ICON plc, (NASDAQ: ICLR), a global provider
of outsourced development services to the pharmaceutical,
biotechnology and medical device industries, today reported its
financial results for the full year and fourth quarter ended
December 31, 2012.
For the fourth quarter net revenue grew 24% year on year to $300
million. Operating income was $24.4 million compared to $6.6
million in the same quarter last year. Operating margin was 8.1% of
revenue, compared to 2.7% of revenue for the same quarter last
year.
Net income was $20.7 million compared with $4.1 million last
year or $0.34 per share compared to $0.07 in the same quarter last
year.
For the full year revenue grew 18% to $1.12 billion. Operating
income before restructuring and other items was $73.7 million
compared to $39.3 million last year. Operating margin for the full
year 2012 was 6.6% of revenue compared with 4.2% of revenue in
2011.
On a US GAAP basis, income from operations was $68.0 million or
6.1% compared with $29.4 million or 3.1% in the prior year.
For the full year net income before restructuring and other
items was $60.4 million, compared to $31.5 million last year and
net margin was 5.4% of revenue, compared with 3.3% in 2011.
EPS before restructuring and other items for 2012 was $1.00 per
share compared with $0.52 in 2011.
On a US GAAP basis net income was $55.4 million, compared to
$22.8 million last year. Net margin for the full year 2012 was 5.0%
of revenue, up from 2.4% in 2011. EPS on a US GAAP basis for 2012
was $0.92 per share compared with $0.37 in 2011.
Days sales outstanding, comprising accounts receivable and
unbilled revenue less payments on account were 40 days at December
31, 2012 compared with 47 days at December 31, 2011.
For the quarter ended December 31, 2012, cash provided by
operating activities was $12.0 million and capital expenditure was
$8.4 million. For the full year 2012 cash flow from operating
activities was $113.4 million and capital expenditure was $30.8
million. In addition $69.9 million was invested on acquisitions and
$15.8 million was expended on a stock repurchase programme. As a
result the company’s net cash amounted to $190 million at December
31, 2012 compared to $174 million of net cash at December 31,
2011.
On the 15th of February we completed the acquisition of the
clinical trial service division of Cross Country Healthcare, Inc.
This will be combined with our DOCS group to create a global leader
in resourcing. Consequently we have increased our full year
guidance to revenue in the range of $1,258- $1,292 and EPS in the
range of $1.44 - $1.60.
CEO Ciaran Murray commented, “In 2012 we saw the validation of
our investment strategy as we won a record $1.6 billion of new
business and reported milestone revenue of $1.12 billion and EPS of
$1.00. Backlog grew 20% to $2.8 billion, which along with
continuing investment in capabilities, talent and innovation in
drug development, provides a solid foundation for further growth in
2013.”
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 fourth quarter conference call today,
February 19, 2013 at 9:00 EST [14:00 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 reports filed with the
US Securities and Exchange Commission 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 79
locations in 37 countries and has approximately 10,045 employees.
Further information is available at www.iconplc.com.
ICON/ICLR-F
ICON plc Consolidated Income Statements
(Unaudited) (Before restructuring and other items)
Three and Twelve Months ended December 31, 2012 and
December 31, 2011 (Dollars, in thousands, except
share and per share data)
Three Months Ended
Twelve Months Ended
December 31, December 31, December 31,
December 31, 2012 2011 2012
2011
Gross Revenue 406,353 337,934 1,503,993 1,296,509
Reimbursable expenses 106,189 95,319 388,987 350,780
Net Revenue 300,164
242,615 1,115,006 945,729
Costs and expenses Direct
costs 192,007 158,244 717,750 611,923 Selling, general and
administrative 73,165 67,008 280,780 255,864 Depreciation and
amortization 10,590 10,713 42,823 38,682
Total costs and expenses 275,762
235,965 1,041,353 906,469
Income from operations
24,402 6,650 73,653 39,260 Net interest expense (278) (751)
(796) (448)
Income before provision for income taxes 24,124 5,899 72,857
38,812 Provision for income taxes (3,377) (1,786) (12,506)
(7,347)
Net income 20,747 4,113 60,351 31,465
Net income per ordinary share Basic $0.35 $0.07
$1.00 $0.52 Diluted $0.34 $0.07
$1.00 $0.52 Weighted average number of ordinary
shares Basic 60,053,987 60,371,190 59,968,174 60,379,338
Diluted 60,813,483 60,759,588 60,450,706 61,070,686
ICON
plc Consolidated Income Statements (Audited)
(US GAAP) Three and Twelve Months ended December
31, 2012 and December 31, 2011 (Dollars, in
thousands, except share and per share data)
Three Months Ended
Twelve Months Ended
December 31,
December 31, December 31, December
31, 2012 2011 2012 2011
Gross Revenue 406,353 337,934 1,503,993 1,296,509
Reimbursable expenses 106,189 95,319 388,987 350,780
Net Revenue 300,164
242,615 1,115,006 945,729
Costs and expenses Direct
costs 192,007 158,244 717,750 611,923 Selling, general and
administrative 73,165 67,008 280,780 255,864 Depreciation and
amortization 10,590 10,713 42,823 38,682 Restructuring and other
items - - 5,636 9,817
Total costs and expenses 275,762 235,965 1,046,989
916,286
Income from operations 24,402 6,650 68,017
29,443 Net interest expense (278) (751) (796) (448)
Income before
provision for income taxes 24,124 5,899 67,221 28,995
Provision for income taxes (3,377) (1,786) (11,801) (6,115)
Net income
20,747 4,113 55,420 22,880 Net income
per ordinary share Basic $0.35 $0.07 $0.92
$0.38 Diluted $0.34 $0.07 $0.92 $0.37
Weighted average number of ordinary shares Basic 60,053,987
60,371,190 59,968,174 60,379,338 Diluted 60,813,483
60,759,588 60,450,706 61,070,686
ICON plc
Summary Balance Sheet Data December 31, 2012 and
December 31, 2011 (Dollars, in thousands)
December 31, December 31, 2012 2011
(Audited) (Audited) Net cash 190,230
174,177 Accounts receivable 285,419 201,338 Unbilled revenue
112,483 126,850 Payments on account (219,467) (150,792) Total
178,435 177,396 Working Capital 239,791 253,514 Total
Assets 1,211,330 1,035,467 Shareholder's Equity 754,575
681,544
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