ICON plc, (NASDAQ:ICLR), 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, 2013.
For the first quarter, net revenues grew 26% year on year to
$316.8 million from $252.3 million in Q1 2012.
Income from operations, excluding restructuring and other items,
was $27.4 million or 8.7% of revenue, compared to $11.7 million or
4.7% for the same quarter last year. Net income, excluding
restructuring and other items, was $22.2 million or 36 cents per
share on a diluted basis, compared with $8.9 million or 15 cents
per share last year.
Days sales outstanding, comprising accounts receivable and
unbilled revenue less payments on account, were 33 days at March
31, 2013, compared with 40 days at the end of December 2012.
For the quarter ended March 31, 2013, cash generated from
operating activities was $69.4 million and capital expenditure was
$9.4 million. The company’s net cash amounted to $201 million at
March 31, 2013, compared to net cash of $190 million at December
31, 2012.
During the quarter the company recorded a charge of $4.4 million
in relation to restructuring costs and other items. US GAAP income
from operations after these items amounted to $23 million or 7.3%
of revenue. US GAAP net income for the quarter was $19 million or
31 cents per share.
CEO Ciaran Murray commented, “Q1 represents an encouraging start
to 2013. Revenue increased year on year by 26%, and we continued to
make progress in expanding our operating margins, reaching 8.7% in
the quarter. We reported net new business of $422 million, a book
to bill of 1.3, giving us a solid foundation upon which to build
during the remainder of 2013.”
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 first quarter conference call today, April
25, 2013 at 9:00 EST [14:00 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 reports filed with the
US Securities and Exchange Commission 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 79
locations in 37 countries and has approximately 10,200 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
items)
Three Months ended March 31, 2013 and March
31, 2012
(Dollars, in thousands, except share and per
share data)
Three Months Ended
March 31,
March 31, 2013 2012 Gross
Revenue 419,059 343,055 Reimbursable expenses 102,270 90,722
Net Revenue 316,789 252,333
Costs
and expenses Direct costs 202,361 162,284 Selling, general and
administrative 75,564 67,515 Depreciation and amortization 11,456
10,802
Total costs and expenses 289,381
240,601
Income from operations 27,408 11,732
Net interest expense (185) (35)
Income before
provision for income taxes 27,223 11,697 Provision for
income taxes (5,021) (2,726)
Net income
22,202 8,971 Net income per ordinary share Basic $0.37 $0.15
Diluted $0.36 $0.15 Weighted average number of
ordinary shares Basic 60,404,242 60,086,104 Diluted
61,323,594 60,708,469
ICON plc
Consolidated Income Statements
(Unaudited)
(US GAAP)
Three Months ended March 31, 2013 and March
31, 2012
(Dollars, in thousands, except share and per
share data)
Three Months Ended
March 31,
March 31, 2013 2012
Gross Revenue 419,059 343,055 Reimbursable expenses
102,270 90,722
Net Revenue 316,789 252,333
Costs and expenses Direct costs 202,361 162,284
Selling, general and administrative 75,564 67,515 Depreciation and
amortization 11,456 10,802 Restructuring and other items 4,412 -
Total costs and expenses 293,793 240,601
Income from operations 22,996 11,732 Net
interest expense (185) (35)
Income before
provision for income taxes 22,811 11,697 Provision for
income taxes (3,766) (2,726)
Net income
19,045 8,971 Net income per ordinary share Basic $0.32 $0.15
Diluted $0.31 $0.15 Weighted average number of
ordinary shares Basic 60,404,242 60,086,104 Diluted
61,323,594 60,708,469
ICON plc
Summary Balance Sheet Data
March 31, 2013 and December 31, 2012
(Dollars, in thousands)
March 31,
December 31,
2013 2012 (Unaudited)
(Audited) Net cash 200,506 190,230
Accounts receivable 261,062 285,419 Unbilled revenue 115,431
112,483 Payments on account (221,720) (219,467) Total 154,773
178,435 Working Capital 228,340 250,326 Total Assets
1,231,220 1,202,108 Shareholder's Equity 767,932 754,575
ICON (NASDAQ:ICLR)
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