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Thursday, December 15, 2005


SFCC Update

This morning, SFBC Intl updated their EPS guidance and announced that the independent counsel's review has been completed. The new guidance is below the previous guidance because of the impact of the Bloomberg articles, but it's above the revised estimates from analysts. The Independent Cousel rejected Bloomberg's allegations. The conference call to discuss these issues is at 8:30am Eastern time at (866) 406-5369 and also available via webcast at This news should propel SFCC shares to a nice rebound today, as institutions and investors who sold out on the uncertainty will want to buy back and the many shorts will have to buy to cover. Today's rebound should break the downtrend line as well, triggering a strong buy signal. With the $1.93-1.99 guidance, SFCC has a PE of 9, less than half that of the S&P 500.

The detailed Independent Cousel report is here:

Here's's take on the revised guidance:
06:02 ET SFBC Intl sees FY05 non-GAAP EPS of $1.88-1.93 vs $1.82 consensus; revs of $329-330.5 mln vs $350.7 consensus (SFCC) 17.66 :SFCC sees 2005 non-GAAP EPS $1.88-1.93 vs $1.82 consensus; sees revs of $329-330.5 mln vs $350.7 mln consensus. The co's EPS and non-GAAP EPS guidance includes legal and related expenses pertaining to the Bloomberg articles of approximately $0.03 per share. In addition, the co has identified approximately $0.02 in lost EPS as a direct result of one client canceling two signed contracts of ongoing studies due to the Bloomberg articles, the impact of which is included in guidance. Non-GAAP EPS excludes non-cash expenses of approximately $0.18 per fully diluted share related to amortization of intangibles and $0.14 per fully diluted share related to one-time write-offs of deferred financing costs. Co sees 2006 non-GAAP EPS of $1.93-1.99 vs $1.90 consensus; revs of $355-363 mln vs $377.4 mln consensus. Non-GAAP EPS excludes non-cash expenses of approximately $0.13 per fully diluted share related to amortization of intangibles.

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