TIDMRPSE
RNS Number : 3447S
Research Pharmaceutical SRV, Inc
15 May 2009
15 May 2009
ReSearch Pharmaceutical Services, Inc.
Unaudited Quarterly Report for the period ended March 31, 2009
ReSearch Pharmaceutical Services, Inc. ("RPS" or the "Company"), a leading
provider of integrated clinical development outsourcing solutions to the
bio-pharmaceutical industry, is pleased to announce its results for the
first quarter ended March 31, 2009. These statements include unaudited
comparative results for RPS for the quarter ended March 31, 2008.
In addition, RPS announces that it has today filed a Form 10-Q in the U.S., as
required by the Securities and Exchange Commission ("SEC"). A copy of the Form
10-Q is available on our website (www.rpsweb.com).
Financial highlights for the three months to March 31, 2009
* Service revenues for the first quarter of 2009 of $45.3 million grew $7.2
million or 19.0% as compared to the same period in 2008
* EBITDA for the first quarter of 2009 of $2.0 million or 4.3% of service revenues
* Net income before provision for income taxes for the first quarter of 2009 of
$1.1 million
Operational highlights for the three months ended March 31, 2009
* On March 30, 2009, the Company announced that it had entered into an agreement
to acquire a clinical research organization (CRO) in China, providing the
Company with expanded capabilities in the Asian market and complementing its
current operations in the Americas and Europe.
A description of each non-GAAP financial measure and the related reconciliation
to the comparable GAAP measure are located at the end of this press release.
Commenting on the first quarter results, Daniel M. Perlman, Chairman and CEO of
RPS, said:
"In the first quarter, we continued the global expansion of our capabilities
through the announced agreement to acquire a CRO in China. The continued
expansion of our services is part of the RPS strategy to meet the growing needs
of our clients for global drug development capabilities."
For further information please contact:
+----------------------------------------+----------------------------------------+
| ReSearch Pharmaceutical Services, Inc. | +1 215 540 0700 |
+----------------------------------------+----------------------------------------+
| Dan Perlman, CEO | |
+----------------------------------------+----------------------------------------+
| Steven Bell, Chief Financial Officer | |
+----------------------------------------+----------------------------------------+
| | |
+----------------------------------------+----------------------------------------+
| Nominated Adviser and UK Broker: | |
+----------------------------------------+----------------------------------------+
| Arbuthnot Securities Limited | |
+----------------------------------------+----------------------------------------+
| James Steel / Ed Burbidge | +44 20 7012 2000 |
+----------------------------------------+----------------------------------------+
ReSearch Pharmaceutical Services, Inc.
Unaudited Quarterly Report to March 31, 2009
Background on RPS
Headquartered in Ft. Washington, Pennsylvania, with subsidiary offices across
Latin America and three recently acquired subsidiaries in Europe, RPS is a next
generation CRO and a leading provider of integrated clinical development and
enhanced full-service outsourcing solutions to the bio-pharmaceutical industry.
RPS provides services in connection with the design, initiation and management
of clinical trials programs that are required to obtain regulatory approval to
market bio-pharmaceutical products. Our innovative business model combines the
expertise of a traditional CRO with the ability to provide flexible outsourcing
solutions that are fully integrated within our clients' clinical drug
development infrastructure. This approach was designed to meet the varied needs
of small, medium and large bio-pharmaceutical companies. RPS is quoted on the
Alternative Investment Market ("AIM") of the London Stock Exchange.
Operating review of the three months ended March 31, 2009 compared to three
months ended March 31, 2008
Revenues. Service revenues increased 19.0% to $45.3 million for the three months
ended March 31, 2009 from $38.0 million for the three months ended March 31,
2008 as we generated additional business from existing and new customers. The
majority of the increase is related to the continued build from existing
contracts with several bio-pharmaceutical companies in our Clinical Master
Service Provider ("CMSP") programs in addition to the revenue generated by the
recently acquired companies in Europe. CMSP revenue for the three months ended
March 31, 2009 grew 20.3% over the comparable prior period in 2008, and
accounted for 62.1% of our total service revenue for the three months ended
March 31, 2009.
Reimbursement revenues and offsetting reimbursable out-of-pocket costs fluctuate
from period to period due primarily to the level of pass-through expenses in a
particular period. Reimbursement revenues and reimbursable out-of-pocket costs
increased 32.7% to $5.0 million during the three months ended March 31, 2009
from $3.8 million during the three months ended March 31, 2008. The increase is
due primarily to an increase in the number of staff incurred expenses on client
programs and increase related to the European acquisitions.
