Key Developments For Kendle International Inc
Kendle International Inc (KNDL.O) (Nasdaq)
Kendle International Inc. Suspends FY 2009 Guidance
Kendle International Inc. announced that it has suspended guidance for fiscal 2009 due to a combination of factors.
Kendle International Inc. Expands Asia Pacific Operations with Opening of Offices in Kuala Lumpur Bangkok and Manila
Kendle International Inc. announced the opening of offices in Kuala Lumpur, Malaysia; Bangkok, Thailand; and Manila, Philippines. The new operations provide the Company's customers with access to additional patient populations. The Company has been active in the Asia/Pacific region since 1998 and currently operates offices in Beijing, Hong Kong and Shanghai, China; New Delhi and Ahmedabad, India; Singapore; and Sydney and Melbourne, Australia.
Kendle International Inc. Sees Q2 2009 Charge Guidance
Kendle International Inc. announced that for second quarter of 2009, the Company implemented a series of initiatives to reduce its variable costs. These initiatives include strict controls over all discretionary spending, a hiring and wage freeze, and workforce and capacity optimization initiatives to better balance staffing levels with customer demand. The Company expects to take a one-time charge in the second quarter of 2009 for severance-related and other expenses in the range of $3.5 million to $4.5 million. The Company anticipates these initiatives will generate savings of between $17.5 million and $22.5 million in the second half of 2009.
Kendle International Inc. Announces Changes In Management
Kendle International Inc. announced that Karl "Buzz" Brenkert III, Senior Vice President, Chief Financial Officer (CFO) and Secretary, will depart the Company effective May 6, 2009. Succeeding Brenkert as Senior Vice President and CFO is Keith A. Cheesman, Vice President, Accounting and a current member of Kendle's Finance senior management team.
Kendle International Inc. Comments On Q1 2009 Guidance
Kendle International Inc. announced that it will not meet analyst expectations for the first quarter of 2009. The shortfall is due to the impact of unprecedented biopharmaceutical industry conditions, which are resulting in longer delays in the signing of contracts on existing awards, fewer new requests for proposals and an increase in contract cancellations and delays. The Company now expects net service revenues for the first quarter of 2009 to be well below the market consensus of approximately $121 million. According to Reuters Estimates, analysts were expecting the Company to report revenues of $120.93 million for the same period.
