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ICON reports a 10% increase in first quarter 2012 revenue to $252m, up 10% year on year, EPS of 15 cents, net new business awards of $385 million and a B:B of 1.5. (NASDAQ:ICLR) (ISIN:IE0005711209)

April 24, 2012

ICON reports a 10% increase in first quarter 2012 revenue to $252m, up 10% year on year, EPS of 15 cents, net new business awards of $385 million and a B:B of 1.5. (NASDAQ:ICLR) (ISIN:IE0005711209)

Highlights – First Quarter Fiscal 2012. 

*        Q1 net revenues increased 10% year on year to $252 million. 

*        Q1 operating income was 5% or $11.7 million. 

*        EPS for Q1 was 15 cents.           

*        Q1 gross business wins $485 million, net business awards of $385 million, and a book-to-bill of 1.5.

        

Dublin, Ireland, April 24, 2012 – 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 first quarter ended March 31, 2012. 

For the first quarter net revenues grew 10% year on year to $252.3 million from $229.3 in Q1 2011. 

Operating income was $11.7 million representing 4.6% of revenue, this compared to $16.0 million (excluding non-recurring items of $5.0 million) or 7% of revenue for the same quarter last year (4.8% including non-recurring items).

 Net income was $9.0 million compared with $12.8 million last year (excluding non-recurring items) or 15 cents per share compared to 21 cents in the same quarter last year (14 cents including non-recurring items). 

Days sales outstanding, comprising accounts receivable and unbilled revenue less payments on account was 37 days at March 31, 2012 compared with 47 days at December 31, 2011 and 49 days at March 31, 2011. 

For the quarter ended March 31, 2012 cash provided by operating activities was $60.6 million and capital expenditure was $6.5 million. In addition, the Company invested $48.6 million on the acquisitions of Beijing Wits Medical Consulting Ltd and PriceSpective LLC. The Company also expended $1.4 million on a stock repurchase programme. As a result the company’s net cash amounted to $186.0 million at March 31, 2012 compared to $174.2 million of net cash at December 31, 2011.  

Commenting on the results, Chief Executive Officer, Ciaran Murray, said “We continue to see the benefits of our strategic investment decisions, with record gross business wins of $485 million, resulting in a backlog increase of 23% year on year, revenue of $252 million up 10% on last year and earnings of 15 cents.”

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 fourth quarter conference call today, April 24, 2012 at 9:00 EST [14:00 Ireland & UK].  This call and associated 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 84 locations in 40 countries and has approximately 8,670 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
Sam Farthing VP Investor Relations + 353 –1-291-2000
All at ICON.  

ICON/ICLR-F

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ICON plc

 

 

 

 

 

 

 

 

Consolidated Income Statements (Unaudited) (Before non-recurring Charges)

 

 

 

 

 

 

 

 

Three Months ended March 31, 2012 and March 31, 2011

 

 

(Dollars, in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31,

 

March 31,

 

 

 

2012

 

2011

 

 

 

 

 

 

 

 

Gross Revenue

343,055

 

305,547

 

 

 

 

 

 

 

 

Reimbursable expenses

90,722

 

76,250

 

 

 

 

 

 

 

 

Net Revenue

252,333

 

229,297

 

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

Direct costs

162,284

 

144,470

 

 

Selling, general and administrative

67,515

 

59,883

 

 

Depreciation and amortization

10,802

 

8,973

 

 

 

 

 

 

 

 

Total costs and expenses

240,601

 

213,326

 

 

 

 

 

 

 

 

Income from operations

11,732

 

15,971

 

 

 

 

 

 

 

 

Net interest (expense)/income

(35)

 

66

 

 

 

 

 

 

 

 

Income before provision for income taxes

11,697

 

16,037

 

 

 

 

 

 

 

 

Provision for income taxes

2,726

 

3,231

 

 

Net income

8,971

 

12,806

 

 

 

 

 

 

 

 

Net income per ordinary share

 

 

 

 

 

Basic

$0.15

 

$0.21

 

 

 

 

 

 

 

 

Diluted

$0.15

 

$0.21

 

 

 

 

 

 

 

 

Weighted average number of ordinary shares

 

 

 

 

 

Basic

60,086,104

 

60,283,078

 

 

 

 

 

 

 

 

Diluted

60,708,469

 

60,982,948

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ICON plc

 

 

 

 

 

 

 

 

Consolidated Income Statements (Unaudited) (US GAAP)

 

 

 

 

 

 

 

 

Three Months ended March 31, 2012 and March 31, 2011

 

 

(Dollars, in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31,

 

March 31,

 

 

 

2012

 

2011

 

 

 

 

 

 

 

 

Gross Revenue

343,055

 

305,547

 

 

 

 

 

 

 

 

Reimbursable expenses

90,722

 

76,250

 

 

 

 

 

 

 

 

Net Revenue

252,333

 

229,297

 

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

Direct costs

162,284

 

144,470

 

 

Selling, general and administrative

67,515

 

59,883

 

 

Depreciation and amortization

10,802

 

8,973

 

 

Non-recurring charges

-

 

5,002

 

 

Total costs and expenses

240,601

 

218,328

 

 

 

 

 

 

 

 

Income from operations

11,732

 

10,969

 

 

 

 

 

 

 

 

Net interest (expense)/income

(35)

 

66

 

 

 

 

 

 

 

 

Income before provision for income taxes

11,297

 

11,035

 

 

 

 

 

 

 

 

Provision for income taxes

2,726

 

2,687

 

 

Net income

8,971

 

8,348

 

 

 

 

 

 

 

 

Net income per ordinary share

 

 

 

 

 

Basic

$0.15

 

$0.14

 

 

 

 

 

 

 

 

Diluted

$0.15

 

$0.14

 

 

 

 

 

 

 

 

Weighted average number of ordinary shares

 

 

 

 

 

Basic

60,086,104

 

60,283,078

 

 

 

 

 

 

 

 

Diluted

60,708,469

 

60,982,948

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

ICON plc

 

 

 

 

 

 

Summary Balance Sheet Data

 

 

 

 

 

 

 

March 31, 2012 and December 31, 2011

(Dollars, in thousands)

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

 

 

2012

 

2011

 

 

 

(Unaudited)

 

(Audited)

Cash and short-term investments net of debt

 

185,994

 

174,177

 

 

 

 

 

 

Accounts receivable

 

 

195,094

 

201,338

Unbilled revenue

 

 

113,141

 

126,850

Payments on account

 

 

(168,764)

 

(150,792)

Total

 

 

139,471

 

177,396

 

 

 

 

 

 

Working Capital

 

 

201,821

 

253,514

 

 

 

 

 

 

Total Assets

 

 

1,125,506

 

1,035,467

 

 

 

 

 

 

Shareholder's Equity

 

 

701,774

 

681,544

 

 

 

 

 

 

 

 

 

 

 

 

Source:

 

ICON plc

 

 

 

 

 

 

 

 

 

Contact:

 

Investor Relations 1-888-381-7923 or

 

 

Brendan Brennan CFO + 353 1 291 2000

 

 

 

Sam Farthing VP IR +353 1 291 2000

All at ICON.

 

 

 

 

 

 

 

http://www.iconplc.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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