• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
    • Overview
    • Distribution by PR Newswire
    • Cision Communications Cloud®
    • Cision IR
    • All Products
  • Contact
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

PAREXEL Reports Third Quarter Fiscal Year 2012 Financial Results

- Consolidated service revenue of $356.0 million increased 18.1% year-over-year

- GAAP operating margin of 7.9%; adjusted operating margin of 8.4% excluding net restructuring charges of $1.8 million

- GAAP diluted earnings per share of $0.38; adjusted earnings per share of $0.33 excluding restructuring and related charges, and certain tax benefits

- Backlog at approximately $4.2 billion, up 32.5% from the March quarter one year ago, with a net book-to-bill ratio of 2.23


News provided by

PAREXEL International Corporation

Apr 30, 2012, 04:02 ET

Share this article

Share this article


BOSTON, April 30, 2012 /PRNewswire/ -- PAREXEL International Corporation (NASDAQ: PRXL) today announced its financial results for the third quarter ended March 31, 2012.

For the three months ended March 31, 2012, PAREXEL's consolidated service revenue increased by 18.1% to $356.0 million compared with $301.4 million in the prior year period.  Excluding a $3.8 million negative impact from foreign exchange on consolidated service revenue in the current quarter, and excluding $1.5 million of consolidated service revenue in the prior year quarter related to subsequently divested Early Phase units, revenue increased 20.0% in the quarter.  The Company reported operating income under Generally Accepted Accounting Principles (GAAP) of $28.2 million, or 7.9% of consolidated service revenue, in the third quarter of Fiscal Year 2012, versus GAAP operating income of $21.9 million, or 7.3% of consolidated service revenue, in the same quarter of the prior fiscal year.  GAAP net income for the quarter ended March 31, 2012 totaled $22.9 million, or $0.38 per diluted share, compared with GAAP net income of $15.7 million, or $0.26 per diluted share, for the quarter ended March 31, 2011.  GAAP net income in the quarter increased by 45.3% year-over-year, and earnings per diluted share increased by 46.2%.

The Company had a current quarter tax benefit which resulted primarily from the resolution of uncertain tax positions including the reversal of interest previously accrued on these items. Approximately $4.2 million of tax benefit recorded in the quarter was due to the favorable conclusion of a tax examination along with the expiration of statutory periods primarily in European jurisdictions.

In Fiscal Years 2012 and 2011, the financial results for the respective March quarters each included special items, as detailed in the financial charts within this press release.  Excluding the impact of these special items, adjusted operating income in the third quarter of Fiscal Year 2012 was $30.0 million, or 8.4% of consolidated service revenue.  Excluding these special items in the prior year period, adjusted operating income was $22.4 million, or 7.4% of consolidated service revenue.  On this adjusted basis, operating income in the quarter ended March 31, 2012 increased 34.1% year-over-year.  Adjusted net income in the current and prior periods (which excludes the special items referenced above) was $19.9 million, or $0.33 per diluted share in the quarter ended March 31, 2012, and was $16.1 million, or $0.27 per diluted share in the quarter ended March 31, 2011.  Using adjusted numbers in both periods, net income in the current quarter increased by 23.6% year-over-year, and adjusted earnings per diluted share increased by 22.2%.

On a segment basis, consolidated service revenue for the third quarter of Fiscal Year 2012 was $263.4 million in Clinical Research Services (CRS), $43.3 million in PAREXEL Consulting and Medical Communications Services (PCMS), and $49.3 million in Perceptive Informatics.

For the nine months ended March 31, 2012, consolidated service revenue was $1.0 billion versus $901.6 million in the prior year period, an increase of 11.3%.  GAAP operating income for the current nine-month period was $63.3 million, or 6.3% of consolidated service revenue, compared with GAAP operating income of $80.1 million, or 8.9% of consolidated service revenue in the prior year period.  GAAP net income for the nine months ended March 31, 2012 was $45.4 million, or $0.75 per diluted share, compared with GAAP net income of $50.4 million, or $0.84 per diluted share, in the prior year period.  Excluding the impact of special items as detailed in the attached financial charts in both nine-month periods, operating income was $68.9 million or 6.9% of consolidated service revenue for the nine months ended on March 31, 2012, compared with $79.6 million or 8.8% of consolidated service revenue for the nine months ended on March 31, 2011.  On an adjusted basis, net income for the nine months ended March 31, 2012 was $45.5 million, or $0.75 per diluted share, compared with $50.8 million or $0.85 per diluted share in the comparable prior year nine-month period. 

