ReSearch Pharmaceutical reports 32.9% in 2010 second quarter service revenues

ReSearch Pharmaceutical Services, Inc. ("RPS" or the "Company"), a leading provider of integrated clinical development outsourcing solutions to the biopharmaceutical industry, announces its results for the three and six months ended June 30, 2010.  These statements include unaudited comparative results for RPS for the three and six months ended June 30, 2009.

In addition, RPS announces that it has today filed a Form 10-Q for the period ended June 30, 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 and six months ended June 30, 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 June 30, 2010

• Service revenues for the second quarter of 2010 of $64.4 million grew $16.0 million or 32.9% as compared to the same period in 2009.
• Direct costs increased 32.5% to $46.3 million for the second quarter of 2010, but decreased as a percentage of service revenue, to 71.9% from 72.1%, in the second quarter of 2009.
• Selling, general, and administrative expenses increased 20.2% to $13.3 million for the second quarter of 2010 from $11.0 million for the second quarter of 200, but decreased as a percentage of service revenue to 20.6% from 22.8% between those periods.
• EBITDA for the second quarter of 2010 of $4.8 million or 7.5% of service revenues, increased from $2.3 million or 4.8% of service revenues for the second quarter of 2009.
• Income before provision for income taxes for the second quarter of 2010 of $3.7 million increased $2.3 million from $1.4 million for the second quarter of 2009. Net income for the second quarter of 2010 increased to $1.5 million, from net income for the second quarter in 2009 of $486,000.

Financial results for the six months ended June 30, 2010

• Service revenues for the six months ended June 30, 2010 of $122.4 million grew $28.7 million or 30.6% as compared to the same period in 2009.
• Direct costs increased 30.2% to $88.7 million for the six months ended June 30, 2010, but decreased as a percentage of service revenue, to 72.5% from 72.7%, in the six months ended June 30, 2009.
• Selling, general, and administrative expenses increased 21.7% to $25.7 million for the six months ended June 30, 2010 from $21.1 million for the six months ended June 30, 2009, but decreased as a percentage of service revenue to 21.0% from 22.5% between those periods.
• EBITDA for the six months ended June 30, 2010 of $8.0 million or 6.6% of service revenues, increased from $4.3 million or 4.6% of service revenues for the six months ended June 30, 2009.
• Income before provision for income taxes for the six months ended June 30, 2010 of $5.4 million increased $2.9 million from $2.5 million for the six months ended June 30, 2009. Net income for the six months ended June 30, 2010 increased $0.5 million to $1.5 million, from net income for the six months ended June 30, 2009 of $1.0 million.