or
all of the results anticipated by these forward-looking statements
may not occur. Factors that could cause or contribute to such
differences include, but are not limited to, industry trends and
information; the Company's ability to determine its impairment
charges and costs of discontinued operations; whether the Company
will achieve its estimated value relating to discontinued
operations; developments with respect to the SEC's inquiry and
securities class action lawsuits and derivative lawsuits; the
Company�s ability to successfully achieve and manage the technical
requirements of specialized clinical trial services, while
complying with applicable rules and regulations; regulatory
changes; changes affecting the clinical research industry; a
reduction of outsourcing by pharmaceutical and biotechnology
companies; the Company�s ability to compete internationally in
attracting clients in order to develop additional business; the
Company�s evaluation of its backlog and the potential cancellation
of contracts; its ability to retain and recruit new employees; its
clients' ability to provide the drugs and medical devices used in
its clinical trials; the Company�s future stock price; its
assessment of its effective tax rate and tax allowance; the
Company�s financial guidance; the future effective tax rate; our
anticipated capital expenditures; our costs associated with
compliance of Section 404 of the Sarbanes-Oxley Act; the impact of
foreign currency transaction costs and the effectiveness of any
hedging strategies that we implement; and the national and
international economic climate as it affects drug development
operations. Further information can be found in the Company�s risk
factors contained in its Annual Report on Form 10-K for the year
ended December 31, 2005, which were originally filed as SFBC
International, Inc. (NASDAQ: SFCC) and its most recent Quarterly
Report on Form 10-Q. The Company does not undertake to update the
disclosures made herein, and you are urged to read our filings with
the Securities and Exchange Commission. PharmaNet Development
Group, Inc. and Subsidiaries Statement of Operations- (Unaudited)
For the Three Months Ended December 31, 2006 � (Unaudited) (As
Revised) 3 Months 3 Months Ended Ended � � December 31, 2006 �
December 31, 2005 REVENUE � � � � Direct revenue 79,104,468�
76,568,709� Reimbursed out-of-pockets � 24,451,526� � 26,543,635�
TOTAL REVENUE � 103,555,994� � 103,112,344� COSTS AND EXPENSES � �
� � Direct costs 45,672,200� 43,810,787� Reimbursable out-of-pocket
expenses 24,451,526� 26,543,635� Selling, general and
administrative expenses 26,008,738� 23,179,905� Impairment of
goodwill -� -� Impairment of long-lived assets � -� � -� TOTAL
COSTS AND EXPENSES � 96,132,464� � 93,534,327� EARNINGS FROM
CONTINUING OPERATIONS 7,423,530� � 9,578,017� OTHER INCOME
(EXPENSE) � � � � Interest income 585,711� 196,005� Interest
expense (1,681,962) (1,672,135) Foreign exchange transaction loss,
net � (339,804) � (170,849) TOTAL OTHER INCOME (EXPENSE) �
(1,436,055) � (1,646,979) EARNINGS FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES 5,987,475� 7,931,038� � Income tax (benefit) �
2,316,900� � (977,718) EARNINGS FROM CONTINUING OPERATIONS BEFORE
MINORITY INTEREST IN JOINT VENTURE 3,670,575� � 8,908,756� Minority
interest in joint venture � 173,729� � 185,546� NET EARNINGS FROM
CONTINUING OPERATIONS 3,496,846� � 8,723,210� Loss from
discontinued operations, net of tax � (15,409,221) � (25,249,699)
NET LOSS � (11,912,375) � (16,526,489) � � � � � BASIC EARNINGS
(LOSS) PER SHARE: � � � � Continuing operations $0.19� $0.48�
Discontinued operations ($0.84) ($1.39) Net loss � ($0.65) �
($0.91) DILUTED EARNINGS (LOSS) PER SHARE: � � � � Continuing
operations $0.19� $0.47� Discontinued operations ($0.83) ($1.35)
Net loss � ($0.64) � ($0.88) SHARES USED IN COMPUTING EPS: � � � �
Basic 18,438,517� 18,247,667� Diluted � 18,653,190� � 18,753,018�
