eResearch Technology (ERES) Reports Q3 Earnings, Gudies Below for Q4 and FY

October 29, 2009 4:55 PM EDT

eResearch Technology (NASDAQ: ERES) reports Q3 EPS of $0.06, in-line with the analyst estimate of $0.06. Revenue for the quarter was $22.7 million, which compares to the estimate of $24.51 million.

For the fourth quarter of 2009, management anticipates diluted net income per share of between $0.05 and $0.06, which translates into full year 2009 guidance of between $0.20 and $0.21. This is in line with the lower end of our previously issued guidance. (Q4 EPS consensus is $0.07, FY is $0.23)

Due to the lower than anticipated level of Thorough QT bookings in the third quarter of 2009 and some delays in starts of Thorough QT studies, management anticipates net revenues of between $22.0 million and $23.0 million for the fourth quarter of 2009, which translates into full year 2009 guidance of between $92.7 million and $93.7 million. (Q4 revenue consensus is $26.22M, FY is $98.71M)

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