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, 2011.
Net revenues for the quarter grew 7% to $241 million compared to $225 million in the same quarter last year. Year-to-date, net revenues were $703 million, representing a 5% increase over the same period last year.
In Q3 US GAAP losses from operations were $3.6 million. During the quarter the company undertook a number of cost reduction steps which led to restructuring costs of $4.8 million. Before restructuring charges operating income was $1.1 million or 0.5% of revenue compared to $17.6 million or 7.8% of revenue for the same period last year. The year to date income from operations before restructuring charges was $32.6 million or 4.6% of revenue compared to $70 million or 10.5% of revenue last year.
US GAAP net loss in the quarter was $2.7 million or 4c per share. Excluding restructuring charges net income was $1.5 million or 2 cents per share on a diluted basis, compared to $19.9 million or 33 cents per share last year. Year to date net income before restructuring charges was 27.4 million or 45c per share compared to $65 million or $1.07 per share last year.Days sales outstanding, comprising accounts receivable and unbilled revenue less payments on account, were 52 days at September 30, 2011, compared to 49 days at June 30 2011. Net cash at September 30 2011 amounted to $166 million, compared to net cash of $215 million at the end of June 2011. During the quarter ICON acquired Firecrest Clinical Ltd for an initial cash consideration of $24.4 million. Firecrest Clinical provides a comprehensive site performance management system that is used to improve compliance, consistency and execution of activities at investigative sites.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV