Full Press Release Details
Reports First Quarter 2014
- First Quarter Fiscal 2014.
1 net revenue increased 10% year on year to $350 million.
from operations was $43.0 million or 12.3% of revenue.
per share were 57 cents.
Business wins were $494 million, representing a gross book to bill of
1.41, Net business wins were $427 million, representing a net book to
Guidance updated: Revenue in the range of $1,480 million - $1,540
million and EPS in the range of $2.30 - $2.40.
DUBLIN--(BUSINESS WIRE)--April 30, 2014--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 31,
For the first quarter, net revenue grew 10% year on year to $349.6
million from $316.8 million in Q1 2013.
Income from operations, excluding restructuring and other items, was
$43.0 million or 12.3% of revenue, compared to $27.4 million or 8.7% for
the same quarter last year.
Net income, excluding restructuring and other items, was $36.2 million
or 57 cents per share on a diluted basis, compared with $22.2 million or
36 cents per share for the same quarter last year.
Guidance for the full year 2014 has been updated with revenue expected
to be in the range of $1.48 billion - $1.54 billion and EPS guidance in
the range of $2.30 - $2.40.
Days sales outstanding, comprising accounts receivable and unbilled
revenue less payments on account, were 35 days at March 31, 2014,
compared with 32 days at the end of December 2013.
For the quarter ended March 31, 2014, cash generated from operating
activities was $38.7 million and capital expenditure was $6.2 million.
The company's net cash amounted to $364 million at March 31, 2014,
compared to net cash of $321 million at December 31, 2013.
CEO Ciaran Murray commented, "We have made an encouraging start to
2014. Revenue for Q1 increased 10% year on year and we continue to make
good progress in expanding our operating margins which reached 12.3% in
the quarter. The $427 million in net new business that we
reported represents a book to bill of 1.22 and gives us a solid
foundation upon which to build during the remainder of 2014. In addition
in the quarter we have agreed to acquire Aptiv Solutions, a leader in
the design and execution of adaptive and medical device trials. As a
consequence of this acquisition and our continuing margin progression we
are updating our full year 2014 guidance to revenue in the range of
$1,480 - $1,540 and EPS in the range of $2.30 - $2.40."
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 30, 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 76 locations in 37 countries and has
approximately 10,300 employees. Further information is available at www.iconplc.com.
| ICON plc | ||||||||
| Consolidated Income Statements (Unaudited) | ||||||||
| (Before restructuring and other items) | ||||||||
| Three Months ended March 31, 2014 and March 31, 2013 | ||||||||
| (Dollars, in thousands, except share and per share data) | ||||||||
| Three Months Ended | ||||||||
| March 31, | March 31, | |||||||
| 2014 | 2013 | |||||||
| Gross Revenue | 476,544 | 419,059 | ||||||
| Reimbursable expenses | 126,910 | 102,270 | ||||||
| Net Revenue | 349,634 | 316,789 | ||||||
| Costs and expenses | ||||||||
| Direct Costs | 216,140 | 202,361 | ||||||
| Selling, general and administrative | 78,948 | 75,564 | ||||||
| Depreciation and amortisation | 11,548 | 11,456 | ||||||
| Total costs and expenses | 306,636 | 289,381 | ||||||
| Income from operations | 42,998 | 27,408 | ||||||
| Net interest income / (expense) | 91 | (185 | ) | |||||
| Income before provision for income taxes | 43,089 | 27,223 | ||||||
| Provision for income taxes | (6,894 | ) | (5,021 | ) | ||||
| Net Income | 36,195 | 22,202 | ||||||
| Net income per ordinary share | ||||||||
| Basic | $ | 0.59 | $ | 0.37 | ||||
| Diluted | $ | 0.57 | $ | 0.36 | ||||
| Weighted average number of ordinary shares | ||||||||
| Basic | 61,776,643 | 60,404,242 | ||||||
| Diluted | 63,225,797 | 61,323,594 |
| ICON plc | ||||||||
| Consolidated Income Statements (Unaudited) | ||||||||
| (US GAAP) | ||||||||
| Three Months ended March 31, 2014 and March 31, 2013 | ||||||||
| (Dollars, in thousands, except share and per share data) | ||||||||
| Three Months Ended | ||||||||
| March 31, | March 31, | |||||||
| 2014 | 2013 | |||||||
| Gross Revenue | 476,544 | 419,059 | ||||||
| Reimbursable expenses | 126,910 | 102,270 | ||||||
| Net Revenue | 349,634 | 316,789 | ||||||
| Costs and expenses | ||||||||
| Direct costs | 216,140 | 202,361 | ||||||
| Selling, general and administrative | 78,948 | 75,564 | ||||||
| Depreciation and amortization | 11,548 | 11,456 | ||||||
| Restructuring and other items | - | 4,412 | ||||||
| Total costs and expenses | 306,636 | 293,793 | ||||||
| Income from operations | 42,998 | 22,996 | ||||||
| Net interest expense | 91 | (185 | ) | |||||
| Income before provision for income taxes | 43,089 | 22,811 | ||||||
| Provision for income taxes | (6,894 | ) | (3,766 | ) | ||||
| Net income | 36,195 | 19,045 | ||||||
| Net income per ordinary share | ||||||||
| Basic | $ | 0.59 | $ | 0.32 | ||||
| Diluted | $ | 0.57 | $ | 0.31 | ||||
| Weighted average number of ordinary shares | ||||||||
| Basic | 61,776,643 | 60,404,242 | ||||||
| Diluted | 63,225,797 | 61,323,594 |
| ICON plc | ||||||
| Summary Balance Sheet Data | ||||||
| March 31, 2014 and December 31, 2013 | ||||||
| (Dollars, in thousands) | ||||||
| March 31, | December 31, | |||||
| 2014 | 2013 | |||||
| (Unaudited) | (Audited) | |||||
| Net cash | 363,521 | 320,836 | ||||
| Accounts receivable | 337,600 | 342,581 | ||||
| Unbilled revenue | 116,653 | 113,239 | ||||
| Payments on account | (269,771 | ) | (297,347 | ) | ||
| Total | 184,482 | 158,473 | ||||
| Working Capital | 405,923 | 352,259 | ||||
| Total Assets | 1,484,541 | 1,442,460 | ||||
| Shareholder's Equity | 960,785 | 910,579 |
Investor Relations, 1-888-381-7923
Brennan, +353-1-291-2000
Simon Holmes, +3531-291-2000
IR & Corporate Development