PharmaNet Development Group Reports Third Quarter 2008 Preliminary Financial Results

PRINCETON, N.J.--(BUSINESS WIRE)--Oct 30, 2008 - PharmaNet Development Group, Inc. (the "Company") (NASDAQ: PDGI), a leading provider of clinical development services, today reported preliminary net income for the third quarter ended September 30, 2008, of $1.5 million, or $0.08 per diluted share, compared to net income from continuing operations of $6.9 million, or $0.37 per diluted share, in the third quarter 2007.

All financial data provided in this press release is subject to recording a goodwill impairment charge. The Company is working with its valuation consultant to determine the amount of the non-cash goodwill impairment charge which is a result of the recent decline in the Company's market capitalization and is not indicative of its performance or ability to continue to run its operations. Until the final determination is made, the financial information contained in this press release, without taking into account the charge for impairment of goodwill, is not presented in accordance with US generally accepted accounting principles (GAAP).

Direct revenue in the third quarter 2008, decreased 10.6 percent to $89.2 million compared to $99.8 million in the third quarter 2007, due primarily to lower late stage revenue partially offset by higher early stage revenue. Foreign currency exchange translation unfavorably impacted direct revenue by approximately $1.4 million primarily due to the strengthening of the US dollar relative to the Euro, Swiss Franc and Canadian Dollar. The early stage segment represented approximately 47.8 percent of total direct revenue and the late stage segment represented 52.2 percent. Approximately 40.6 percent of direct revenue was generated in the United States and 59.4 percent in Canada, Europe and Asia.

Operating margin decreased to 3.7 percent in the third quarter 2008, compared to 13.7 percent in the third quarter 2007, primarily due to lower resource utilization in the third quarter 2008. Foreign currency exchange translation unfavorably impacted operating margin in third quarter 2008 by approximately $0.3 million.

Cash and cash equivalents were $63.3 million at September 30, 2008, compared to $51.5 million at June 30, 2008. Net cash generated from operations was $15.8 million in the third quarter 2008, compared to net cash generated from operations of $20.3 million from continuing operations in the third quarter 2007.

The Company's backlog was $521.6 million at September 30, 2008, compared to $579.2 million at June 30, 2008, and $457.4 million at December 31, 2007. The Company's quarter-to-date book-to-bill ratio was 0.4x at September 30, 2008, reflecting significant cancellations and weaker bookings, compared to a book-to-bill ratio of 2.0x at June 30, 2008. Year-to-date book-to-bill ratio at September 30, 2008, was 1.2x.

Early stage segment

For the early stage segment, direct revenue increased 13.2 percent to $42.6 million in the third quarter 2008, compared to $37.6 million in the third quarter 2007, primarily due to higher revenue in the clinics. Foreign currency exchange translation unfavorably impacted early stage direct revenue by approximately $1.0 million.

Early stage segment operating margin decreased to 18.7 percent in the third quarter 2008, compared to 21.4 percent in the third quarter 2007, primarily due to lower sample volume in its bioanalytical laboratories. Foreign currency exchange translation unfavorably impacted early stage operating profit by approximately $0.1 million.

Backlog for the early stage segment was $55.3 million at September 30, 2008, compared to $77.6 million at June 30, 2008. New business authorizations were $27.1 million and cancellations were $6.8 million in the third quarter 2008. Early stage quarter-to-date book-to-bill ratio was 0.5x at September 30, 2008. Early stage year-to-date book-to-bill ratio was 0.9x at September 30, 2008.

Late stage segment

For the late stage segment, direct revenue decreased 25.0 percent to $46.6 million in the third quarter 2008, compared to $62.2 million in the third quarter 2007, primarily due the previously disclosed contract cancellations and postponement and a $3.0 million dollar benefit in the third quarter 2007 resulting from revenue recognized from the signing of change orders. Foreign currency exchange translation unfavorably impacted late stage direct revenue by approximately $0.4 million.

