Highlights – Third Quarter Fiscal 2014
- Net revenue increased 14.1% year on
year to $388 million.
- Income from operations was $59.4
million or 15.3% of revenue.
- Earnings per share were 79 cents.
- Gross business wins were $504 million,
representing a gross book to bill of 1.3. Net business wins were
$468 million, representing a net book to bill of 1.21.
- Earnings guidance increased from a
range of $2.62 - $2.68 to a range of $2.74 - $2.79 and revenue
guidance updated to a range of $1,495 million - $1,515
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 third quarter ended
September 30, 2014.
Net revenue grew 14.1% year on year to $388 million from $339.8
million in Q3 2013.
Income from operations, was $59.4 million or 15.3% of revenue,
compared to $33.2 million or 9.8% for the same quarter last
year.
Net income, was $50.3 million or 79 cents per share on a diluted
basis, compared with $27.8 million or 45 cents per share for the
same quarter last year.
Year to date net revenues for 2014 increased 12.4% to $1,113
million from $991 million in 2013.
Year to date income from operations was $150.7 million or 13.5%
of revenue, compared with income from operations, excluding
restructuring charges, of $91.5 million or 9.2% of revenue in the
previous year.
Year to date net income for 2014 was $127.3 million or $2.01 per
share on a diluted basis, compared with net income, excluding
restructuring charge, of $76.5 million or $1.23 per share on a
diluted basis last year.
Guidance for the full year 2014 has been updated, with EPS
guidance increased from a range of $2.62 - $2.68 to a range of
$2.74 - $2.79 and revenue guidance, updated for fx, from a range of
$1,490 million - $1,530 to a range of $1,495 million - $1,515
million.
Days sales outstanding, comprising accounts receivable and
unbilled revenue less payments on account, were 38 days at
September 30, 2014, compared with 40 days at the end of June
2014.
For the quarter ended September 30, 2014, cash generated from
operating activities was $111 million and capital expenditure was
$9.6 million. In addition we completed $33m of share repurchases
during the quarter. Consequently the company’s net cash amounted to
$249 million at September 30, 2014, compared to net cash of $175
million at June 30, 2014.
CEO Ciaran Murray commented, “Quarter three represented further
progress in the execution of our strategic plan. Net new business
wins in the quarter of $468m delivered a book to bill of 1.21. We
further expanded our gross and operating margins which reached
40.7% and 15.3% respectively and as a result earnings per share
increased 76% year over year to 79c. Consequently we are increasing
our full year EPS guidance from a range of $2.62 - $2.68 to a range
of $2.74 - $2.79. In addition, given the recent strength of the
dollar against the euro we are updating our revenue guidance from a
range of $1.490 billion-$1.530 billion to a range of $1.495 billion
- $1.515 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 third quarter conference call today, October
22, 2014 at 9:00 EST [14:00 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 10,700 employees.
Further information is available at www.iconplc.com.
ICON plc
Consolidated Income Statements
(Unaudited)
(Before restructuring and other
items)
Three and Nine Months ended September
30, 2014 and September 30, 2013
(Dollars, in thousands, except share
and per share data)
Three Months Ended Nine Months Ended
September 30, September 30, September
30, September 30, 2014 2013
2014 2013 Revenue: Gross revenue $ 519,127 $ 445,598
$ 1,502,075 $ 1,334,283 Reimbursable expenses
(131,538) (105,788) (388,832)
(343,465)
Net revenue 387,589 339,810
1,113,243 990,818
Costs and expenses: Direct costs
229,963 213,666 673,291 630,258 Selling, general and administrative
expense 84,466 81,408 251,036 234,520 Depreciation and amortization
13,737 11,575 38,207
34,551
Total costs and expenses
328,166 306,649 962,534
899,329
Income from operations 59,423 33,161
150,709 91,489 Net interest expense 109
(56) 162 (341)
Income
before provision for income taxes 59,532 33,105 150,871 91,148
Provision for income taxes (9,216)
(5,297) (23,577) (14,633)
Net income $ 50,316 $ 27,808 $ 127,294
$ 76,515 Net income per Ordinary Share: Basic
$ 0.81 $ 0.46 $ 2.06 $ 1.26
Diluted $ 0.79 $ 0.45 $ 2.01 $ 1.23
Weighted average number of Ordinary Shares outstanding:
Basic 61,878,429 61,069,260
61,863,332 60,732,605 Diluted
63,442,607 62,473,645
63,434,260 61,977,026
ICON plc
Consolidated Income Statements
(Unaudited)
(US GAAP)
Three and Nine Months ended September
30, 2014 and September 30, 2013
(Dollars, in thousands, except share
and per share data)
Three Months Ended Nine Months Ended
September 30, September 30, September
30, September 30, 2014 2013
2014 2013 Revenue: Gross revenue $ 519,127 $ 445,598
$ 1,502,075 $ 1,334,283 Reimbursable expenses
(131,538) (105,788) (388,832)
(343,465)
Net revenue 387,589 339,810
1,113,243 990,818
Costs and expenses: Direct costs
229,963 213,666 673,291 630,258 Selling, general and administrative
expense 84,466 81,408 251,036 234,520 Depreciation and amortization
13,737 11,575 38,207 34,551 Restructuring and other items
- - - 9,033
Total costs and expenses 328,166
306,649 962,534 908,362
Income from operations 59,423 33,161 150,709 82,456
Net interest expense 109 (56)
162 (341)
Income before provision
for income taxes 59,532 33,105 150,871 82,115 Provision for
income taxes (9,216) (5,297)
(23,577) (12,783)
Net income
$ 50,316 $ 27,808 $ 127,294 $ 69,332
Net income per Ordinary Share: Basic $ 0.81
$ 0.46 $ 2.06 $ 1.14 Diluted $
0.79 $ 0.45 $ 2.01 $ 1.12 Weighted
average number of Ordinary Shares outstanding: Basic
61,878,429 61,069,260 61,863,332
60,732,605 Diluted 63,442,607
62,473,645 63,434,260
61,977,026
ICON plc
Summary Balance Sheet Data
September 30, 2014 and June 30,
2014
(Dollars, in thousands)
September 30,
June 30, 2014 2014 (Unaudited)
(Unaudited) Net cash 248,612 175,372
Accounts receivable 372,953 382,924 Unbilled revenue 140,429
139,739 Payments on account (294,063) (290,754) Total 219,319
231,909 Working Capital 323,727 295,511 Total Assets
1,572,726 1,525,740 Shareholder's Equity 1,011,158 998,333
ICON/ICLR-F
ICON plcInvestor Relations, 1-888-381-7923orBrendan Brennan, +
353 –1-291-2000Chief Financial OfficerorSimon Holmes, + 353
–1-291-2000EVP Investor Relations and Corporate
Developmenthttp://www.iconplc.com
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