PPD Reports Q4 EPS of $.40 vs. $.38

PPD, Inc. PPDI today reported its financial and operating results for the fourth quarter and full year ended December 31, 2010. PPD recorded net revenue of $388.5 million for the fourth quarter of 2010, an increase of 8.7 percent over net revenue of $357.4 million for the fourth quarter of 2009. Fourth quarter 2010 income from operations was $62.9 million, compared to $37.8 million for the same period in 2009. Fourth quarter 2010 diluted earnings per share were $0.40, compared to $0.16 for the fourth quarter of 2009. Fourth quarter 2010 diluted earnings per share included a gain of $7.7 million related to the company's investment in Celtic Therapeutics, impairments of equity investments totaling $4.2 million related to the company's investment portfolio, and non-recurring building impairment and lease termination costs totaling $2.9 million.