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 full year and fourth quarter ended
December 31, 2010.
Net revenues for 2010 grew 1.4% to $900 million, representing a
constant currency increase of 3.1% year on year.
Operating income was $92 million, representing 10.2% of revenue,
compared to $116.3 million and 13.1% last year. This comprised
clinical services operating income of $104.8 million or 12.5% and
central lab operating losses of $12.8 million.
Net income was $87.1 million, a net margin of 9.7%, compared to
$91.6 million last year and 10.3% of revenue. Diluted EPS for 2010
was $1.44 per share compared with $1.53 in 2009.
For the fourth quarter, net revenues grew 2% to $232.1 million.
On a constant currency basis the increase was 5.6%.
Operating income was $22 million, representing 9.5% of revenue,
compared to $29.6 million or 13% for the same quarter last year.
This comprised clinical services operating income of $26 million or
12.1% and a central lab operating loss of $4 million.
Net income was $22 million, compared with $23.9 million last
year, producing a diluted earnings per share of 36c compared to 40c
in the same quarter last year.
Days sales outstanding, comprising accounts receivable and
unbilled revenue less payments on account, were 37 days at December
31, 2010. This compares to 33 days at December 31, 2009.
For the quarter ended December 31, 2010, cash provided by
operating activities was $31.9 million and capital expenditure was
$7.1 million. Full year 2010 cash flow from operating activities
was $87.4 million and capital expenditure was $31 million. As a
result, the company’s net cash amounted to $256 million at December
31, 2010 compared to $194 million of net cash at December 31,
2009.
Commenting on the results, CEO Peter Gray said “2010 has been a
challenging year, as some parts of our business, and particularly
our central lab, absorbed the impact of the weak business
environment in 2009. 2010 has also seen an acceleration in the pace
of change in the biopharmaceutical industry, which is creating
strong opportunities for the future, but is requiring us to adapt
our business model and structures to effectively capitalise on
these. This process continues, and we are making significant
investments to build additional capabilities, to leverage our scale
more effectively, and to implement process and systems change
necessary to prosper in the evolving market. We do not expect the
benefit of our investments to be realised until late 2011 and into
2012. Consequently we are guiding revenue for 2011 in the range of
$945 – $980 million, representing growth of 5-9%, and EPS in the
range of $1.10 - $1.25.”
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 24, 2011 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 77
locations in 39 countries and has approximately 7,700 employees.
Further information is available at www.iconplc.com.
ICON/ICLR-F
ICON plc Consolidated
Income Statements (Before one time net charges & tax
credits) Three and Twelve Months ended
December 31, 2010 and December 31, 2009 (Dollars, in
thousands, except share and per share data)
Three Months Ended Twelve Months Ended December
31, December 31, December 31, December 31,
2010 2009 2010 2009 Gross
Revenue 317,279 321,541 1,263,147 1,258,227 Reimbursable
expenses 85,193 94,122 363,103 370,615
Net Revenue 232,086 227,419 900,044 887,612
Costs
and expenses Direct costs 139,741 131,291 541,388 507,783
Selling, general and administrative 61,463 57,271 232,688 230,910
Depreciation and amortization 8,868 9,238 33,873 32,659
Total costs and expenses 210,072
197,800 807,949 771,352
Income from operations 22,014
29,619 92,095 116,260 Interest income/(expense) 484 (474)
629 (2,778) Income before provision for
income taxes 22,498 29,145 92,724 113,482 Provision for
income taxes (398) (5,237) (5,653) (21,924)
Net income 22,100 23,908 87,071 91,558
Net income per ordinary share Basic $0.37 $0.41 $1.46 $1.56
Diluted $0.36 $0.40 $1.44 $1.53 Weighted average number of
ordinary shares Basic 60,145,383 58,808,946 59,718,934 58,636,878
Diluted 60,817,130 60,092,814 60,637,103 59,900,504
ICON plc Consolidated Income
Statements (US GAAP) Three and Twelve Months
ended December 31, 2010 and December 31, 2009 (Dollars, in
thousands, except share and per share data)
Three Months Ended Twelve Months Ended December
31, December 31, December 31, December 31,
2010 2009 2010 2009 Gross
Revenue 317,279 321,541 1,263,147 1,258,227 Reimbursable
expenses 85,193 94,122 363,103 370,615
Net Revenue 232,086 227,419 900,044 887,612
Costs
and expenses Direct costs 139,741 131,291 541,388 507,783
Selling, general and administrative 61,463 57,271 232,688 230,910
Depreciation and amortization 8,868 9,238 33,873 32,659 One time
net charges - (133) - 8,808
Total costs and expenses 210,072
197,667 807,949 780,160
Income from operations 22,014
29,752 92,095 107,452 Interest income/(expense) 484 (474)
629 (2,778) Income before provision for
income taxes 22,498 29,278 92,724 104,674 Provision for
income taxes (398) 1,598 (5,653) (10,375)
Net income 22,100 30,876 87,071 94,299
Net income per ordinary share Basic $0.37 $0.53 $1.46 $1.61
Diluted $0.36 $0.51 $1.44 $1.57 Weighted average number of
ordinary shares Basic 60,145,383 58,808,946 59,718,934 58,636,878
Diluted 60,817,130 60,092,814 60,637,103 59,900,504
ICON plc Summary Balance
Sheet Data December 31, 2010 and December 31,
2009 (Dollars, in thousands) December
31, December 31, 2010 2009
(Audited) (Audited) Cash and short-term investments
255,706 194,028 Debt - - Net cash 255,706 194,028 Accounts
receivable 164,907 191,924 Unbilled revenue 101,431 92,080 Payments
on account (134,240) (165,198) Total 132,098 118,806 Working
Capital 329,350 235,906 Total assets 949,538 908,398
Shareholders’ equity 669,999 572,246
Source:
ICON plc
Contact: Investor Relations 1-888-381-7923
or Ciaran Murray CFO + 353 1 291 2000 Brendan Brennan VP Corp Fin+
353 1 291 2000 all at ICON. http://www.iconplc.com
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