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 second quarter ended June 30, 2012.
Net revenue for the quarter was $277 million, an increase of 19%
on the prior year. Year to date revenue increased 15% to $529
million from $462 million in 2011.
Income from operations, excluding restructuring and other
non-recurring items, was $16.6 million or 6.0% of revenue, compared
to $15.5 million or 6.7% for the same quarter last year. Net
income, excluding restructuring and other non-recurring items, was
$12.9 million or 21 cents per share on a diluted basis, compared
with $13.1 million or 21 cents per share last year.
Year to date income from operations, excluding restructuring and
other non-recurring items was $28.4 million or 5.4% of revenue,
compared with $31.5m or 6.8% of revenue in the previous year. Year
to date net income, excluding restructuring and other non-recurring
items, was $21.9 million or 36 cents per share on a diluted basis,
compared with $25.9 million or 42 cents per diluted share last
year.
Days sales outstanding, comprising accounts receivable and
unbilled revenue less payments on account, were 36 days at June 30,
2012, compared with 37 days at the end of March 2012.
For the quarter ended June 30, 2011, cash generated from
operating activities was $11.5 million and capital expenditure was
$9.3 million. The company’s net cash amounted to $168 million at
June 30, 2012, compared to net cash of $186 million at March 31,
2012.
Commenting on the results, Chief Executive Officer, Ciaran
Murray, said “I am pleased with our progress in Q2. We continue to
book significant levels of new business and improve our
profitability.”
During the quarter the company recorded a charge of $5.6 million
in relation to restructuring costs and other non-recurring items.
US GAAP income from operations after these items amounted to $11
million or 4.0% of revenue. US GAAP net income for the quarter was
$8 million or 13 cents per share.
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 second quarter conference call today,
July 24, 2012 at 9:00 EST [14:00 Ireland & UK]. This call and
linked 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 82
locations in 40 countries and has approximately 8,930 employees.
Further information is available at www.iconplc.com.
ICON/ICLR-F
ICON plc
Consolidated Income Statements
(Unaudited) (Before restructuring and other non-recurring
items)
Three Months ended June 30, 2012 and June 30, 2011
(Dollars, in thousands, except share and per share data)
Three Months Ended June 30, June
30, 2012 2011 Gross Revenue 379,620
317,696 Reimbursable expenses 102,613 84,651
Net Revenue 277,007 233,045
Costs and expenses
Direct costs 180,127 150,866 Selling, general and administrative
69,410 57,344 Depreciation and amortization 10,830 9,329
Total costs and expenses 260,367 217,539
Income from operations 16,640 15,506 Net interest
(expense)/income (231) 106
Income before provision
for income taxes 16,409 15,612 Provision for income
taxes 3,514 2,530
Net income 12,895 13,082 Net income
per ordinary share Basic $0.21 $0.22 Diluted $0.21 $0.21
Weighted average number of ordinary shares Basic 59,978,509
60,390,788 Diluted 60,630,891 61,114,996
ICON plc Consolidated Income Statements
(Unaudited) (US GAAP) Three Months ended June 30,
2012 and June 30, 2011 (Dollars, in thousands, except share
and per share data) Three Months Ended
June 30, June 30, 2012 2011
Gross Revenue 379,620 317,696 Reimbursable expenses 102,613
84,651
Net Revenue 277,007 233,045
Costs and expenses Direct costs 180,127 150,866 Selling,
general and administrative 69,410 57,344 Depreciation and
amortization 10,830 9,329 Restructuring and other non-recurring
items 5,636 -
Total costs and expenses 266,003 217,539
Income from operations 11,004 15,506 Net
interest (expense)/income (231) 106
Income before
provision for income taxes 10,773 15,612 Provision for
income taxes 2,809 2,530
Net income 7,964 13,082 Net
income per ordinary share Basic $0.13 $0.22 Diluted $0.13
$0.21 Weighted average number of ordinary shares Basic
59,978,509 60,390,788 Diluted 60,630,891 61,114,996
ICON plc
Summary Balance Sheet Data June 30,
2012 and December 31, 2011 (Dollars, in thousands)
June 30, December 31, 2012 2011
(Unaudited) (Audited) Cash and short-term investments
168,038 174,177 Accounts receivable 228,215 201,338 Unbilled
revenue 115,407 126,850 Payments on account (194,514) (150,792)
Total 149,108 177,396 Working Capital 197,589 253,514
Total Assets 1,104,894 1,035,467 Shareholder's Equity
683,601 681,544
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