ICON reports Full-Year 2008 revenue growth of 37% operating income growth of 44% and EPS growth of 38% (NASDAQ:ICLR) (ISIN:IE0005711209) Highlights - Full Year Fiscal 2008 and Fourth Quarter Full year net revenues increa

reports Full-Year 2008 revenue growth of 37% operating income growth of

44% and EPS growth of 38% (NASDAQ:ICLR) (ISIN:IE0005711209)

- Full Year Fiscal 2008 and Fourth Quarter

year net revenues increased 37% to $865 million.

quarter net revenues increased 22% over the comparative quarter, to

year operating income increased by 44% to $99.5 million. Income from

operations for the 4th

quarter increased by 34% to $26.5 million.

year diluted earnings per share increased to $1.30, a 38% increase

earnings per share, increased by 35% for the fourth quarter to 35

year net business awards totalled $1.3 billion, a 28% increase on last

quarter net business awards were $261 million, a book to bill of 1.2.

DUBLIN, Ireland--(BUSINESS WIRE)--February 23, 2009--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 fourth quarter

ended December 31, 2008.

Full year, net revenues were $865 million, representing a 37.2% increase

over last year. Income from operations, after taking non-cash stock

compensation charge of $6.1 million, was $99.5 million or 11.5% of

revenue, compared to $69.2 million or 11.0% last year. Net income was

$78.1 million or $1.30 per share, compared with $56.0 million or $0.94

per share, last year.

Net revenues for the quarter were $220.1 million, representing a 21.8%

increase over net revenues of $180.7 million for the same quarter last

year. Income from operations, after taking non-cash stock compensation

charge of $1.6 million, was $26.5 million or 12.0% of revenue, compared

to $19.8 million or 11.0% for the same quarter last year. Net income was

$21.0 million or 35 cents per share on a diluted basis, compared with

$15.9 million or 26 cents per share last year.

Days sales outstanding, comprising accounts receivable and unbilled

revenue less payments on account, were 69 days at December 31, 2008, on

a like for like basis compared to 66 days at December 31, 2007.

For the quarter ended December 31, 2008, cash used in operating

activities was $4.8 million and capital expenditure was $14.3 million.

Full year 2008 cash flow from operating activities was $81.3 million and

capital expenditure was $67.9 million. In addition, Healthcare

Discoveries was acquired in February 2008 for consideration of $11.8

million and Prevalere Life Sciences was acquired in November for a

consideration of $37.6 million. As a result, net debt amounted to $4.3

million at December 31, 2008, compared to $23.8 million of net cash at

"2008 has been another outstanding year for ICON," commented Chairman

Dr. John Climax. "With year on year revenue growth of 37% and operating

income growth of 44%, 2008 represents the second consecutive year of

such exceptional performance."

Commenting on the quarter, CEO Peter Gray said "We are very satisfied

with our performance in quarter four. Revenues were up 22%, margins held

strong at 12% and EPS was up 35%. With our backlog at $1.74bn we have

entered 2009 in a good position, although the difficult economic climate

has put some customers under pressure and has created a degree of

uncertainty. We remain positive, though cautious, as 2009 commences."

The company will hold its fourth quarter conference call today, February

23, 2009 at 9:00 EST [14:00 Ireland & UK]. This call and linked 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.

The financial information presented herein has been prepared in

accordance with U.S. GAAP.

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 71 locations in 38 countries and has

approximately 7,000 employees. Further information is available at www.iconplc.com.

Investor Relations 1-888-381-7923