Late stage segment operating margin was 1.1 percent in the third quarter 2008, compared to 21.2 percent in the third quarter 2007, primarily due to lower staff utilization, severance and a $3.0 million dollar benefit in the third quarter 2007 resulting from revenue recognized from the signing of change orders for which the work had been completed in prior quarters. Foreign currency exchange translation unfavorably impacted late stage operating margin by approximately by $0.2 million.

Backlog for the late stage segment was $466.3 million at September 30, 2008, compared to $501.6 million at June 30, 2008. This decrease is primarily due to the aforementioned contract cancellations. New business authorizations were $73.0 million and cancellations were $61.7 million during the third quarter 2008. Late stage quarter-to-date book-to-bill ratio was 0.2x at September 30, 2008. Late stage year-to-date book-to-bill ratio was 1.5x at September 30, 2008.

Corporate financial summary

Corporate selling, general and administrative expenses decreased to $5.2 million in the third quarter 2008, compared to $7.5 million in the third quarter 2007, primarily due to lower compensation expense and professional fees. In addition, in the third quarter 2007, the Company reserved $1.5 million for the settlement of the class action and other related litigation, of which $0.5 million was subsequently reversed in the second quarter 2008.

Third quarter 2008 non-cash share-based compensation expense was $0.2 million and other non-cash compensation was $0.7 million, compared to $0.2 million and $1.1 million, respectively, in the third quarter 2007.

Capital expenditures decreased to $1.7 million in the third quarter 2008 compared to $6.6 million in the third quarter 2007 primarily due to the investments in clinic expansions during the prior year. Depreciation expense was $3.6 million and amortization expense related to intangible assets was $0.7 million in the third quarter 2008, compared to depreciation expense of $3.2 million and amortization expense of $0.7 million in the third quarter 2007.

Net days sales outstanding were 46 days at September 30, 2008, compared to 48 days at June 30, 2008.

Tax expense for the third quarter 2008, was $0.3 million compared to a $3.0 million in the third quarter 2007.

Convertible Senior Notes Update

The Company issued and currently has outstanding approximately $143.8 million of 2.25% Convertible Senior Notes due in 2024 (the "Convertible Notes").

The Company has formally engaged a financial advisor and is evaluating certain options to address these Convertible Notes which include, but are not limited to, any of the following alternatives or a combination of these alternatives: 1.) cash tender, 2.) an exchange offer, and 3.) a repurchase on the open market. The Company expects to formally announce the options it intends to pursue at the conclusion of its review process.

Preliminary Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures. The Company is issuing preliminary results because it is in the process of performing a goodwill impairment assessment. The current review is being conducted as we have determined that there was an interim triggering event in accordance with Statement of Financial Accounting Standards No. 142 entitled Goodwill and Other Intangible Assets, as a result of a decrease in the Company's market capitalization. The impairment will be a non-cash charge reducing goodwill, which amounted to $267 million as of September 30, 2008, on a preliminary basis and before giving effect to any such charge. The impairment charge will not have any impact on the Company's future cash flows from operations. We will disclose the amount of the charge once we have completed the impairment testing process and file our quarterly report on Form 10-Q with the Securities and Exchange Commission on or before November 10, 2008.

Guidance -0-

For the full year 2008, the Company is reiterating its guidance
 provided in September 2008. The following guidance excludes the
impact of any goodwill impairment charge.

                                                Guidance
Direct revenue                        $358 million to $366 million
Operating margin (percent)                  0 to 1.8 percent
Corporate expenses                     $20 million to $21 million
Diluted earnings (loss) per share          ($0.58) to ($0.25)
Capital expenditures                   $10 million to $13 million
Depreciation                          $13.5 million to $15 million
Amortization                                  $2.8 million
Tax expense                                   $3.5 million

Conference Call and Webcast -0-

The Company will host a conference call to discuss its third quarter
 2008 financial results on Thursday, October 30, 2008, at 8:00 am
 Eastern Time

When:            Thursday, October 30, 2008, at 8:00 am Eastern Time

Dial-in:         (866) 393-6524 for U.S./Canada
                 (706) 902-3789 for international
                 Conference ID: 65965007
                 Please dial in approximately ten minutes before the
                  call and provide the operator with the conference ID
                  number.

