Sfbc (NASDAQ:SFCC)
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Company Expects to Record Impairment Charge Related to Its Miami
Operations
SFBC International, Inc. (NASDAQ:SFCC), a provider of drug
development services to branded pharmaceutical, biotechnology, generic
drug and medical device companies, announced today that it is
postponing its conference call and Webcast to review its fourth
quarter and full year 2005 results and plans to host the call at 8:30
a.m. EST on Thursday, March 9, 2006. In addition, the Company plans to
release its financial results for the fourth quarter and full year
2005 on Wednesday, March 8, 2006, after the market closes.
Jeffrey P. McMullen, chief executive officer of SFBC
International, commented: "We are diligently working with our national
valuation firm to complete the assessment of a substantial non-cash
impairment charge that we expect to record in the fourth quarter of
2005 related to the significant decline in business at our Miami
operations. In addition, our business review of operations is
continuing and we believe it is prudent to withdraw our existing 2006
guidance, as issued on December 15, 2005. We anticipate that we will
provide an update on the impairment charge and 2006 guidance in
conjunction with the release of our full year 2005 financial results
next week."
Conference Call and Webcast Information
SFBC plans to host a conference call and Webcast to review its
fourth quarter and full year 2005 results at 8:30 a.m. Eastern
Standard Time on Thursday, March 9, 2006. To access the conference
call, please dial the following teleconference number (877) 691-0878
(U.S.) or (973) 582-2773 (International) or, to listen to the
simultaneous Webcast, please visit http://www.sfbci.com.
For those unable to access the live call, there will be an audio
replay available from March 9, 2006 at approximately 11:00 a.m.
Eastern Time through March 17, 2006 at 11:59 p.m. Eastern Standard
Time. To listen to the audio replay, please dial (877) 519-4471 (U.S.)
or (973) 341-3080 (International) and use the following replay pin
code: 7081622. A replay of the Webcast will be available at
http://www.sfbci.com approximately two hours after the live call ends
through April 8, 2006 at 11:59 p.m. Eastern Time.
About SFBC International, Inc.
SFBC International, Inc. is an international drug development
services company offering a comprehensive range of clinical
development, clinical and bioanalytical laboratory, and consulting
services to the branded pharmaceutical, biotechnology, generic drug
and medical device industries. SFBC has more than 35 offices,
facilities and laboratories with approximately 2,500 employees
strategically located throughout the world. For more information,
visit SFBC's website at http://www.sfbci.com.
Forward-Looking Statements
The statements made in this press release relating to the
determination of and the amount of the impairment charge and the
completion of the Miami business review are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995 (the "Act"). Additionally words such as "seek," "intend,"
"believe," "plan," "estimate," "expect," "anticipate" and other
similar expressions are forward-looking statements within the meaning
of the Act. Some or all of the results anticipated by these
forward-looking statements may not occur. Factors that could cause or
contribute to such differences include, but are not limited to, facts
discovered and conclusions reached in the Miami business review,
whether adverse publicity relating to SFBC's Miami operations causes
clients to select competitors, not only for early stage branded
clinical trials but also for aspects of SFBC's business, SFBC's
ability to resolve open issues relating to its Miami property
including the pending lease litigation as well as the structural,
building code and other regulatory issues affecting the property,
continued adverse publicity related to actions of the United States
Senate Finance Committee, developments with respect to the SEC's
inquiry, SFBC's ability to successfully achieve and manage the
technical requirements of specialized clinical trial services, while
complying with applicable rules and regulations; the Miami
subsidiary's continued ability to recruit participants for clinical
trials; regulatory changes; changes affecting the clinical research
industry; a reduction of outsourcing by pharmaceutical and
biotechnology companies; SFBC's ability to compete internationally in
attracting clients in order to develop additional business;
cancellation of contracts; SFBC's clients' ability to provide the
drugs and medical devices used in its clinical trials; and the
national and international economic climate as it affects drug
development operations. Further information can be found in SFBC's
risk factors contained in the Form S-3 filed with the SEC in 2005 and
other filings with the Securities and Exchange Commission.