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TheStreet Open House

ICON Reports Q3 Revenue Growth Of 7% To $241 Million And Net New Business Of $431 Million. (NASDAQ:ICLR) (ISIN:IE0005711209)

Stocks in this article: ICLR

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 39 countries and has approximately 8,350 employees. Further information is available at www.iconplc.com.

Source: ICON plc

ICON/ICLR-F

  ICON plc
           
Consolidated Income Statements (Unaudited) (Before restructuring charges)
 
Three and Nine Months ended September 30, 2011 and September 30, 2010
(Dollars, in thousands, except share and per share data)
 
Three Months Ended Nine Months Ended

September 30,

September 30,

September 30,

September 30,

2011 2010 2011 2010
 
Gross Revenue 335,332 323,230 958,575 945,868
 
Reimbursable expenses 94,560 98,135 255,461 277,910
           
Net Revenue 240,772 225,095 703,114 667,958
 
Costs and expenses
Direct costs 158,343 139,460 453,679 401,647
Selling, general and administrative 71,629 60,008 188,856 171,225
Depreciation and amortization 9,667 8,002 27,969 25,005
           
Total costs and expenses 239,639 207,470 670,504 597,877
 
Income from operations 1,133 17,625 32,610 70,081
 
Net interest income /(expense) 131 276 303 145
           
Income before provision for income taxes 1,264 17,901 33,913 70,226
 
Provision for income taxes 202 1,998 (5,559) (5,255)
           
 
Net income 1,466   19,899 27,354   64,971
 
Net income per ordinary share
Basic $0.02   $0.33 $0.45   $1.09
 
Diluted $0.02   $0.33 $0.45   $1.07
 
Weighted average number of ordinary shares
Basic 60,471,985 59,940,045 60,381,814 59,576,777
 
Diluted 61,063,020 60,743,403 61,096,464 60,576,058
             
 
ICON plc
 
Consolidated Income Statements (Unaudited) (US GAAP)
 
Three and Nine Months ended September 30, 2011 and September 30, 2010
(Dollars, in thousands, except share and per share data)
 
Three Months Ended Six Months Ended

September 30,

September 30,

September 30,

September 30,

2011 2010 2011 2010
 
Gross Revenue 335,332 323,230 958,575 945,868
 
Reimbursable expenses 94,560 98,135 255,461 277,910
           
Net Revenue 240,772 225,095 703,114 667,958
 
Costs and expenses
Direct costs 158,343 139,460 453,679 401,647
Selling, general and administrative 71,629 60,008 188,856 171,225
Depreciation and amortization 9,667 8,002 27,969 25,005
Restructuring Charges 4,815   - 9,817   -
Total costs and expenses 244,454 207,470 680,321 597,877
 
(Loss)/Income from operations (3.682) 17,625 22,793 70,081
 
Net interest income /(expense) 131 276 303 145
           
(Loss) /Income before provision for income taxes (3,551) 17,901 23,096 70,226
 
Provision for income taxes 888 1,998 (4,329) (5,255)
           
 
Net income (2,663)   19,899 18,767   64,971
 
Net income per ordinary share
Basic ($0.04)   $0.33 $0.31   $1.09
 
Diluted ($0.04)   $0.33 $0.31   $1.07
 
Weighted average number of ordinary shares
Basic 60,471,985 59,940,045 60,381,814 59,576,777
 
Diluted 61,063,020 60,743,403 61,096,464 60,576,058
           
ICON plc
 
Summary Balance Sheet Data
 
 
September 30, 2011 and December 31, 2010
(Dollars, in thousands)
 
September 30, December 31,
2011 2010
(Unaudited) (Audited)
 
 
Net cash 166,087 255,706
 
Accounts receivable 196,810 164,907
Unbilled revenue 133,211 101,431
Payments on account (137,460) (134,240)
Total 192,561 132,098
 
Working Capital 277,078 329,350
 
Total Assets 1,045,655 949,538
 
Shareholder's Equity 697,442 669,999
 
 
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

http://www.iconplc.com





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