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, 2010.
Net revenues for the quarter were $219 million, in line with net
revenues of $219.8 million for the comparative quarter last
year.
Income from operations was $26.8 million or 12.2% of revenue,
compared to $26.9 million or 12.2% for the same quarter last year.
Net income was $22.2 million or 37 cents per share on a diluted
basis, compared with $20.9 million or 35 cents per share last
year.
Days sales outstanding, comprising accounts receivable and
unbilled revenue less payments on account, were 33 days at March
31, 2010, compared to 33 days at December 31, 2009.
For the quarter ended March 31, 2010, cash provided from
operating activities was $16.8 million and capital expenditure was
$9.5 million. As a result, the company’s net cash, amounted to $200
million at March 31, 2010, compared to net cash of $194 million at
December 31, 2009.
“As expected, 2010 has started solidly.” commented CEO Peter
Gray. “Following lower booking levels and higher cancellations last
year, we had indicated in our February guidance that we believed
growth would re-emerge in the second half of 2010. While remaining
cautious, with net bookings of $265 million for the quarter, and a
pipeline of new opportunities that continues to solidify, we
believe the conditions for a return to growth are coming into
place. We are pleased with our continued good cash generation and
are confident we have the balance sheet to support our growth
plans.”
The company also announced that Mr. Ted Roberts, who has served
as a non-executive director of the company since February 1998,
retired at a meeting of the board held on April 19th. Mr. Declan
McKeon was elected to succeed him at the same meeting and will also
serve on the audit committee.
Dr. Bruce Given, chairman of the ICON plc board, commented “We
are extremely grateful for the outstanding contribution Ted has
provided to the ICON board over the last twelve years. Ted’s
experience, built up over 40 years in the pharmaceutical industry,
was a great benefit to the company as it emerged in the public
markets and developed into the leading CRO it is today. His wisdom
and support have been a significant factor in fostering that
success.”
Declan McKeon was a partner in PricewaterhouseCoopers (PwC) from
1986-2007. Declan’s roles included leadership of the audit and
business advisory team for PwC Ireland, membership on the PwC
Europe audit and business advisory services executive and market
sector lead for consumer and industrial products. Declan remains a
consultant to PwC and sits on the audit committee of the Royal
College of Surgeons in Ireland. Declan holds a Bachelor of Commerce
and Masters in Business Studies from University College Dublin and
is a Fellow of The Institute of Chartered Accountants in
Ireland.
“We are delighted that Declan is joining our board” commented
Dr,.Given, “The breath of his industry experience, gained while a
partner with PWC, will enable him to bring fresh perspectives on
our market and will complement the strengths and talents of our
existing board members.”
The company will hold its first quarter conference call today,
April 27, 2010 at 9:30 EST [14:30 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.
The financial information presented herein has been prepared in
accordance with U.S. GAAP.
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 69
locations in 39 countries and has approximately 7,300 employees.
Further information is available at www.iconplc.com.
Source: ICON plc
ICON/ICLR-F
ICON plc Consolidated
Income Statements (Unaudited) Three Months ended
March 31, 2010 and March 31, 2009 (Dollars, in thousands,
except share and per share data) Three Months
Ended March 31, March 31, 2010 2009
Gross Revenue 309,551 318,538 Reimbursable expenses
90,439 98,707
Net Revenue 219,112 219,831
Costs and expenses Direct costs 131,318 124,168
Selling, general and administrative 52,294 61,258 Depreciation and
amortization 8,722 7,490
Total costs and
expenses 192,334 192,916
Income from operations
26,778 26,915 Net interest expense (192) (736)
Income before provision for income taxes 26,586 26,179
Provision for income taxes 4,387 5,235
Net
income 22,199 20,944 Net income per ordinary share Basic
$0.38 $0.36 Diluted $0.37 $0.35 Weighted average
number of ordinary shares Basic 59,122,650 58,537,795
Diluted 60,313,774 59,771,335
ICON plc
Summary Balance Sheet Data March 31, 2010
and December 31, 2009 (Dollars, in thousands)
March 31, December 31, 2010 2009
(Unaudited) (Audited) Cash and short-term investments
199,744 194,028 Accounts receivable 183,445 191,924 Unbilled
revenue 92,480 92,080 Payments on account (163,589) (165,198) Total
112,336 118,806 Working Capital 260,553 235,906 Total
Assets 897,101 908,398 Shareholder's Equity 584,981 572,246
Source: ICON plc
Contact:
Investor Relations 1-888-381-7923 or Ciaran Murray CFO + 353 1 291
2000 Brendan Brennan VP CorpFinance/IR + 353 291 2000 All at ICON.
http://www.iconplc.com
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