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 Rule12g3-2(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
|
(Unaudited)
|
(Audited)
|
|||||||
September 30,
|
December 31,
|
|||||||
2011
|
2010
|
|||||||
ASSETS
|
(in thousands)
|
|||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$ | 126,787 | $ | 255,706 | ||||
Short term investments - available for sale
|
39,300 | - | ||||||
Accounts receivable
|
196,810 | 164,907 | ||||||
Unbilled revenue
|
133,211 | 101,431 | ||||||
Other receivables
|
16,370 | 12,451 | ||||||
Deferred tax asset
|
13,677 | 5,623 | ||||||
Prepayments and other current assets
|
25,115 | 20,592 | ||||||
Income taxes receivable
|
16,378 | 18,966 | ||||||
Total current assets
|
567,648 | 579,676 | ||||||
Other Assets:
|
||||||||
Property, plant and equipment, net
|
172,203 | 170,861 | ||||||
Goodwill
|
282,948 | 175,860 | ||||||
Non-current other assets
|
4,711 | 4,353 | ||||||
Non-current income taxes receivable
|
291 | 482 | ||||||
Non-current deferred tax asset
|
11,148 | 10,028 | ||||||
Intangible assets
|
6,706 | 8,278 | ||||||
Total Assets
|
$ | 1,045,655 | $ | 949,538 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable
|
$ | 6,522 | $ | 12,314 | ||||
Payments on account
|
137,460 | 134,240 | ||||||
Other liabilities
|
143,684 | 100,182 | ||||||
Deferred tax liability
|
1,219 | 956 | ||||||
Income taxes payable
|
1,685 | 2,634 | ||||||
Total current liabilities
|
290,570 | 250,326 | ||||||
Other Liabilities:
|
||||||||
Non-current other liabilities
|
32,399 | 3,676 | ||||||
Non-current government grants
|
1,152 | 1,470 | ||||||
Non-current income taxes payable
|
8,598 | 10,205 | ||||||
Non-current deferred tax liability
|
15,494 | 13,862 | ||||||
Shareholders' Equity:
|
||||||||
Ordinary shares, par value 6 euro cents per share; 100,000,000 shares authorized,
|
||||||||
60,496,900 shares issued and outstanding at September 30, 2011 and
|
||||||||
60,247,092 shares issued and outstanding at December 31, 2010
|
5,085 | 5,063 | ||||||
Additional paid-in capital
|
206,703 | 196,960 | ||||||
Accumulated other comprehensive income
|
(693 | ) | 396 | |||||
Retained earnings
|
486,347 | 467,580 | ||||||
Total Shareholders' Equity
|
697,442 | 669,999 | ||||||
Total Liabilities and Shareholders' Equity
|
$ | 1,045,655 | $ | 949,538 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
September 30,
|
September 30,
|
|||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(in thousands except share and per share data)
|
||||||||||||||||
Revenue:
|
||||||||||||||||
Gross revenue
|
$ | 335,332 | $ | 323,230 | $ | 958,575 | $ | 945,868 | ||||||||
Reimbursable expenses
|
(94,560 | ) | (98,135 | ) | (255,461 | ) | (277,910 | ) | ||||||||
Net revenue
|
240,772 | 225,095 | 703,114 | 667,958 | ||||||||||||
Costs and expenses:
|
||||||||||||||||
Direct costs
|
158,343 | 139,460 | 453,679 | 401,647 | ||||||||||||
Selling, general and administrative expense
|
71,629 | 60,008 | 188,856 | 171,225 | ||||||||||||
Depreciation and amortization
|
9,667 | 8,002 | 27,969 | 25,005 | ||||||||||||
Restructuring charges
|
4,815 | - | 9,817 | - | ||||||||||||
Total costs and expenses
|
244,454 | 207,470 | 680,321 | 597,877 | ||||||||||||
Income from operations
|
(3,682 | ) | 17,625 | 22,793 | 70,081 | |||||||||||
Interest income
|
378 | 543 | 905 | 1,183 | ||||||||||||
Interest expense
|
(247 | ) | (267 | ) | (602 | ) | (1,038 | ) | ||||||||
Income before provision for income taxes
|
(3,551 | ) | 17,901 | 23,096 | 70,226 | |||||||||||
Provision for income taxes
|
888 | 1,998 | (4,329 | ) | (5,255 | ) | ||||||||||
Net income
|
$ | (2,663 | ) | $ | 19,899 | $ | 18,767 | $ | 64,971 | |||||||
Net income per Ordinary Share:
|
||||||||||||||||