Direct Costs. Direct costs increased 17.3% to $33.2 million or 73.4% of service
revenues for the three months ended March 31, 2009 as compared to $28.3 million
or 74.4% of service revenues for the three months ended March 31, 2008. The
increase in direct costs is directly correlated with the increase in revenues as
described above. The primary costs included in direct costs are operational
staff payroll and related taxes and benefits.
Selling, general and administrative expenses. Selling, general and
administrative expenses ("SG&A") increased 41.5% to $10.1 million for the three
months ended March 31, 2009 from $7.1 million for the three months ended March
31, 2008 to support the increase in revenues. The primary reason for the
increase in SG&A costs was the additional overhead costs of the companies
acquired in Europe which resulted in increases in employee-related costs such as
salaries, as well as increases in salaries, health benefits and payroll taxes to
$6.0 million for the three months ended March 31, 2009 as compared to $4.3
million for the three months ended March 31, 2008. Additionally, due to our
increasing global footprint we saw an increase in rent and travel expense to
$1.2 million for the three months ended March 31, 2009 as compared to $0.8
million for the three months ended March 31, 2008.
Depreciation and amortization expense. Depreciation and amortization expense
increased 110.3% to $0.8 million for the three months ended March 31, 2009 as
compared to $0.4 million for the three months ended March 31, 2008 due primarily
to an increase in the depreciable asset base and amortization of intangible
assets related to the European acquisitions.
Income from operations. Income from operations decreased to $1.2 million for the
three months ended March 31, 2009 as compared to income from operations of $2.2
million for the three months ended March 31, 2008. The decrease is attributable
an increase in our SG&A costs as described above as a resultof our integration
efforts.
Interest income and expense. Interest income decreased to $74,000 during the
three months ended March 31, 2009 from $91,000 during the three months ended
March 31, 2008 due to a decrease in the level of investable cash on hand
subsequent to the European acquisitions. Interest expense increased to $148,000
for the three months ended March 31, 2009 from $51,000 million during the three
months ended March 31, 2008. The increase is due to the interest expense
calculated on the outstanding balance on our line of credit.
Provision for income taxes. The provision for income taxes for the three months
ended March 31, 2009 decreased to $0.6 million as compared to a provision of
$1.0 million for the three months ended March 31, 2008. The decrease in the
provision for income taxes is attributed to the decrease in taxable income as
described above. Although the provision for income taxes decreased during the
three months ended March 31, 2009 as compared to the three months ended March
31, 2008, the effective tax rate increased because we are not recording a
deferred tax benefit for net operating losses generated in Germany, Spain and
France as it is more likely than not that we will not realize the tax benefit of
these net operating losses.
Net income (loss). As a result of the factors discussed above, net income for
the three months ended March 31, 2009 decreased to $0.5 million or $0.01 per
share, basic and diluted, from net income for the three months ended March 31,
2008 of $1.3 million or $0.04 per share, basic and diluted.
Balance Sheet and Cash Flow
The Company maintains a working capital line of credit with a bank, with a
maximum potential borrowing capacity of $15.0 million. At March 31, 2009, there
were $12.9 million in outstanding borrowings under this facility. Interest on
outstanding borrowings under this facility is at the Federal Funds open rate,
plus 1% (4.25% at March 31, 2009). The credit facility contains various
financial and other covenants, including a prohibition on paying dividends or
distributions (other than dividends or distributions payable in our stock). At
March 31, 2009, the Company was in compliance with these covenants. The Company
is currently evaluating opportunities to increase the borrowing capacity as well
as extending the terms of this facility. The facility is secured by all of the
assets of the Company. At March 31, 2009, the Company had available cash and
cash equivalent balances of $2.2 million and working capital of $25.4 million,
which the Company believes will provide sufficient liquidity for the next twelve
months.
During the three months ended March 31, 2009, the Company's operating activities
used cash of $8.2 million, an increase of $4.3 million from the corresponding
amount for the three months ended March 31, 2008. The cash used in operating
activities during the three month period ended March 31, 2009 can be attributed
to both the amount of revenue to be collected, and the time it takes to collect
that revenue, as reflected in the accounts receivable. Accounts receivable, net
of an allowance for doubtful accounts increased $7.2 million, or 15.8% to $50.1
million at March 31, 2009 from $43.2 million at December 31, 2008. In addition,
during the three months ended March 31, 2009, the Company used cash in other
operating assets and liabilities of $2.3 million consisting primarily of $0.6
million in accounts payable, $0.4 million in customer deposits, $1.2 million in
deferred revenue and $0.1 million in accrued expenses and other liabilities, as
well as non cash charges of $0.1 million of deferred taxes.
