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PPD Completes Two-For-One Stock Split
WILMINGTON, N.C. (February 28, 2006) – PPD, Inc. (Nasdaq: PPDI) has today completed its previously announced two-for-one stock split of the company's common stock.
Under the terms of the stock split, each shareholder of record at the close of business on February 17, 2006, was issued one share of common stock for each share held of record on that date. On February 17, 2006, PPD had 58,141,313 shares of common stock issued and outstanding. After completing the stock split today, PPD had 116,282,626 shares of common stock issued and outstanding, based on the number of issued and outstanding shares on February 17, 2006. The par value of PPD common stock prior to the stock split was .10 per share. The par value of PPD common stock after completing the stock split is .05 per share. There were no shares of PPD preferred stock issued and outstanding either prior to or after completing the stock split.
"We are pleased to announce the completion of this stock split," said Fred Eshelman, chief executive officer of PPD. "The stock split improves our opportunity to add liquidity and appeal for our stock, providing enhanced value to PPD shareholders."
PPD is a leading global contract research organization providing discovery and development services, market development expertise and compound partnering programs. Our clients and partners include pharmaceutical, biotechnology, medical device, academic and government organizations. With offices in 28 countries and more than 8,000 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 www.ppdi.com.
Except for historical information, some of the statements, expectations and assumptions contained in this news release may be forward-looking statements that involve a number of risks and uncertainties. Although PPD attempts to be accurate in making those 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: continued success in sales growth; loss of large contracts; increased cancellation rates; economic conditions and outsourcing trends in the pharmaceutical, biotechnology and medical device industries and government-sponsored research sector; competition within the outsourcing industry; risks associated with acquisitions and investments, such as impairments; risks associated with the development and commercialization of drugs, including obtaining regulatory approvals; the ability to attract and retain key personnel; risks associated with and dependence on collaborative relationships; rapid technological advances that make our products and services less competitive; risks associated with our recently adopted annual dividend policy; 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.
About the Author: News brought to you by PPD, an international contract research organization specializing in clinical trial management for the pharmaceutical, biotechnology, and medical industries.