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ICON Reports Fourth Quarter 2011 Revenue Of $243m, Up 5% Year On Year, And EPS Of $0.07. Backlog Increases 19%. (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 81 locations in 40 countries and has approximately 8,500 employees. Further information is available at www.iconplc.com.

Source: ICON plc

ICON/ICLR-F

         
ICON plc
 
Consolidated Income Statements (Before nonrecurring items)
 
 
Three and Twelve Months ended December 31, 2011 and December 31, 2010
(Dollars, in thousands, except share and per share data)
 
 
Three Months Ended Twelve Months Ended
December 31, December 31, December 31, December 31,
2011 2010 2011 2010
 
Gross Revenue 337,934 317,279 1,296,509 1,263,147
 
Reimbursable expenses 95,319 85,193 350,780 363,103
       
Net Revenue 242,615 232,086 945,729 900,044
 
Costs and expenses
Direct costs 158,244 139,741 611,923 541,388
Selling, general and administrative 67,008 61,463 255,864 232,688
Depreciation and amortization 10,713 8,868 38,682 33,873
       
Total costs and expenses 235,965 210,072 906,469 807,949
 
Income from operations 6,650 22,014 39,260 92,095
 
Interest (expense)/income (751) 484 (448) 629
       
Income before provision for income taxes 5,899 22,498 38,812 92,724
 
Provision for income taxes (1,786) (398) (7,347) (5,653)
       
 
Net income 4,113 22,100 31,465 87,071
 
Net income per ordinary share
Basic $0.07 $0.37 $0.52 $1.46
 
Diluted $0.07 $0.36 $0.52 $1.44
 
Weighted average number of ordinary shares
Basic 60,371,190 60,145,383 60,379,338 59,718,934
 
Diluted 60,759,588 60,817,130 61,070,686 60,637,103
 

             
ICON plc
 
Consolidated Income Statements (US GAAP)
 
 
Three and Twelve Months ended December 31, 2011 and December 31, 2010
(Dollars, in thousands, except share and per share data)
 
 
Three Months Ended Twelve Months Ended
December 31, December 31, December 31, December 31,
2011 2010 2011 2010
 
Gross Revenue 337,934 317,279 1,296,509 1,263,147
 
Reimbursable expenses 95,319 85,193 350,780 363,103
       
Net Revenue 242,615 232,086 945,729 900,044
 
Costs and expenses
Direct costs 158,244 139,741 611,923 541,388
Selling, general and administrative 67,008 61,463 255,864 232,688
Depreciation and amortization 10,713 8,868 38,682 33,873
Nonrecurring charges - - 9,817 -
Total costs and expenses 235,965 210,072 916,286 807,949
 
Income from operations 6,650 22,014 29,443 92,095
 
Interest income/(expense) (751) 484 (448) 629
       
Income before provision for income taxes 5,899 22,498 28,995 92,724
 
Provision for income taxes (1,786) (398) (6,115) (5,653)
       
 
Net income 4,113 22,100 22,880 87,071
 
Net income per ordinary share
Basic $0.07 $0.37 $0.38 $1.46
 
Diluted $0.07 $0.36 $0.37 $1.44
 
Weighted average number of ordinary shares
Basic 60,371,190 60,145,383 60,379,338 59,718,934
 
Diluted 60,759,588 60,817,130 61,070,686 60,637,103
 

           
ICON plc
 
Summary Balance Sheet Data
 
 
December 31, 2011 and December 31, 2010
(Dollars, in thousands)
 
December 31, December 31,
2011 2010
(Unaudited) (Unaudited)
Cash and short-term investments 174,177 255,706
Debt - -
Net cash 174,117 255,706
 
Accounts receivable 201,338 164,907
Unbilled revenue 126,850 101,431
Payments on account (150,792) (134,240)
Total 177,396 132,098
 
Working Capital 253,514 330,333
 
Total assets 1,035,467 949,538
 
Shareholders’ equity 681,544 669,999
 

ICON/ICLR-F

Copyright Business Wire 2010
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