Backlog at the end of March was approximately $4.224 billion, an increase of 32.5% year-over-year.  The reported backlog included gross new business wins in the quarter of $1.057 billion, cancellations of $263.3 million, and a positive impact from foreign exchange rates, and other small adjustments of $44.3 million. The net book-to-bill ratio was 2.23 in the quarter.

Mr. Josef H. von Rickenbach, PAREXEL's Chairman and Chief Executive Officer stated, "The Company's strong performance in the third quarter reflected the progress that we've made on many fronts.  I believe that system enhancements and operational improvement initiatives in the Clinical Research Services segment, focused on improving margins and further increasing client satisfaction, are taking root.  With respect to new business, we achieved record-breaking results in the quarter.  We achieved strong wins in all market segments, including those outside of strategic partnerships, as well as small and emerging companies."

Mr. von Rickenbach continued, "Looking forward, we continue to focus intensely on execution to service the substantial book of new business that we have in backlog.  In the coming quarters, we expect to continue to achieve healthy revenue growth for the Company, while at the same time we make further investments in delivery capacity to service client projects.  These investments are expected to have a negative impact on operating margins in the near term, while they enable revenue and margin growth over the longer term.  Looking ahead, I believe that our future is full of promise, as we further solidify our position as a leader in our industry."

The Company issued forward-looking guidance for the fourth quarter of Fiscal Year 2012 (ending June 30, 2012), for Fiscal Year 2012, and for Calendar Year 2012.  The Company expects to report consolidated service revenue for the fourth quarter in the range of $376.0 to $381.0 million, and GAAP earnings per diluted share in the range of $0.28 to $0.30.   For Fiscal Year 2012, consolidated service revenue is expected to be in the range of $1.380 to $1.385 billion, GAAP earnings per diluted share in the range of $1.03 to $1.05, and adjusted earnings per diluted share in the range of $1.04 to $1.06 (which exclude the impact of restructuring and related charges and certain Q3 FY12 tax benefits).  Previously issued guidance for Fiscal Year 2012 was for consolidated service revenue in the range of $1.360 to $1.375 billion, GAAP earnings per diluted share in the range of $1.01 - $1.09, and adjusted earnings per diluted share in the range of $1.09 to $1.17 (excluding the impact of restructuring and related charges).  For Calendar Year 2012, consolidated service revenue is expected to be in the range of $1.515 to $1.535 billion, GAAP earnings per share are expected to be in the range of $1.20 to $1.30, and adjusted earnings per diluted share are expected to be in the range of $1.15 to $1.25 (excluding the impact of restructuring and related charges and certain Q3 FY12 tax benefits).  Previously issued guidance for Calendar Year 2012 was for consolidated service revenue in the range of $1.445 to $1.480 billion, GAAP earnings per diluted share in the range of $1.31 to $1.47, and adjusted earnings per diluted share in the range of $1.33 to $1.47 (excluding the impact of restructuring and related charges).

Continuing strong new business wins have been driving accelerated revenue growth.  At the same time, this has required the Company to increase resourcing above previously assumed levels, with a projected corresponding decrease in operating margin in the short term.  The Company anticipates operating margin to be in the range of 7.5% to 8.0% in the fourth quarter of Fiscal Year 2012, and expects it to expand in the second half of Fiscal Year 2013.

