RESTON, Va., Nov. 7 /PRNewswire-FirstCall/ -- PRA International
(NASDAQ:PRAI), a leading global clinical research organization,
today announced operating results for the third quarter ended
September 30, 2007. All comparisons are with prior-year periods.
Third Quarter Financial Highlights -- Service revenue increased
18.6% to $96.7 million -- Backlog increased 24.5% to $753 million
-- Gross new business awards increased 20.7% to $204.4 million, for
a gross book-to-bill ratio of 2.11 -- Net new business awards
totaled $156.2 million for a net book-to-bill ratio of 1.62 Nine
Month Financial Highlights -- Service revenue increased 23.1% to
$271.9 million -- Gross new business awards increased 25.0% to
$479.1 million, for a gross book-to-bill ratio of 1.76 -- Net new
business awards totaled $405.4 million for a net book-to-bill ratio
of 1.49 On July 25, 2007, the Company announced that it had entered
into a definitive merger agreement to be acquired by affiliates of
Genstar Capital, LLC ("Genstar"), a private equity firm, for
approximately $790 million. Affiliates of Genstar beneficially own
12.6 percent of the outstanding shares of the Company. The
Company's stockholders will be entitled to receive $30.50 in cash
for each share of the Company's stock. Subject to the receipt of
stockholder approval and other customary closing conditions, the
transaction is expected to be completed in the fourth quarter of
2007. In September 2007, the Company announced a plan to move its
corporate headquarters to Raleigh, North Carolina. The move is
already underway and is expected to be completed by the end of the
first quarter 2008. Third Quarter and Nine Month Results For the
three-month period ended September 30, 2007, PRA generated service
revenue of $96.7 million compared to $81.5 million in the third
quarter of 2006. Service revenue excludes from total revenue the
reimbursed out-of-pocket costs associated with client projects and
programs. Reimbursement revenue was $10.8 million during the
quarter compared to $8.1 million in the same period a year ago.
Third quarter income from operations was $9.6 million compared to
$11.0 million in the same quarter in 2006. The period's operating
margin, based on service revenue, was 9.9 percent or an adjusted
11.0 percent after accounting for approximately $400,000 in
restructuring charges primarily related to the closure of two
offices and $624,000 for the non-cash amortization relating to the
identifiable intangible assets from the July 2006 Pharma
Bio-Research acquisition. Net income for the quarter was $6.5
million, or $0.26 per diluted share. Earnings per share figures are
based on diluted shares outstanding of 25.5 million. PRA's third
quarter cash flow from operations was $26,000 compared to $4.1
million in the year-ago quarter. Gross new business awards for the
quarter rose 20.7 percent to $204.4 million, up from $169.4 million
during the same period last year. Gross book-to-bill ratio for the
third quarter was 2.11 compared to 2.08 in the same period of 2006.
Backlog at third quarter-end was approximately $753 million, up
from about $605 million on September 30, 2006. Cancellations for
the quarter were $48.2 million compared to $21.0 million a year
ago. The net book-to-bill ratio was 1.62 compared to 1.82 in the
same quarter of last year. Days sales outstanding, which includes
accounts receivable and unbilled services less advanced billings,
totaled eight days, compared to 27 days during the third quarter of
2006. For the nine month period ended September 30, 2007, service
revenue totaled $271.9 million compared to $220.8 million in the
first nine months of 2006. Reimbursement revenue was $35.3 million
compared to $24.8 million in the same period in 2006. Income from
operations in the first nine months 2007 was $14.3 million compared
to $26.6 million a year ago. Net income for the first nine months
of 2007 was $10.2 million, or $0.40 per diluted share, compared to
$21.1 million or $0.86 per diluted share a year ago. Excluding
restructuring charges of approximately $8.0 million and $2.0
million for the non-cash amortization relating to the identifiable
intangible assets adjusted net income was approximately $17.4
million. Cash flow from operations was $19.1 million for the
nine-month period, compared with $15.3 million a year ago. As of
September 30, 2007, PRA maintained cash and cash equivalents of
$38.4 million and no debt. The Company does not intend to hold a
quarterly investor conference call. Cautionary Note Regarding
Forward-Looking Statements This news release contains
forward-looking statements that are subject to risks and
uncertainties relating to PRA International's future financial and
business performance, as well as any other predictive statements
that depend on future events or conditions, or that include words
such as "expect," "anticipate," "intend," "plan," "believe,"
"seek," "may," "will," "estimate" or similar expressions of
futurity. You should not place undue reliance on any
forward-looking statements, which represent the company's
statements only as of the date of this news release and are not
intended to give any assurance as to actual future events. Factors
that might cause future events to differ include: successful
focusing of our sales efforts and ability to expand our customer
base; successful implementation of our streamlined management