Basic
|
$ | (0.04 | ) | $ | 0.33 | $ | 0.31 | $ | 1.09 | |||||||
Diluted
|
$ | (0.04 | ) | $ | 0.33 | $ | 0.31 | $ | 1.07 | |||||||
Weighted average number of Ordinary Shares outstanding:
|
||||||||||||||||
Basic
|
60,471,985 | 59,940,045 | 60,381,814 | 59,576,777 | ||||||||||||
Diluted
|
61,063,020 | 60,743,403 | 61,096,464 | 60,576,058 |
Nine Months Ended
|
||||||||
September 30,
|
September 30,
|
|||||||
2011
|
2010
|
|||||||
(in thousands)
|
||||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$ | 18,767 | $ | 64,971 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Loss on disposal of property, plant and equipment
|
67 | 114 | ||||||
Depreciation and amortization
|
27,969 | 25,005 | ||||||
Amortization of grants
|
(87 | ) | (108 | ) | ||||
Share compensation expense
|
6,355 | 5,549 | ||||||
Deferred taxes
|
(7,385 | ) | (406 | ) | ||||
Changes in assets and liabilities:
|
||||||||
(Increase)/decrease in accounts receivable
|
(22,682 | ) | 10,040 | |||||
Increase in unbilled revenue
|
(33,417 | ) | (697 | ) | ||||
(Increase)/decrease in other receivables
|
(4,203 | ) | 2 | |||||
Increase in prepayments and other current assets
|
(4,389 | ) | (4,978 | ) | ||||
Increase in other non current assets
|
(357 | ) | (720 | ) | ||||
Decrease in payments on account
|
(5,234 | ) | (20,075 | ) | ||||
Increase/(decrease) in other current liabilities
|
14,170 | (7,731 | ) | |||||
(Decrease)/increase in other non current liabilities
|
(618 | ) | 476 | |||||
Decrease/(increase) in income taxes receivable
|
894 | (12,768 | ) | |||||
Decrease in accounts payable
|
(7,478 | ) | (3,173 | ) | ||||
Net cash (used in)/provided by operating activities
|
(17,628 | ) | 55,501 | |||||
Cash flows from investing activities:
|
||||||||
Purchase of property, plant and equipment
|
(24,608 | ) | (23,906 | ) | ||||
Purchase of subsidiary undertakings
|
(62,777 | ) | (3,411 | ) | ||||
Cash acquired with subsidiary undertakings
|
8,300 | - | ||||||
Purchase of short term investments
|
(40,000 | ) | (30,260 | ) | ||||
Sale of short term investments
|
381 | 79,487 | ||||||
Net cash (used in)/provided by investing activities
|
(118,704 | ) | 21,910 | |||||
Cash flows from financing activities:
|
||||||||
Proceeds from the exercise of share options
|
3,010 | 11,645 | ||||||
Share issuance costs
|
(74 | ) | (51 | ) | ||||
Tax benefit from the exercise of share options
|
474 | 2,248 | ||||||
Repayment of other liabilities
|
- | (165 | ) | |||||
Net cash provided by financing activities
|
3,410 | 13,677 | ||||||
Effect of exchange rate movements on cash
|
4,003 | (4,600 | ) | |||||
Net (decrease)/increase in cash and cash equivalents
|
(128,919 | ) | 86,488 | |||||
Cash and cash equivalents at beginning of period
|
$ | 255,706 | $ | 144,801 | ||||
Cash and cash equivalents at end of period
|
$ | 126,787 | $ | 231,289 |
Shares
|
Amount
|
Additional
Paid-in Capital
|
Accumulated Other Comprehensive Income
|
Retained
Earnings
|
Total
|
|||||||||||||||||||
(dollars in thousands, except share data)
|
||||||||||||||||||||||||
Balance at December 31, 2010
|
60,247,092 | $ | 5,063 | $ | 196,960 | $ | 396 | $ | 467,580 | $ | 669,999 | |||||||||||||
Comprehensive Income:
|
||||||||||||||||||||||||
Net income
|
- | - | - | - | 18,767 | 18,767 | ||||||||||||||||||
Currency translation adjustment
|
- | - | - | 785 | - | 785 | ||||||||||||||||||
Currency impact of long term funding
|
- | - | - | (1,710 | ) | - | (1,710 | ) | ||||||||||||||||
Tax on currency impact of long term funding
|
- | - | - | 155 | - | 155 | ||||||||||||||||||
Unrealized capital gain/(loss) - investments
|
(319 | ) | (319 | ) | ||||||||||||||||||||
Total comprehensive income
|
17,678 | |||||||||||||||||||||||