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), the Company uses certain non-GAAP financial measures.  The Company believes that presenting the non-GAAP financial measures contained in this press release assists investors and others in gaining a better understanding of its core operating results and future prospects, especially when comparing such results to previous periods or forecasted guidance, because such measures exclude items that are outside of the Company's normal operations and/or, in certain cases, are difficult to forecast accurately for future periods.  Management uses non-GAAP financial measures, in addition to the measures prepared in accordance with GAAP, as the basis for measuring the Company's core operating performance and comparing such performance to that of prior periods and to the performance of its competitors for the same reasons stated above.  Such measures are also used by management in its financial and operating decision-making.  Non-GAAP financial measures are not meant to be considered superior to or a substitute for the Company's results of operations prepared in accordance with GAAP.

A conference call to discuss PAREXEL's third quarter earnings, business, and financial outlook will begin at 10:00 a.m. ET on Tuesday, May 1, 2012 and will be broadcast live over the internet via webcast.  The webcast may be accessed in the "Upcoming Events" portion of the main page of the Investor Relations section of the Company's website at www.PAREXEL.com.  Users should follow the instructions provided to assure that the necessary audio applications are downloaded and installed.  A replay of this webcast will be archived on the website approximately two hours after the call and will continue to be accessible for approximately one year following the live event.  To participate via telephone, dial +1 408-940-3886 and ask to join the PAREXEL quarterly conference call.

The Company notes that Fiscal Year 2011 numbers have been reclassified to conform to the current year's presentation.  A slide depicting the reclassified numbers for Fiscal Year 2011, in addition to other trended financial information, may be found in the Investor Relations section of the Company's website under the "Additional Financials" section. 

About the Company
PAREXEL International Corporation is a leading global bio/pharmaceutical 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 71 locations throughout 50 countries around the world, and has approximately 11,920 employees. For more information about PAREXEL International visit www.PAREXEL.com.

PAREXEL is a registered trademark of PAREXEL International Corporation, and Perceptive Informatics is a trademark of Perceptive Informatics, Inc. All other names or marks may be registered trademarks or trademarks of PAREXEL International Corporation, Perceptive Informatics, Inc. or their respective owners and are hereby acknowledged.

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 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 December 31, 2011 as filed with the SEC on February 9, 2012, 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.

  

















PAREXEL International Corporation



 Consolidated Condensed Statement of Operations



Unaudited






































Three Months Ended


Three Months Ended



(in thousands, except per share data)


March 31, 2012


March 31, 2011






As Reported


Adjustments


Non-GAAP


As Reported


Adjustments


Non-GAAP



















Service revenue



$    355,992


$                  -


$ 355,992


$    301,396


$                  -


$ 301,396



Reimbursement revenue



56,037




56,037


51,565




51,565



  Total revenue



412,029


-


412,029


352,961


-


352,961



















Costs and expenses:
















    Direct costs



241,445




241,445


195,605

(a)

(368)

(b)

195,237



    Reimbursable out-of-pocket expenses



56,037




56,037


51,565




51,565



    Selling, general and administrative 



67,159




67,159


67,700

(a)

(7)

(b)

67,693



    Depreciation



15,166




15,166


13,582




13,582



    Amortization



2,198




2,198


2,500




2,500



    Restructuring charge 



1,807


(1,807)

(c)

-


144


(144)

(d)

-



  Total costs and expenses



383,812


(1,807)


382,005


331,096


(519)


330,577



















Income from operations



28,217


1,807


30,024


21,865


519


22,384



















Other expense



(6,275)


-


(6,275)


(7,003)




(7,003)



















Income before income taxes



21,942


1,807


23,749


14,862


519


15,381



















Provision for income tax expense



(927)


4,814

(e)

3,887


(872)


181

(e)

(691)



Effective tax rate



-4.2%




16.4%


-5.9%




-4.5%



















Net income



$       22,869


$       (3,007)


$   19,862


$      15,734


$            338


$   16,072



















Earnings per common share:
















  Basic



$0.38




$0.33


$0.27




$0.27



  Diluted



$0.38




$0.33


$0.26




$0.27



















Shares used in computing earnings per common share:
















  Basic



59,652




59,652


58,673




58,673



  Diluted



60,494




60,494


59,808




59,808



















(a) Prior year numbers have been reclassified to conform with the current year presentation.



(b) Severance associated with FY11 Restructuring Plan.



