ICON (NASDAQ:ICLR) (ISIN:IE0005711209), a global provider
of outsourced development services to the pharmaceutical,
biotechnology and medical device industries, today reported its
financial results for the full year and fourth quarter ended
December 31, 2011.
For the fourth quarter net revenues grew 5% year on year to
$242.6 million and operating income was $6.6 million representing
3% of revenue, compared to $22 million or 9% for the same quarter
last year. Net income was $4.1 million compared with $22.1 million
last year or $0.07 per share compared to $0.36 in the same quarter
last year.
For the full year revenue grew 5.1% to $946 million and
operating income before non-recurring charges was $39.3 million
representing 4.2% of revenue compared to $92 million or 10.2% in
2010. On a US GAAP basis income from operations was $29.4 million
or 3.1% compared with $92 million in the prior year.
Net income before non-recurring charges was $31.5 million, a net
margin of 3.3%, compared to $87.1 million last year and 9.7% of
revenue. EPS before non-recurring charges for 2011 was $0.52 per
share compared with $1.44 in 2010. On a US GAAP basis net income
was $22.8 million, a net margin of 2.4%, compared to $87.1 million
last year and 9.7% of revenue. EPS on a GAAP basis for 2011 was
$0.37 per share compared with $1.44 in 2010.
Days sales outstanding, comprising accounts receivable and
unbilled revenue less payments on account was 47 days at December
31, 2011 compared with 52 days at the September 30, 2011 and 37
days at December 31, 2010.
For the quarter ended December 31, 2011 cash provided by
operating activities was $37.8 million and capital expenditure was
$10.7 million. For the full year 2011 cash flow from operating
activities was $20.2 million and capital expenditure was $35.3
million. In addition $61.5 million was invested on acquisitions and
$9 million was expended on a stock repurchase programme. As a
result the company’s net cash amounted to $174 million at December
31, 2011 compared to $256 million of net cash at December 31,
2010.
Commenting on the results, Chief Executive Officer, Ciaran
Murray, said “I am encouraged with our performance in the quarter.
Net new business awards were $308m, representing a book to bill of
1.3. This resulted in a year-end backlog of $2.3 billion up 19% on
December 2010.” He continued “Earnings in the quarter increased to
$0.07. With this level of backlog growth and continuing success in
developing our strategic partnerships, we expect revenue to grow
steadily through the remainder of 2012 and be in the range of $1.07
- $1.11 billion. As a result of this revenue growth and of improved
leverage from our cost base we expect EPS in the range of $0.90 to
$1.10.”
ICON today also announced the appointment of Mr. Brendan Brennan
as Chief Financial Officer. Mr. Brennan has served as acting Chief
Financial Officer since October 2011. Prior to this appointment he
served as ICON’s Senior Vice President of Corporate Finance and he
has been a senior member of the ICON finance team since January
2006. Prior to joining ICON, Mr. Brennan held a senior corporate
finance position in CRH plc, a major international building
materials group. Mr Brennan qualified as a chartered
accountant with PricewaterhouseCoopers and obtained a Bachelor’s
degree in Accounting and Finance from Dublin City University.
In addition to the financial measures prepared in accordance
with generally accepted accounting principles (GAAP), this press
release contains certain non-GAAP financial measures, including
non-GAAP operating and net income and non-GAAP diluted earnings per
share. While non-GAAP financial measures are not superior to or a
substitute for the comparable GAAP measures, ICON believes certain
non-GAAP information is useful to investors for historical
comparison purposes.
The company will hold its fourth quarter conference call today,
February 16, 2012 at 9:00 EST [14:00 Ireland & UK]. This call
and associated slide presentation can be accessed live from our
website at http://www.iconplc.com. A recording will also be
available on the website for 90 days following the call. In
addition, a calendar of company events, including upcoming
conference presentations, is available on our website under
“Investors”. This calendar will be updated regularly.