Dial-in Replay:  (800) 642-1687 for U.S./Canada
                 (706) 645-9291 for international
                 Conference ID: 65965007
                 The replay will be available approximately two hours
                  after completion of the call through November 5,
                  2008.


Webcast:         Please visit www.pharmanet.com and select the
                  investor tab to access the webcast. The archived
                  webcast will be available for approximately thirty
                  (30) days following the conference call.

About PharmaNet Development Group, Inc.

PharmaNet Development Group, Inc., a global drug development services 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 2,500 employees and 41 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, the Company's ability to refinance its outstanding Convertible Notes; the Company's assessment of its goodwill valuation; industry trends and information; whether the Company will achieve its estimated value relating to discontinued operations; developments with respect to the SEC's inquiry, 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; the Company's assessment of its current or future effective tax rate; the Company's assessment of the value of its deferred tax assets; the Company's financial guidance; the Company's anticipated capital expenditures; the Company's ability to remediate its material weaknesses; the Company's costs associated with compliance of Section 404 of the Sarbanes-Oxley Act; the impact on the Company of foreign currency transaction costs and the effectiveness of any hedging strategies it implements; the potential liability associated with the Company's registration of its employees' stock purchase plan; 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, 2007, and most recent filings. 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. -0-


PharmaNet Development Group, Inc. and Subsidiaries
Statements of Operations - Unaudited
For the Three Months Ended September 30, 2008 and 2007
In thousands, except per share data

                                              % of             % of
                                              Direct           Direct
                                    2008      Revenue  2007    Revenue
                                --------------------------------------
                                (Preliminary)
----------------------------------------------------------------------
NET REVENUE:
----------------------------------------------------------------------
Direct revenue                      $ 89,218  100.0% $ 99,810  100.0%
Reimbursed out-of-pocket
 expenses                             20,168   22.6%   24,581   24.6%
----------------------------------------------------------------------
TOTAL NET REVENUE                    109,386  122.6%  124,391  124.6%
----------------------------------------------------------------------
COSTS AND EXPENSES:
----------------------------------------------------------------------
Direct costs                          56,568   63.4%   57,074   57.2%
Reimbursable out-of-pocket
 expenses                             20,168   22.6%   24,581   24.6%
Selling, general and
 administrative expenses              29,345   32.9%   27,536   27.6%
Provision for settlement of
 litigation                                -      -     1,500    1.5%
----------------------------------------------------------------------
TOTAL COSTS AND EXPENSES             106,081  118.9%  110,691  110.9%
----------------------------------------------------------------------
EARNINGS FROM CONTINUING
 OPERATIONS                            3,305    3.7%   13,700   13.7%
----------------------------------------------------------------------
OTHER INCOME (EXPENSE):
----------------------------------------------------------------------
Interest income                          411    0.5%      517    0.5%
Interest expense                      (1,584)  (1.8%)  (1,414)  (1.4%)
Foreign currency exchange
 transaction gain (loss), net            206    0.2%   (2,608)  (2.6%)
Other expense                            (13)     -        (6)     -
----------------------------------------------------------------------
TOTAL OTHER EXPENSE, NET                (980)  (1.1%)  (3,511)  (3.5%)
----------------------------------------------------------------------
EARNINGS FROM CONTINUING
 OPERATIONS BEFORE INCOME
TAXES                                  2,325    2.6%   10,189   10.2%
----------------------------------------------------------------------
Income tax expense                       286      -     2,962    3.0%
----------------------------------------------------------------------
EARNINGS FROM CONTINUING
 OPERATIONS BEFORE MINORITY
INTEREST IN JOINT VENTURE              2,039    2.3%    7,227    7.2%
----------------------------------------------------------------------
Minority interest in joint
 venture                                 490    0.5%      340    0.3%
----------------------------------------------------------------------
NET EARNINGS FROM CONTINUING
 OPERATIONS                            1,549    1.7%    6,887    6.9%
----------------------------------------------------------------------
Loss from discontinued
 operations, net of tax                    -      -       (93)  (0.1%)
----------------------------------------------------------------------
NET EARNINGS                        $  1,549    1.7% $  6,794    6.8%
----------------------------------------------------------------------