PHARMANET DEVELOPMENT GROUP, INC. AND SUBSIDIARIES Reconciliation
of GAAP Operating Margin for Continuing Operations to Non GAAP
Operating Margins for Continuing Operations For the Three and
Twelve Months Ended December 31, 2006 and 2005 � Three Months Ended
Twelve Months Ended December 31, 2006 December 31, 2006 � � 2006� �
2005� � 2006� � 2005� DIRECT REVENUE � 79,104,468� � 76,568,709� �
302,384,611� � 269,622,415� � � � � � � � � � EARNINGS FROM
CONTINUING OPERATIONS GAAP � 7,423,530� � 9,578,017� � 13,005,918�
� 29,844,155� � � � � � � � � � OPERATING MARGIN GAAP � 9.4% �
12.5% � 4.3% � 11.1% � � � � � � � � � ADD BACK: � � � � � � � �
FAS 123R expense 149,061� -� 1,107,576� -� Amortization of
acquisition related intangibles 708,517� 901,290� 2,982,876�
3,932,607� Impairment of goodwill � -� � -� � 7,873,000� � -� NON
GAAP OPERATING EARNINGS � 8,281,108� � 10,479,307� � 24,969,370� �
33,776,762� � � � � � � � � � NON GAAP OPERATING MARGIN � 10.5% �
13.7% � 8.3% � 12.5% � Statement of Operations- (Unaudited) For the
Twelve Months Ended December 31, 2006 � (Unaudited) (As Revised) 12
Months 12 Months Ended Ended � � December 31, 2006 � December 31,
2005 REVENUE � � � � Direct revenue 302,384,611� 269,622,415�
Reimbursed out-of-pockets � 104,570,757� � 91,883,814� TOTAL
REVENUE � 406,955,368� � 361,506,229� COSTS AND EXPENSES � � � �
Direct costs 181,556,250� 155,900,530� Reimbursable out-of-pocket
expenses 104,570,757� 91,883,814� Selling, general and
administrative expenses 99,949,443� 83,877,730� Impairment of
goodwill 7,873,000� -� Impairment of long-lived assets � -� � -�
TOTAL COSTS AND EXPENSES � 393,949,450� � 331,662,074� EARNINGS
FROM CONTINUING OPERATIONS � 13,005,918� � 29,844,155� OTHER INCOME
(EXPENSE) � � � � Interest income 1,635,771� 890,646� Interest
expense (8,114,581) (12,016,506) Foreign exchange transaction loss,
net � (3,341,930) � (849,108) TOTAL OTHER INCOME (EXPENSE) �
(9,820,740) � (11,974,968) EARNINGS FROM CONTINUING OPERATIONS
3,185,178� 17,869,187� BEFORE INCOME TAXES � � � � Income tax
(benefit) � (3,557,552) � 153,606� EARNINGS FROM CONTINUING
OPERATIONS BEFORE MINORITY INTEREST IN JOINT VENTURE � 6,742,730� �
17,715,581� Minority interest in joint venture � 690,527� �
552,401� NET EARNINGS FROM CONTINUING OPERATIONS � 6,052,203� �
17,163,180� Loss from discontinued operations, net of tax �
(42,076,773) � (12,384,375) NET (Loss) Earnings � (36,024,570) �
4,778,805� � � � � � BASIC EARNINGS (LOSS) PER SHARE: � � � �
Continuing operations $0.33� $0.97� Discontinued operations ($2.31)
($0.70) Net loss � ($1.98) � $0.27� DILUTED EARNINGS (LOSS) PER
SHARE: � � � � Continuing operations $0.33� $0.94� Discontinued
operations ($2.28) ($0.68) Net loss � ($1.95) � $0.26� SHARES USED
IN COMPUTING EPS: � � � � Basic 18,221,418� 17,701,810� Diluted �
18,447,048� � 18,356,030� PHARMANET DEVELOPMENT GROUP, INC. AND
SUBSIDIARIES Reconciliation of GAAP Net Earnings for Continuing
Operations to Non GAAP Net Earnings from Continuing Operations For
the Three and Twelve Months Ended December 31, 2006 and 2005 �
Three Months Ended Twelve Months Ended December 31, 2006 December
31, 2006 2006� 2005� 2006� 2005� � Net earnings from continuing
operations GAAP 3,496,846� 8,723,210� 6,052,203� 17,163,180� � Add:
Impairment of goodwill -� -� 7,873,000� -� � Add: Non-recurring
charge related to financing -� -� 1,214,306� 3,278,279� � Add:
Non-cash compensation from the 149,061� 1,107,576� adoption of SFAS
123R � Add: Non-cash amortization 708,517� 901,290� 2,982,876�
3,932,607� � Subtotal 4,354,424� 9,624,500� 19,229,961� 24,374,066�
� Less: Tax effect of non-GAAP adjustments 221,955� 148,348�
4,429,204� 1,057,778� � Add : Tax valuation allowance 2,629,968� -�
2,629,968� -� � Non-GAAP net earnings 6,762,437� 9,476,152�
17,430,725� 23,316,288� � Diluted non-GAAP net earnings per share $
