This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Icon Reports Revenues Of $225 Million Up 2% On Prior Year (Nasdaq:ICLR) (ISIN:IE0005711209)

Highlights – Third Quarter 2010

* Net revenue of $225 million, a 2% increase vs. Q3 2009

* Operating margin of 12.0% before central lab and foreign exchange translation losses.

* Operating margin of 7.8% on a GAAP basis

* GAAP EPS of 33 cent

* Net cash rises to $231 million

* Gross new business wins for the quarter of $317m (net $225m)

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, 2010.

Net revenues for the quarter were $225 million, representing a 2% increase over net revenues of $220 million for the same quarter last year. On a constant currency basis revenue grew by 7%. Year-to-date, net revenues were $668 million, representing a 1% increase over the same period last year.

Income from operations was $17.6 million or 7.8% of revenue, after the central lab incurred operating losses of approx $4.6 million and a further $3.0 million of cost reduction and other non-recurring charges. In addition, foreign exchange translation losses of $1.8 million were incurred. Excluding these, operating income was $27 million compared to $30.4 million for the same quarter last year.

The company recognised a tax gain in the current quarter of $2.0m, compared to $5.8m of a charge in Q3 2009.

Net income was $19.9 million or 33 cents per share on a diluted basis, compared to $23.9 million or 40 cents per share last year.

Days sales outstanding, comprising accounts receivable and unbilled revenue less payments on account, were 36 days at September 30, 2010, compared to 33 days at December 31, 2009.

The company’s net cash, amounted to $231 million at September 30, 2010, compared to net cash of $221 million at the end of June 2010 and $194 million at December 31, 2009.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,598.20 -91.66 -0.52%
S&P 500 2,098.04 -5.80 -0.28%
NASDAQ 5,115.3820 -12.8990 -0.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs