-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DD5oWuNFZZFXm8Wjjg6CB02bbh9g5vmopIhjKxF+4ys544hzKkb7w4wJHMm3VNbt VPSIWhSp5FqLSDKODBiBEQ== 0000950162-04-000440.txt : 20040401 0000950162-04-000440.hdr.sgml : 20040401 20040401164915 ACCESSION NUMBER: 0000950162-04-000440 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040229 FILED AS OF DATE: 20040401 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ICON PLC /ADR/ CENTRAL INDEX KEY: 0001060955 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-08704 FILM NUMBER: 04710152 BUSINESS ADDRESS: STREET 1: BANK OF NEW YORK STREET 2: 48 WALL ST CITY: NEW YORK STATE: NY ZIP: 10286 6-K 1 icon6k040104.txt 6-K AND PRESS RELEASE FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Private Issuer Pursuant to Rule 13a - 16 under the Securities Exchange Act of 1934 For the quarterly period ended February 29, 2004 ICON plc (Registrant's name) 0-29714 (Commission file number) South County Business Park, Leopardstown, Dublin 18, Ireland. (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Yes /X/ No Indicate by check mark whether the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Yes No /X/ Indicate by check mark whether the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Yes No /X/ Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes No /X/ If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82 N/A Other Events. The registrant hereby incorporates by reference the press release attached hereto as Exhibit 99.1 into this report. Financial Statements and Exhibits. (c) The following Exhibits are filed as part of this report: EXHIBIT NO. DESCRIPTION 99.1 Press Release. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the, undersigned thereunto duly authorized. ICON plc April 1, 2004 /s/ Sean Leech - --------------------- --------------------------------------- Date Sean Leech Chief Financial Officer Exhibit 99.1 ICON reports another strong quarter with a 42% increase in operating income and EPS of $0.47 for the Third Quarter FY 2004 (NASDAQ:ICLR) Highlights - Third Quarter Fiscal 2004 * Third quarter net revenues increased 30% over the third quarter of fiscal 2003 to $76.9 million and increased 37% on a year-to-date basis. * Income from operations increased 42% over the third quarter of fiscal 2003 to $8.8 million and increased 40% in the nine months to February 29, 2004. * Diluted earnings per share increased 24% for the third quarter to 47 cents compared to 38 cents in the same quarter last year. Year-to-date diluted earnings per share was 139 cents compared to 107 cents for the comparable period last year. * $91 million of net new business awarded to ICON during the quarter. Dublin, Ireland, April 1, 2004 - ICON plc (NASDAQ: ICLR), a global contract clinical research organisation, which has approximately 2,450 employees providing services to the pharmaceutical and biotech industries from 33 locations in 20 countries worldwide, today reported the financial results for its third quarter ended February 29, 2004. Net revenues for the quarter were $76.9 million, representing a 30% increase over net revenues of $59.3 million for the same quarter last year. Excluding the impact of acquisitions, revenue growth for the quarter was 22% over the same quarter last year. Income from operations was $8.8 million, which represents an increase of 42% from the $6.2 million reported for the third quarter last year. Operating margin for the quarter was 11.4% compared to 10.4% for the equivalent period last year. Net income for the quarter was $6.7 million or 47 cents per share, on a diluted basis, compared with $4.6 million or 38 cents per share for the third quarter last year. In the nine months to February 29, 2004, net revenues were $219.0 million, representing a 37% increase over net revenues of $159.7 million reported for the first nine months of last year. Excluding the impact of acquisitions, revenue growth was 24% for the nine months ending February 29, 2004. Income from operations was $24.7 million, representing an increase of 40% from the $17.7 million reported for the same period last year. Operating margin for the nine months to February 29, 2004 was 11.3%, compared to the 11.1% in the same period last year. Net income was $18.5 million or 139 cents per share, on a diluted basis, compared with $13.0 million or 107 cents per share reported for the same period last year. Days sales outstanding, comprising accounts receivable and unbilled revenue less payments on account, were 57 days at February 29, 2004 compared to 69 days at November 30, 2003 and 64 days at May 31, 2003. For the quarter ending February 29, 2004, cash generated from operations was $24.5 million, and capital expenditure was $2.0 million. For