PRA International to acquire Sterling Synergy Systems, says Q1 EPS fell to $0.25

By Angela McDaniels

Seattle, April 26 - PRA International Inc. has agreed to acquire India-based clinical research organization Sterling Synergy Systems Private Ltd., according to a company news release.

The transaction is expected to close in the second quarter, and terms were not disclosed.

The company also said its revenue decreased by 6% to $69.2 million for the first quarter ended March 31 from $73.6 million for the first quarter of 2005.

Net income fell by 13% to $6.1 million, or $0.25 per diluted share, for the first quarter from $7.0 million, or $0.28 per diluted share, for the first quarter of 2005.

PRA estimated that its 2006 earnings will be $1.18 to $1.26 per share.

"Our first-quarter results, although below our expectations, were largely attributable to timing issues, continued contract delays and the cancellation of a major clinical program," president and chief executive officer Pat Donnelly said in the release.

"Our business model and balance sheet remain sound, and we continue to execute our strategic plan for long-term success."

As of March 31, the company had cash and cash equivalents of $62.7 million and no material debt, according to the release.

PRA is a clinical development organization based in Reston, Va.

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