Exercise of share options
|
246,040 | 22 | 2,988 | - | - | 3,010 | ||||||||||||||||||
Issue of ordinary shares
|
3,768 | - | - | - | - | - | ||||||||||||||||||
Share issuance costs
|
- | - | (74 | ) | - | - | (74 | ) | ||||||||||||||||
Non-cash stock compensation expense
|
- | - | 6,355 | - | - | 6,355 | ||||||||||||||||||
Tax benefit on exercise of options
|
- | - | 474 | - | - | 474 | ||||||||||||||||||
Balance at September 30, 2011
|
60,496,900 | $ | 5,085 | $ | 206,703 | $ | (693 | ) | $ | 486,347 | $ | 697,442 |
September 30,
|
December 31,
|
|||||||
2011
|
2010
|
|||||||
(in thousands)
|
||||||||
Opening balance
|
$ | 175,860 | $ | 173,568 | ||||
Current period acquisitions
|
107,278 | 3,505 | ||||||
Prior period acquisitions
|
- | 2,539 | ||||||
Foreign exchange movement
|
(190 | ) | (3,752 | ) | ||||
Closing balance
|
$ | 282,948 | $ | 175,860 |
July 14
|
||||
2011
|
||||
(in thousands)
|
||||
Property, plant and equipment
|
$ | 695 | ||
Goodwill
|
67,560 | |||
Cash and cash equivalents
|
1,965 | |||
Other current assets
|
3,550 | |||
Current liabilities
|
(2,545 | ) | ||
Purchase price
|
$ | 71,225 |
January 14
|
||||
2011
|
||||
(in thousands)
|
||||
Property, plant and equipment
|
$ | 490 | ||
Goodwill
|
39,718 | |||
Cash and cash equivalents
|
6,335 | |||
Other current assets
|
6,679 | |||
Current liabilities
|
(1,995 | ) | ||
Purchase price
|
$ | 51,227 |
May 17
|
||||
2010
|
||||
(in thousands)
|
||||
Property, plant and equipment
|
$ | 107 | ||
Goodwill
|
3,505 | |||
Intangible assets
|
770 | |||
Other current assets
|
160 | |||
Current liabilities
|
(719 | ) | ||
Purchase price
|
$ | 3,823 |
Three Months Ended | Nine Months Ended | |||
September 30,
|
September 30,
|
September 30,
|
September 30,
|
|
2011
|
2010
|
2011
|
2010
|
|
(in thousands)
|
||||
Restructuring charges
|
$4,815
|
$-
|
$9,817
|
$-
|
Workforce
|
Office
|
|||||||||||
Reductions
|
Consolidations
|
Total
|
||||||||||
(in thousands)
|
||||||||||||
Initial provision recognised
|
$ | 3,956 | $ | 1,046 | $ | 5,002 | ||||||
Cash payments
|
(3,175 | ) | (168 | ) | (3,343 | ) | ||||||
P,P&E write-off
|
- | (42 | ) | (42 | ) | |||||||
Foreign exchange movement
|
(4 | ) | (24 | ) | (28 | ) | ||||||
Closing provision
|
$ | 777 | $ | 812 | $ | 1,589 |
Workforce
|
Office
|
|||||||||||
Reductions
|
Consolidations
|
Total
|
||||||||||
(in thousands)
|
||||||||||||
Initial provision recognised
|
$ | 3,881 | $ | 934 | $ | 4,815 | ||||||
Cash payments
|
(1,013 | ) | - | (1,013 | ) | |||||||
Foreign exchange movement
|
(106 | ) | - | (106 | ) | |||||||
Closing provision
|
$ | 2,762 | $ | 934 | $ | 3,696 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
September 30,
|
September 30,
|
|||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Weighted average number of ordinary shares outstanding for basic net income per ordinary share
|
60,471,985 | 59,940,045 | 60,381,814 | 59,576,777 | ||||||||||||
Effect of dilutive share options outstanding
|
591,035 | 803,358 | 714,650 | 999,281 | ||||||||||||
Weighted average number of ordinary shares for diluted net income per ordinary share
|
61,063,020 | 60,743,403 | 61,096,464 | 60,576,058 |
Options
Outstanding
Number of
Shares
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Fair
Value
|
Weighted
Average
Remaining Contractual
Life
|
|||||||||||||
Outstanding at December 31, 2010
|
4,798,677 | $ | 21.71 | $ | 8.47 | |||||||||||
Granted
|
809,449 | $ | 20.29 | $ | 8.53 | |||||||||||
Exercised
|
(246,040 | ) | $ | 12.23 | $ | 5.29 | ||||||||||
Forfeited
|
(379,523 | ) | $ | 25.70 | $ | 9.83 | ||||||||||
Outstanding at September 30, 2011
|
4,982,563 | $ | 21.64 | $ | 8.54 | 4.67 | ||||||||||
Exercisable at September 30, 2011
|
