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Early and Late Stage revenues decline
March 3, 2011
By: Tim Wright
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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