Highlights – Second Quarter Fiscal 2014
- Quarter 2 net revenue increased 12.5%
year on year to $376 million.
- Income from operations was $48.3
million or 12.8% of revenue.
- Earnings per share were 64 cents.
- Gross business wins were $521 million,
representing a gross book to bill of 1.38. Net business wins were
$458 million, representing a net book to bill of 1.22.
- Earnings guidance increased from a
range of $2.30 - $2.40 to a range of $2.62 - $2.68 and revenue
guidance narrowed to a range of $1,490 million - $1,530
million.
ICON plc,
(NASDAQ:ICLR), a global provider of outsourced development
services to the pharmaceutical, biotechnology and medical device
industries, today reported its financial results for the second
quarter ended June 30, 2014.
For the second quarter, net revenue grew 12.5% year on year to
$376 million from $334.2 million in Q2 2013.
Income from operations, excluding restructuring and other items,
was $48.3 million or 12.8% of revenue, compared to $30.9 million or
9.3% for the same quarter last year.
Net income, excluding restructuring and other items, was $40.8
million or 64 cents per share on a diluted basis, compared with
$26.5 million or 43 cents per share for the same quarter last
year.
Revenue in the first half of 2014 increased 11.5% to $726
million from $651 million in 2013.
Income from operations in the first half of 2014, excluding
restructuring charges, was $91.3 million or 12.6% of revenue,
compared with $58.3 million or 9% of revenue in the previous
year.
Net income in the first half of 2014, excluding restructuring
charges, was $77 million or $1.22 per share on a diluted basis,
compared with $48.7 million or 79 cents per diluted share last
year.
Guidance for the full year 2014 has been updated with EPS
guidance increased from a range of $2.30 - $2.40 to a range of
$2.62 - $2.68 and revenue narrowed to a range of $1.490 billion -
$1.530 billion.
Days sales outstanding, comprising accounts receivable and
unbilled revenue less payments on account, were 40 days at June 30,
2014, compared with 35 days at the end of March 2014.
For the quarter ended June 30, 2014, cash used in operating
activities was $54.9 million and capital expenditure was $6.8
million. In addition during the quarter the acquisition of Aptiv
Solutions was completed for an initial cash consideration of
$143.5m. The company’s net cash amounted to $175 million at June
30, 2014, compared to net cash of $364 million at March 31,
2014.
CEO Ciaran Murray commented, “We continue to make progress in
line with our strategic plan delivering $458 million of new
business in the quarter, representing a book to bill of 1.22. In
Quarter 2 revenues grew 12.5% over 2013 and operating margins
expanded to 12.8%.Consequently we are increasing our full year EPS
guidance from a range of $2.30 - $2.40 to a range of $2.62 - $2.68
and narrowing our revenue guidance to a range of $1.490 billion -
$1.530 billion.”
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.
ICON will hold its second quarter conference call today, July
30, 2014 at 8:30 EST [13:30 Ireland & UK]. This call and linked
slide presentation can be accessed live from our website at
http://investor.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.
This press release contains forward-looking statements. These
statements are based on management's current expectations and
information currently available, including current economic and
industry conditions. These statements are not guarantees of future
performance or actual results, and actual results, developments and
business decisions may differ from those stated in this press
release. The forward-looking statements are subject to future
events, risks, uncertainties and other factors that could cause
actual results to differ materially from those projected in the
statements, including, but not limited to, the ability to enter
into new contracts, maintain client relationships, manage the
opening of new offices and offering of new services, the
integration of new business mergers and acquisitions, as well as
economic and global market conditions and other risks and
uncertainties detailed from time to time in SEC reports filed by
ICON, all of which are difficult to predict and some of which are
beyond our control. For these reasons, you should not place undue
reliance on these forward-looking statements when making investment
decisions. The word "expected" and variations of such words and
similar expressions are intended to identify forward-looking
statements. Forward-looking statements are only as of the date they
are made and we do not undertake any obligation to update publicly
any forward-looking statement, either as a result of new
information, future events or otherwise. More information about the
risks and uncertainties relating to these forward-looking
statements may be found in SEC reports filed by ICON, including its
Form 20-F, F-1, S-8 and F-3, which are available on the SEC's
website at http://www.sec.gov.
