ICON Reports Fourth Quarter and Full Year Financial

* Fourth Quarter net revenues increased 20% over the fourth quarter of fiscal 1998 to $14.5 million, despite the impact of the scale-back of a major project, and for the year increased 32% over fiscal 1998 to $55.8 million. * Net Income for the quarter increased 30% to $1.6 million, and for the year increased 93% to $7.5 million. * Diluted earnings per share increased 39% for the year to 68 cents whilst remaining level for the quarter at 15 cents. * Recruitment of staff recommenced in US at the end of the quarter

following faster than expected replacement of the scaled back project. ICON plc (Nasdaq: ICLR), a global full service clinical research organisation, headquartered in Dublin, Ireland, today reported the financial results for its fourth quarter and full year ended May 31, 1999. For the fourth quarter ended May 31, 1999, net revenues were $14.5 million, representing a 20% increase over net revenues of $12.1 million for the same quarter last year. Income from operations for the fourth quarter was $0.7 million, a decrease of 58% from the $1.6 million reported for the fourth quarter last year. Net income for the quarter was $1.6 million or 15 cents per share, on a diluted basis, compared with $1.2 million or 15 cents per share last year. For the fiscal year ended May 31, 1999, net revenues increased 32% to $55.8 million, from $42.1 million in the prior year. Income from operations for fiscal 1999 increased 11% from $5.8 million to $6.4 million. Net income for fiscal 1999 was $7.5 million compared to $3.9 million in fiscal 1998. As a result diluted earnings per share was 68 cents for fiscal 1999 compared to 49 cents for fiscal 1998. Mainly as a result of capital expenditures of $10.7 million during the year, the company's cash, short term debt and short term investments were $44.8 million at May 31, 1999, compared to $53.3 million at May 31, 1998. These capital expenditures were primarily related to new headquarters in the US and a major extension to the group headquarters in Ireland, together with significant expenditures on new IT systems. Days Sales outstanding, comprising accounts receivable and unbilled revenue less payments on account, were 64 days at May 31, 1999 compared with 67 days at May 31, 1998. "Although our final quarter was adversely impacted by the previously announced scale-back of a major project, I am pleased overall with the results for the full fiscal year and I am very encouraged by the new business activity we generated in the fourth quarter," commented Chairman Dr. Ronan Lambe. "As a result, with over 80% of the expected revenues of our current financial year already awarded, we recommenced our recruitment efforts in the US sooner than expected, and committed to opening a new office in Irvine, California to facilitate the expansion of our data management and clinical project management teams in the US. We also recently hired key employees for new offices in Israel and Singapore, both of which will commence operations within the next three months. These steps demonstrate our confidence in our global strategy and in the strength of our business." ICON provides contract clinical research services to the pharmaceutical industry world-wide. It currently has 11 offices in 8 countries and has approximately 650 employees world-wide. Information in this press release contains "forward-looking statements". These statements involve risks and uncertainties that could cause actual results to differ materially including, without limitation, actual operating performance, the ability to maintain large client contracts or enter into new contracts, the ability to manage the opening of new offices, and the ability to maintain client relationships. Additional factors that could cause actual results to differ materially are discussed in the Company's recent filings with the Securities and Exchange Commission, including its Forms F-1 and S-8. The financial information presented herein has been prepared in accordance with U.S. GAAP.

ICON plc

Consolidated Income Statements

Three months and Years ended May 31, 1999 and 1998

(Dollars, in thousands, except per share data)

Three Months Ended Year Ended

May 31 May 31

1999 1998 1999 1998 Gross revenue $24,146 $19,809 $94,550 64,149 Subcontractor costs 9,626 7,721 38,749 22,011 Net revenue 14,520 12,088 55,801 42,138 Costs and expenses Direct costs 7,873 6,187 29,339 22,023 Selling, general and administrative 5,318 3,926 18,029 13,175 Depreciation and amortization 640 328 1,990 1,151 Total costs and expenses 13,831 10,441 49,358 36,349 Income from operations 689 1,647 6,443 5,789 Interest income (net) 641 140 2,620 199 Income before provision for income taxes 1,330 1,787 9,063 5,988 Provision for income taxes (279) 551 1,552 2,103 Net income 1,609 1,236 7,511 3,885 Net income per ordinary share Basic $0.16 $0.17 $0.75 $0.56 Diluted $0.15 $0.15 $0.68 $0.49 Weighted average number of ordinary shares Basic 10,109,182 7,279,714 10,069,581 6,949,521 Diluted 11,039,256 8,296,750 11,078,777 7,966,739

ICON plc

Summary Balance Sheet Data

May 31, 1999 and 1998

(Dollars, in thousands, except per share data)

May 31

1999 1998 Cash, short term debt and short term investments

$44,840 $53,263 Accounts receivable, unbilled revenue less payments on account 16,671 11,725 Working capital 55,884 57,062 Total assets 93,768 88,578 Shareholders' equity 70,266 63,009 ots Original Text Service: ICON plc Internet: http://www.newsaktuell.de Contact: Investors, 1-888-381-7923, or Peter Gray, CFO, +353-1-2161-100, both of ICON Web site: http://www.icon-icr.com

Klíčová slova ICON plc

Oblast
USA, Kanada, OSN, svět a Arktida (us)

Kategorie

ZASÍLÁNÍ ZPRÁV
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