Full Press Release Details
Reports Q3 Revenue of $286 Million, EPS of 29c and Net New Business of
$450 Million. (NASDAQ: ICLR) (ISIN:IE0005711209)
- Third Quarter Fiscal 2012
revenue of $286 million, a 19% increase year on year.
from operations of $20.9 million or 7.3% of net revenue.
29 cents on net income of $17.7 million.
business wins of $496 million, a gross book to bill of 1.7. Net
business wins of $450 million, a net book to bill of 1.6.
increased 19% year on year to $2.7 billion.
plans to proceed with a full listing on NASDAQ, replacing its current
NASDAQ ADR programme and to withdraw from the Irish Stock Exchange.
DUBLIN--(BUSINESS WIRE)--November 1, 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 third quarter
ended September 30, 2012.
Net revenues for the quarter grew 19% to $286 million compared to $241
million in the same quarter last year.
Income from operations, before restructuring and other non-recurring
charges, for the quarter was $20.9 million or 7.3% of net revenue,
compared with $1.1 million or 0.5% of net revenue for the same period
last year. Net income before restructuring and other non-recurring
charges was $17.7 million or 29 cents per share compared to $1.5 million
or 2 cents per share in Q3 2011.
US GAAP income from operations for the quarter was $20.9 million or 7.3%
of net revenue, compared with US GAAP losses from operations of $3.7
million or 1.5% of net revenue in the same period last year. US GAAP net
income for the quarter was $17.7 million or 29 cents per share compared
to a loss of $2.7 million or 4 cents per share last year.
Year-to-date net revenues were $815 million representing a 16% increase
over the same period last year.
Year to date income from operations, before restructuring and other
non-recurring charges recorded in the second quarter, was $49.3 million
or 6.0% of net revenue compared to $32.6 million or 4.6% of net revenue
in the same period last year. Net income year to date, excluding
restructuring and other non-recurring charges recorded in the second
quarter, was $39.6 million or 66 cents per share. In the same period
last year, net income year to date, before restructuring and other
non-recurring charges was $27.4 million or 45 cents per share.
Year to date US GAAP income from operations was $43.6 million or 5.3% of
net revenue, compared to $22.8 million or 3.2% of net revenue for the
same period last year. US GAAP net income year to date was $34.7 million
or 57 cents per share compared to $18.8 million or 31 cents per share
Days sales outstanding, comprising accounts receivable and unbilled
revenue less payments on account, were 38 days at September 30, 2012,
compared to 52 days at September 30, 2011.
For the quarter ended September 30, 2012, cash generated from operating
activities was $29.3 million and capital expenditure was $6.6 million.
Cash paid in respect of acquisitions was $17.4 million for the quarter.
The company's net cash amounted to $180 million at September 30, 2012
compared with net cash of $168 million at June 30, 2012.
In our Annual Report for 2011 it was noted that ICON has been
considering the structure of its share listings due to its international
operations and profile. ICON now plans, subject to finalising the
necessary details and arrangements, to proceed with a full listing of
shares on NASDAQ and terminate the current NASDAQ ADR programme. It is
the company's view that this change will provide benefits to
shareholders, including removing some barriers to ownerships and also
the potential for further index inclusion for the stock. As a result of
this change, ICON believes the Irish Stock Exchange listing will no
longer be necessary and accordingly it is the company's plan to withdraw
from the Irish Stock Exchange. Once the necessary details and
arrangements are finalised, we will announce a date for a shareholder
meeting to vote on the resolutions required to implement these listing
CEO Ciaran Murray commented, "I am happy with our progress so far in
2012. We have recorded $1.5bn of gross bookings in the first three
quarters of the year, produced 16% growth in revenue year to date and
our margin recovery continues to go to plan. We continue to strive to be
the CRO partner of choice for the biopharma industry and to
differentiate our company through our people, industry leading
innovation and expanding value added service offerings."
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 third quarter conference call today, November 1, 2012
at 9:00 EST [13:00 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 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