the nine months to February 29, 2004, cash generated from operations was $30.8 million, capital expenditure was $9.7 million and payments of $12.8 million were made in relation to acquisitions. As a result of these factors the company's net cash, short-term debt and short-term investments were $67.1 million at February 29, 2004, compared to $44.0 million at November 30, 2003 and $11.2 million at May 31, 2003. "This has been very good quarter for ICON", commented Chairman, Dr John Climax. "Our clinical business again performed well and our laboratory business showed good improvement. We achieved a very good level of new business wins and made excellent progress with our working capital management, which resulted in strong cash flows". Commenting on the outlook, Dr Climax said "Net new business wins in the quarter were $91 million, which was a substantial increase over the previous quarter and our backlog has benefited from this. Nonetheless, we continue to be focused on our business development efforts to ensure that momentum will be maintained into our new fiscal year". The company will hold its third quarter conference call today, April 1, 2004 at 10:00 EST [16:00 Ireland & UK / 17:00 CET]. This call and linked slide presentation can be accessed live from our website at http://www.iconclinical.com. A recording will also be available on the website for 90 days following the call. In addition, a calendar of company events, including upcoming conference presentations, is available on our website, under "shareholders services". This calendar will be updated regularly. The statements made in this Press Release may contain forward-looking statements that involve a number of risks and uncertainties. In addition to the matters described in this Press Release, the ability to maintain large client contracts or enter into new contracts, maintain client relationships and the ability to manage the opening of new offices, the integration of new business mergers and acquisitions, as well as other risks and uncertainties detailed from time to time in SEC reports filed by ICON, including its Form 20-F, F-1, S-8 and F-3, may affect the actual results achieved by ICON. ICON disclaims any intent or obligation to update these forward-looking statements. The financial information presented herein has been prepared in accordance with U.S. GAAP. Source: ICON plc Contact: Investor Relations 1-888-381-7923 or Sean Leech CFO + 353 -1-291-2000 Both at ICON. http://www.iconclinical.com ICON plc Consolidated Income Statements (Unaudited) Three and Nine Months ended February 29, 2004 and February 28, 2003 (Dollars, in thousands, except share and per share data)
Three Months Ended Nine Months Ended February 29, February 28, February 29, February 28, 2004 2003 2004 2003 Gross Revenue 112,831 79,205 332,181 236,270 Subcontractor costs 35,969 19,894 113,177 76,565 ---------------- ---------------- ---------------- ---------------- Net Revenue 76,862 59,311 219,004 159,705 Costs and expenses Direct costs 42,502 33,366 120,271 87,507 Selling, general and administrative 22,708 17,890 65,774 49,481 Depreciation and amortization 2,894 1,869 8,215 5,017 ---------------- ---------------- ---------------- ---------------- Total costs and expenses 68,104 53,125 194,260 142,005 Income from operations 8,758 6,186 24,744 17,700 Interest income (net) 75 120 197 379 ---------------- ---------------- ---------------- ---------------- Income before provision of income taxes 8,833 6,306 24,941 18,079 Provision for income taxes 2,182 1,709 6,421 5,090 ---------------- ---------------- ---------------- ---------------- Net income 6,651 4,597 18,520 12,989 ================ ================ ================ ================ Net income per ordinary share Basic $0.49 $0.39 $1.45 $1.10 ---------------- ---------------- ---------------- ---------------- Diluted $0.47 $0.38 $1.39 $1.07 ---------------- ---------------- ---------------- ---------------- Weighted average number of ordinary shares Basic 13,622,514 11,818,704 12,797,089 11,804,576 Diluted 14,070,194 12,220,266 13,288,688 12,169,875
ICON plc Summary Balance Sheet Data February 29, 2004 and May 31, 2003 (Dollars, in thousands) February 29, May 31, 2004 2003 (unaudited) (audited) Cash and short-term investments 67,114 18,311 Short-term debt - (7,126) Net cash 67,114 11,185 Accounts receivable 73,888 74,645 Unbilled revenue 56,340 44,783 Payments on account (59,979) (45,763) Total 70,249 73,665 Working Capital 104,518 53,827 Total assets 320,116 235,014 Shareholder's equity 207,036 136,910 Source: ICON plc Contact: Investor Relations 1-888-381-7923 or Sean Leech CFO + 353 1 291 2000 both at ICON. http://www.iconclinical.com -----END PRIVACY-ENHANCED MESSAGE-----