Highlights – First Quarter Fiscal 2014.
- Quarter 1 net revenue increased 10%
year on year to $350 million.
- Income from operations was $43.0
million or 12.3% of revenue.
- Earnings per share were 57 cents.
- Gross Business wins were $494 million,
representing a gross book to bill of 1.41, Net business wins were
$427 million, representing a net book to bill of 1.22
- FY 2014 Guidance updated: Revenue in
the range of $1,480 million - $1,540 million and EPS in the range
of $2.30 - $2.40.
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, 2014.
For the first quarter, net revenue grew 10% year on year to
$349.6 million from $316.8 million in Q1 2013.
Income from operations, excluding restructuring and other items,
was $43.0 million or 12.3% of revenue, compared to $27.4 million or
8.7% for the same quarter last year.
Net income, excluding restructuring and other items, was $36.2
million or 57 cents per share on a diluted basis, compared with
$22.2 million or 36 cents per share for the same quarter last
year.
Guidance for the full year 2014 has been updated with revenue
expected to be in the range of $1.48 billion - $1.54 billion and
EPS guidance in the range of $2.30 - $2.40.
Days sales outstanding, comprising accounts receivable and
unbilled revenue less payments on account, were 35 days at March
31, 2014, compared with 32 days at the end of December 2013.
For the quarter ended March 31, 2014, cash generated from
operating activities was $38.7 million and capital expenditure was
$6.2 million. The company’s net cash amounted to $364 million at
March 31, 2014, compared to net cash of $321 million at December
31, 2013.
CEO Ciaran Murray commented, “We have made an encouraging start
to 2014. Revenue for Q1 increased 10% year on year and we continue
to make good progress in expanding our operating margins which
reached 12.3% in the quarter. The $427 million in net new
business that we reported represents a book to bill of 1.22
and gives us a solid foundation upon which to build during the
remainder of 2014. In addition in the quarter we have agreed to
acquire Aptiv Solutions, a leader in the design and execution of
adaptive and medical device trials. As a consequence of this
acquisition and our continuing margin progression we are updating
our full year 2014 guidance to revenue in the range of $1,480 -
$1,540 and EPS in the range of $2.30 - $2.40.”
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
30, 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 76
locations in 37 countries and has approximately 10,300 employees.
Further information is available at www.iconplc.com.
ICON plc
Consolidated Income Statements
(Unaudited)
(Before restructuring and other
items)
Three Months ended March 31, 2014 and
March 31, 2013
(Dollars, in thousands, except share
and per share data)
Three Months Ended
March 31, March 31, 2014 2013
Gross Revenue 476,544 419,059 Reimbursable expenses
126,910 102,270
Net Revenue 349,634
316,789
Costs and expenses Direct Costs 216,140
202,361 Selling, general and administrative 78,948 75,564
Depreciation and amortisation 11,548 11,456
Total costs and expenses 306,636 289,381
Income
from operations 42,998 27,408 Net interest income /
(expense) 91 (185 )
Income before provision
for income taxes 43,089 27,223 Provision for income
taxes (6,894 ) (5,021 )
Net
Income 36,195 22,202
Net income per ordinary share Basic $ 0.59 $ 0.37
Diluted $ 0.57 $ 0.36
Weighted average number of ordinary shares Basic 61,776,643
60,404,242 Diluted 63,225,797 61,323,594
ICON plc
Consolidated Income Statements
(Unaudited)
(US GAAP)
Three Months ended March 31, 2014 and
March 31, 2013
(Dollars, in thousands, except share
and per share data)
Three Months Ended
March 31, March 31, 2014 2013
Gross Revenue 476,544 419,059 Reimbursable expenses
126,910 102,270
Net Revenue 349,634
316,789
Costs and expenses Direct costs 216,140
202,361 Selling, general and administrative 78,948 75,564
Depreciation and amortization 11,548 11,456 Restructuring and other
items - 4,412
Total costs and expenses
306,636 293,793
Income from operations 42,998 22,996
Net interest expense 91 (185 )
Income before provision for income taxes 43,089 22,811
Provision for income taxes (6,894 ) (3,766 )
Net income 36,195
19,045 Net income per ordinary share Basic $ 0.59
$ 0.32 Diluted $ 0.57 $
0.31 Weighted average number of ordinary shares Basic
61,776,643 60,404,242 Diluted 63,225,797 61,323,594
ICON plc
Summary Balance Sheet Data
March 31, 2014 and December 31,
2013
(Dollars, in thousands)
March 31, December 31,
2014 2013 (Unaudited) (Audited)
Net cash 363,521 320,836 Accounts receivable 337,600
342,581 Unbilled revenue 116,653 113,239 Payments on account
(269,771 ) (297,347 ) Total 184,482 158,473 Working Capital
405,923 352,259 Total Assets 1,484,541 1,442,460
Shareholder's Equity 960,785 910,579
ICON/ICLR-F
ICON plcInvestor Relations, 1-888-381-7923orBrendan Brennan,
+353-1-291-2000CFOSimon Holmes, +3531-291-2000EVP IR &
Corporate Developmenthttp://www.iconplc.com
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