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Kendle Delivers Big Financial Improvement

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Kendle International reported fourth-quarter 2004 net income of $2.1 million or 16 cents per diluted share.

This is compared to net income of $513,000, or $0.04 per share, in fourth quarter 2003.

“Kendle delivered continued financial improvement and strong revenue and earnings growth for the fourth quarter,” said Candace Kendle, PharmD, Chairman and CEO. She continued, “During 2004, we increased sales to more than double the reported sector growth rate, made significant inroads into high-growth therapeutic areas such as oncology and CNS, and expanded our sales of large- scale global drug development programs. We are pleased with our progress and look forward to a strong 2005.”

Net service revenues for fourth quarter 2004 were $48.0 million, an increase of almost 20% over net service revenues of $40.1 million for fourth quarter 2003. Net service revenues for the year ended Dec. 31, 2004 were $172.9 million, up over 10% from net service revenues of $156.2 million for the year ended Dec. 31, 2003. Earnings per share of $0.16 for the fourth quarter represents a 300% improvement over the $0.04 per share reported for the fourth quarter 2003. For the full year, earnings per share of $0.27 for 2004 compares favorably to last year’s loss of $0.13 per share.

Income from operations for fourth quarter 2004 was approximately $3.8 million, or 7.9 percent of net service revenues, compared to income from operations of approximately $2.1 million in fourth quarter 2003.

Income from operations for the year ended Dec. 31, 2004 was approximately $6.7 million, or 3.9 percent of net service revenues, compared to income from operations of approximately $2.2 million in 2003. The operating results include a charge of approximately $302,000 in 2004 for severance costs related to a workforce realignment plan and a similar charge of approximately $1.5 million in 2003. Net income for 2004 was approximately $3.6 million, or $0.27 per diluted share, compared to a loss of $1.7 million, or $0.13 per share, in 2003. Net income for the year ended Dec. 31, 2004 includes gains of approximately $597,000 due to the partial early extinguishment of debt. The net loss for the year ended Dec. 31, 2003 includes gains on debt extinguishment of approximately $558,000 and a $405,000 impairment charge to reduce to zero the value of the Company’s investment in KendleWits.

New business awards were $70 million for fourth quarter 2004. Contract cancellations for the quarter were $7 million. Total business authorizations, which consist of signed backlog and verbally awarded business, totaled an all- time Company high of $240 million at Dec. 31, 2004, compared to $186 million at Dec. 31, 2003.

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Kendle Delivers Big Financial Improvement
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