ICLR ICON PLC

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

ICON/ICLR-F

          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

ICON/ICLR-F