Highlights - Fourth Quarter and Full Year Fiscal 2005: -- Fourth
quarter net revenues increased 10% over the fourth quarter of
fiscal 2004 to $86.0 million and also increased 10% on a full year
basis. -- Income from operations decreased 24% over the fourth
quarter of fiscal 2004 to $7.4 million and decreased 13% on a full
year basis, excluding the impact of one-time charges taken in the
third quarter. -- Diluted earnings per share decreased by 18% for
the fourth quarter to 42 cents compared to 51 cents in the same
quarter last year. Full year pro forma diluted earnings per share
was $1.70 compared to $1.88 for the comparable period last year. --
$101 million of net new business awarded to ICON during the
quarter. ICON plc (NASDAQ:ICLR), a global contract clinical
research organisation, which has approximately 2,700 employees
providing services to the pharmaceutical, biotech and medical
device industries from 37 locations in 23 countries worldwide,
today reported the financial results for its fourth quarter and
full year ended May 31, 2005. Net revenues for the quarter were
$86.0 million, representing an 10% increase over net revenues of
$77.9 million for the same quarter last year. Excluding the impact
of acquisitions, revenue growth for the quarter was 8% over the
same quarter last year. Income from operations was $7.4 million,
which represents a decrease of 24% from the $9.6 million reported
for the fourth quarter last year. Operating margin for the quarter
was 8.6% compared to 12.4% for the equivalent period last year. Net
income for the quarter was $5.9 million or 42 cents per share, on a
diluted basis, compared with $7.2 million or 51 cents per share for
the fourth quarter last year. In the twelve months to May 31, 2005,
net revenues were $326.7 million, representing a 10% increase over
net revenues of $296.9 million reported for the twelve months of
last year. Excluding the impact of acquisitions, revenue growth was
7% for the twelve months ending May 31, 2005. Pro forma income from
operations for fiscal 2005, excluding the impact of the one-time
charges announced last quarter, was $29.9 million, representing a
decrease of 13% from the $34.4 million reported for the same period
last year. Pro forma operating margin for the twelve months to May
31, 2005 was 9.1%, compared to 11.6% for the comparative period.
Pro forma net income was $24.1 million or $1.70 per share, on a
diluted basis, compared with $25.7 million or $1.88 per share
reported for the same period last year. Days sales outstanding,
comprising accounts receivable and unbilled revenue less payments
on account, were 63 days at May 31, 2005 compared to 67 days at
February 28, 2005 and 60 days at May 31, 2004. For the quarter
ended May 31, 2005, cash generated from operations was $13.2
million, and capital expenditure was $5.3 million. For the twelve
months to May 31, 2005, cash generated from operations was $23.8
million, capital expenditure was $15.6 million and net payments of
$9.8 million were made in relation to acquisitions. As a result of
these factors the company's net cash, short-term debt and
short-term investments were $78.4 million at May 31, 2005, compared
to $70.9 million at February 28, 2005 and $78.8 million at May 31,
2004. The company also announced that it intends to change its year
end date from May 31 to December 31. Accordingly, the current
accounting period for the company will end on December 31, 2005.