----------------------------------------------------------------------
BASIC EARNINGS (LOSS) PER SHARE:
----------------------------------------------------------------------
Continuing operations               $   0.08         $   0.37
Discontinued operations             $      -         $  (0.01)
                                -------------        ---------
Net earnings                        $   0.08         $   0.36
----------------------------------------------------------------------
DILUTED EARNINGS (LOSS) PER
 SHARE:
----------------------------------------------------------------------
Continuing operations               $   0.08         $   0.37
Discontinued operations             $      -         $  (0.01)
                                -------------        ---------
Net earnings                        $   0.08         $   0.36
----------------------------------------------------------------------
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
----------------------------------------------------------------------
Basic                                 19,485           18,894
Diluted                               19,532           19,121
----------------------------------------------------------------------

-0-


PharmaNet Development Group, Inc. and Subsidiaries
Statements of Operations - Unaudited
For the Nine Months Ended September 30, 2008 and 2007
In thousands, except per share data

                                              % of             % of
                                              Direct           Direct
                                    2008      Revenue  2007    Revenue
                                --------------------------------------
                                (Preliminary)
----------------------------------------------------------------------
NET REVENUE:
----------------------------------------------------------------------
Direct revenue                      $272,782  100.0% $270,186  100.0%
Reimbursed out-of-pocket
 expenses                             63,819   23.4%   70,951   26.3%
----------------------------------------------------------------------
TOTAL NET REVENUE                    336,601  123.4%  341,137  126.3%
----------------------------------------------------------------------
COSTS AND EXPENSES:                               -
----------------------------------------------------------------------
Direct costs                         178,960   65.6%  160,253   59.3%
Reimbursable out-of-pocket
 expenses                             63,819   23.4%   70,951   26.3%
Selling, general and
 administrative expenses              92,506   33.9%   80,969   30.0%
Provision for settlement of
 litigation                                -      -    10,400    3.8%
----------------------------------------------------------------------
TOTAL COSTS AND EXPENSES             335,285  122.9%  322,573  119.4%
----------------------------------------------------------------------
EARNINGS FROM CONTINUING
 OPERATIONS                            1,316    0.5%   18,564    6.9%
----------------------------------------------------------------------
OTHER INCOME (EXPENSE):
----------------------------------------------------------------------
Interest income                        1,296    0.5%    1,535    0.6%
Interest expense                      (4,584)  (1.7%)  (4,947)  (1.8%)
Foreign currency exchange
 transaction loss, net                  (589)  (0.2%)  (3,340)  (1.2%)
Other income                             150    0.1%      472    0.2%
----------------------------------------------------------------------
TOTAL OTHER EXPENSE, NET              (3,727)  (1.4%)  (6,280)  (2.3%)
----------------------------------------------------------------------
(LOSS) EARNINGS FROM CONTINUING
 OPERATIONS BEFORE
INCOME TAXES                          (2,411)  (0.9%)  12,284    4.5%
----------------------------------------------------------------------
Income tax expense                     2,370    0.9%    3,466    1.3%
----------------------------------------------------------------------
(LOSS) EARNINGS FROM CONTINUING
 OPERATIONS BEFORE
MINORITY INTEREST IN JOINT
 VENTURE                              (4,781)  (1.8%)   8,818    3.3%
----------------------------------------------------------------------
Minority interest in joint
 venture                               1,586    0.6%      541    0.2%
----------------------------------------------------------------------
NET (LOSS) EARNINGS FROM
 CONTINUING OPERATIONS                (6,367)  (2.3%)   8,277    3.1%
----------------------------------------------------------------------
Earnings from discontinued
 operations, net of tax                    -      -       629    0.2%
----------------------------------------------------------------------
NET (LOSS) EARNINGS                 $ (6,367)  (2.3%)$  8,906    3.3%
----------------------------------------------------------------------

