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Kendle International Inc.

Kendle International Inc.

Kendle is involved in contractual research for companies. Kendle is basically a clinical research organization, and it provides services from Phase I-IV of clinical development to bigger pharma companies Kendle delivers integrated clinical research services, including clinical trial management, clinical data management, statistical analysis, medical writing, regulatory consulting and organizational meeting management and publications services on a contract basis to the pharma industry. Kendle operates in North America, Europe, Asia/Pacific, Latin America and Africa. On August 16, 2006, Kendle completed the acquisition of Phase II-IV Clinical Services business of Charles River Laboratories International, Inc. In April 2006, Kendle acquired CRO International Clinical Research Limited.

The current financials of Kendle are as follows:

(In millions of USD)

Income Statement
Quarterly
(Jun ’06)
Annual
(2005)
Annual
(2004)
Total Revenue
81.92
250.64
215.87
Gross Profit
28.13
93.45
75.98
Operating Income
6.40
17.54
7.30
Net Income
4.29
10.67
3.57
Balance Sheet

Total Current Assets
139.52
123.95
95.17
Total Assets
203.79
184.76
162.68
Total Current Liabilities
63.93
59.96
54.46
Total Liabilities
65.46
62.26
59.91
Total Equity
138.34
122.50
102.78
Cash Flow

Net Income/Starting Line

10.67
3.57
Cash from Operating
4.49
23.03
7.08
Cash from Investing
3.29
-5.15
-6.02
Cash from Financing
-2.13
2.21
-5.43
Net Change in Cash
5.93
19.77
-4.08
 

Key Stats & Ratios

Quarterly
(Sep ’06)
Annual
(2005)
Annual
(TTM)
Net Profit Margin
4.13%
4.26%
5.24%
Operating Margin
8.37%
7.00%
8.37%
EBITD Margin

10.19%
10.88%
Return on Average Assets

6.14%

Return on Average Equity

9.48%

Employees
1,900


However compared to the competition, the basic numbers are as follows:

Company
Revenue
Market Cap
EPS
PE Ratio
Beta
Quote

Kendle
250
503
1.15
30.48
2.11
35.05

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Parexel
760
829
0.87
35
0.9
30.7

Covance
1250
3920
2.12
28.9
0.32
61.25

Pharmaceutical Product Development
1037
3700
1.33
23.7
1.19
31.6

Pharmanet Development Group
429
427
-2.22
10.38
1.52
23.04

The Advisory Board Company
165
1.09
1.31
44
0.53
57.73

As an industry the companies enjoy a very high PE ratio.

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