ICON (NASDAQ:ICLR), 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, 2008.
Net revenues for the quarter were $201.3 million, representing a 48%
increase over net revenues of $136.1 million for the comparative quarter
last year.
Income from operations was $21.5 million or 10.7% of revenue, compared
to $14.7 million or 10.8% for the same quarter last year. Net income was
$16.9 million or 56 cents per share on a diluted basis, compared with
$12.3 million or 42 cents per share last year.
Days sales outstanding, comprising accounts receivable and unbilled
revenue less payments on account, were 67 days at March 31, 2008
compared to 66 days at December 31, 2007.
For the quarter ended March 31, 2008, cash used in operating activities
was $12.3 million and capital expenditure was $16.5 million. We
completed the acquisition of HCD a phase I unit based in San Antonio
Texas on February 11th for a net consideration
of $11 million. As a result, the company´s net
debt, amounted to $20.2 million at March 31, 2008, compared to net cash
and short-term investments of $23.8 million at December 31, 2007.
"It has been an excellent start to 2008"
commented Chairman Dr. John Climax "Both
revenue and operating income showed substantial growth. Business wins
were again strong with $369 million of net business awarded in the
quarter. Accordingly we are raising our 2008 guidance for revenue and
EPS to $840 - $860 million and $2.35 - $2.45 respectively."
The company will hold its first quarter conference call today, April 29
2008 at 10:00 EST [15:00 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
specializes in the strategic development, management and analysis of
programs that support clinical development - from compound selection to
Phase I-IV clinical studies. ICON teams have successfully conducted over
1,900 development projects and over 2,300 consultancy engagements across
all major therapeutic areas. ICON currently has approximately 6,150
employees, operating from 69 locations in 36 countries. Further
information is available at www.iconplc.com.
= = = = = = = = = = =
ICON plc
- - - - - -
- - - - - -
Consolidated Income Statements (Unaudited)
- - - - - -
- - - - - -
Three Months ended March 31, 2008 and March 31, 2007
- - - - - -
(Dollars, in thousands, except share and per share data)
- - - - - -
- - - - - -
- - - - - -
Three Months Ended
- - - - - -
March 31
March 31
- - - - - -
2008
2007
- - - - - -
- - - - - -
Gross Revenue
283,853
186,740
- - - - - -
- - - - - -
Subcontractor costs
82,509
50,651
- - - - - -
- - - - - -
Net Revenue
201,344
136,089
- - - - - -
- - - - - -
Costs and expenses
- - - - - -
Direct costs
113,189
78,557
- - - - - -
Selling, general and administrative
60,545
38,684
- - - - - -
Depreciation and amortization
6,098
4,156
- - - - - -
- - - - - -
Total costs and expenses
179,832
121,397
- - - - - -
- - - - - -
Income from operations
21,512
14,692
- - - - - -
- - - - - -
Net interest (expense) / income
(43)
1,044
- - - - - -
- - - - - -
Income before provision for income taxes
21,469
15,736
- - - - - -
- - - - - -
Provision for income taxes
4,247
3,428
- - - - - -
Minority interest
328
42
- - - - - -
- - - - - -
Net income
16,894
12,266
- - - - - -
- - - - - -
Net income per ordinary share
- - - - - -
Basic
$0.58
$0.43
- - - - - -
- - - - - -
Diluted
$0.56
$0.42
- - - - - -
- - - - - -
Weighted average number of ordinary shares
- - - - - -
Basic
28,902,630
28,564,498
- - - - - -
- - - - - -
Diluted
30,039,736
29,508,662
- - - - - -
= = = = = = = = = = =
- - - - - -
ICON plc
- - - - - -
- - - - - -
Summary Balance Sheet Data
- - - - - -
- - - - - -
- - - - - -
March 31, 2008 and December 31, 2007
- - - - - -
(Dollars, in thousands)
- - - - - -
- - - - - -
March 31
December 31
- - - - - -
2008
2007
- - - - - -
(Unaudited)
(Audited)
- - - - - -
Cash and short-term investments
110,965
118,633
- - - - - -
Debt
(131,147)
(94,829)
- - - - - -
Net (debt)/cash
(20,182)
23,804
- - - - - -
- - - - - -
Accounts receivable
182,672
129,865
- - - - - -
Unbilled revenue
161,120
144,661
- - - - - -
Payments on account
(133,805)
(96,553)
- - - - - -
Total
209,987
177,973
- - - - - -
- - - - - -
Working Capital
189,805
193,271
- - - - - -
- - - - - -
Total Assets
797,880
693,138
- - - - - -
- - - - - -
Shareholder´s Equity
421,033
388,400
- - - - - -
- - - - - -
- - - - - -
http://www.iconplc.com
- - - - - -
