Full Press Release Details
reports fourth quarter 2011 revenue of $243m, up 5% year on year, and
EPS of $0.07. Backlog increases 19%. (NASDAQ:ICLR) (ISIN:IE0005711209)
- Fourth Quarter and Full year ended December 31 2011.
revenues increased 5% year on year to $243 million. FY 2011 net revenue
increased 5% to $946 million.
operating income was 3% or $6.6 million. FY 2011 operating income before
non recurring charges was 4% or $39 million.
Q4 was $0.07. Diluted 2011 EPS before non-recurring charges was $0.52.
business awards were $308 million, a book-to-bill of 1.3, 2011 net new
business awards were $1.3 billion, a book-to-bill of 1.4.
Guidance for 2012 is for revenue in the range of $1.07 - $1.11 billion,
and EPS in the range of $0.90 to $1.10
Brennan appointed Chief Financial Officer.
DUBLIN--(BUSINESS WIRE)--February 16, 2012--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, 2011.
For the fourth quarter net revenues grew 5% year on year to $242.6
million and operating income was $6.6 million representing 3% of
revenue, compared to $22 million or 9% for the same quarter last year.
Net income was $4.1 million compared with $22.1 million last year or
$0.07 per share compared to $0.36 in the same quarter last year.
For the full year revenue grew 5.1% to $946 million and operating income
before non-recurring charges was $39.3 million representing 4.2% of
revenue compared to $92 million or 10.2% in 2010. On a US GAAP basis
income from operations was $29.4 million or 3.1% compared with $92
million in the prior year.
Net income before non-recurring charges was $31.5 million, a net margin
of 3.3%, compared to $87.1 million last year and 9.7% of revenue. EPS
before non-recurring charges for 2011 was $0.52 per share compared with
$1.44 in 2010. On a US GAAP basis net income was $22.8 million, a net
margin of 2.4%, compared to $87.1 million last year and 9.7% of revenue.
EPS on a GAAP basis for 2011 was $0.37 per share compared with $1.44 in
Days sales outstanding, comprising accounts receivable and unbilled
revenue less payments on account was 47 days at December 31, 2011
compared with 52 days at the September 30, 2011 and 37 days at December
For the quarter ended December 31, 2011 cash provided by operating
activities was $37.8 million and capital expenditure was $10.7 million.
For the full year 2011 cash flow from operating activities was $20.2
million and capital expenditure was $35.3 million. In addition $61.5
million was invested on acquisitions and $9 million was expended on a
stock repurchase programme. As a result the company's net cash amounted
to $174 million at December 31, 2011 compared to $256 million of net
cash at December 31, 2010.
Commenting on the results, Chief Executive Officer, Ciaran Murray, said
"I am encouraged with our performance in the quarter. Net new business
awards were $308m, representing a book to bill of 1.3. This resulted in
a year-end backlog of $2.3 billion up 19% on December 2010." He
continued "Earnings in the quarter increased to $0.07. With this level
of backlog growth and continuing success in developing our strategic
partnerships, we expect revenue to grow steadily through the remainder
of 2012 and be in the range of $1.07 - $1.11 billion. As a result of
this revenue growth and of improved leverage from our cost base we
expect EPS in the range of $0.90 to $1.10."
ICON today also announced the appointment of Mr. Brendan Brennan as
Chief Financial Officer. Mr. Brennan has served as acting Chief
Financial Officer since October 2011. Prior to this appointment he
served as ICON's Senior Vice President of Corporate Finance and he has
been a senior member of the ICON finance team since January 2006. Prior
to joining ICON, Mr. Brennan held a senior corporate finance position in
CRH plc, a major international building materials group. Mr Brennan
qualified as a chartered accountant with PricewaterhouseCoopers and
obtained a Bachelor's degree in Accounting and Finance from Dublin City
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
16, 2012 at 9:00 EST [14:00 Ireland & UK]. This call and associated
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 81 locations in 40 countries and has
approximately 8,500 employees. Further information is available at www.iconplc.com.
