Full Press Release Details
Reports second quarter 2012 revenue up 19% to $277 million and non-GAAP
EPS of 21c (NASDAQ:ICLR) (ISIN:IE0005711209)
- Second Quarter Fiscal 2012
revenue of $277 million, a 19% increase year on year.
from operations, excluding restructuring and other non-recurring items,
was $16.6 million or 6% of revenue.
excluding restructuring and other non-recurring items, was 21 cents.
business wins were $477 million, representing a gross book to bill of
1.7, Net business wins were $373 million, representing a net book to
DUBLIN--(BUSINESS WIRE)--July 24, 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 second quarter
ended June 30, 2012.
Net revenue for the quarter was $277 million, an increase of 19% on the
prior year. Year to date revenue increased 15% to $529 million from $462
Income from operations, excluding restructuring and other non-recurring
items, was $16.6 million or 6.0% of revenue, compared to $15.5 million
or 6.7% for the same quarter last year. Net income, excluding
restructuring and other non-recurring items, was $12.9 million or 21
cents per share on a diluted basis, compared with $13.1 million or 21
cents per share last year.
Year to date income from operations, excluding restructuring and other
non-recurring items was $28.4 million or 5.4% of revenue, compared with
$31.5m or 6.8% of revenue in the previous year. Year to date net income,
excluding restructuring and other non-recurring items, was $21.9 million
or 36 cents per share on a diluted basis, compared with $25.9 million or
42 cents per diluted share last year.
Days sales outstanding, comprising accounts receivable and unbilled
revenue less payments on account, were 36 days at June 30, 2012,
compared with 37 days at the end of March 2012.
For the quarter ended June 30, 2011, cash generated from operating
activities was $11.5 million and capital expenditure was $9.3 million.
The company's net cash amounted to $168 million at June 30, 2012,
compared to net cash of $186 million at March 31, 2012.
Commenting on the results, Chief Executive Officer, Ciaran Murray, said
"I am pleased with our progress in Q2. We continue to book significant
levels of new business and improve our profitability."
During the quarter the company recorded a charge of $5.6 million in
relation to restructuring costs and other non-recurring items. US GAAP
income from operations after these items amounted to $11 million or 4.0%
of revenue. US GAAP net income for the quarter was $8 million or 13
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 second quarter conference call today, July 24,
2012 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.
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 82 locations in 40 countries and has
approximately 8,930 employees. Further information is available at www.iconplc.com.
| ICON plc | |||||
| Consolidated Income Statements (Unaudited) (Before restructuring and other non-recurring items) | |||||
| Three Months ended June 30, 2012 and June 30, 2011 | |||||
| (Dollars, in thousands, except share and per share data) | |||||
| Three Months Ended | |||||
| June 30, | June 30, | ||||
| 2012 | 2011 | ||||
| Gross Revenue | 379,620 | 317,696 | |||
| Reimbursable expenses | 102,613 | 84,651 | |||
| Net Revenue | 277,007 | 233,045 | |||
| Costs and expenses | |||||
| Direct costs | 180,127 | 150,866 | |||
| Selling, general and administrative | 69,410 | 57,344 | |||
| Depreciation and amortization | 10,830 | 9,329 | |||
| Total costs and expenses | 260,367 | 217,539 | |||
| Income from operations | 16,640 | 15,506 | |||
| Net interest (expense)/income | (231) | 106 | |||
| Income before provision for income taxes | 16,409 | 15,612 | |||
| Provision for income taxes | 3,514 | 2,530 | |||
| Net income | 12,895 | 13,082 | |||
| Net income per ordinary share | |||||
| Basic | $0.21 | $0.22 | |||
| Diluted | $0.21 | $0.21 | |||
| Weighted average number of ordinary shares | |||||
| Basic | 59,978,509 | 60,390,788 | |||
| Diluted | 60,630,891 | 61,114,996 |
| ICON plc | |||||
| Consolidated Income Statements (Unaudited) (US GAAP) | |||||
| Three Months ended June 30, 2012 and June 30, 2011 | |||||
| (Dollars, in thousands, except share and per share data) | |||||
| Three Months Ended | |||||
| June 30, | June 30, | ||||
| 2012 | 2011 | ||||
| Gross Revenue | 379,620 | 317,696 | |||
| Reimbursable expenses | 102,613 | 84,651 | |||
| Net Revenue | 277,007 | 233,045 | |||
| Costs and expenses | |||||
| Direct costs | 180,127 | 150,866 | |||
| Selling, general and administrative | 69,410 | 57,344 | |||
| Depreciation and amortization | 10,830 | 9,329 | |||
| Restructuring and other non-recurring items | 5,636 | - | |||
| Total costs and expenses | 266,003 | 217,539 | |||
| Income from operations | 11,004 | 15,506 | |||
| Net interest (expense)/income | (231) | 106 | |||
| Income before provision for income taxes | 10,773 | 15,612 | |||
| Provision for income taxes | 2,809 | 2,530 | |||
| Net income | 7,964 | 13,082 | |||
| Net income per ordinary share | |||||
| Basic | $0.13 | $0.22 | |||
| Diluted | $0.13 | $0.21 | |||
| Weighted average number of ordinary shares | |||||
| Basic | 59,978,509 | 60,390,788 | |||
| Diluted | 60,630,891 | 61,114,996 |
| ICON plc | |||||||||||
| Summary Balance Sheet Data | |||||||||||
| June 30, 2012 and December 31, 2011 | |||||||||||
| (Dollars, in thousands) | |||||||||||
| June 30, | December 31, | ||||||||||
| 2012 | 2011 | ||||||||||
| (Unaudited) | (Audited) | ||||||||||
| Cash and short-term investments | 168,038 | 174,177 | |||||||||
| Accounts receivable | 228,215 | 201,338 | |||||||||
| Unbilled revenue | 115,407 | 126,850 | |||||||||
| Payments on account | (194,514) | (150,792) | |||||||||
| Total | 149,108 | 177,396 | |||||||||
| Working Capital | 197,589 | 253,514 | |||||||||
| Total Assets | 1,104,894 | 1,035,467 | |||||||||
| Shareholder's Equity | 683,601 | 681,544 |
Brennan Chief Financial Officer
Farthing VP Investor Relations