2,553,258 | $ | 19.64 | $ | 7.83 | 3.31 | ||||||||||
Options
Outstanding
Number of Shares
|
Weighted Average Exercise Price
|
Weighted Average Fair Value
|
||||||||||
Non vested outstanding at December 31, 2010
|
2,673,674 | $ | 24.76 | $ | 9.48 | |||||||
Granted
|
809,449 | $ | 20.29 | $ | 8.53 | |||||||
Vested
|
(807,537 | ) | $ | 23.16 | $ | 9.05 | ||||||
Forfeited
|
(246,281 | ) | $ | 25.25 | $ | 9.72 | ||||||
Non vested outstanding at September 30, 2011
|
2,429,305 | $ | 23.75 | $ | 9.28 |
Nine Months Ended
|
||||||
September 30,
|
September 30,
|
|||||
2011
|
2010
|
|||||
Weighted average fair value
|
$ | 8.53 | $ | 9.15 | ||
Assumptions:
|
||||||
Expected volatility
|
45% | 45% | ||||
Dividend yield
|
0% | 0% | ||||
Risk-free interest rate
|
1.5% - 2.3% | 1.7% | ||||
Expected life
|
5 years
|
4.05 years
|
RSU’s Awarded
|
Date of Award
|
Vesting Date
|
Market Price on Date
of Award
|
100,000
|
February 10, 2011
|
February 10, 2016
|
$22.11
|
120,000
|
March 3, 2011
|
March 3, 2014
|
$20.28
|
10,000
|
June 7, 2011
|
June 7, 2014
|
$24.60
|
Number of Units
|
Weighted Average Fair Value
|
|||||||
Non vested outstanding at December 31, 2010
|
1,256 | $ | 41.95 | |||||
Granted
|
230,000 | $ | 21.26 | |||||
Vested
|
(1,256 | ) | $ | 41.95 | ||||
- | - | |||||||
Non vested outstanding at September 30, 2011
|
230,000 | $ | 21.26 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
September 30,
|
September 30,
|
|||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(In thousands)
|
(In thousands)
|
|||||||||||||||
Direct costs
|
$ | 1,222 | $ | 1,018 | $ | 3,502 | $ | 3,025 | ||||||||
Selling, general and administrative expense
|
$ | 996 | $ | 829 | $ | 2,853 | $ | 2,524 | ||||||||
$ | 2,218 | $ | 1,847 | $ | 6,355 | $ | 5,549 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
September 30,
|
September 30,
|
|||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(in thousands)
|
(in thousands)
|
|||||||||||||||
Ireland
|
$ | 13,872 | $ | 28,118 | $ | 67,305 | $ | 90,996 | ||||||||
Rest of Europe
|
91,696 | 72,897 | 258,641 | 213,747 | ||||||||||||
U.S.
|
103,992 | 100,038 | 290,382 | 294,369 | ||||||||||||
Other
|
31,212 | 24,042 | 86,786 | 68,846 | ||||||||||||
Total
|
$ | 240,772 | $ | 225,095 | $ | 703,114 | $ | 667,958 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
September 30,
|
September 30,
|
|||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(in thousands)
|
(in thousands)
|
|||||||||||||||
Clinical research
|
$ | 221,226 | $ | 210,191 | $ | 650,233 | $ | 621,200 | ||||||||
Central laboratory
|
19,546 | 14,904 | 52,881 | 46,758 | ||||||||||||
Total
|
$ | 240,772 | $ | 225,095 | $ | 703,114 | $ | 667,958 |
Three Months Ended
|
||||||||||||||||
September 30,
|
September 30, | September 30, | September 30, | |||||||||||||
2011 | 2011 | 2011 | 2010 | |||||||||||||
Excluding Restructuring Charges
|
Restructuring Charges
|
Including Restructuring Charges
|
||||||||||||||
(in thousands)
|
||||||||||||||||
Ireland
|
$ | (17,389 | ) | $ | (1,479 | ) | $ | (18,868 | ) | $ | 4,410 | |||||
Rest of Europe
|
7,535 | (1,197 | ) | 6,338 | 4,987 | |||||||||||
U.S.
|
8,730 | (2,139 | ) | 6,591 | 6,569 | |||||||||||
Other
|
2,257 | - | 2,257 | 1,659 | ||||||||||||
Total
|
$ | 1,133 | $ | (4,815 | ) | $ | (3,682 | ) | $ | 17,625 |
Nine Months Ended
|
||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||
2011 | 2011 | 2011 | 2010 | |||||||||||||
Excluding Restructuring Charges
|
Restructuring Charges | Including Restructuring Charges | ||||||||||||||
(in thousands) | ||||||||||||||||
Ireland
|
$ | (19,186 | ) | $ | (1,564 | ) | $ | (20,750 | ) | $ | 27,469 | |||||
Rest of Europe
|
24,376 | (3,000 | ) | 21,376 | 17,919 | |||||||||||
U.S.