These uses of cash were offset by net income for the three months ended March
31, 2009 of $0.5 million along with non cash charges of $0.2 million related to
stock based compensation and $0.8 million related to depreciation and
amortization.
Cash used in investing activities for the three months ended March 31, 2009
totaled $0.8 million, consisting primarily of $0.7 million paid during the
quarter relating to acquisitions and $0.5 million for the purchase of property
and equipment, which was offset by the increase in restricted cash of $0.4
million.
Cash provided by financing activities for the three months ended March 31, 2009
totaled $5.2 million, consisting primarily of $5.4 million in net borrowings on
the Company's line of credit which was offset by $0.2 million in principal
payments on capital lease obligations.
Dividends
The Company does not currently intend to pay cash dividends on its common stock
or warrants in the foreseeable future, but rather to reinvest earnings in the
business.
Supplemental non-GAAP financial information
EBITDA is defined as net income before interest expense, income taxes and
depreciation and amortization. The Company believes that net income is the most
directly comparable GAAP measurement to EBITDA.EBITDA is presented because the
Company believes it is useful to investors as widely accepted financial
indicators of a company's ability to service and/or incur indebtedness and
because such disclosure provides investors with additional criteria used by the
Company to evaluate our operating performance and the performance bonuses of
certain of our employees. EBITDA is not defined under GAAP, should not be
considered in isolation or as a substitute for a measure of our liquidity or
performance prepared in accordance with GAAP and is not indicative of income
from operations as determined under GAAP. EBITDA and other non-GAAP financial
measures have limitations which should be considered before using these measures
to evaluate the Company's liquidity or financial performance. EBITDA does not
include interest expense, income tax expense or depreciation and amortization
expense, which may be necessary in evaluating the Company's operating results
and liquidity requirements or those of businesses we may acquire. The Company's
management compensates for these limitations by using EBITDA as a supplement to
GAAP results to provide a more comprehensive understanding of the factors and
trends affecting our business or any business we may acquire. Our computation
of EBITDA may not be comparable to other similarly titled measures provided by
other companies, because not all companies calculate this measure in the same
fashion.
The following table and related notes reconciles net income to EBITDA:
+------------------------------+-------------+--+------------------+
| | (in thousands) |
+------------------------------+-----------------------------------+
| | Three months ended |
+------------------------------+-----------------------------------+
| | March 31, |
+------------------------------+-----------------------------------+
| | 2009 | | 2008 |
+------------------------------+-------------+--+------------------+
| | | | |
+------------------------------+-------------+--+------------------+
| Reconciliation of net income to EBITDA: | | |
+--------------------------------------------+--+------------------+
| | | | |
+------------------------------+-------------+--+------------------+
| Net income | $503 | | $1,323 |
+------------------------------+-------------+--+------------------+
| Provision for income taxes | 621 | | 963 |
+------------------------------+-------------+--+------------------+
| Interest (income) expense, | 74 | | (40) |
| net | | | |
+------------------------------+-------------+--+------------------+
| Depreciation and | 796 | | 365 |
| amortization | | | |
+------------------------------+-------------+--+------------------+
| EBITDA | $1,994 | | $2,611 |
+------------------------------+-------------+--+------------------+
Daniel M. Perlman, Chairman and CEO
May 15, 2009
Financial Data
Research Pharmaceutical Services, Inc. and Subsidiaries
Consolidated Balance Sheets
+-----------------------------------------------------+-------------+-------------+
| | March | December |
| | 31, | 31, |
+-----------------------------------------------------+-------------+-------------+
| | 2009 | 2008 |
+-----------------------------------------------------+-------------+-------------+
| Assets |(unaudited) | |
+-----------------------------------------------------+-------------+-------------+
| Current assets: | | |
+-----------------------------------------------------+-------------+-------------+
| Cash and cash equivalents | $2,213,958 | $6,565,003 |
| | | |
+-----------------------------------------------------+-------------+-------------+
| Restricted cash | 6,462,252 | 7,247,532 |
+-----------------------------------------------------+-------------+-------------+
| Accounts receivable, less allowance for doubtful | 50,064,834 | 43,225,016 |
| accounts of $701,000 at March 31, 2009 and $654,000 | | |
| at December 31, 2008, respectively | | |
+-----------------------------------------------------+-------------+-------------+
| Current deferred tax asset | 957,373 | 970,797 |
