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PPD, Inc. today announced that its board of directors declared a cash dividend for the fourth quarter of 2008 under its annual cash dividend policy.
PPD Declares Fourth Quarter Dividend
WILMINGTON, N.C. (November 11, 2008) -- PPD, Inc. (Nasdaq: PPDI) today announced that its board of directors declared a cash dividend for the fourth quarter of 2008 under its annual cash dividend policy. As announced in September, the board of directors amended the annual cash dividend policy to increase the annual dividend rate by 25 percent, from $0.40 to $0.50 per share. After giving effect to this amendment, the quarterly cash dividend will equal $0.125 per share. The record date for the fourth quarter dividend is December 15, 2008, and the payment date is December 29, 2008. The annual cash dividend policy and the payment of future quarterly cash dividends under that policy are subject to the continuing determination by the board of directors that the policy remains in the best interests of the company's shareholders and in compliance with applicable laws and agreements.
PPD is a leading global contract research organization providing discovery, development and post-approval services as well as compound partnering programs. Our clients and partners include pharmaceutical, biotechnology, medical device, academic and government organizations. With offices in 33 countries and more than 10,500 professionals worldwide, PPD applies innovative technologies, therapeutic expertise and a commitment to quality to help its clients and partners maximize returns on their R&D investments and accelerate the delivery of safe and effective therapeutics to patients. For more information, visit our Web site at http://www.ppdi.com.
Except for historical information, all of the statements, expectations and assumptions, including expectations and assumptions about the payment of future cash dividends under the annual dividend policy, contained in this news release are forward-looking statements that involve a number of risks and uncertainties. Although PPD attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors which could cause results to differ materially include the following: risks that we may not continue our dividend policy; economic conditions and outsourcing trends in the pharmaceutical, biotechnology and medical device industries and government-sponsored research sector; success in sales growth; loss of large contracts; competition within the outsourcing industry; risks associated with the development and commercialization of drugs, including obtaining regulatory approvals; the ability to attract and retain key personnel; dependence on collaborative relationships; rapid technological advances that make our products and services less competitive; and the other risk factors set forth from time to time in the SEC filings for PPD, copies of which are available free of charge upon request from the PPD investor relations department.