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 first quarter ended March 31, 2012. For the first quarter net revenues grew 10% year on year to $252.3 million from $229.3 in Q1 2011. Operating income was $11.7 million representing 4.6% of revenue, this compared to $16.0 million (excluding non-recurring items of $5.0 million) or 7% of revenue for the same quarter last year (4.8% including non-recurring items). Net income was $9.0 million compared with $12.8 million last year (excluding non-recurring items) or 15 cents per share compared to 21 cents in the same quarter last year (14 cents including non-recurring items). Days sales outstanding, comprising accounts receivable and unbilled revenue less payments on account was 37 days at March 31, 2012 compared with 47 days at December 31, 2011 and 49 days at March 31, 2011. For the quarter ended March 31, 2012 cash provided by operating activities was $60.6 million and capital expenditure was $6.5 million. In addition, the Company invested $48.6 million on the acquisitions of Beijing Wits Medical Consulting Ltd and PriceSpective LLC. The Company also expended $1.4 million on a stock repurchase programme. As a result the company’s net cash amounted to $186.0 million at March 31, 2012 compared to $174.2 million of net cash at December 31, 2011. Commenting on the results, Chief Executive Officer, Ciaran Murray, said “We continue to see the benefits of our strategic investment decisions, with record gross business wins of $485 million, resulting in a backlog increase of 23% year on year, revenue of $252 million up 10% on last year and earnings of 15 cents.” 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.