+-----------------------------------------------------+-------------+-------------+
| Prepaid expenses and other current assets | 2,321,977 | 2,377,838 |
+-----------------------------------------------------+-------------+-------------+
| Total current assets | $62,020,394 | $60,386,186 |
| | | |
+-----------------------------------------------------+-------------+-------------+
| | | |
+-----------------------------------------------------+-------------+-------------+
| Property and equipment, net | 5,974,569 | 5,993,386 |
+-----------------------------------------------------+-------------+-------------+
| Other assets | 1,114,076 | 1,179,018 |
+-----------------------------------------------------+-------------+-------------+
| Intangible assets subject to amortization, net | 3,267,356 | 3,880,000 |
+-----------------------------------------------------+-------------+-------------+
| Goodwill | 13,830,881 | 15,145,585 |
+-----------------------------------------------------+-------------+-------------+
| Deferred tax asset | 504,366 | 504,366 |
+-----------------------------------------------------+-------------+-------------+
| Total assets | $86,711,642 | $87,088,542 |
| | | |
+-----------------------------------------------------+-------------+-------------+
| | | |
+-----------------------------------------------------+-------------+-------------+
| Liabilities and stockholders' equity (deficit) | | |
+-----------------------------------------------------+-------------+-------------+
| Current liabilities: | | |
+-----------------------------------------------------+-------------+-------------+
| Accounts payable | $2,714,889 | $3,496,309 |
| | | |
+-----------------------------------------------------+-------------+-------------+
| Accrued expenses | 11,036,056 | 12,069,957 |
+-----------------------------------------------------+-------------+-------------+
| Customer deposits | 6,462,252 | 7,247,532 |
+-----------------------------------------------------+-------------+-------------+
| Deferred revenue | 3,466,257 | 4,781,935 |
+-----------------------------------------------------+-------------+-------------+
| Line of credit | 12,850,415 | 7,500,000 |
+-----------------------------------------------------+-------------+-------------+
| Current portion of capital lease obligations | 556,311 | 682,695 |
+-----------------------------------------------------+-------------+-------------+
| Total current liabilities | $37,086,180 | $35,778,428 |
| | | |
+-----------------------------------------------------+-------------+-------------+
| | | |
+-----------------------------------------------------+-------------+-------------+
| Customer deposit | 4,500,000 | 4,500,000 |
+-----------------------------------------------------+-------------+-------------+
| Deferred tax liability | 1,093,501 | 1,331,955 |
+-----------------------------------------------------+-------------+-------------+
| Other liabilities | 2,178,734 | 2,323,794 |
+-----------------------------------------------------+-------------+-------------+
| Capital lease obligations, less current portion | 811,765 | 871,963 |
+-----------------------------------------------------+-------------+-------------+
| Total liabilities | $45,670,180 | $44,806,140 |
| | | |
+-----------------------------------------------------+-------------+-------------+
| | | |
+-----------------------------------------------------+-------------+-------------+
| Stockholders' equity: | | |
+-----------------------------------------------------+-------------+-------------+
| Common stock, $.0001 par value: | | |
+-----------------------------------------------------+-------------+-------------+
| Authorized shares - 150,000,000 at March 31, 2009 | 3,675 | 3,675 |
| and December 31, 2008, issued and outstanding | | |
| shares - 36,746,835 and 36,746,291 at March 31, | | |
| 2009 and December 31, 2008, respectively. | | |
+-----------------------------------------------------+-------------+-------------+
| Additional paid-in capital | 44,238,115 | 44,083,184 |
+-----------------------------------------------------+-------------+-------------+
| Accumulated other comprehensive (loss) income | (1,743,288) | 155,535 |
+-----------------------------------------------------+-------------+-------------+
| Accumulated deficit | (1,457,040) | (1,959,992) |
+-----------------------------------------------------+-------------+-------------+
| Total stockholders' equity | $41,041,462 | $42,282,402 |
| | | |
+-----------------------------------------------------+-------------+-------------+
| Total liabilities and stockholders' equity | $86,711,642 | $87,088,542 |
| | | |
+-----------------------------------------------------+-------------+-------------+
Research Pharmaceutical Services, Inc. and Subsidiaries
Consolidated Statements of Operations
+----------------------------------+---------------+-------------+----------------------------------+
| | Three Months Ended March |
| | 31, |
+ + +
| | | |
+----------------------------------+-----------------------------+----------------------------------+
| | 2009 | 2008 |
+----------------------------------+---------------+-------------+
| | (unaudited) |
+----------------------------------+-----------------------------+
| | | |
+----------------------------------+---------------+-------------+
