Highlights – Fourth Quarter and Full year ended December 31,
2013.
- Quarter 4 net revenue increased 15%
year on year to $345 million. Full Year 2013 net revenue increased
20% to $1.34 billion.
- Quarter 4 operating income was $38.7
million or 11.2% of revenue. Full Year 2013 operating income before
non-recurring charges was $130.2 million or 9.7% of revenue.
- Earnings per share for Quarter 4 were
$0.53. Earnings per share for the full year before non-recurring
charges were $1.77.
- Quarter 4 gross business awards were
$540 million, representing a book to bill of 1.56. Quarter 4 net
business awards were $446 million representing a book to bill of
1.29. Full Year net new business awards were $1.6 billion,
representing a book to bill of 1.23.
- Backlog increased 11.6% year on year to
$3.1 billion.
- Full year 2014 revenue guidance in the
range of $1,415 – $1,465 million, representing growth of 6-10%, and
earnings per share guidance in the range of $2.05 - $2.20, an
increase of 16-24%.
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 full year and fourth quarter ended
December 31, 2013.
For the fourth quarter net revenue grew 15% year on year to $345
million. Operating income was $38.7 million compared to $24.4
million in the same quarter last year. Operating margin was 11.2%
of revenue, compared to 8.1% of revenue for the same quarter last
year.
Net income was $33.5 million compared with $20.7 million last
year representing growth of 62%, or $0.53 per share compared to
$0.34 in the same quarter last year.
For the full year revenue grew 20% to $1.34 billion. Operating
income before restructuring and other items was $130.2 million
compared to $73.7 million last year an increase of 77%. Operating
margin for the full year 2013 was 9.7% of revenue compared with
6.6% of revenue in 2012.
On a US GAAP basis, income from operations was $121.2 million or
9.1% compared with $68.0 million or 6.1% in the prior year.
For the full year net income before restructuring and other
items was $110.0 million, compared to $60.4 million last year and
net margin was 8.2% of revenue, compared with 5.4% in 2012.
EPS before restructuring and other items for 2013 was $1.77 per
share compared with $1.00 in 2012.
On a US GAAP basis net income for the full year was $102.8
million, compared to $55.4 million last year. Net margin for the
full year 2013 was 7.7% of revenue, up from 5.0% in 2012. EPS on a
US GAAP basis for 2013 was $1.65 per share compared with $0.92 in
2012.
Days sales outstanding, comprising accounts receivable and
unbilled revenue less payments on account were 32 days at December
31, 2013 compared with 40 days at December 31, 2012.
For the quarter ended December 31, 2013, cash provided by
operating activities was $97.4 million and capital expenditure was
$6.1 million. For the full year 2013 cash flow from operating
activities was $221.2 million and capital expenditure was $29.5
million. In addition $92.5 million was invested on acquisitions. As
a result the company’s net cash amounted to $321 million at
December 31, 2013 compared to $190 million of net cash at December
31, 2012.
CEO Ciaran Murray commented, “ICON made significant progress in
2013. Revenue grew 20% to $1.34 billion and earnings per share
increased by 77% to $1.77. During the quarter we booked $446
million of net new business, a book to bill of 1.29x. As a result
we enter 2014 with a backlog in excess of $3 billion and
consequently we are guiding revenue in the range of $1,415 – 1,465
million an increase of 6-10% and for earnings to increase by 16-24%
in the range $2.05 - $2.20.”
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 fourth quarter conference call today,
February 20, 2014 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.
This press release contains forward-looking statements. These
statements are based on management's current expectations and
information currently available, including current economic and
industry conditions. These statements are not guarantees of
future performance or actual results, and actual results,
developments and business decisions may differ from those stated in
this press release. The forward-looking statements are
subject to future events, risks, uncertainties and other factors
that could cause actual results to differ materially from those
projected in the statements, including, but not limited to, the
ability to enter into new contracts, maintain client relationships,
manage the opening of new offices and offering of new services, the
integration of new business mergers and acquisitions, as well as
economic and global market conditions and other risks and
uncertainties detailed from time to time in SEC reports filed by
ICON, all of which are difficult to predict and some of which are
beyond our control. For these reasons, you should not place undue
reliance on these forward-looking statements when making investment
decisions. The word "expected" and variations of such words and
similar expressions are intended to identify forward-looking
statements. Forward-looking statements are only as of the date they
are made and we do not undertake any obligation to update publicly
any forward-looking statement, either as a result of new
information, future events or otherwise. More information about the
risks and uncertainties relating to these forward-looking
statements may be found in SEC reports filed by ICON, including its
Form 20-F, F-1, S-8 and F-3, which are available on the SEC's
website at http://www.sec.gov.