| ICON plc | |||||||||
| Consolidated Income Statements (Before nonrecurring items) | |||||||||
| Three and Twelve Months ended December 31, 2011 and December 31, 2010 | |||||||||
| (Dollars, in thousands, except share and per share data) | |||||||||
| Three Months Ended | Twelve Months Ended | ||||||||
| December 31, | December 31, | December 31, | December 31, | ||||||
| 2011 | 2010 | 2011 | 2010 | ||||||
| Gross Revenue | 337,934 | 317,279 | 1,296,509 | 1,263,147 | |||||
| Reimbursable expenses | 95,319 | 85,193 | 350,780 | 363,103 | |||||
| Net Revenue | 242,615 | 232,086 | 945,729 | 900,044 | |||||
| Costs and expenses | |||||||||
| Direct costs | 158,244 | 139,741 | 611,923 | 541,388 | |||||
| Selling, general and administrative | 67,008 | 61,463 | 255,864 | 232,688 | |||||
| Depreciation and amortization | 10,713 | 8,868 | 38,682 | 33,873 | |||||
| Total costs and expenses | 235,965 | 210,072 | 906,469 | 807,949 | |||||
| Income from operations | 6,650 | 22,014 | 39,260 | 92,095 | |||||
| Interest (expense)/income | (751) | 484 | (448) | 629 | |||||
| Income before provision for income taxes | 5,899 | 22,498 | 38,812 | 92,724 | |||||
| Provision for income taxes | (1,786) | (398) | (7,347) | (5,653) | |||||
| Net income | 4,113 | 22,100 | 31,465 | 87,071 | |||||
| Net income per ordinary share | |||||||||
| Basic | $0.07 | $0.37 | $0.52 | $1.46 | |||||
| Diluted | $0.07 | $0.36 | $0.52 | $1.44 | |||||
| Weighted average number of ordinary shares | |||||||||
| Basic | 60,371,190 | 60,145,383 | 60,379,338 | 59,718,934 | |||||
| Diluted | 60,759,588 | 60,817,130 | 61,070,686 | 60,637,103 |
| ICON plc | |||||||||||
| Consolidated Income Statements (US GAAP) | |||||||||||
| Three and Twelve Months ended December 31, 2011 and December 31, 2010 | |||||||||||
| (Dollars, in thousands, except share and per share data) | |||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||
| December 31, | December 31, | December 31, | December 31, | ||||||||
| 2011 | 2010 | 2011 | 2010 | ||||||||
| Gross Revenue | 337,934 | 317,279 | 1,296,509 | 1,263,147 | |||||||
| Reimbursable expenses | 95,319 | 85,193 | 350,780 | 363,103 | |||||||
| Net Revenue | 242,615 | 232,086 | 945,729 | 900,044 | |||||||
| Costs and expenses | |||||||||||
| Direct costs | 158,244 | 139,741 | 611,923 | 541,388 | |||||||
| Selling, general and administrative | 67,008 | 61,463 | 255,864 | 232,688 | |||||||
| Depreciation and amortization | 10,713 | 8,868 | 38,682 | 33,873 | |||||||
| Nonrecurring charges | - | - | 9,817 | - | |||||||
| Total costs and expenses | 235,965 | 210,072 | 916,286 | 807,949 | |||||||
| Income from operations | 6,650 | 22,014 | 29,443 | 92,095 | |||||||
| Interest income/(expense) | (751) | 484 | (448) | 629 | |||||||
| Income before provision for income taxes | 5,899 | 22,498 | 28,995 | 92,724 | |||||||
| Provision for income taxes | (1,786) | (398) | (6,115) | (5,653) | |||||||
| Net income | 4,113 | 22,100 | 22,880 | 87,071 | |||||||
| Net income per ordinary share | |||||||||||
| Basic | $0.07 | $0.37 | $0.38 | $1.46 | |||||||
| Diluted | $0.07 | $0.36 | $0.37 | $1.44 | |||||||
| Weighted average number of ordinary shares | |||||||||||
| Basic | 60,371,190 | 60,145,383 | 60,379,338 | 59,718,934 | |||||||
| Diluted | 60,759,588 | 60,817,130 | 61,070,686 | 60,637,103 |
| ICON plc | ||||||||||
| Summary Balance Sheet Data | ||||||||||
| December 31, 2011 and December 31, 2010 | ||||||||||
| (Dollars, in thousands) | ||||||||||
| December 31, | December 31, | |||||||||
| 2011 | 2010 | |||||||||
| (Unaudited) | (Unaudited) | |||||||||
| Cash and short-term investments | 174,177 | 255,706 | ||||||||
| Debt | - | - | ||||||||
| Net cash | 174,117 | 255,706 | ||||||||
| Accounts receivable | 201,338 | 164,907 | ||||||||
| Unbilled revenue | 126,850 | 101,431 | ||||||||
| Payments on account | (150,792) | (134,240) | ||||||||
| Total | 177,396 | 132,098 | ||||||||
| Working Capital | 253,514 | 330,333 | ||||||||
| Total assets | 1,035,467 | 949,538 | ||||||||
| Shareholders' equity | 681,544 | 669,999 |
Brennan Chief Financial Officer
Farthing VP Investor Relations