The statements made in this press release may contain
forward-looking statements that involve a number of risks and
uncertainties. In addition to the matters described in this Press
Release, the ability to maintain large client contracts or enter
into new contracts, maintain client relationships and the ability
to manage the opening of new offices, the integration of new
business mergers and acquisitions, as well as other risks and
uncertainties detailed from time to time in SEC reports filed by
ICON, including its Form 20-F, F-1, S-8 and F-3, may affect the
actual results achieved by ICON. ICON disclaims any intent or
obligation to update these forward-looking statements.
ICON plc is a global provider of outsourced development services
to the pharmaceutical, biotechnology and medical device industries.
The Company specialises in the strategic development, management
and analysis of programs that support clinical development - from
compound selection to Phase I-IV clinical studies. With
headquarters in Dublin, Ireland, ICON currently, operates from 81
locations in 40 countries and has approximately 8,500 employees.
Further information is available at www.iconplc.com.
Source: ICON plc
ICON/ICLR-F
ICON plc
Consolidated Income Statements (Before nonrecurring items)
Three and Twelve Months ended December 31, 2011
and December 31, 2010 (Dollars, in thousands, except share
and per share data) Three Months Ended
Twelve Months Ended December 31, December 31,
December 31, December 31, 2011 2010
2011 2010 Gross Revenue 337,934 317,279
1,296,509 1,263,147 Reimbursable expenses 95,319 85,193
350,780 363,103
Net Revenue
242,615 232,086 945,729 900,044
Costs and expenses
Direct costs 158,244 139,741 611,923 541,388 Selling, general and
administrative 67,008 61,463 255,864 232,688 Depreciation and
amortization 10,713 8,868 38,682 33,873
Total costs and expenses 235,965 210,072 906,469 807,949
Income from operations 6,650 22,014 39,260 92,095
Interest (expense)/income (751) 484 (448) 629
Income before provision for income taxes 5,899 22,498
38,812 92,724 Provision for income taxes (1,786) (398)
(7,347) (5,653)
Net
income 4,113 22,100 31,465 87,071 Net income per
ordinary share Basic $0.07 $0.37 $0.52 $1.46 Diluted $0.07
$0.36 $0.52 $1.44 Weighted average number of ordinary shares
Basic 60,371,190 60,145,383 60,379,338 59,718,934 Diluted
60,759,588 60,817,130 61,070,686 60,637,103
ICON plc
Consolidated Income Statements (US GAAP)
Three and Twelve Months ended December 31, 2011 and December 31,
2010 (Dollars, in thousands, except share and per share
data) Three Months Ended Twelve Months
Ended December 31, December 31, December
31, December 31, 2011 2010 2011
2010 Gross Revenue 337,934 317,279 1,296,509
1,263,147 Reimbursable expenses 95,319 85,193 350,780
363,103
Net Revenue 242,615
232,086 945,729 900,044
Costs and expenses Direct
costs 158,244 139,741 611,923 541,388 Selling, general and
administrative 67,008 61,463 255,864 232,688 Depreciation and
amortization 10,713 8,868 38,682 33,873 Nonrecurring charges - -
9,817 -
Total costs and expenses 235,965 210,072 916,286
807,949
Income from operations 6,650 22,014 29,443
92,095 Interest income/(expense) (751) 484 (448) 629
Income before provision for income taxes 5,899
22,498 28,995 92,724 Provision for income taxes (1,786)
(398) (6,115) (5,653)
Net
income 4,113 22,100 22,880 87,071 Net income per
ordinary share Basic $0.07 $0.37 $0.38 $1.46 Diluted $0.07
$0.36 $0.37 $1.44 Weighted average number of ordinary shares
Basic 60,371,190 60,145,383 60,379,338 59,718,934 Diluted
60,759,588 60,817,130 61,070,686 60,637,103
ICON plc Summary
Balance Sheet Data December 31, 2011 and
December 31, 2010 (Dollars, in thousands)
December 31, December 31, 2011 2010
(Unaudited) (Unaudited) Cash and short-term
investments 174,177 255,706 Debt - - Net cash 174,117 255,706
Accounts receivable 201,338 164,907 Unbilled revenue 126,850
101,431 Payments on account (150,792) (134,240) Total 177,396
132,098 Working Capital 253,514 330,333 Total assets
1,035,467 949,538 Shareholders’ equity 681,544 669,999
ICON/ICLR-F
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