structure and realignment of the company; the ongoing need for
early and late phase drug development services; project
cancellations and timing issues; our ability to attract and retain
qualified personnel; our ability to continue providing our services
effectively, including the quality or accuracy of the data or
reports provided and our ability to meet agreed-upon schedules; the
ability and willingness of our clients to continue to spend on
research and development at rates comparable to or greater than
historical levels; trends or events affecting the CRO industry and
the demand for CRO services; government regulation, including
regulatory standards applicable to CRO services; evolving industry
standards and technological changes; general business and economic
conditions; and risks related to the proposed acquisition of the
Company by affiliates of Genstar. Events relating to PRA
International could differ materially from those anticipated in
these forward-looking statements. Although these statements are
based upon assumptions company management believes to be reasonable
based upon available information, they are subject to the foregoing
risks and uncertainties as well as those described more fully in
the "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" sections of our
annual report on Form 10-K. This document can be accessed in the
SEC's EDGAR database found at http://www.sec.gov/. Please note that
PRA International assumes no obligation to update any of the
forward-looking statements in this release, except as required by
applicable securities laws. About PRA International PRA
International is one of the world's leading global clinical
development organizations, with over 2,900 employees working from
offices in North America, Europe, South America, Africa, Australia,
and Asia. PRA delivers services to its clients through a unique
approach called Project Assurance(R), which represents the
Company's commitment to reliable service delivery, program-level
therapeutic expertise, easy global access to knowledge and involved
senior management. To learn more about PRA International, please
visit http://www.prainternational.com/ or call our World
Headquarters at +1 (703) 464-6300. -FINANCIAL TABLES FOLLOW- PRA
International Consolidated Income Statements Three Months and Nine
Months Ended September 30, 2007 and 2006 (Dollars, in thousands,
except share and per share data) (unaudited) Three Months Ended
Nine Months Ended Sept 30, Sept 30, Sept 30, Sept 30, 2007 2006
2007 2006 Service revenue 96,657 81,504 271,883 220,797
Reimbursement revenue 10,778 8,120 35,272 24,829 Total revenue
107,435 89,624 307,155 245,626 Direct costs 53,690 40,988 150,223
112,729 Reimbursable out of pocket costs 10,778 8,120 35,272 24,829
Selling, general & admin 29,480 25,833 95,847 72,705
Depreciation and amortization 3,918 3,697 11,492 8,774 Income from
operations 9,569 10,986 14,321 26,589 Interest income (expense),
net 116 (264) 8 473 Other income (expense), net (179) (65) (572)
(519) Income before tax 9,506 10,657 13,757 26,543 Provision for
income taxes 2,996 2,474 3,546 5,419 Net income 6,510 8,183 10,211
21,124 Earnings per share Basic 0.26 0.34 0.42 0.91 Diluted 0.26
0.33 0.40 0.86 Number of shares Basic 24,691 23,754 24,296 23,294
Diluted 25,454 24,938 25,312 24,557 Reconciliation of adjusted
income from operations Income from operations 9,569 10,986 14,321
26,589 Restructuring charge 403 - 8,015 - Amortization of
Intangibles 624 - 2,007 - Adjusted income from operations(1) 10,596
10,986 24,343 26,589 Reconciliation of adjusted net income Net
income 6,510 8,183 10,211 21,124 Restructuring charge(2) 290 -
5,771 - Amortization of Intangibles(2) 449 - 1,445 - Adjusted net
income(1) 7,249 8,183 17,427 21,124 Adjusted net income per
share(1) Basic 0.29 0.34 0.71 0.91 Diluted 0.28 0.33 0.69 0.86 (1)
Amounts shown herein as "adjusted income from operations,"
"adjusted net income," and "adjusted earnings per share" exclude
the effects of the one time charge for the office closures at
Eatontown, NJ and Ottawa, Canada and the amortization of
intangibles from the PBR acquisition. Each of the "adjusted income
from operations," "adjusted net income," and "adjusted earnings per
share" (i) are measures of our performance that are not required
by, or presented in accordance with GAAP; (ii) should not be
considered as alternatives to net income or any other performance
measures derived in accordance with GAAP and (iii) should not be
considered in isolation or as a substitute for analysis of our GAAP
results. (2) The three months ended September 30, 2007 amounts are
net of a 28% projected annual tax rate for fiscal year 2007. PRA
International Summary Balance Sheet Data (Dollars, in thousands)
(unaudited) Sept 30, June 30, Sept 30, 2007 2007 2006 Cash and
marketable securities 38,401 38,134 20,514 Accounts receivable, net
75,920 71,675 61,504 Unbilled 42,080 35,665 50,085 Advanced
billings 111,959 107,800 87,212 Working capital (deficit) 8,591
(3,441) (3,779) Total assets 477,113 458,933 418,351 Equity 285,896
266,447 235,529 DATASOURCE: PRA International CONTACT:
investors-analysts, Linda Baddour, Executive Vice President &
CFO of PRA International, +1-703-464-6300; or Kathy Waller of
Financial Relations Board, +1-312-640-6696, for PRA International
Web site: http://www.prainternational.com/
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