FORM
6-K
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Report
of Foreign Private Issuer
Pursuant
to Rule 13a - 16 under
the
Securities Exchange Act of 1934
For
the
period ended November 30, 2005
ICON
plc
(Registrant’s
name)
0-29714
(Commission
file number)
South
County Business Park, Leopardstown, Dublin 18, Ireland.
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.
|
Yes X
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No
_____
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Indicate
by check mark whether the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1):
|
Yes
_____
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No X
|
Indicate
by check mark whether
the registrant is submitting the Form 6-K in paper as permitted by Regulation
S-T Rule 101(b)(7):
|
Yes
_____
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No X
|
Indicate
by check mark whether the registrant by furnishing the information contained
in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
|
Yes
_____
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No X
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If
“Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):82 N/A
Other
Events.
The
registrant hereby incorporates by reference the press release attached hereto
as
Exhibit 99.1 into this report.
Financial
Statements and Exhibits.
(c) The
following Exhibits are filed as part of this report:
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EXHIBIT
NO.
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DESCRIPTION
|
|
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99.1
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Press
Release
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant
has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
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ICON
plc
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January
10, 2006
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/s/
Ciaran Murray
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Date
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Ciaran
Murray
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|
Chief
Financial Officer
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ICON
reports record
net new business awards of $140 million and a 20% increase in EPS for the Second
Quarter FY 2006 (NASDAQ:ICLR)
Highlights
- Second Quarter Fiscal 2006, ending November 30, 2005.
|
*
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Record
$140 million of net new business ($165 million gross) awarded to
ICON
during the quarter.
|
|
*
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Diluted
earnings per share increased by 20% for the second quarter to 49
cents
compared to 41 cents in same quarter last year. Year-to-date diluted
earnings per share was 94 cents compared to 93 cents for the comparable
period last year.
|
|
*
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Income
from operations increased by 29% over the comparable period last
year to
$9.0 million and increased by 5% for the six months to November 30,
2006.
|
|
*
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Second
quarter net revenues increased 11% over the same period last year
to
$88.1 million
and increased 10% on a year-to-date
basis.
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Dublin,
Ireland, January 10, 2006 - ICON plc (NASDAQ: ICLR), a global contract clinical
research organisation, which has approximately 3,000 employees providing
services to the pharmaceutical, biotech and medical device industries from
39
locations in 25 countries worldwide, today reported the financial results for
its second quarter ended November 30, 2005.
Net
revenues for the quarter were $88.1 million, representing an 11% increase over
net revenues of $79.5 million for the same quarter last year. Income from
operations for the quarter was $9.0 million, which represents an increase of
29%
from the $7.0 million reported for the second quarter last year. Operating
margin for the quarter was 10.2% compared with 8.8% for the equivalent period
last year. Net income for the quarter was $7.0 million or 49 cents per share,
on
a diluted basis, compared with $5.8 million or 41 cents per share for the second
quarter last year, an increase of 20%.
In
the
six months to November 30, 2005, net revenues were $174.0 million, representing
a 10% increase over net revenues of $157.8 million reported for the first six
months of last year. Income from operations for the six months to November
30,
2005 was $17.4 million, representing an increase of 5% from the $16.5 million
reported for the same period last year. Operating margin for the six months
to
November 30, 2005 was 10.0%, compared with 10.4% in the same period last year.
Net income was $13.3 million or 94 cents per share, on a diluted basis compared
with $13.1 million or 93 cents per share reported for the same period last
year.
Days
sales outstanding, comprising accounts receivable and unbilled revenue less
payments on account, were 67 days at November 30, 2005 compared with 70 days
at
August 31, 2005.
For
the
quarter ended November 30, 2005, cash generated from operations was $11.7
million, and capital expenditure was $7.8 million. For the six months to
November 30, 2005, cash generated from operations was $14.5 million, capital
expenditure was $11.0 million and net payments of $3.4 million were made in
relation to prior year acquisitions. As a result of these factors the company’s
net cash, short-term debt and short-term investments were $79.2 million at
November 30, 2005, compared to $75.4 million at August 31, 2005 and $78.4
million at May 31, 2005.
"We
are
very pleased with our performance in the second quarter", commented Chairman,
Dr
John Climax. "Revenue
growth accelerated, operating margin continued to improve and we booked record
levels of new business, continuing the momentum built up over the past few
quarters."