----------------------------------------------------------------------
BASIC (LOSS) EARNINGS PER SHARE:
----------------------------------------------------------------------
Continuing operations               $  (0.33)        $   0.44
Discontinued operations             $      -         $   0.03
                                -------------        ---------
Net (loss) earnings                 $  (0.33)        $   0.47
----------------------------------------------------------------------
DILUTED (LOSS) EARNINGS PER
 SHARE:
----------------------------------------------------------------------
Continuing operations               $  (0.33)        $   0.44
Discontinued operations             $      -         $   0.03
                                -------------        ---------
Net (loss) earnings                 $  (0.33)        $   0.47
----------------------------------------------------------------------
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
----------------------------------------------------------------------
Basic                                 19,334           18,744
Diluted                               19,334           18,985
----------------------------------------------------------------------

-0-


PHARMANET DEVELOPMENT GROUP, INC. AND SUBSIDIARIES
Summary of Operations of Early and Late Stage Development Segments -
 Unaudited & Preliminary
For the Three and Nine Months Ended September 30, 2008 and 2007
In thousands


                  Three Months Ended           Nine Months Ended
EARLY STAGE                        %                            %
 DEVELOPMENT    2008    2007    variation  2008     2007     variation
------------- --------------------------------------------------------

Direct
 revenue      $42,620 $37,646     13.2%  $123,259 $ 98,060      25.7%

Operating
 earnings       7,988   8,040     (0.6%)   18,619   17,491       6.4%

Operating
 margin         18.7%   21.4%               15.1%    17.8%


LATE STAGE                         %                            %
 DEVELOPMENT    2008    2007    variation  2008     2007     variation
------------- --------------------------------------------------------

Direct
 revenue      $46,598 $62,164    (25.0%) $149,523 $172,126     (13.1%)

Operating
 earnings
 (loss)           530  13,193    (96.0%)     (845)  28,033    (103.0%)

Operating
 margin          1.1%   21.2%               (0.6%)   16.3%

-0-


PHARMANET DEVELOPMENT GROUP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
September 30, 2008 and December 31, 2007
In thousands, except per share data

                                                    September December
                                                       30,       31,
                                                      2008      2007
                                                    --------- --------
                                                     (Unaudited and
                                                       Preliminary)
                      ASSETS

Current assets:
     Cash and cash equivalents                       $ 63,296 $ 77,548
     Investment in marketable securities                    -    2,650
     Accounts receivable, net                         124,190  132,550
     Income taxes receivable                            2,439    1,855
     Deferred income taxes                                298      298
     Prepaid expenses                                  10,557    6,589
     Other current assets                               6,398    5,274
     Assets from discontinued operations                    -    5,199
                                                    --------- --------
        Total current assets                          207,178  231,963
Property and equipment, net                            64,407   67,506
Goodwill                                              266,973  266,973
Other intangible assets, net                           24,462   26,442
Deferred income taxes                                  12,843   14,111
Other assets, net                                       6,298    7,840
                                                    --------- --------
        Total assets                                 $582,161 $614,835
                                                    ========= ========

       LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
     Accounts payable                                $  9,610 $ 13,843
     Accrued liabilities                               28,855   47,978
     Client advances, current portion                  65,433   79,312
     Income taxes payable                               1,501        -
     Capital lease obligations and notes payable,
      current portion                                   2,906    3,562
     Deferred income taxes                                 31       31
     Other current liabilities                             37      154
     Liabilities from discontinued operations               -    1,770
                                                    --------- --------
        Total current liabilities                     108,373  146,650

Client advances                                         3,766    2,602
Deferred income taxes                                   8,726    8,518
Capital lease obligations and notes payable             4,046    5,634
2.25% Convertible senior notes payable                143,750  143,750
Other non-current liabilities                          17,478   15,590
Minority interest in joint venture                      3,680    2,722
Commitments and contingencies

Temporary equity:
     Sale of unregistered common stock, subject to
      rescission                                        1,114    2,058