| Service revenue | $45,258,874 | $38,047,853 |
| | | |
+----------------------------------+---------------+-------------+
| Reimbursement revenue | 5,034,975 | 3,794,541 |
+----------------------------------+---------------+-------------+
| Total revenue | 50,293,849 | 41,842,394 |
+----------------------------------+---------------+-------------+
| | | |
+----------------------------------+---------------+-------------+
| Direct costs | 33,219,359 | 28,316,024 |
+----------------------------------+---------------+-------------+
| Reimbursable out-of-pocket costs | 5,034,975 | 3,794,541 |
+----------------------------------+---------------+-------------+
| Selling, general, and | 10,045,270 | 7,120,510 |
| administrative expenses | | |
+----------------------------------+---------------+-------------+
| Depreciation and amortization | 796,422 | 365,295 |
+----------------------------------+---------------+-------------+
| Income from operations | 1,197,823 | 2,246,024 |
+----------------------------------+---------------+-------------+
| | | |
+----------------------------------+---------------+-------------+
| Interest expense | 147,791 | 50,526 |
+----------------------------------+---------------+-------------+
| Interest income | 73,934 | 90,846 |
+----------------------------------+---------------+-------------+
| Net income before provision for | 1,123,966 | 2,286,344 |
| income taxes | | |
+----------------------------------+---------------+-------------+
| Provision for income taxes | 621,014 | 963,295 |
+----------------------------------+---------------+-------------+
| Net income | $502,952 | $1,323,049 |
| | | |
+----------------------------------+---------------+-------------+
| | | |
+----------------------------------+---------------+-------------+
| Net income per common share: | | |
+----------------------------------+---------------+-------------+
| Basic | $0.01 | $0.04 |
+----------------------------------+---------------+-------------+
| Diluted | $0.01 | $0.04 |
+----------------------------------+---------------+-------------+
| | | |
+----------------------------------+---------------+-------------+
| Weighted average number of | | |
| common shares outstanding: | | |
+----------------------------------+---------------+-------------+
| Basic | 36,746,460 | 32,429,807 |
+----------------------------------+---------------+-------------+
| Diluted | 37,892,322 | 34,019,774 |
+----------------------------------+---------------+-------------+----------------------------------+
Research Pharmaceutical Services, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
+----------------------------------------------+-------------+-------------+
| | Three Months |
| | Ending March |
| | 31, |
+----------------------------------------------+---------------------------+
| | 2009 | 2008 |
+----------------------------------------------+-------------+-------------+
| | (unaudited) |
+----------------------------------------------+---------------------------+
| Net income | $502,952 | $1,323,049 |
| | | |
+----------------------------------------------+-------------+-------------+
| Adjustments to reconcile net income (loss) | | |
| to net cash (used in) provided by operating | | |
| activities: | | |
+----------------------------------------------+-------------+-------------+
| Depreciation and amortization | 796,422 | 365,295 |
+----------------------------------------------+-------------+-------------+
| Stock-based compensation | 154,730 | 130,215 |
+----------------------------------------------+-------------+-------------+
| Deferred tax benefit | (128,769) | - |
+----------------------------------------------+-------------+-------------+
| Changes in operating assets and liabilities: | | |
+----------------------------------------------+-------------+-------------+
| Accounts receivable | (7,220,626) | (5,527,716) |
+----------------------------------------------+-------------+-------------+
| Prepaid expenses and other assets | 34,292 | (5,726) |
+----------------------------------------------+-------------+-------------+
| Accounts payable | (623,543) | (441,144) |
+----------------------------------------------+-------------+-------------+
| Accrued expenses and other liabilities | (125,392) | (478,516) |
+----------------------------------------------+-------------+-------------+
| Customer deposits | (380,471) | 454,507 |
+----------------------------------------------+-------------+-------------+
| Deferred revenue | (1,199,044) | 356,967 |
+----------------------------------------------+-------------+-------------+
| Net cash used in operating activities | (8,189,449) | (3,823,069) |
+----------------------------------------------+-------------+-------------+
| | | |
+----------------------------------------------+-------------+-------------+
| Investing activities | | |
+----------------------------------------------+-------------+-------------+
| Change in restricted cash | 380,471 | (454,507) |
+----------------------------------------------+-------------+-------------+
| Business combinations, net of cash acquired | (651,923) | - |
+----------------------------------------------+-------------+-------------+
| Purchase of property and equipment | (540,617) | (292,429) |
+----------------------------------------------+-------------+-------------+