|
21,621 | (5,253 | ) | 16,368 | 20,001 | |||||||||||
Other
|
5,799 | - | 5,799 | 4,692 | ||||||||||||
Total
|
$ | 32,610 | $ | (9,817 | ) | $ | 22,793 | $ | 70,081 |
Three Months Ended
|
||||||||||||||||
September 30,
|
September 30,
|
September 30,
|
September 30,
|
|||||||||||||
2011
|
2011
|
2011
|
2010
|
|||||||||||||
Excluding Restructuring Charges
|
Restructuring Charges
|
Including Restructuring Charges
|
||||||||||||||
(in thousands)
|
||||||||||||||||
Clinical research
|
$ | 1,007 | $ | (4,815 | ) | $ | (3,808 | ) | $ | 25,218 | ||||||
Central laboratory
|
126 | - | 126 | (7,593 | ) | |||||||||||
Total
|
$ | 1,133 | $ | (4,815 | ) | $ | (3,682 | ) | $ | 17,625 |
Nine Months Ended
|
||||||||||||||||
September 30,
|
September 30,
|
September 30,
|
September 30,
|
|||||||||||||
2011
|
2011
|
2011
|
2010
|
|||||||||||||
Excluding Restructuring Charges
|
Restructuring Charges
|
Including Restructuring Charges
|
||||||||||||||
(in thousands)
|
||||||||||||||||
Clinical research
|
$ | 34,623 | $ | (8,272 | ) | $ | 26,351 | $ | 78,748 | |||||||
Central laboratory
|
(2,013 | ) | (1,545 | ) | (3,558 | ) | (8,667 | ) | ||||||||
Total
|
$ | 32,610 | $ | (9,817 | ) | $ | 22,793 | $ | 70,081 |
September 30,
|
December 31,
|
|||||||
2011
|
2010
|
|||||||
(in thousands)
|
||||||||
Ireland
|
$ | 113,394 | $ | 109,919 | ||||
Rest of Europe
|
17,267 | 16,675 | ||||||
U.S.
|
32,634 | 33,855 | ||||||
Other
|
8,908 | 10,412 | ||||||
Total
|
$ | 172,203 | $ | 170,861 |
September 30,
|
December 31,
|
|||||||
2011
|
2010
|
|||||||
(in thousands)
|
||||||||
Clinical research
|
$ | 152,613 | $ | 149,755 | ||||
Central laboratory
|
19,590 | 21,106 | ||||||
Total
|
$ | 172,203 | $ | 170,861 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
September 30,
|
September 30,
|
|||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(in thousands)
|
(in thousands)
|
|||||||||||||||
Ireland
|
$ | 3,628 | $ | 2,470 | $ | 9,810 | $ | 7,447 | ||||||||
Rest of Europe
|
2,121 | 1,336 | 5,557 | 4,195 | ||||||||||||
U.S.
|
2,995 | 3,166 | 9,463 | 10,381 | ||||||||||||
Other
|
923 | 1,030 | 3,139 | 2,982 | ||||||||||||
Total
|
$ | 9,667 | $ | 8,002 | $ | 27,969 | $ | 25,005 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
September 30,
|
September 30,
|
|||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(in thousands)
|
(in thousands)
|
|||||||||||||||
Clinical research
|
$ | 8,496 | $ | 6,805 | $ | 24,193 | $ | 21,330 | ||||||||
Central laboratory
|
1,171 | 1,197 | 3,776 | 3,675 | ||||||||||||
Total
|
$ | 9,667 | $ | 8,002 | $ | 27,969 | $ | 25,005 |
September 30,
|
December 31,
|
|||||||
2011
|
2010
|
|||||||
(in thousands)
|
||||||||
Ireland
|
$ | 384,688 | $ | 418,098 | ||||
Rest of Europe
|
237,738 | 173,668 | ||||||
U.S.
|
388,274 | 329,971 | ||||||
Other
|
34,955 | 27,801 | ||||||
Total
|
$ | 1,045,655 | $ | 949,538 |
September 30,
|
December 31,
|
|||||||
2011
|
2010
|
|||||||
(in thousands)
|
||||||||
Clinical research
|
$ | 992,578 | $ | 889,534 | ||||
Central laboratory
|
53,077 | 60,004 | ||||||
Total
|
$ | 1,045,655 | $ | 949,538 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
September 30,
|
September 30,
|
|||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Client A
|
14.6 | % | * | 13.7 | % | * |
Three Months Ended
|
||||||||||||
September 30,
2011
|
September 30,
2010
|
2010
to 2011
|
||||||||||
Percentage
|
||||||||||||
Percentage of Net Revenue
|
Increase/
(decrease)
|
|||||||||||
Net revenue
|
100.0 | % | 100.0 | % | 7.0 | % | ||||||
Costs and expenses:
|
||||||||||||
Direct costs
|
65.8 | % | 61.9 | % | 13.5 | % | ||||||
Selling, general and administrative expense
|
29.7 | % | 26.7 | % | 19.4 | % | ||||||
Depreciation and amortization
|
4.0 | % | 3.6 | % | 20.8 | % | ||||||
Restructuring charges
|
2.0 | % | - | 100 | % | |||||||
Income from operations
|
(1.5 | %) | 7.8 | % | (120.9 | )% | ||||||
Nine Months Ended
|
||||||||||
September 30
2011
|
September 30
2010
|
2010
to 2011
|
||||||||
Percentage | ||||||||||
Percentage of Net Revenue
|
Increase/
(decrease)
|
|||||||||
Net revenue
|
100.0 | % | 100.0 | % | 5.3% | |||||
Costs and expenses:
|
||||||||||
Direct costs
|
64.5 | % | 60.2 | % | 13.0% | |||||
Selling, general and administrative expense
|
26.9 | % | 25.6 | % | 10.3% | |||||
Depreciation and amortization
|
4.0 | % | 3.7 | % | 11.9% | |||||
One-time net charges
|
1.4 | % | 0.0 | % | 100.0% | |||||
Income from operations
|
3.2 | % | 10.5 | % | (67.5)% | |||||
ICON plc
|
||
/s/ Brendan Brennan | ||
Date: November 10, 2011 | Brendan Brennan | |