(c) Restructuring charges include $2.0 million in severance costs, offset by a $0.2 million decrease in facilities costs. 



(d) Restructuring charges include $0.1 million in severance costs.           



(e) Tax associated with items (b), (c) and (d), respectively, and a $4.2 million benefit in Q3 FY12 due to the favorable conclusion of a tax examination     



     and expiration of statutory periods, primarily in European jurisdictions. 

















Balance Sheet Information

Preliminary






March 31,


March 31,


June 30,


2012


2011


2011

Billed accounts receivable, net

$    362,033


$    355,733


$    341,279

Unbilled accounts receivable, net

281,543


279,832


308,364

Deferred revenue

(349,846)


(321,007)


(332,662)

Net receivables

$    293,730


$    314,558


$    316,981







Cash and marketable securities

$    183,276


$    119,424


$      89,056

Working capital

$    353,765


$    251,803


$    317,298

Total assets

$ 1,490,137


$ 1,443,834


$ 1,429,483

Short-term borrowings

$        5,004


$    111,787


$        5,867

Long-term debt

$    224,234


$    177,583


$    240,102

Stockholders' equity

$    595,889


$    558,763


$    566,004





















PAREXEL International Corporation

 Consolidated Condensed Statement of Operations

Unaudited
































Nine Months Ended


Nine Months Ended

(in thousands, except per share data)


March 31, 2012


March 31, 2011




As Reported


Adjustments


Non-GAAP


As Reported


Adjustments


Non-GAAP















Service revenue



$ 1,003,897


$                -


$1,003,897


$    901,575


$                -


$ 901,575

Reimbursement revenue



156,592


-


156,592


157,693


-


157,693

  Total revenue



1,160,489


-


1,160,489


1,059,268


-


1,059,268















Costs and expenses:














    Direct costs



691,718


-


691,718


584,738

(a)

(368)

(b)

584,370

    Reimbursable out-of-pocket expenses



156,592


-


156,592


157,693


-


157,693

    Selling, general and administrative 



192,506


-


192,506


189,740

(a)

(7)

(b)

189,733

    Depreciation



44,199


-


44,199


40,438


-


40,438

    Amortization



6,542


-


6,542


7,408


-


7,408

    Restructuring charge (benefit)



5,669


(5,669)

(c)

-


(818)


818

(d)

-

  Total costs and expenses



1,097,226


(5,669)


1,091,557


979,199


443


979,642















Income from operations



63,263


5,669


68,932


80,069


(443)


79,626















Other expense



(8,445)


-


(8,445)


(22,791)


1,166

(e)

(21,625)















Income before income taxes



54,818


5,669


60,487


57,278


723


58,001















Provision for income taxes



9,448


5,580

(f)

15,028


6,921


270

(f)

7,191

Effective tax rate



17.2%




24.8%


12.1%




12.4%















Net income



$      45,370


$              89


$      45,459


$      50,357


$            453


$    50,810















Earnings per common share:














  Basic



$           0.76




$          0.77


$          0.86




$        0.87

  Diluted



$           0.75




$          0.75


$          0.84




$        0.85















Shares used in computing earnings per common share:














  Basic



59,319




59,319


58,545




58,545

  Diluted



60,272




60,272


59,717




59,717















(a) Prior year numbers have been reclassified to conform with the current year presentation.

(b) Severance associated with FY11 Restructuring Plan.

(c) Restructuring charges include $4.5 million in severance costs (net of a $1.0 million reduction in the FY10 Plan) and $1.2 million of facility-related costs.               

(d) Restructuring adjustments include $0.6 million in severance reductions and $0.2 million in reductions of facility-related costs.            

(e) Impairment charge on an asset.

(f) Tax associated with items (b) through (e), respectively, and a $4.2 million benefit in Q3 FY12 due to the favorable conclusion of a tax examination      

     and expiration of statutory periods, primarily in European jurisdictions. 

























