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 April, 2012


ICON plc
(Registrant's name)


0-29714
(Commission file number)


South County Business Park, Leopardstown, Dublin 18, Ireland
(Address of principal executive offices)

Brendan Brennan, CFO
South County Business Park Leopardstown, Dublin 18, Ireland.
Brendan.Brennan@iconplc.com
0011-353-1-291-2000
(Name, telephone number, email and/or facsmile number and address of Company contact person)

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 dated April 24, 2012.



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:

April 24, 2012

/s/ Brendan Brennan

Brendan Brennan

Chief Financial Officer

Exhibit 99.1

1st Quarter Results

DUBLIN--(BUSINESS WIRE)--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 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

CONTACT:
Icon PLC