| Net cash used in investing activities | (812,069) | (746,936) |
+----------------------------------------------+-------------+-------------+
| | | |
+----------------------------------------------+-------------+-------------+
| Financing activities | | |
+----------------------------------------------+-------------+-------------+
| Net borrowings on line of credit | 5,350,415 | - |
+----------------------------------------------+-------------+-------------+
| Principal payments on capital lease | (186,582) | (254,743) |
| obligations | | |
+----------------------------------------------+-------------+-------------+
| Proceeds from exercise of options | 201 | - |
+----------------------------------------------+-------------+-------------+
| Merger consideration, net of fees paid | - | (17,880) |
+----------------------------------------------+-------------+-------------+
| Net cash provided by (used in) financing | 5,164,034 | (272,623) |
| activities | | |
+----------------------------------------------+-------------+-------------+
| Effect of exchange rates on cash and cash | (513,561) | (44,847) |
| equivalents | | |
+----------------------------------------------+-------------+-------------+
| Net change in cash and cash equivalents | (4,351,045) | (4,887,475) |
+----------------------------------------------+-------------+-------------+
| Cash and cash equivalents, beginning of | 6,565,003 | 11,060,255 |
| period | | |
+----------------------------------------------+-------------+-------------+
| Cash and cash equivalents, end of period | $2,213,958 | $6,172,780 |
| | | |
+----------------------------------------------+-------------+-------------+
| | | |
+----------------------------------------------+-------------+-------------+
| Supplemental disclosures of cash flow | | |
| information | | |
+----------------------------------------------+-------------+-------------+
| Cash paid during the period for: | | |
+----------------------------------------------+-------------+-------------+
| Interest | $147,791 | $239,582 |
| | | |
+----------------------------------------------+-------------+-------------+
| Income taxes | $625,000 | $500,000 |
| | | |
+----------------------------------------------+-------------+-------------+
| Supplemental disclosures of noncash | | |
| financing activities | | |
+----------------------------------------------+-------------+-------------+
| Acquisition of fixed assets under capital | $ - | $800,261 |
| leases | | |
+----------------------------------------------+-------------+-------------+
NOTES
The functional currency of RPS is US dollars because that is the currency of the
primary economic environment in which the company operates. These financial
statements are presented
in US dollars.
The financial statements are presented in conformity with accounting principles
generally accepted in the United States and have been prepared using the same
accounting policies as set forth in the financial statements for the year ended
December 31, 2008 which will be included in the Company's Annual Report on Form
10-K to be filed with the SEC.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" that are made pursuant
to the safe harbor provisions of the U.S. Private Securities Litigation Reform
Act of 1995. Forward-looking statements can be identified by words such as
"anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects"
and similar references to future periods, or by the inclusion of forecasts or
projections. Forward-looking statements are based on the Company's current
expectations and assumptions regarding its business, financial condition, the
economy and other future conditions. Because forward-looking statements relate
to the future, by their nature, they are subject to inherent uncertainties,
risks and changes in circumstances that are difficult to predict, including
those described under the heading "Risk Factors" in the Company's Form
10-K filed with the SEC on March 31, 2009. The Company's actual results may
differ materially from those contemplated by the forward-looking statements.
The Company cautions you therefore that you should not rely on any of these
forward-looking statements as statements of historical fact or as guarantees or
assurances of future performance. Important factors that could cause actual
results to differ materially from those in the forward-looking statements
include regional, national or global political, economic, business, competitive,
market and regulatory conditions including: our ability to identify liabilities
associated with the Company; our ability to manage pricing and operational
risks; our ability to manage foreign operations; changes in technology; and our
ability to acquire or renew contracts. Any forward-looking statement made in
this document speaks only as of the date on which it is made. Factors or events
that could cause the Company's actual results to differ may emerge from time to
time, and it is not possible for the Company to predict all of them. The
Company undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future developments or
otherwise, unless otherwise required to do so by law or regulation.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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