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 second quarter ended June 30, 2011.
Net revenue for the quarter was $233 million, an increase of
4.2% on the prior year. Year-to-date, net revenues were $462
million, representing a 4.4% increase over the same period last
year.
Income from operations was $15.5 million or 6.7% of revenue,
compared to $25.7 million or 11.5% for the same quarter last year.
Net income was $13 million or 21 cents per share on a diluted
basis, compared with $22.9 million or 38 cents per share last
year.
Year-to-date income from operations was $31.5 million (before
restructuring charges), compared to $52.5 million last year
representing a margin of 6.8% in 2011 and a margin of 11.8% in
2010. Net income was $25.9 million or 42 cents per share (before
restructuring charges), compared with $45 million or 74 cents per
share last year.
Days sales outstanding, comprising accounts receivable and
unbilled revenue less payments on account, were 49 days at June 30,
2011, the same as at March 31, 2011.
For the quarter ended June 30, 2011, cash used in operating
activities was $6.4 million and capital expenditure was $7 million.
The company’s net cash amounted to $215 million at June 30, 2011,
compared to net cash of $232 million at March 31, 2011.
“Our second quarter was in line with our guidance, and new
business bookings continued to strengthen, leading to our order
backlog exceeding $2bn for the first time” commented CEO Peter
Gray. “The investments we have been making in developing the
business are progressing satisfactorily”.
“The major achievement of the quarter was our selection by
Pfizer as one of their two partners for clinical development”, he
continued. “Significant work will be transitioned to ICON over the
next two years as this partnership develops which should drive an
acceleration in our growth over that time. We are thus increasing
our hiring drive and expect to add significant cost in the next two
quarters as we gear up to handle work which will be transitioned to
us in Q4 and throughout 2012. As a result, while we are not
changing our revenue guidance for 2011, we are lowering our EPS
guidance to 50c-70c, reflecting significantly increased costs in Q3
without compensating revenue, followed by further cost growth in Q4
with revenues beginning to build”.
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 second quarter conference call today,
July 20, 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 7,800 employees.
Further information is available at www.iconplc.com.
ICON plc
Consolidated Income Statements (Unaudited) (Before
restructuring charges) Three and Six Months ended
June 30, 2011 and June 30, 2010 (Dollars, in thousands,
except share and per share data) Three Months
Ended Six Months Ended June 30, June 30,
June 30, June 30, 2011 2010 2011
2010 Gross Revenue 317,696 313,087 623,243 622,638
Reimbursable expenses 84,651 89,336 160,901 179,775
Net Revenue 233,045 223,751 462,342
442,863
Costs and expenses Direct costs 150,866
130,869 295,336 262,187 Selling, general and administrative 57,344
58,923 117,227 111,217 Depreciation and amortization 9,329 8,281
18,302 17,003
Total costs and
expenses 217,539 198,073 430,865 390,407
Income from
operations 15,506 25,678 31,477 52,456 Net interest
income /(expense) 106 61 172 (131)
Income before provision for income taxes 15,612 25,739
31,649 52,325 Provision for income taxes 2,530 2,866 5,761
7,253
Net income 13,082
22,873 25,888 45,072 Net income per ordinary share Basic
$0.22 $0.38 $0.43 $0.76 Diluted $0.21 $0.38 $0.42 $0.74
Weighted average number of ordinary shares Basic 60,390,788
59,667,635 60,336,933 59,395,142 Diluted 61,114,996
60,768,374 61,056,232 60,557,687
ICON plc Consolidated Income
Statements (Unaudited) (US GAAP) Three and Six Months
ended June 30, 2011 and June 30, 2010 (Dollars, in
thousands, except share and per share data) Three
Months Ended Six Months Ended June 30, June
30, June 30, June 30, 2011 2010
2011 2010 Gross Revenue 317,696 313,087
623,243 622,638 Reimbursable expenses 84,651 89,336 160,901
179,775
Net Revenue 233,045
223,751 462,342 442,863
Costs and expenses Direct
costs 150,866 130,869 295,336 262,187 Selling, general and
administrative 57,344 58,923 117,227 111,217 Depreciation and
amortization 9,329 8,281 18,302 17,003 Restructuring Charges - -
5,002 -
Total costs and expenses 217,539 198,073 435,867
390,407
Income from operations 15,506 25,678 26,475
52,456 Net interest income /(expense) 106 61 172 (131)
Income before provision for income
taxes 15,612 25,739 26,647 52,325 Provision for income
taxes 2,530 2,866 5,217 7,253
Net income 13,082 22,873 21,430 45,072 Net income per
ordinary share Basic $0.22 $0.38 $0.36 $0.76 Diluted $0.21
$0.38 $0.35 $0.74 Weighted average number of ordinary shares
Basic 60,390,788 59,667,635 60,336,933 59,395,142 Diluted
61,114,996 60,768,374 61,056,232 60,557,687
ICON plc
Summary Balance Sheet
Data June 30, 2011 and December 31, 2010
(Dollars, in thousands) June 30, December
31, 2011 2010 (Unaudited) (Audited)
Net cash 215,564 255,706 Accounts receivable
171,014 164,907 Unbilled revenue 143,323 101,431 Payments on
account (142,345) (134,240) Total 171,992 132,098 Working
Capital 324,779 329,350 Total Assets 1,014,249 949,538
Shareholder's Equity 711,800 669,999
http://www.iconplc.com
ICON/ICLR-F
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