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 first quarter ended March 31, 2012.
For the first quarter net revenues grew 10% year on year to
$252.3 million from $229.3 in Q1 2011.
Operating income was $11.7 million representing 4.6% of revenue,
this compared to $16.0 million (excluding non-recurring items of
$5.0 million) or 7% of revenue for the same quarter last year (4.8%
including non-recurring items).
Net income was $9.0 million compared with $12.8 million last
year (excluding non-recurring items) or 15 cents per share compared
to 21 cents in the same quarter last year (14 cents including
non-recurring items).
Days sales outstanding, comprising accounts receivable and
unbilled revenue less payments on account was 37 days at March 31,
2012 compared with 47 days at December 31, 2011 and 49 days at
March 31, 2011.
For the quarter ended March 31, 2012 cash provided by operating
activities was $60.6 million and capital expenditure was $6.5
million. In addition, the Company invested $48.6 million on the
acquisitions of Beijing Wits Medical Consulting Ltd and
PriceSpective LLC. The Company also expended $1.4 million on a
stock repurchase programme. As a result the company’s net cash
amounted to $186.0 million at March 31, 2012 compared to $174.2
million of net cash at December 31, 2011.
Commenting on the results, Chief Executive Officer, Ciaran
Murray, said “We continue to see the benefits of our strategic
investment decisions, with record gross business wins of $485
million, resulting in a backlog increase of 23% year on year,
revenue of $252 million up 10% on last year and earnings of 15
cents.”
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,
April 24, 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 84
locations in 40 countries and has approximately 8,670 employees.
Further information is available at www.iconplc.com.
Source: ICON plc
ICON/ICLR-F
ICON plc
Consolidated Income Statements (Unaudited) (Before non-recurring
Charges) Three Months ended March 31, 2012 and March
31, 2011 (Dollars, in thousands, except share and per share
data) Three Months Ended March 31,
March 31, 2012 2011 Gross Revenue
343,055 305,547 Reimbursable expenses 90,722 76,250
Net Revenue 252,333 229,297
Costs and
expenses Direct costs 162,284 144,470 Selling, general and
administrative 67,515 59,883 Depreciation and amortization 10,802
8,973
Total costs and expenses 240,601 213,326
Income from operations 11,732 15,971 Net
interest (expense)/income (35) 66
Income before
provision for income taxes 11,697 16,037 Provision for
income taxes 2,726 3,231
Net income 8,971 12,806 Net
income per ordinary share Basic $0.15 $0.21 Diluted $0.15
$0.21 Weighted average number of ordinary shares Basic
60,086,104 60,283,078 Diluted 60,708,469 60,982,948
ICON plc Consolidated Income
Statements (Unaudited) (US GAAP) Three Months ended
March 31, 2012 and March 31, 2011 (Dollars, in thousands,
except share and per share data) Three Months
Ended March 31, March 31, 2012 2011
Gross Revenue 343,055 305,547 Reimbursable expenses
90,722 76,250
Net Revenue 252,333 229,297
Costs and expenses Direct costs 162,284 144,470
Selling, general and administrative 67,515 59,883 Depreciation and
amortization 10,802 8,973 Non-recurring charges - 5,002
Total
costs and expenses 240,601 218,328
Income from
operations 11,732 10,969 Net interest (expense)/income
(35) 66
Income before provision for income
taxes 11,297 11,035 Provision for income taxes 2,726
2,687
Net income 8,971 8,348 Net income per ordinary
share Basic $0.15 $0.14 Diluted $0.15 $0.14 Weighted
average number of ordinary shares Basic 60,086,104 60,283,078
Diluted 60,708,469 60,982,948
ICON plc
Summary Balance Sheet Data March 31,
2012 and December 31, 2011 (Dollars, in thousands)
March 31, December 31, 2012 2011
(Unaudited) (Audited) Cash and short-term investments
net of debt 185,994 174,177 Accounts receivable 195,094
201,338 Unbilled revenue 113,141 126,850 Payments on account
(168,764) (150,792) Total 139,471 177,396 Working Capital
201,821 253,514 Total Assets 1,125,506 1,035,467
Shareholder's Equity 701,774 681,544
Source:
ICON plc
Contact: Investor Relations 1-888-381-7923
or Brendan Brennan CFO + 353 1 291 2000 Sam Farthing VP IR +353 1
291 2000
All at ICON.
http://www.iconplc.com
ICON/ICLR-F
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