The change has been implemented in order to align the company's
year end more conveniently with the calendar year for reporting
purposes. "The results for the quarter were in line with our
expectations and represented a good improvement over the previous
quarter", commented Chairman, Dr John Climax. "We had solid net new
business awards of $101 million in the quarter and we completed
fiscal 2005 with a total backlog of over $525 million". Commenting
on the outlook, Dr Climax said "We expect growth in all divisions
as the year progresses and we expect our lab business to return to
profitability during the first half of calendar 2006. With
approximately $262 million of backlog which will be earned in the
next twelve months, we expect overall net revenues for the coming
four quarters to be in the $370 - $380 million range. We will
provide more detailed guidance on our conference call to be held
today". The company will hold its fourth quarter conference call
today, August 2nd, 2005 at 08:00 EST (13:00 BST / 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. -0- *T ICON plc Consolidated Income
Statements (Audited) Three and Twelve Months ended May 31, 2005 and
May 31, 2004 (Dollars, in thousands, except share and per share
data) Three Months Ended Twelve Months Ended May 31, May 31, May
31, May 31, 2005 2004 2005 2004 Gross Revenue 121,979 111,694
469,583 443,875 Subcontractor costs 36,010 33,775 142,925 146,952
----------- ----------- ----------- ----------- Net Revenue 85,969
77,919 326,658 296,923 Costs and expenses Direct costs 47,529
42,291 179,661 162,562 Selling, general and administrative 27,540
23,033 103,784 88,807 Depreciation and amortization 3,549 2,956
13,331 11,171 One-time charges - - 11,275 - ----------- -----------
----------- ----------- Total costs and expenses 78,618 68,280
308,051 262,540 Income from operations 7,351 9,639 18,607 34,383
Interest income (net) 381 91 979 288 ----------- -----------
----------- ----------- Income before provision of income taxes
7,732 9,730 19,586 34,671 Provision for income taxes 1,699 2,508
5,852 8,929 Minority Interest 84 - 189 - ----------- -----------
----------- ----------- Net income 5,949 7,222 13,545 25,742
=========== =========== =========== =========== Net income per
ordinary share Basic $0.43 $0.53 $0.98 $1.94 -----------
----------- ----------- ----------- Diluted $0.42 $0.51 $0.96 $1.88
----------- ----------- ----------- ----------- Weighted average
number of ordinary shares Basic 13,887,989 13,714,899 13,860,203
13,267,531 Diluted 14,100,098 14,080,617 14,153,445 13,703,163 *T
-0- *T ICON plc Proforma Consolidated Income Statements (a)
(Unaudited) Three and Twelve Months ended May 31, 2005 and May 31,
2004 (Dollars, in thousands, except share and per share data) Three
Months Ended Twelve Months Ended May 31, May 31, May 31, May 31,
2005 2004 2005 2004 Gross Revenue 121,979 111,694 469,583 443,875
Subcontractor costs 36,010 33,775 142,925 146,952 -----------
----------- ----------- ----------- Net Revenue 85,969 77,919
326,658 296,923 Costs and expenses Direct costs 47,529 42,291
179,661 162,562 Selling, general and administrative 27,540 23,033
103,784 88,807 Depreciation and amortization 3,549 2,956 13,331
11,171 ----------- ----------- ----------- ----------- Total costs
and expenses 78,618 68,280 296,776 262,540 Income from operations
7,351 9,639 29,882 34,383 Interest income (net) 381 91 979 288
----------- ----------- ----------- ----------- Income before
provision of income taxes 7,732 9,730 30,861 34,671 Provision for
income taxes 1,699 2,508 6,577 8,929 Minority Interest 84 - 189 -
----------- ----------- ----------- ----------- Net income (a)
5,949 7,222 24,095 25,742 =========== =========== ===========
=========== Net income per ordinary share Basic (a) $0.43 $0.53
$1.74 $1.94 ----------- ----------- ----------- ----------- Diluted
(a) $0.42 $0.51 $1.70 $1.88 ----------- ----------- -----------
----------- Weighted average number of ordinary shares Basic
13,887,989 13,714,899 13,860,203 13,267,531 Diluted 14,100,098
14,080,617 14,153,445 13,703,163 *T (a) Excludes a one-time charge
of $10.6 million relating to the recognition of an impairment of
the goodwill associated with the Central Laboratory business,
certain assets, lease termination costs and exit costs, net of the
tax deduction thereon. -0- *T ICON plc Summary Balance Sheet Data
May 31, 2005 and May 31, 2004 (Dollars, in thousands) May 31, May
31, 2005 2004 (audited) (audited) Cash and short-term investments
78,375 78,763 Short-term debt - - Net cash 78,375 78,763 Accounts
receivable 83,909 74,079 Unbilled revenue 86,098 59,861 Payments on
account (85,342) (61,960) Total 84,665 71,980 Working Capital
125,288 113,813 Total assets 380,312 335,323 Shareholders' equity
233,066 216,760 *T
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