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
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