Full Press Release Details
Reports First Quarter 2013 Revenue of $317 Million, up 26% year on year
and non-GAAP EPS of 36c.
- First Quarter Fiscal 2013.
1 net revenue increased 26% year on year to $317 million.
from operations, excluding restructuring and other items, was $27.4
million or 8.7% of revenue.
per share, excluding restructuring and other items, was 36 cents.
Business wins were $481 million, representing a gross book to bill of
1.52, Net business wins were $422 million, representing a net book to
DUBLIN--(BUSINESS WIRE)--April 25, 2013--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 first quarter ended March
For the first quarter, net revenues grew 26% year on year to $316.8
million from $252.3 million in Q1 2012.
Income from operations, excluding restructuring and other items, was
$27.4 million or 8.7% of revenue, compared to $11.7 million or 4.7% for
the same quarter last year. Net income, excluding restructuring and
other items, was $22.2 million or 36 cents per share on a diluted basis,
compared with $8.9 million or 15 cents per share last year.
Days sales outstanding, comprising accounts receivable and unbilled
revenue less payments on account, were 33 days at March 31, 2013,
compared with 40 days at the end of December 2012.
For the quarter ended March 31, 2013, cash generated from operating
activities was $69.4 million and capital expenditure was $9.4 million.
The company's net cash amounted to $201 million at March 31, 2013,
compared to net cash of $190 million at December 31, 2012.
During the quarter the company recorded a charge of $4.4 million in
relation to restructuring costs and other items. US GAAP income from
operations after these items amounted to $23 million or 7.3% of revenue.
US GAAP net income for the quarter was $19 million or 31 cents per share.
CEO Ciaran Murray commented, "Q1 represents an encouraging start to
2013. Revenue increased year on year by 26%, and we continued to make
progress in expanding our operating margins, reaching 8.7% in the
quarter. We reported net new business of $422 million, a book to
bill of 1.3, giving us a solid foundation upon which to build during the
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 first quarter conference call today, April 25, 2013
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.
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 reports filed with
the US Securities and Exchange Commission 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
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 79 locations in 37 countries and has
approximately 10,200 employees. Further information is available at www.iconplc.com.
Consolidated Income Statements (Unaudited)
(Before restructuring and other items)
Three Months ended March 31, 2013 and March 31, 2012
(Dollars, in thousands, except share and per share data)
| Three Months Ended | |||||||||||||||||||||||||||||||||||
| March 31, | March 31, | ||||||||||||||||||||||||||||||||||
| 2013 | 2012 | ||||||||||||||||||||||||||||||||||
| Gross Revenue | 419,059 | 343,055 | |||||||||||||||||||||||||||||||||
| Reimbursable expenses | 102,270 | 90,722 | |||||||||||||||||||||||||||||||||
| Net Revenue | 316,789 | 252,333 | |||||||||||||||||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||||||||||||||
| Direct costs | 202,361 | 162,284 | |||||||||||||||||||||||||||||||||
| Selling, general and administrative | 75,564 | 67,515 | |||||||||||||||||||||||||||||||||
| Depreciation and amortization | 11,456 | 10,802 | |||||||||||||||||||||||||||||||||
| Total costs and expenses | 289,381 | 240,601 | |||||||||||||||||||||||||||||||||
| Income from operations | 27,408 | 11,732 | |||||||||||||||||||||||||||||||||
| Net interest expense | (185) | (35) | |||||||||||||||||||||||||||||||||
| Income before provision for income taxes | 27,223 | 11,697 | |||||||||||||||||||||||||||||||||
| Provision for income taxes | (5,021) | (2,726) | |||||||||||||||||||||||||||||||||
| Net income | 22,202 | 8,971 | |||||||||||||||||||||||||||||||||
| Net income per ordinary share | |||||||||||||||||||||||||||||||||||
| Basic | $0.37 | $0.15 | |||||||||||||||||||||||||||||||||
| Diluted | $0.36 | $0.15 | |||||||||||||||||||||||||||||||||
| Weighted average number of ordinary shares | |||||||||||||||||||||||||||||||||||
| Basic | 60,404,242 | 60,086,104 | |||||||||||||||||||||||||||||||||
| Diluted | 61,323,594 | 60,708,469 |
Consolidated Income Statements (Unaudited)
Three Months ended March 31, 2013 and March 31, 2012
(Dollars, in thousands, except share and per share data)
| Three Months Ended | |||||||||||||||||||||||||||||||||||
| March 31, | March 31, | ||||||||||||||||||||||||||||||||||
| 2013 | 2012 | ||||||||||||||||||||||||||||||||||
| Gross Revenue | 419,059 | 343,055 | |||||||||||||||||||||||||||||||||
| Reimbursable expenses | 102,270 | 90,722 | |||||||||||||||||||||||||||||||||
| Net Revenue | 316,789 | 252,333 | |||||||||||||||||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||||||||||||||
| Direct costs | 202,361 | 162,284 | |||||||||||||||||||||||||||||||||
| Selling, general and administrative | 75,564 | 67,515 | |||||||||||||||||||||||||||||||||
| Depreciation and amortization | 11,456 | 10,802 | |||||||||||||||||||||||||||||||||
| Restructuring and other items | 4,412 | - | |||||||||||||||||||||||||||||||||
| Total costs and expenses | 293,793 | 240,601 | |||||||||||||||||||||||||||||||||
| Income from operations | 22,996 | 11,732 | |||||||||||||||||||||||||||||||||
| Net interest expense | (185) | (35) | |||||||||||||||||||||||||||||||||
| Income before provision for income taxes | 22,811 | 11,697 | |||||||||||||||||||||||||||||||||
| Provision for income taxes | (3,766) | (2,726) | |||||||||||||||||||||||||||||||||
| Net income | 19,045 | 8,971 | |||||||||||||||||||||||||||||||||
| Net income per ordinary share | |||||||||||||||||||||||||||||||||||
| Basic | $0.32 | $0.15 | |||||||||||||||||||||||||||||||||
| Diluted | $0.31 | $0.15 | |||||||||||||||||||||||||||||||||
| Weighted average number of ordinary shares | |||||||||||||||||||||||||||||||||||
| Basic | 60,404,242 | 60,086,104 | |||||||||||||||||||||||||||||||||
| Diluted | 61,323,594 | 60,708,469 |
Summary Balance Sheet Data
March 31, 2013 and December 31, 2012
(Dollars, in thousands)
| March 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Unaudited) | (Audited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net cash | 200,506 | 190,230 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts receivable | 261,062 | 285,419 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unbilled revenue | 115,431 | 112,483 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payments on account | (221,720) | (219,467) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | 154,773 | 178,435 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Working Capital | 228,340 | 250,326 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Assets | 1,231,220 | 1,202,108 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholder's Equity | 767,932 | 754,575 |
Investor Relations 1-888-381-7923
Brennan, Chief Financial Officer
Holmes EVP Investor Relations and Corporate Development