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 third quarter ended September 30,
2012.
Net revenues for the quarter grew 19% to $286 million compared
to $241 million in the same quarter last year.
Income from operations, before restructuring and other
non-recurring charges, for the quarter was $20.9 million or 7.3% of
net revenue, compared with $1.1 million or 0.5% of net revenue for
the same period last year. Net income before restructuring and
other non-recurring charges was $17.7 million or 29 cents per share
compared to $1.5 million or 2 cents per share in Q3 2011.
US GAAP income from operations for the quarter was $20.9 million
or 7.3% of net revenue, compared with US GAAP losses from
operations of $3.7 million or 1.5% of net revenue in the same
period last year. US GAAP net income for the quarter was $17.7
million or 29 cents per share compared to a loss of $2.7 million or
4 cents per share last year.
Year-to-date net revenues were $815 million representing a 16%
increase over the same period last year.
Year to date income from operations, before restructuring and
other non-recurring charges recorded in the second quarter, was
$49.3 million or 6.0% of net revenue compared to $32.6 million or
4.6% of net revenue in the same period last year. Net income year
to date, excluding restructuring and other non-recurring charges
recorded in the second quarter, was $39.6 million or 66 cents per
share. In the same period last year, net income year to date,
before restructuring and other non-recurring charges was $27.4
million or 45 cents per share.
Year to date US GAAP income from operations was $43.6 million or
5.3% of net revenue, compared to $22.8 million or 3.2% of net
revenue for the same period last year. US GAAP net income year to
date was $34.7 million or 57 cents per share compared to $18.8
million or 31 cents per share last year.
Days sales outstanding, comprising accounts receivable and
unbilled revenue less payments on account, were 38 days at
September 30, 2012, compared to 52 days at September 30, 2011.
For the quarter ended September 30, 2012, cash generated from
operating activities was $29.3 million and capital expenditure was
$6.6 million. Cash paid in respect of acquisitions was $17.4
million for the quarter. The company’s net cash amounted to $180
million at September 30, 2012 compared with net cash of $168
million at June 30, 2012.
In our Annual Report for 2011 it was noted that ICON has been
considering the structure of its share listings due to its
international operations and profile. ICON now plans, subject to
finalising the necessary details and arrangements, to proceed with
a full listing of shares on NASDAQ and terminate the current NASDAQ
ADR programme. It is the company’s view that this change will
provide benefits to shareholders, including removing some barriers
to ownerships and also the potential for further index inclusion
for the stock. As a result of this change, ICON believes the Irish
Stock Exchange listing will no longer be necessary and accordingly
it is the company’s plan to withdraw from the Irish Stock Exchange.
Once the necessary details and arrangements are finalised, we will
announce a date for a shareholder meeting to vote on the
resolutions required to implement these listing changes.
CEO Ciaran Murray commented, “I am happy with our progress so
far in 2012. We have recorded $1.5bn of gross bookings in the first
three quarters of the year, produced 16% growth in revenue year to
date and our margin recovery continues to go to plan. We continue
to strive to be the CRO partner of choice for the biopharma
industry and to differentiate our company through our people,
industry leading innovation and expanding value added service
offerings.”
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.
ICON will hold its third quarter conference call today, November
1, 2012 at 9:00 EST [13:00 Ireland & UK]. This call and linked
slide presentation can be accessed live from our website at
http://investor.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 9,280 employees.
Further information is available at www.iconplc.com.
Source: ICON plc
ICON/ICLR-F
ICON plc
Consolidated Income Statements (Unaudited)
(Before restructuring and other
non-recurring charges)
Three and Nine Months ended September 30, 2012 and
September 30, 2011 (Dollars, in thousands, except share and
per share data) Three Months Ended Nine Months
Ended
September 30,
September 30,
September 30,
September 30,
2012 2011 2012 2011 Gross
Revenue
374,965 335,332
1,097,640 958,575
Reimbursable expenses
89,463 94,560
282,798 255,461
Net Revenue 285,502
240,772
814,842 703,114
Costs and expenses
Direct costs
183,332 158,343
525,743 453,679 Selling,
general and administrative
70,690 71,629
207,615
188,856 Depreciation and amortization
10,601 9,667
32,233 27,969
Total costs and
expenses 264,623 239,639
765,591 670,504
Income from operations 20,879 1,133
49,251
32,610 Net interest (expense)/income
(252) 131
(518) 303
Income before
provision for income taxes 20,627 1,264
48,733
32,913 Provision for income taxes
2,889 (202)
9,129 5,559
Net
income 17,738 1,466
39,604 27,354 Net
income per ordinary share Basic
$0.30 $0.02
$0.66
$0.45 Diluted
$0.29 $0.02
$0.66 $0.45
Weighted average number of ordinary shares Basic
59,754,010
60,471,985
59,939,570 60,381,814 Diluted
60,366,137 61,063,020
60,391,199 61,096,464
ICON plc
Consolidated Income Statements (Unaudited) (US GAAP)
Three and Nine Months ended September 30, 2012 and September 30,
2011 (Dollars, in thousands, except share and per share
data) Three Months Ended Six Months Ended
September 30,
September 30,
September 30,
September 30,
2012 2011 2012 2011 Gross
Revenue
374,965 335,332
1,097,640 958,575
Reimbursable expenses
89,463 94,560
282,798 255,461
Net Revenue 285,502
240,772
814,842 703,114
Costs and expenses
Direct costs
183,332 158,343
525,743 453,679 Selling,
general and administrative
70,690 71,629
207,615
188,856 Depreciation and amortization
10,601 9,667
32,233 27,969 Restructuring and other non-recurring charges
- 4,815
5,636 9,817
Total costs and expenses
264,623 244,454
771,227 680,321
Income/(loss) from operations 20,879 (3,682)
43,615 22,793 Net interest (expense)/income
(252) 131
(518) 303
Income/(loss) before provision for income taxes
20,627 (3,551)
43,097 23,096 Provision for
income taxes
2,889 (888)
8,424 4,329
Net income/(loss) 17,738 (2,663)
34,673 18,767 Net income/(loss) per ordinary share
Basic
$0.30 ($0.04)
$0.58 $0.31 Diluted
$0.29 ($0.04)
$0.57 $0.31 Weighted average
number of ordinary shares Basic
59,754,010 60,471,985
59,939,570 60,381,814 Diluted
60,366,137
61,063,020
60,391,199 61,096,464
ICON plc
Summary Balance Sheet
Data September 30, 2012 and December 31,
2011 (Dollars, in thousands) September 30,
December 31, 2012 2011 (Unaudited)
(Audited) Net cash
179,913 174,177
Accounts receivable
231,097 201,338 Unbilled revenue
114,356 126,850 Payments on account
(185,835)
(150,792) Total
159,618 177,396 Working Capital
209,148 253,514 Total Assets
1,135,229
1,035,467 Shareholder's Equity
719,041 681,544
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