PAREXEL International Issues Earnings Guidance In Conjunction With Investor Day
BOSTON, June 25, 2013 /PRNewswire/ -- Today, in conjunction with its Investor Day being held tomorrow in Boston, PAREXEL International Corporation (Nasdaq: PRXL) announced forward-looking earnings expectations for the fourth quarter of Fiscal Year 2013 (ending June 30, 2013), for Fiscal Year 2013, and for Fiscal Year 2014.
The Company reconfirmed its guidance for the fourth quarter of Fiscal Year 2013 and for all of Fiscal Year 2013, as issued in a press release dated April 30, 2013. To reiterate, for the fourth quarter of Fiscal Year 2013, the Company anticipates reporting consolidated service revenue in the range of $449.0 - $459.0 million, and diluted earnings per share as reported under Generally Accepted Accounting Principles (GAAP) of $0.40 to $0.44. For Fiscal Year 2013 (ending June 30, 2013), the Company continues to expect consolidated service revenue to be in the range of $1.720 - $1.730 billion, GAAP earnings per diluted share to be $1.51 to $1.55, and adjusted earnings per diluted share to be in the range of $1.60 to $1.64. Adjusted diluted EPS guidance issued today for Fiscal Year 2013 excludes the impact of certain items that were recorded in the first, second, and third quarters of Fiscal Year 2013, as previously described in the April 30th press release.
The Company is providing guidance estimates for Fiscal Year 2014 for the first time, and anticipates reporting consolidated service revenue in the range of $1.885 to $1.915 billion, and GAAP earnings per diluted share of $1.90 to $2.10.
Those who wish to listen to the Company's Investor Day presentations and to view the accompanying slides should log onto the Company's website at www.PAREXEL.com and click on the PAREXEL International 2013 Investor Day link under the "Upcoming Events" section of the Investors homepage at least 15 minutes prior to the event's broadcast which will start at 8:30 a.m. ET. Users should follow the instructions provided to assure that the necessary audio applications are downloaded and installed. In addition, an archived version of the event's presentations will be located in the Investor Relations section of PAREXEL's website.
About the Company
PAREXEL International Corporation is a leading global biopharmaceutical services organization, providing a broad range of knowledge-based contract research, consulting, and medical communications services to the worldwide pharmaceutical, biotechnology and medical device industries. Committed to providing solutions that expedite time-to-market and peak-market penetration, PAREXEL has developed significant expertise across the development and commercialization continuum, from drug development and regulatory consulting to clinical pharmacology, clinical trials management, medical education and reimbursement. Perceptive Informatics, Inc., a subsidiary of PAREXEL, provides advanced technology solutions, including medical imaging, to facilitate the clinical development process. Headquartered near Boston, Massachusetts, PAREXEL operates in 78 locations in 52 countries around the world, and had approximately 14,400 employees as of April 30, 2013. For more information about PAREXEL International visit www.PAREXEL.com.
PAREXEL, Perceptive Informatics, LIQUENT, and HERON are registered trademarks of PAREXEL International Corporation or its affiliates.
This release contains "forward-looking" statements regarding future results and events, including, without limitation, statements regarding expected financial results, future growth and customer demand. For this purpose, any statements contained herein that are not statements of historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "intends," "appears," "estimates," "projects," "will," "would," "could," "should," "targets," and similar expressions are also intended to identify forward-looking statements. The forward-looking statements in this release involve a number of risks and uncertainties. The Company's actual future results may differ significantly from the results discussed in the forward-looking statements contained in this release. Important factors that might cause such a difference include, but are not limited to, risks associated with: actual operating performance; actual expense savings and other operating improvements resulting from recent and anticipated restructurings; the loss, modification, or delay of contracts which would, among other things, adversely impact the Company's recognition of revenue included in backlog; the Company's dependence on certain industries and clients; the Company's ability to win new business, manage growth and costs, and attract and retain employees; the Company's ability to complete additional acquisitions, and to integrate newly acquired businesses "including the recent acquisition of Liquent, Inc.", or enter into new lines of business; the impact on the Company's business of government regulation of the drug, medical device and biotechnology industry; consolidation within the pharmaceutical industry and competition within the biopharmaceutical services industry; the potential for significant liability to clients and third parties; the potential adverse impact of health care reform; and the effects of exchange rate fluctuations and other international economic, political, and other risks. Such factors and others are discussed more fully in the section entitled "Risk Factors" of the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 as filed with the SEC on May 6, 2013, which "Risk Factors" discussion is incorporated by reference in this press release. The Company specifically disclaims any obligation to update these forward-looking statements in the future. These forward-looking statements should not be relied upon as representing the Company's estimates or views as of any date subsequent to the date of this press release.
James Winschel, Senior Vice President and Chief Financial Officer
Jill Baker, Corporate Vice President of Investor Relations
SOURCE PAREXEL International Corporation