Chief Financial Officer |
Statement of Financial Position, Classified (Parenthetical) | Sep. 30, 2011
EUR (€) | Dec. 31, 2010
EUR (€) |
---|---|---|
Ordinary shares, par value | € 0.06 | € 0.06 |
Ordinary shares, shares authorized | 100,000,000 | 100,000,000 |
Ordinary shares, shares issued | 60,496,900 | 60,247,092 |
Ordinary shares, shares outstanding | 60,496,900 | 60,247,092 |
Statement of Income (Excluding Gross Margin Alternative) (USD $) In Thousands, except Share data | 3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | |
Revenue: | ||||
Gross revenue | $ 335,332 | $ 323,230 | $ 958,575 | $ 945,868 |
Reimbursable expenses | (94,560) | (98,135) | (255,461) | (277,910) |
Net revenue | 240,772 | 225,095 | 703,114 | 667,958 |
Costs and expenses: | ||||
Direct costs | 158,343 | 139,460 | 453,679 | 401,647 |
Selling, general and administrative expense | 71,629 | 60,008 | 188,856 | 171,225 |
Depreciation and amortization | 9,667 | 8,002 | 27,969 | 25,005 |
Restructuring charges | 4,815 | 9,817 | ||
Total costs and expenses | 244,454 | 207,470 | 680,321 | 597,877 |
Income from operations | (3,682) | 17,625 | 22,793 | 70,081 |
Interest income | 378 | 543 | 905 | 1,183 |
Interest expense | (247) | (267) | (602) | (1,038) |
Income before provision for income taxes | (3,551) | 17,901 | 23,096 | 70,226 |
Provision for income taxes | 888 | 1,998 | (4,329) | (5,255) |
Net income | $ (2,663) | $ 19,899 | $ 18,767 | $ 64,971 |
Net income per Ordinary Share: | ||||
Basic | $ (0.04) | $ 0.33 | $ 0.31 | $ 1.09 |
Diluted | $ (0.04) | $ 0.33 | $ 0.31 | $ 1.07 |
Weighted average number of Ordinary Shares outstanding: | ||||
Basic | 60,471,985 | 59,940,045 | 60,381,814 | 59,576,777 |
Diluted | 61,063,020 | 60,743,403 | 61,096,464 | 60,576,058 |
Summary of Fair Values of the Assets Acquired and the Liabilities Assumed Related to Acquisition of Timaq Medical Imaging (Detail) (Timaq Medical Imaging, USD $) In Thousands | May 17, 2010 |
---|---|
Timaq Medical Imaging | |
Business Acquisition [Line Items] | |
Property, plant and equipment | $ 107 |
Goodwill | 3,505 |
Intangible assets | 770 |
Other current assets | 160 |
Current liabilities | (719) |
Purchase price | $ 3,823 |
Document and Entity Information | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
Document Information [Line Items] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2011 |
Document Fiscal Year Focus | 2011 |
Document Fiscal Period Focus | Q3 |
Trading Symbol | ICLR |
Entity Registrant Name | ICON PLC /ADR/ |
Entity Central Index Key | 0001060955 |
Current Fiscal Year End Date | --12-31 |
Details of the Movement in Restructuring Provisions Recognised (Detail) (USD $) In Thousands | 9 Months Ended | 3 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2011
Q1 Restructuring Plan | Sep. 30, 2011
Q1 Restructuring Plan
Workforce Reduction | Sep. 30, 2011
Q1 Restructuring Plan
Office Consolidations | Sep. 30, 2011
Q3 Restructuring Plan | Sep. 30, 2011
Q3 Restructuring Plan
Workforce Reduction | Sep. 30, 2011
Q3 Restructuring Plan
Office Consolidations | |
Restructuring Cost and Reserve [Line Items] | ||||||
Initial provision recognised | $ 5,002 | $ 3,956 | $ 1,046 | $ 4,815 | $ 3,881 | $ 934 |
Cash payments | (3,343) | (3,175) | (168) | (1,013) | (1,013) | 0 |
P,P&E write-off | (42) | (42) | ||||
Foreign exchange movement | (28) | (4) | (24) | (106) | (106) | 0 |
Closing provision | $ 1,589 | $ 777 | $ 812 | $ 3,696 | $ 2,762 | $ 934 |
Clients Representing Company's Net Revenue (Detail) | 3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2011 | Sep. 30, 2011 | |
Revenue, Major Customer [Line Items] | ||
Client A | 14.60% | 13.70% |
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Stock Options | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Options |
6. Stock Options
On
July 21, 2008 the Company adopted the Employee Share Option Plan
2008 (the “2008 Employee Plan”) pursuant to which the
Compensation and Organization Committee of the Company’s
Board of Directors may grant options to any employee, or any
director holding a salaried office or employment with the Company
or a Subsidiary for the purchase of ordinary shares. On the same
date, the Company also adopted the Consultants Share Option Plan
2008 (the “2008 Consultants Plan”), pursuant to which
the Compensation and Organization Committee of the Company’s
Board of Directors may grant options to any consultant, adviser or
non-executive director retained by the Company or any Subsidiary
for the purchase of ordinary shares.
