RPS first-quarter service revenues increase 28.2% to $58.0M

ReSearch Pharmaceutical Services, Inc. ("RPS" or the "Company"), a leading provider of integrated clinical development outsourcing solutions to the bio-pharmaceutical industry, announces its results for the quarter ended March 31, 2010.  These statements include unaudited comparative results for RPS for the quarter ended March 31, 2009.

In addition, RPS announces that it has today filed a Form 10-Q for the period ended March 31, 2010, as required by the Securities and Exchange Commission ("SEC").  A copy of the Form 10-Q is available on our website (www.rpsweb.com).

The following discussion of financial results for the three months ended March 31, 2010 is qualified by reference to the unaudited financial results included in this press release and the Company's Form 10-Q, as filed with the SEC.

Financial results for the three months ended March 31, 2010

• Service revenues for the first quarter of 2010 of $58.0 million grew $12.7 million or 28.2% as compared to the same period in 2009.
• Direct costs increased 27.7% to $42.4 million for the first quarter of 2010, but decreased as a percentage of service revenue, from 73.4% to 73.1%, from the first quarter of 2009.
• Selling, general, and administrative expenses increased 23.4% to $12.4 million for the first quarter of 2010 from $10.1 million for the first quarter of 2009.
• EBITDA for the first quarter of 2010 of $3.2 million or 5.5% of service revenues, increased from $2.0 million or 4.4% of service revenues for the first quarter of 2009.
• Net income before provision for income taxes for the first quarter of 2010 of $1.7 million increased $0.6 million from $1.1 million for the first quarter of 2009. Net (loss) income for the first quarter of 2010 decreased to a loss of $73,000, from net income for the first quarter in 2009 of $0.5 million.