Full Press Release Details
DUBLIN--(BUSINESS WIRE)--April 24, 2012--
ICON reports a 10% increase in first quarter 2012 revenue to $252m,
up 10% year on year, EPS of 15 cents, net new business awards of $385
million and a B:B of 1.5. (NASDAQ:ICLR) (ISIN:IE0005711209)
Highlights - First Quarter Fiscal 2012.
* Q1 net revenues increased 10% year on year to $252 million.
* Q1 operating income was 5% or $11.7 million.
* EPS for Q1 was 15 cents.
* Q1 gross business wins $485 million, net business awards of $385
million, and a book-to-bill of 1.5.
Dublin, Ireland, April 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 first quarter
ended March 31, 2012.
For the first quarter net revenues grew 10% year on year to $252.3
million from $229.3 in Q1 2011.
Operating income was $11.7 million representing 4.6% of revenue, this
compared to $16.0 million (excluding non-recurring items of $5.0
million) or 7% of revenue for the same quarter last year (4.8% including
non-recurring items).
Net income was $9.0 million compared with $12.8 million last year
(excluding non-recurring items) or 15 cents per share compared to 21
cents in the same quarter last year (14 cents including non-recurring
Days sales outstanding, comprising accounts receivable and unbilled
revenue less payments on account was 37 days at March 31, 2012 compared
with 47 days at December 31, 2011 and 49 days at March 31, 2011.
For the quarter ended March 31, 2012 cash provided by operating
activities was $60.6 million and capital expenditure was $6.5 million.
In addition, the Company invested $48.6 million on the acquisitions of
Beijing Wits Medical Consulting Ltd and PriceSpective LLC. The Company
also expended $1.4 million on a stock repurchase programme. As a result
the company's net cash amounted to $186.0 million at March 31, 2012
compared to $174.2 million of net cash at December 31, 2011.
Commenting on the results, Chief Executive Officer, Ciaran Murray, said
"We continue to see the benefits of our strategic investment decisions,
with record gross business wins of $485 million, resulting in a backlog
increase of 23% year on year, revenue of $252 million up 10% on last
year and earnings of 15 cents."
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, April
24, 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
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 84 locations in 40 countries and has
approximately 8,670 employees. Further information is available at www.iconplc.com.
Contact : Investor Relations 1-888-381-7923 or
Brendan Brennan Chief Financial Officer + 353 -1-291-2000
Sam Farthing VP Investor Relations + 353 -1-291-2000
| ICON plc | |||||
| Consolidated Income Statements (Unaudited) (Before non-recurring Charges) | |||||
| Three Months ended March 31, 2012 and March 31, 2011 | |||||
| (Dollars, in thousands, except share and per share data) | |||||
| Three Months Ended | |||||
| March 31, | March 31, | ||||
| 2012 | 2011 | ||||
| Gross Revenue | 343,055 | 305,547 | |||
| Reimbursable expenses | 90,722 | 76,250 | |||
| Net Revenue | 252,333 | 229,297 | |||
| Costs and expenses | |||||
| Direct costs | 162,284 | 144,470 | |||
| Selling, general and administrative | 67,515 | 59,883 | |||
| Depreciation and amortization | 10,802 | 8,973 | |||
| Total costs and expenses | 240,601 | 213,326 | |||
| Income from operations | 11,732 | 15,971 | |||
| Net interest (expense)/income | (35) | 66 | |||
| Income before provision for income taxes | 11,697 | 16,037 | |||
| Provision for income taxes | 2,726 | 3,231 | |||
| Net income | 8,971 | 12,806 | |||
| Net income per ordinary share | |||||
| Basic | $0.15 | $0.21 | |||
| Diluted | $0.15 | $0.21 | |||
| Weighted average number of ordinary shares | |||||
| Basic | 60,086,104 | 60,283,078 | |||
| Diluted | 60,708,469 | 60,982,948 |
| ICON plc | |||||
| Consolidated Income Statements (Unaudited) (US GAAP) | |||||
| Three Months ended March 31, 2012 and March 31, 2011 | |||||
| (Dollars, in thousands, except share and per share data) | |||||
| Three Months Ended | |||||
| March 31, | March 31, | ||||
| 2012 | 2011 | ||||
| Gross Revenue | 343,055 | 305,547 | |||
| Reimbursable expenses | 90,722 | 76,250 | |||
| Net Revenue | 252,333 | 229,297 | |||
| Costs and expenses | |||||
| Direct costs | 162,284 | 144,470 | |||
| Selling, general and administrative | 67,515 | 59,883 | |||
| Depreciation and amortization | 10,802 | 8,973 | |||
| Non-recurring charges | - | 5,002 | |||
| Total costs and expenses | 240,601 | 218,328 | |||
| Income from operations | 11,732 | 10,969 | |||
| Net interest (expense)/income | (35) | 66 | |||
| Income before provision for income taxes | 11,297 | 11,035 | |||
| Provision for income taxes | 2,726 | 2,687 | |||
| Net income | 8,971 | 8,348 | |||
| Net income per ordinary share | |||||
| Basic | $0.15 | $0.14 | |||
| Diluted | $0.15 | $0.14 | |||
| Weighted average number of ordinary shares | |||||
| Basic | 60,086,104 | 60,283,078 | |||
| Diluted | 60,708,469 | 60,982,948 |
| ICON plc | |||||
| Summary Balance Sheet Data | |||||
| March 31, 2012 and December 31, 2011 | |||||
| (Dollars, in thousands) | |||||
| March 31, | December 31, | ||||
| 2012 | 2011 | ||||
| (Unaudited) | (Audited) | ||||
| Cash and short-term investments net of debt | 185,994 | 174,177 | |||
| Accounts receivable | 195,094 | 201,338 | |||
| Unbilled revenue | 113,141 | 126,850 | |||
| Payments on account | (168,764) | (150,792) | |||
| Total | 139,471 | 177,396 | |||
| Working Capital | 201,821 | 253,514 | |||
| Total Assets | 1,125,506 | 1,035,467 | |||
| Shareholder's Equity | 701,774 | 681,544 | |||
| Source: | ICON plc | ||||
| Contact: | Investor Relations 1-888-381-7923 or | ||||
| Brendan Brennan CFO + 353 1 291 2000 | |||||
| Sam Farthing VP IR +353 1 291 2000 All at ICON. | |||||
| http://www.iconplc.com |