Full Press Release Details
Reports Fourth Quarter 2012 Revenue of $300 Million, up 24% year on
year, EPS of 34c and Full Year revenue of $1.12 billion, EPS of $1.00.
- Fourth Quarter and Full year ended December 31 2012.
4 net revenue increased 24% year on year to $300 million. Full Year
2012 net revenue increased 18% to $1.12 billion.
4 operating income was $24.4 million or 8.1% of revenue. Full Year
2012 operating income before non- recurring charges was $73.7 million
per share for Quarter 4 were $0.34. EPS for the full year 2012 before
non-recurring charges was $1.00.
4 net business awards were $378 million, a book to bill of 1.26. Full
Year net new business awards were $1.6 billion, a book to bill of 1.4.
increased 20% year on year to $2.8 billion.
increased to reflect the acquisition of the clinical trial service
division of Cross Country Healthcare, Inc. to revenue in the range of
$1,258 - $1,292 million and EPS in the range of $1.44 - $1.60.
DUBLIN--(BUSINESS WIRE)--February 19, 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 full year and fourth
quarter ended December 31, 2012.
For the fourth quarter net revenue grew 24% year on year to $300
million. Operating income was $24.4 million compared to $6.6 million in
the same quarter last year. Operating margin was 8.1% of revenue,
compared to 2.7% of revenue for the same quarter last year.
Net income was $20.7 million compared with $4.1 million last year or
$0.34 per share compared to $0.07 in the same quarter last year.
For the full year revenue grew 18% to $1.12 billion. Operating income
before restructuring and other items was $73.7 million compared to $39.3
million last year. Operating margin for the full year 2012 was 6.6% of
revenue compared with 4.2% of revenue in 2011.
On a US GAAP basis, income from operations was $68.0 million or 6.1%
compared with $29.4 million or 3.1% in the prior year.
For the full year net income before restructuring and other items was
$60.4 million, compared to $31.5 million last year and net margin was
5.4% of revenue, compared with 3.3% in 2011.
EPS before restructuring and other items for 2012 was $1.00 per share
compared with $0.52 in 2011.
On a US GAAP basis net income was $55.4 million, compared to $22.8
million last year. Net margin for the full year 2012 was 5.0% of
revenue, up from 2.4% in 2011. EPS on a US GAAP basis for 2012 was $0.92
per share compared with $0.37 in 2011.
Days sales outstanding, comprising accounts receivable and unbilled
revenue less payments on account were 40 days at December 31, 2012
compared with 47 days at December 31, 2011.
For the quarter ended December 31, 2012, cash provided by operating
activities was $12.0 million and capital expenditure was $8.4 million.
For the full year 2012 cash flow from operating activities was $113.4
million and capital expenditure was $30.8 million. In addition $69.9
million was invested on acquisitions and $15.8 million was expended on a
stock repurchase programme. As a result the company's net cash amounted
to $190 million at December 31, 2012 compared to $174 million of net
cash at December 31, 2011.
On the 15th of February we completed the acquisition of the
clinical trial service division of Cross Country Healthcare, Inc. This
will be combined with our DOCS group to create a global leader in
resourcing. Consequently we have increased our full year guidance to
revenue in the range of $1,258- $1,292 and EPS in the range of $1.44 -
CEO Ciaran Murray commented, "In 2012 we saw the validation of our
investment strategy as we won a record $1.6 billion of new business and
reported milestone revenue of $1.12 billion and EPS of $1.00. Backlog
grew 20% to $2.8 billion, which along with continuing investment in
capabilities, talent and innovation in drug development, provides a
solid foundation for further growth in 2013."
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 fourth quarter conference call today, February 19,
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 10,045 employees. Further information is available at www.iconplc.com.