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 83
locations in 38 countries and has approximately 11,000 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
Simon Holmes EVP Investor Relations and Corporate Development +
353 –1-291-2000
All at ICON.
ICON/ICLR-F
ICON plc
Consolidated Income Statements
(Unaudited)
(Before restructuring and other
items)
Three and Six Months ended June 30,
2014 and June 30, 2013
(Dollars, in thousands, except share
and per share data)
Three Months Ended
Six Months Ended June 30,
June 30, June 30, June 30,
2014 2013 2014 2013 Gross
Revenue 506,404 469,626
982,948
888,685 Reimbursable expenses 130,384 135,407 257,294
237,677
Net Revenue 376,020 334,219 725,654 651,008
Costs and expenses Direct Costs 227,188 214,231
443,328 416,592 Selling, general and administrative 87,622 77,548
166,570 153,112 Depreciation and amortisation 12,922 11,520 24,470
22,976
Total costs and expenses 327,732 303,299
634,368 592,680
Income from operations 48,288 30,920
91,286 58,328 Net interest income / (expense) (38) (100) 53
(285)
Income before provision for income taxes
48,250 30,820 91,339 58,043 Provision for income taxes 7,467
4,315 14,361 9,336
Net Income 40,783
26,505 76,978 48,707 Net income
per ordinary share Basic $0.66 $0.44
$1.24 $0.80 Diluted $0.64 $0.43
$1.22 $0.79 Weighted average
number of ordinary shares Basic 61,934,923 60,724,296 61,855,783
60,555,945 Diluted 63,343,269 61,898,903 63,290,292
61,607,757
ICON plc
Consolidated Income Statements
(Unaudited)
(US GAAP)
Three and Six Months ended June 30,
2014 and June 30, 2013
(Dollars, in thousands, except share
and per share data)
Three Months Ended
Six Months Ended June 30,
June 30, June 30, June 30,
2014 2013 2014 2013 Gross
Revenue 506,404 469,626
982,948
888,685 Reimbursable expenses 130,384 135,407 257,294
237,677
Net Revenue 376,020 334,219 725,654 651,008
Costs and expenses Direct costs 227,188 214,231
443,328 416,592 Selling, general and administrative 87,622 77,548
166,570 153,112 Depreciation and amortization 12,922 11,520 24,470
22,976 Restructuring and other items - 4,621 - 9,033
Total
costs and expenses 327,732 307,920 634,368 601,713
Income from operations 48,288 26,299 91,286 49,295
Net interest expense (38) (100) 53 (285)
Income before
provision for income taxes 48,250 26,199 91,339 49,010
Provision for income taxes 7,467 3,720 14,361 7,486
Net income 40,783 22,479 76,978
41,524 Net income per ordinary share Basic
$0.66 $0.37 $1.24 $0.69
Diluted $0.64 $0.36 $1.22
$0.67 Weighted average number of ordinary shares
Basic 61,934,923 60,724,296 61,855,783 60,555,945 Diluted
63,343,269 61,898,903 63,290,292 61,607,757
ICON plc
Summary Balance Sheet Data
June 30, 2014 and March 31,
2014
(Dollars, in thousands)
June 30,
March 31, 2014 2014 (Unaudited)
(Unaudited) Net cash 175,372 363,521
Accounts receivable 382,924 337,600 Unbilled revenue 139,739
116,653 Payments on account (290,754) (269,771) Total 231,909
184,482 Working Capital 295,511 405,923 Total Assets
1,525,740 1,484,541 Shareholder's Equity 998,333 960,785
ICON plcInvestor Relations1-888-381-7923orBrendan Brennan, + 353
1 291 2000CFOorSimon Holmes, +3531 291 2000EVP IR & Corporate
Developmenthttp://www.iconplc.com
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