ICON Reports Second Quarter 2012 Revenue Up 19% to $277 Million

Net revenue for the quarter was $277 million, an increase of 19% on the prior year. Year to date revenue increased 15% to $529 million from $462 million in 2011.

25 Jul 2012 --- ICON, a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries, reported its financial results for the second quarter ended June 30, 2012.

Net revenue for the quarter was $277 million, an increase of 19% on the prior year. Year to date revenue increased 15% to $529 million from $462 million in 2011.

Income from operations, excluding restructuring and other non-recurring items, was $16.6 million or 6.0% of revenue, compared to $15.5 million or 6.7% for the same quarter last year. Net income, excluding restructuring and other non-recurring items, was $12.9 million or 21 cents per share on a diluted basis, compared with $13.1 million or 21 cents per share last year.

Year to date income from operations, excluding restructuring and other non-recurring items was $28.4 million or 5.4% of revenue, compared with $31.5m or 6.8% of revenue in the previous year. Year to date net income, excluding restructuring and other non-recurring items, was $21.9 million or 36 cents per share on a diluted basis, compared with $25.9 million or 42 cents per diluted share last year.

Days sales outstanding, comprising accounts receivable and unbilled revenue less payments on account, were 36 days at June 30, 2012, compared with 37 days at the end of March 2012.

For the quarter ended June 30, 2011, cash generated from operating activities was $11.5 million and capital expenditure was $9.3 million. The company's net cash amounted to $168 million at June 30, 2012, compared to net cash of $186 million at March 31, 2012.

Commenting on the results, Chief Executive Officer, Ciaran Murray, said "I am pleased with our progress in Q2. We continue to book significant levels of new business and improve our profitability."

During the quarter the company recorded a charge of $5.6 million in relation to restructuring costs and other non-recurring items. US GAAP income from operations after these items amounted to $11 million or 4.0% of revenue. US GAAP net income for the quarter was $8 million or 13 cents per share.