Quintiles, which agreed to be taken private by founder Dennis Gillings earlier this month, says earnings for the first quarter hit 21 cents per diluted share.

Net income was $25.2 million, a 46 percent increase over 2002 totals. Gross revenues climbed to $512 million, up from $493 million.

The company said two drivers in its improved performance were improved cash collection and more than $18 million in investment gains, which was higher than reported in all of last year.

Quintiles (Nasdaq: QTRN) closed up 5 cents to $13.95.

Quintiles: www.quintiles.com