Commenting
on the outlook, Dr Climax said “At the end of November, our total backlog was
$633 million and business flows continued to be good. Based on this strong
position, we expect that our net revenues for the 12 months ended December
31,
2006 will be between $380 - $400 million and we estimate that approximately
$296
million, or 76% of these forecasts are currently
in
booked
and awarded business. We will provide more detailed guidance on our conference
call to be held today”.
The
company will hold its second quarter conference call today, January 10, 2006
at
8:00 EST [13:00 GMT / 14:00 CET]. This call and linked slide presentation can
be
accessed live from our website at http://www.iconclinical.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 “shareholders services”. 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.
The
financial information presented herein has been prepared in accordance with
U.S.
GAAP.
Source:
ICON plc
Contact
:
Investor Relations 1-888-381-7923 or
Ciaran
Murray CFO + 353 -1-291-2000
Both
at
ICON.
http://www.iconclinical.com
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ICON
plc
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|||||||
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Consolidated
Income Statements
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|||||||
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(Unaudited)
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|||||||
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Three
and Six Months ended November 30, 2005 and
2004
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|||||||
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(Dollars,
in thousands, except share and per share data)
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|||||||
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Three
Months Ended
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Six
Months Ended
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||||||
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November
30,
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November
30,
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November
30,
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November
30,
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||||
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2005
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2004
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2005
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2004
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||||
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Gross
Revenue
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120,344
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117,068
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235,696
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234,263
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|||
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Subcontractor
costs
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32,272
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37,573
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61,703
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76,429
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|||
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|
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||||
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Net
Revenue
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88,072
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79,495
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173,993
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157,834
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|||
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Costs
and expenses
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|||||||
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Direct
costs
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48,721
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43,671
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96,031
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86,124
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|||
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Selling,
general and administrative
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26,824
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25,520
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53,633
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48,859
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|||
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Depreciation
and amortization
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3,509
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3,296
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6,943
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6,358
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|||
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||||
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Total
costs and expenses
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79,054
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72,487
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156,607
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141,341
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|||
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Income
from operations
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9,018
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7,008
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17,386
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16,493
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|||
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Interest
income (net)
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603
|
179
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1,018
|
343
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|||
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||||
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Income
before provision of income taxes
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9,621
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7,187
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18,404
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16,836
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|||
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Provision
for income taxes
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2,618
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1,310
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5,077
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3,632
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|||
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Minority
Interest
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50
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58
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(9)
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80
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|||
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Net
income
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6,953
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5,819
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13,336
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13,124
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|||
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Net
income per ordinary share
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|||||||
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Basic
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$0.50
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$0.42
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$0.95
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$0.95
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|||
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Diluted
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$0.49
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$0.41
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$0.94
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$0.93
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|||
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Weighted
average number of ordinary shares
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|||||||
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Basic
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14,005,454
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13,847,689
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14,027,564
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13,839,857
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|||
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Diluted
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14,261,734
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14,067,079
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14,234,326
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14,088,030
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|||
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ICON
plc
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|||||
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Summary
Balance Sheet Data
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|||||
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November
30, 2005 and May 31, 2005
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|||||
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(Dollars,
in thousands)
|
|||||
|
November
30,
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May
31,
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||||
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2005
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2005
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||||
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(unaudited)
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(audited)
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||||
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Cash
and short-term investments
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82,242
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78,375
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|||
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Short-term
debt
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(3,000)
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-
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|||
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Net
cash
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79,242
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78,375
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|||
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Accounts
receivable
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63,727
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80,486
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|||
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Unbilled
revenue
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75,589
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56,762
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|||
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Payments
on account
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(50,926)
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(52,583)
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|||
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Total
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88,390
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84,665
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|||
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Working
Capital
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133,406
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125,288
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|||
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Total
assets
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354,872
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347,553
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|||
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Shareholder's
equity
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241,959
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233,066
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|||
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Source:
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ICON
plc
|
||||
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Contact:
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Investor
Relations 1-888-381-7923 or
|
||||
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Ciaran
Murray CFO + 353 1 291 2000
|
|||||
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both
at ICON.
|
|||||
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http://www.iconclinical.com
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|||||