0.36� $ 0.51� $ 0.94� $ 1.27� � Number of shares used in computing
diluted non-GAAP earnings per share 18,653,190� 18,753,018�
18,447,048� 18,356,030� Summary of Operations of Early and Late
Stage Clinical Development Segments For the Three and Twelve Months
Ended December 31, 2006 and 2005 � � Three Months Ended Twelve
Months Ended December December EARLY CLINICAL DEVELOPMENT � 2006� �
2005� � � % variation � 2006� � 2005� � � % variation � Direct
revenues 30,283,571� 34,630,401� -12.6% 106,975,586� 112,093,006�
-4.6% � GAAP operating earnings 5,237,538� 9,277,492� (1) -43.5%
4,860,397� 24,876,063� (1) -80.5% � Amortization of intangibles
133,716� 226,983� -41.1% 683,675� 1,244,341� -45.1% � Non-GAAP
operating earnings 5,371,254� 9,504,475� -43.5% 5,544,072�
26,120,404� -78.8% � GAAP operating Margin 17.3% 26.8% 4.5% 22.2% �
Non-GAAP operating margin 17.7% 27.4% 5.2% 23.3% � � Three Months
Ended Twelve Months Ended December December LATE CLINICAL
DEVELOPMENT � 2006� � 2005� � � % variation � 2006� � 2005� � � %
variation � Direct revenues 48,820,897� 41,938,308� 16.4%
195,409,025� 157,529,409� 24.0% � GAAP operating earnings
6,771,250� 4,547,140� (1) 48.9% 29,189,705� 17,242,117� (1) 69.3% �
Amortization of intangibles 574,800� 674,307� -14.8% 2,299,200�
2,688,266� -14.5% � Non-GAAP operating earnings 7,346,050�
5,221,447� 40.7% 31,488,905� 19,930,383� 58.0% � GAAP operating
Margin 13.9% 10.8% 14.9% 10.9% � Non-GAAP operating margin 15.0%
12.5% 16.1% 12.7% � (1) Prior year results have been reclassified,
to conform to current year treatment, to exclude foreign exchange
gain or loss PHARMANET DEVELOPMENT GROUP, INC. AND SUBSIDIARIES
Selected Consolidated Balance Sheet Information December 31, 2006
and 2005 � The allocation of assets and liabilities between
continuing and discontinued operations, in this selected balance
sheet information is preliminary and may change upon the company's
filing of its from 10-K for the period ended December 31, 2006 �
(Unaudited) (As Revised) December 31, December 31, � � 2006� �
2005� ASSETS � � � � � Cash, equivalents and investments in
marketable securities from continuing operations � 53,754,183�
37,413,251� � Cash, equivalents and investments in marketable
securities from discontinued operations -� 1,421,451� Total cash,
equivalents, and investments in marketable securities 53,754,183�
38,834,702� � Accounts receivable from continuing operations
109,187,958� 91,446,190� Accounts receivable from discontinued
operations 3,572,556� 26,425,479� Accounts receivable 112,760,514�
117,871,669� � Current assets from continuing operations
189,735,483� 148,692,703� Current assets from discontinued
operations 3,572,556� 29,335,006� Total current assets 193,308,039�
178,027,709� � Fixed assets from continuing operations 68,085,924�
48,563,461� Fixed assets held available for sale from discontinued
operations 3,286,619� 24,701,651� Total fixed assets 71,372,543�
73,265,112� � Total assets from continuing operations 576,358,562�
514,328,567� Total assets from discontinued operations 6,859,175�
58,208,529� Total assets 583,217,737� 572,537,096� � � � � �
LIABILITIES AND STOCKHOLDERS' EQUITY � � � � Current liabilities
from continuing operations 134,556,549� 120,493,672� Current
liabilities from discontinued operations 6,144,643� 5,940,389�
Total current liabilities 140,701,192� 126,434,061� � Total
liabilities from continuing operations 317,907,226� 284,315,108�
Total liabilities from discontinued operations 6,144,643�
5,940,389� Total liabilities 324,051,869� 290,255,497� �
Stockholders' equity 259,165,868� 282,281,599� � Total liabilities
and stockholders' equity 583,217,737� 572,537,096�
Pharmanet Development Grp (MM) (NASDAQ:PDGI)
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From Jul 2024 to Jul 2024
Pharmanet Development Grp (MM) (NASDAQ:PDGI)
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From Jul 2023 to Jul 2024