Stockholders' equity:
     Preferred stock. $0.10 par value, 5,000 shares
      authorized, none issued                               -        -
     Common stock, $0.001 par value, 40,000 shares
      authorized, 19,520 shares and 19,017 shares
     issued and outstanding as of September 30,
      2008 and December 31, 2007, respectively             20       19
     Additional paid-in capital                       257,077  244,017
     Retained earnings                                 16,249   22,616
     Accumulated other comprehensive income            17,882   20,659
                                                    --------- --------
        Total stockholders' equity                   $291,228 $287,311
                                                    --------- --------
        Total liabilities and stockholders' equity   $582,161 $614,835
                                                    ========= ========

-0-

PHARMANET DEVELOPMENT GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows - Unaudited
For the Nine Months Ended September 30, 2008 and 2007
In thousands

                                                 Nine Months Ended
                                                    September 30,
                                               -----------------------
                                                   2008        2007
                                               ------------- ---------
                                               (Preliminary)
Cash flows from operating activities:
  Net (loss) earnings                              $ (6,367) $  8,906
  Earnings from discontinued operations                   -      (629)

  Adjustments to reconcile net (loss) earnings
   to net cash (used in) provided by
  operating activities:
    Depreciation and amortization                    13,268    11,131
    Amortization of deferred debt issuance
     costs                                            1,287     1,184
    Provision for settlement of litigation                -    10,400
    Loss on disposal of property and equipment          293       355
    Minority interest                                 1,069       541
    Provision for doubtful accounts                     939         -
    Share-based compensation expense                  4,137     3,622
    Changes in assets and liabilities:
        Accounts receivable                          10,028   (15,620)
        Income taxes receivable                         472      (528)
        Prepaid expenses and other current
         assets                                      (5,215)   (2,636)
        Other assets                                     65      (280)
        Accounts payable                             (8,205)   (6,224)
        Accrued liabilities                         (15,546)    4,038
        Income taxes payable                          1,467         -
        Other current liabilities                      (116)   12,064
        Client advances                             (12,954)        -
        Deferred income taxes                           (13)    1,033
        Other long-term liabilities                   2,477     1,493
                                               ------------- ---------
  Total adjustments                                  (6,547)   20,573
                                               ------------- ---------
          Net cash (used in) provided by
           operating activities - continuing
           operations                               (12,914)   28,850
                                               ------------- ---------
          Net cash used in operating
           activities - discontinued
           operations                                     -      (569)
                                               ------------- ---------
          Net cash (used in) provided by
           operating activities                     (12,914)   28,281
                                               ------------- ---------
Cash flows from investing activities:
  Purchase of property and equipment                 (5,876)  (11,480)
  Proceeds from the disposal of property and
   equipment                                              1        25
  Purchase of intangible assets                        (105)        -
  Net change in investment in marketable
   securities                                         2,650     3,039
                                               ------------- ---------
          Net cash used in investing
           activities - continuing operations        (3,330)   (8,416)
                                               ------------- ---------
          Net cash provided by investing
           activities - discontinued
           operations                                     -     1,182
                                               ------------- ---------
          Net cash used in investing
           activities                                (3,330)   (7,234)
                                               ------------- ---------
Cash flows from financing activities:
  Borrowings on line of credit                            -    10,000
  Payments on line of credit                              -   (19,400)
  Payments on capital lease obligations and
   notes payable                                     (2,276)   (2,955)
  Net proceeds from stock issued under option
   plans, ESPP and restricted stock awards            2,866     2,083
  Proceeds from sale of unregistered common
   stock, subject to rescission                       1,114     2,058
                                               ------------- ---------
          Net cash provided by (used in)
           financing activities                       1,704    (8,214)
                                               ------------- ---------
Net effect of exchange rate changes on cash
 and cash equivalents                                   288     2,257
                                               ------------- ---------
Net (decrease) increase in cash and cash
 equivalents                                        (14,252)   15,090
Cash and cash equivalents at beginning of
 period                                              77,548    45,331
                                               ------------- ---------
Cash and cash equivalents at end of period         $ 63,296  $ 60,421
                                               ============= =========

Contact

PharmaNet Development Group, Inc.
Anne-Marie Hess, 609-951-6842
ahess@pharmanet.com

 

Posted: October 2008

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