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 month ended February, 2010


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___                                   No_______

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______                                    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______                                    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_______                                   No___X___

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82      N/A


EXHIBIT LIST

Exhibit

 

Description

 

99.1

Icon plc Press Release



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 hereunto duly authorized.

ICON plc

 
 
 

 

Date:

February 25, 2010

/s/ Ciaran Murray

Ciaran Murray

Chief Financial Officer

Exhibit 99.1

ICON reports Full-Year 2009 EPS growth of 18% and announces Revenue and EPS Guidance for 2010

Highlights – Full Year Fiscal 2009 and Fourth Quarter

* Full year net revenues increased 3% to $888 million.
Fourth quarter net revenues increased 3% over the comparative quarter, to $227 million.

* Full year operating income increased by 17% to $116 million. Income from operations for the fourth quarter increased by 12% to $29.6 million.

* Full year diluted earnings per share increased to $1.53, an 18% increase over last year. Diluted earnings per share, increased by 14% for the fourth quarter to 40 cents.

* Fourth quarter net business awards were $229 million, a book to bill of 1.0.

* Revenue guidance for 2010 is in the range of $890-$940 million and EPS guidance is in the range of $1.44 to $1.60

DUBLIN--(BUSINESS WIRE)--February 25, 2010--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 fourth quarter ended December 31, 2009.

Net revenues for the quarter were $227.4 million, representing a 3% increase over net revenues of $220.1 million for the comparative quarter last year.

Income from operations increased by 12% to $29.6 million, compared to $26.5 million for the same quarter last year. Operating margin increased to 13.0% from 12.0%. Net income was $23.9 million, compared with $21.0 million last year an increase of 14%. Diluted EPS of 40 cents per share represented an increase of 14% over 35 cents per share last year.

Full year net revenues were $887.6 million, representing a 3% increase over last year. Income from operations was $116.3 million or 13.1% of revenue, compared to $99.5 million or 11.5% last year; a 17% increase. Net income also increased 17% to $91.6 million compared with $78.1 million last year. Diluted EPS of $1.53 per share represented an increase of 18% over $1.30 last year.

After one time restructuring charges, net of tax credits, of $4.2 million in Q2 and a release of restructuring charges plus exceptional tax credits of $7.0 million in Q4, US GAAP income from operations was $107.5 million, compared to $99.5 million for 2008. US GAAP net income was $94.3 million or $1.57 per share on a diluted basis, compared with $78.1 million or $1.30 per share last year.

Days sales outstanding, comprising accounts receivable and unbilled revenue less payments on account, were 33 days at December 31, 2009, on a like for like basis compared to 69 days at December 31, 2008.

For the quarter ended December 31, 2009, cash provided by operating activities was $56.7 million and capital expenditure was $7.8 million. Full year 2009 cash flow from operating activities was $255 million and capital expenditure was $33.8 million. As a result, the company’s net cash, amounted to $194 million at December 31, 2009, compared to $4.3 million of net debt at December 31, 2008.


Commenting on the results, CEO Peter Gray said “We are pleased with our performance in what has been a challenging year. Revenues increased by 3%, margins improved significantly from 11.5% to 13.1% and EPS was up 18%. With our backlog at $1.84bn and with a strong balance sheet, we have entered 2010 in a good position. While external factors are challenging, and many governments are endeavouring to reduce healthcare costs, including pharmaceutical prices, we remain positive, though cautious, as 2010 commences. As a result we are issuing revenue guidance for 2010 in the range of $890 - $940 million and EPS guidance in the range of $1.44 - $1.60.”

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, February 25, 2010 at 9:00 EST [14:00 Ireland & UK]. This call and linked 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 68 locations in 38 countries and has approximately 7,170 employees. Further information is available at www.iconplc.com.