Each
option granted under the 2008 Employee Plan or the 2008 Consultants
Plan (together the “2008 Option Plans”) will be an
employee stock option, or NSO, as described in Section 422 or 423
of the Internal Revenue Code. Each grant of an option under the
2008 Options Plans will be evidenced by a Stock Option Agreement
between the optionee and the Company. The exercise price will be
specified in each stock option agreement, however option prices
will not be less than 100% of the fair market value of an ordinary
share on the date the option is granted.
An
aggregate of 6.0 million ordinary shares have been reserved under
the 2008 Employee Plan as reduced by any shares issued or to be
issued pursuant to options granted under the 2008 Consultants Plan,
under which a limit of 400,000 shares applies. Further,
the maximum number of ordinary shares with respect to which options
may be granted under the 2008 Employee Option Plan, during any
calendar year to any employee shall be 400,000 ordinary
shares. There is no individual limit under the 2008
Consultants Plan. No options may be granted under
the 2008 Option Plans after July 21, 2018.
On
July 21, 2008 the Company adopted the 2008 Employees Restricted
Share Unit Plan (the “2008 RSU Plan”) pursuant to which
the Compensation and Organization Committee of the Company’s
Board of Directors may select any employee, or any director holding
a salaried office or employment with the Company or a Subsidiary to
receive an award under the plan. An aggregate of 1.0
million ordinary shares have been reserved for issuance under the
2008 RSU Plan.
On
January 17, 2003 the Company adopted the Share Option Plan 2003
(the “2003 Share Option Plan”) pursuant to which the
Compensation and Organization Committee of the Board may grant
options to officers and other employees of the Company or its
subsidiaries for the purchase of ordinary shares. Each
grant of an option under the 2003 Share Option Plan will be
evidenced by a stock option agreement between the employee and the
Company. The exercise price will be specified in each Stock Option
Agreement.
An
aggregate of 6.0 million ordinary shares have been reserved under
the 2003 Share Option Plan; and, in no event will the number of
ordinary shares that may be issued pursuant to options awarded
under the 2003 Share Option Plan exceed 10% of the outstanding
shares, as defined in the 2003 Share Option Plan, at the time of
the grant, unless the Board expressly determines otherwise.
Further, the maximum number of ordinary shares with respect to
which options may be granted under the 2003 Share Option Plan
during any calendar year to any employee shall be 400,000 ordinary
shares. No options can be granted after January 17,
2013.
Share
option awards are granted with an exercise price equal to the
market price of the Company’s shares at date of
grant. Share options typically vest over a period of
five years from date of grant and expire eight years from date of
grant. The maximum contractual term of options
outstanding at September 30, 2011 is eight years.
Stock Options
The
following table summarizes option activity during the nine months
ended September 30, 2011:
The
Company has granted options with fair values ranging from $3.68 to
$13.93 per option or a weighted average fair value of $7.15 per
option. The Company issues new ordinary shares for all
options exercised. The total amount of fully vested share options
which remained outstanding at September 30, 2011 was
2,553,258. Fully vested share options at September 30,
2011 have an average remaining contractual term of 3.6 years, an
average exercise price of $19.64 and a total intrinsic value of
$7.7 million. The total intrinsic value of options exercised during
the nine months ended September 30, 2011 was $1.5 million
(September 30, 2010: $11.4 million).
The
following table summarizes the movement in non-vested share options
during the nine months ended September 30, 2011:
Stock Option Fair Values and Assumptions
The
weighted average fair value of options granted during the period
ended September 30, 2011 and September 30, 2010 was calculated
using the Black-Scholes option pricing model. The
weighted average fair values and assumptions used were as
follows:
Expected
volatility is based on the historical volatility of our common
stock over a period equal to the expected term of the options; the
expected life represents the weighted average period of time that
options granted are expected to be outstanding given consideration
to vesting schedules, and our historical experience of past vesting
and termination patterns. The risk-free rate is based on the U.S.
government zero-coupon bonds yield curve in effect at time of the
grant for periods corresponding with the expected life of the
option.
Restricted Share Units
The
Company has awarded restricted Share Units
(“RSU’s”) to certain key executives of the
Group. Details of RSU’s granted during the nine
months ended September 30, 2011 were as follows:
The
Company also awarded RSU’s in prior periods. On
August 7, 2008 the Company awarded 6,280 RSU’s to certain key
employees of the Group. These RSU’s vested over
periods ranging from February 26, 2009 to February 26,
2011. The market value of the Company’s ordinary
shares on date of award was $41.95. On August 16, 2010
the Company issued 2,512 ordinary shares relating to certain of
these RSU awards. On May 20, 2011 the Company issued a
further 3,768 ordinary shares relating to the remaining RSU
awards.