| ICON plc | ||||||||
| Consolidated Income Statements (Unaudited) | ||||||||
| (Before restructuring and other items) | ||||||||
| Three and Twelve Months ended December 31, 2012 and December 31, 2011 | ||||||||
| (Dollars, in thousands, except share and per share data) | ||||||||
| Three Months Ended | Twelve Months Ended | |||||||
| December 31, | December 31, | December 31, | December 31, | |||||
| 2012 | 2011 | 2012 | 2011 | |||||
| Gross Revenue | 406,353 | 337,934 | 1,503,993 | 1,296,509 | ||||
| Reimbursable expenses | 106,189 | 95,319 | 388,987 | 350,780 | ||||
| Net Revenue | 300,164 | 242,615 | 1,115,006 | 945,729 | ||||
| Costs and expenses | ||||||||
| Direct costs | 192,007 | 158,244 | 717,750 | 611,923 | ||||
| Selling, general and administrative | 73,165 | 67,008 | 280,780 | 255,864 | ||||
| Depreciation and amortization | 10,590 | 10,713 | 42,823 | 38,682 | ||||
| Total costs and expenses | 275,762 | 235,965 | 1,041,353 | 906,469 | ||||
| Income from operations | 24,402 | 6,650 | 73,653 | 39,260 | ||||
| Net interest expense | (278) | (751) | (796) | (448) | ||||
| Income before provision for income taxes | 24,124 | 5,899 | 72,857 | 38,812 | ||||
| Provision for income taxes | (3,377) | (1,786) | (12,506) | (7,347) | ||||
| Net income | 20,747 | 4,113 | 60,351 | 31,465 | ||||
| Net income per ordinary share | ||||||||
| Basic | $0.35 | $0.07 | $1.00 | $0.52 | ||||
| Diluted | $0.34 | $0.07 | $1.00 | $0.52 | ||||
| Weighted average number of ordinary shares | ||||||||
| Basic | 60,053,987 | 60,371,190 | 59,968,174 | 60,379,338 | ||||
| Diluted | 60,813,483 | 60,759,588 | 60,450,706 | 61,070,686 |
| ICON plc | ||||||||
| Consolidated Income Statements (Audited) | ||||||||
| (US GAAP) | ||||||||
| Three and Twelve Months ended December 31, 2012 and December 31, 2011 | ||||||||
| (Dollars, in thousands, except share and per share data) | ||||||||
| Three Months Ended | Twelve Months Ended | |||||||
| December 31, | December 31, | December 31, | December 31, | |||||
| 2012 | 2011 | 2012 | 2011 | |||||
| Gross Revenue | 406,353 | 337,934 | 1,503,993 | 1,296,509 | ||||
| Reimbursable expenses | 106,189 | 95,319 | 388,987 | 350,780 | ||||
| Net Revenue | 300,164 | 242,615 | 1,115,006 | 945,729 | ||||
| Costs and expenses | ||||||||
| Direct costs | 192,007 | 158,244 | 717,750 | 611,923 | ||||
| Selling, general and administrative | 73,165 | 67,008 | 280,780 | 255,864 | ||||
| Depreciation and amortization | 10,590 | 10,713 | 42,823 | 38,682 | ||||
| Restructuring and other items | - | - | 5,636 | 9,817 | ||||
| Total costs and expenses | 275,762 | 235,965 | 1,046,989 | 916,286 | ||||
| Income from operations | 24,402 | 6,650 | 68,017 | 29,443 | ||||
| Net interest expense | (278) | (751) | (796) | (448) | ||||
| Income before provision for income taxes | 24,124 | 5,899 | 67,221 | 28,995 | ||||
| Provision for income taxes | (3,377) | (1,786) | (11,801) | (6,115) | ||||
| Net income | 20,747 | 4,113 | 55,420 | 22,880 | ||||
| Net income per ordinary share | ||||||||
| Basic | $0.35 | $0.07 | $0.92 | $0.38 | ||||
| Diluted | $0.34 | $0.07 | $0.92 | $0.37 | ||||
| Weighted average number of ordinary shares | ||||||||
| Basic | 60,053,987 | 60,371,190 | 59,968,174 | 60,379,338 | ||||
| Diluted | 60,813,483 | 60,759,588 | 60,450,706 | 61,070,686 |
| ICON plc | ||||
| Summary Balance Sheet Data | ||||
| December 31, 2012 and December 31, 2011 | ||||
| (Dollars, in thousands) | ||||
| December 31, | December 31, | |||
| 2012 | 2011 | |||
| (Audited) | (Audited) | |||
| Net cash | 190,230 | 174,177 | ||
| Accounts receivable | 285,419 | 201,338 | ||
| Unbilled revenue | 112,483 | 126,850 | ||
| Payments on account | (219,467) | (150,792) | ||
| Total | 178,435 | 177,396 | ||
| Working Capital | 239,791 | 253,514 | ||
| Total Assets | 1,211,330 | 1,035,467 | ||
| Shareholder's Equity | 754,575 | 681,544 |
Investor Relations 1-888-381-7923 or
Brennan Chief Financial Officer +353-1-291-2000
Investor Relations +353-1-291-2000