Source: ICON plc

ICON/ICLR-F


                   
ICON plc
 
Consolidated Income Statements (Before one time net charges & tax credits)
 
 
Three and Twelve Months ended December 31, 2009 and December 31, 2008
(Dollars, in thousands, except share and per share data)
 
 
Three Months Ended Twelve Months Ended
December 31, December 31, December 31, December 31,
2009 2008 2009 2008
 
Gross Revenue 321,541 295,370 1,258,227 1,209,451
 
Reimbursable expenses 94,122 75,277 370,615 344,203
       
Net Revenue 227,419 220,093 887,612 865,248
 
Costs and expenses
Direct costs 131,291 125,125 507,783 489,238
Selling, general and administrative 57,271 61,450 230,910 248,778
Depreciation and amortization 9,238 7,052 32,659 27,728
       
Total costs and expenses 197,800 193,627 771,352 765,744
 
Income from operations 29,619 26,466 116,260 99,504
 
Interest expense (474) (481) (2,778) (1,224)
       
Income before provision of income taxes 29,145 25,985 113,482 98,280
 
Provision for income taxes (5,237) (5,474) (21,924) (19,967)
Minority Interest - 514 - (193)
 
Net income 23,908 21,025 91,558 78,120
 
Net income per ordinary share
Basic $0.41 $0.36 $1.56 $1.34
 
Diluted $0.40 $0.35 $1.53 $1.30
 
Weighted average number of ordinary shares
Basic 58,808,946 58,509,852 58,636,878 58,245,240
 
Diluted 60,092,814 59,902,857 59,900,504 60,221,587
 

                   
ICON plc
 
Consolidated Income Statements (US GAAP)
 
 
Three and Twelve Months ended December 31, 2009 and December 31, 2008
(Dollars, in thousands, except share and per share data)
 
 
Three Months Ended Twelve Months Ended
December 31, December 31, December 31, December 31,
2009 2008 2009 2008
 
Gross Revenue 321,541 295,370 1,258,227 1,209,451
 
Reimbursable expenses 94,122 75,277 370,615 344,203
       
Net Revenue 227,419 220,093 887,612 865,248
 
Costs and expenses
Direct costs 131,291 125,125 507,783 489,238
Selling, general and administrative 57,271 61,450 230,910 248,778
Depreciation and amortization 9,238 7,052 32,659 27,728
One time net charges (133) - 8,808 -
Total costs and expenses 197,667 193,627 780,160 765,744
 
Income from operations 29,752 26,466 107,452 99,504
 
Interest expense (474) (481) (2,778) (1,224)
       
Income before provision of income taxes 29,278 25,985 104,674 98,280
 
Provision for income taxes 1,598 (5,474) (10,375) (19,967)
Minority Interest - 514 - (193)
 
Net income 30,876 21,025 94,299 78,120
 
Net income per ordinary share
Basic $0.53 $0.36 $1.61 $1.34
 
Diluted $0.51 $0.35 $1.57 $1.30
 
Weighted average number of ordinary shares
Basic 58,808,946 58,509,852 58,636,878 58,245,240
 
Diluted 60,092,814 59,902,857 59,900,504 60,221,587
 

       
ICON plc
 
Summary Balance Sheet Data
 
 
December 31, 2009 and December 31, 2008
(Dollars, in thousands)
   
December 31, December 31,
2009 2008
(audited) (audited)
Cash and short-term investments 194,028 101,104
Debt - 105,379
Net cash/(debt) 194,028 (4,275)
 
Accounts receivable 191,924 210,535
Unbilled revenue 92,080 141,727
Payments on account (165,198) (121,935)
Total 118,806 230,327
 
Working Capital 235,906 185,957
 
Total assets 908,398 867,285
 
Shareholders’ equity 572,246 456,366
 
 
Source: ICON plc
 
Contact: Investor Relations 1-888-381-7923 or
Ciaran Murray CFO + 353 1 291 2000
Brendan Brennan VP Corp FP&A + 353 1 291 2000  
all at ICON.

http://www.iconplc.com

CONTACT:
ICON plc
Investor Relations 1-888-381-7923
or
Ciaran Murray, Chief Financial Officer
+ 353 –1-291-2000
or
Brendan Brennan, VP Corporate FP&A
+ 353 –1-291-2000