PAREXEL International Corporation


Segment Information


Unaudited
























Three Months Ended


Three Months Ended


(in thousands)


March 31, 2012


March 31, 2011 (a)




As Reported


As Reported


Adjustments


Non-GAAP












Clinical Research Services (CRS)




















Service revenue


$   263,372


$   227,006




$   227,006


% of total service revenue


74.0%


75.3%




75.3%


Gross profit


$     74,852


$     74,857


$        201

(b)

$     75,058


Gross margin % of service revenue


28.4%


33.0%




33.1%












PAREXEL Consulting & Medical Communications










Services (PCMS)




















Service revenue


$     43,301


$    34,136




$     34,136


% of total service revenue


12.2%


11.3%




11.3%


Gross profit


$     18,200


$    13,665


$          55

(b)

$     13,720


Gross margin % of service revenue


42.0%


40.0%




40.2%






















Perceptive Informatics (PI)




















Service revenue


$     49,319


$    40,254




$     40,254


% of total service revenue


13.8%


13.4%




13.4%


Gross profit


$     21,495


$    17,269


$        112

(b)

$     17,381


Gross margin % of service revenue


43.6%


42.9%




43.2%






















Total service revenue


$   355,992


$  301,396




$  301,396


Total gross profit


$   114,547


$  105,791


$        368


$  106,159


Gross margin % of service revenue


32.2%


35.1%




35.2%






















Revenue by Geography




















The Americas


$   165,672


$  106,996






Europe, Middle East & Africa


140,315


146,008






Asia/Pacific


50,005


48,392






Total service revenue


$   355,992


$  301,396


























Quarterly Supplemental Financial Data




















Service revenue


$   355,992


$  301,396






Reimbursement revenue


$     56,037


$    51,565






Investigator fees


64,969


38,557






Gross revenue


$   476,998


$  391,518
















Days sales outstanding


56


72
















Capital expenditures


$     10,650


$    11,063
















(a) Prior year numbers have been reclassified to conform with the current year presentation.


(b) Severance associated with FY11 restructuring activities.
























  











PAREXEL International Corporation


Segment Information



Unaudited

























Nine Months Ended


Nine Months Ended


(in thousands)


March 31, 2012


March 31, 2011 (a)




As Reported


As Reported


Adjustments


Non-GAAP












Clinical Research Services (CRS)




















Service revenue 


$    746,652


$    690,009


$                  -


$ 690,009


% of total service revenue


74.4%


76.5%




76.5%


Gross profit


$    207,541


$    229,355


$             201

(b)

$ 229,556


Gross margin % of service revenue


27.8%


33.2%




33.3%












PAREXEL Consulting & Medical Communications










  Services (PCMS)




















Service revenue


$    117,404


$      94,484


$                  -


$   94,484


% of total service revenue


11.7%


10.5%




10.5%


Gross profit


$       48,741


$      37,642


$               55

(b)

$   37,697


Gross margin % of service revenue


41.5%


39.8%




39.9%






















Perceptive Informatics (PI)




















Service revenue


$    139,841


$    117,082


$                  -


$ 117,082


% of total service revenue


13.9%


13.0%




13.0%


Gross profit


$       55,897


$      49,840


$             112

(b)

$   49,952


Gross margin % of service revenue


40.0%


42.6%




42.7%






















Total service revenue


$ 1,003,897


$    901,575


$                  -


$ 901,575


Total gross profit


$    312,179


$    316,837


$             368


$ 317,205


Gross margin % of service revenue


31.1%


35.1%




35.2%






















Revenue by Geography




















The Americas


$    443,927


$    367,081






Europe, Middle East & Africa


408,306


407,738






Asia/Pacific


151,664


126,756






Total service revenue


$ 1,003,897


$    901,575
















(a) Prior year numbers have been reclassified to conform with the current year presentation.


(b) Severance associated with FY11 restructuring activities.





CONTACTS: James Winschel, Senior Vice President and Chief Financial Officer
Jill Baker, Corporate Vice President, Investor Relations
+1-781-434-4118

SOURCE PAREXEL International Corporation

Modal title

Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement
  • Asia
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Israel
  • Italy
  • Mexico
  • Middle East
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom

My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2022 Cision US Inc.