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 77
locations in 38 countries and has approximately 10,300 employees.
Further information is available at www.iconplc.com.
Source: ICON plc
Contact : Investor Relations 1-888-381-7923 or
Brendan Brennan Chief Financial Officer + 353–1-291-2000
Simon Holmes EVP Investor Relations and Corporate Development +
353–1-291-2000
All at ICON.
ICON/ICLR-F
ICON plc Consolidated Income
Statements (Unaudited) (Before restructuring and other
items) Three and Twelve Months ended December 31,
2013 and December 31, 2012 (Dollars, in thousands,
except share and per share data)
Three Months Ended
Twelve Months Ended
December 31, December 31,
December 31, December 31, 2013
2012 2013 2012 Gross Revenue 450,062
406,353 1,784,345 1,503,993 Reimbursable expenses 104,821
106,190 448,287 388,987
Net Revenue 345,241 300,163 1,336,058 1,115,006
Costs and expenses Direct costs 215,155 192,007
845,413 717,750 Selling, general and administrative 79,412 73,165
313,931 280,780 Depreciation and amortization 11,963 10,590 46,514
42,823
Total
costs and expenses 306,530 275,762 1,205,858 1,041,353
Income from operations 38,711 24,401 130,200 73,653
Net interest income/(expense) 39 (278) (302) (796)
Income before provision for
income taxes 38,750 24,123 129,898 72,857 Provision for
income taxes (5,270) (3,377) (19,902) (12,506)
Net income 33,480
20,746 109,996 60,351 Net income per ordinary
share Basic $0.54 $0.35 $1.81 $1.00
Diluted $0.53 $0.34 $1.77 $1.00
Weighted average number of ordinary shares Basic 61,431,281
60,053,987 60,907,274 59,968,174 Diluted 62,828,079
60,813,483 62,253,251 60,450,706
ICON
plc Consolidated Income Statements (Audited)
(US GAAP) Three and Twelve Months ended December
31, 2013 and December 31, 2012 (Dollars, in
thousands, except share and per share data)
Three Months Ended
Twelve Months Ended
December 31, December 31,
December 31, December 31, 2013
2012 2013 2012 Gross Revenue 450,062
406,353 1,784,345 1,503,993 Reimbursable expenses 104,821
106,190 448,287 388,987
Net Revenue 345,241 300,163 1,336,058 1,115,006
Costs and expenses Direct costs 215,155 192,007
845,413 717,750 Selling, general and administrative 79,412 73,165
313,931 280,780 Depreciation and amortization 11,963 10,590 46,514
42,823 Restructuring and other items - - 9,033 5,636
Total costs and expenses
306,530 275,762 1,214,891 1,046,989
Income from
operations 38,711 24,401 121,167 68,017 Net interest
income/(expense) 39 (278) (302) (796)
Income before provision for income
taxes 38,750 24,123 120,865 67,221 Provision for income
taxes (5,270) (3,377) (18,053) (11,801)
Net income 33,480 20,746
102,812 55,420 Net income per ordinary share
Basic $0.54 $0.35 $1.69 $0.92 Diluted
$0.53 $0.34 $1.65 $0.92 Weighted
average number of ordinary shares Basic 61,431,281 60,053,987
60,907,274 59,968,174 Diluted 62,828,079 60,813,483
62,253,251 60,450,706
ICON
plc Summary Balance Sheet Data December
31, 2013 and December 31, 2012 (Dollars, in
thousands) December 31, December 31,
2013 2012 (Audited) (Audited)
Net cash 320,836 190,230 Accounts receivable 342,581
285,419 Unbilled revenue 113,239 112,483 Payments on account
(297,347) (219,467) Total 158,473 178,435 Working Capital
352,259 250,326 Total Assets 1,442,460 1,202,108
Shareholder's Equity 910,579 754,575
ICON plcInvestor Relations1-888-381-7923orBrendan Brennan, + 353
1 291 2000CFOorSimon Holmes, +3531 291 2000EVP IR & Corporate
Development
http://www.iconplc.com
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