The
following table summarizes the movement in non-vested RSU’s
during the nine months ended September 30, 2011:
The
fair value of stock awards vested for the nine months ended
September 30, 2011 totaled $0.1 million (2010: $0.1
million).
Non-cash stock compensation expense
Non-cash
stock compensation expense for the nine months ended September 30,
2011 has been allocated to direct costs and selling, general and
administrative expenses as follows:
Total
non-cash stock compensation expense not yet recognized at September
30, 2011 amounted to $15.5 million. The weighted average
period over which this is expected to be recognized is 3.0
years. Total tax benefit recognized in additional paid
in capital related to the non-cash compensation expense amounted to
$0.5 million for the nine months ended September 30, 2011 (2010:
$2.2 million).
|
Income Tax - Additional Information (Detail) (USD $) In Millions | Sep. 30, 2011 | Dec. 31, 2010 |
---|---|---|
Deferred Tax Liability Not Recognized [Line Items] | ||
Liability for unrecognized tax benefit | $ 8.3 | $ 9.7 |
Items generating unrecognized tax benefits | 6.7 | 8.1 |
Interest and related penalties | $ 1.6 | $ 1.8 |
Distribution of Depreciation and Amortization by Business Segment (Detail) (USD $) In Thousands | 3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | |
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ 9,667 | $ 8,002 | $ 27,969 | $ 25,005 |
Clinical Research | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 8,496 | 6,805 | 24,193 | 21,330 |
Central Laboratory | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ 1,171 | $ 1,197 | $ 3,776 | $ 3,675 |
Restructuring Charges - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2011 | Sep. 30, 2011 | Mar. 31, 2011
Q1 Restructuring Plan | Mar. 31, 2011
Q1 Restructuring Plan
Clinical Research | Mar. 31, 2011
Q1 Restructuring Plan
Central Laboratory | Sep. 30, 2011
Q3 Restructuring Plan
Clinical Research | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 4,815,000 | $ 9,817,000 | $ 5,002,000 | $ 3,500,000 | $ 1,500,000 | $ 4,815,000 |
Lease termination and exit costs | 1,000,000 | 900,000 | ||||
Workforce reductions | $ 4,000,000 | $ 3,900,000 |
Stock Options (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stock Option Activity | The
following table summarizes option activity during the nine months
ended September 30, 2011:
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Movement in Non-Vested Share Options |
The
following table summarizes the movement in non-vested share options
during the nine months ended September 30, 2011:
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Fair Values and Assumptions Used |
The
weighted average fair values and assumptions used were as
follows:
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RSU Granted During the Period |
The
Company has awarded restricted Share Units
(“RSU’s”) to certain key executives of the
Group. Details of RSU’s granted during the nine
months ended September 30, 2011 were as follows:
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarizes the Movement in Non-vested Restricted Share Units | The
following table summarizes the movement in non-vested RSU’s
during the nine months ended September 30, 2011:
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Non-cash stock compensation expense |
Non-cash
stock compensation expense for the nine months ended September 30,
2011 has been allocated to direct costs and selling, general and
administrative expenses as follows:
|
Goodwill | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill |
2. Goodwill
The
goodwill balance relates entirely to the clinical research
segment.
Acquisition of Firecrest Clinical
On
July 14, 2011 the Company acquired 100% of the common stock of
Firecrest Clinical Limited (“Firecrest”), a market
leading provider of technology solutions that boost investigator
site performance and study management, for an initial cash
consideration of €17.0 million ($24.4
million). Headquartered in Limerick, Ireland, Firecrest
Clinical provides a comprehensive site performance management
system that is used to improve compliance consistency and execution
of activities at investigative sites. Further consideration of up
to €33.0 million ($44.9 million) may become payable if
certain performance milestones are achieved in the period to June
30, 2013. At September 30, 2011 the Company has accrued €32.7
million ($44.4 million) in relation to these performance
milestones.
The
acquisition of Firecrest has been accounted for as a business
combination in accordance with FASB ASC 805 Business Combinations.
The following table summarizes the estimated fair values of the
assets acquired and the liabilities assumed:
The
Company has not finalized the acquisition accounting in respect of
the Firecrest acquisition as at the date of this
report.
Acquisition of Oxford Outcomes
On
January 14, 2011 the Company acquired approximately 80% of the
common stock of Oxford Outcomes Limited, a leading international
health outcomes consultancy business, headquartered in Oxford,
United Kingdom, and with offices in the USA and Canada, for an
initial cash consideration of £17.8 million ($27.7
million). Oxford Outcomes provides specialist services
in the areas of patient reported outcomes (PRO), health economics,
epidemiology and translation and linguistic
validation. Further consideration of up to £6.5
million ($10.2 million) may become payable during the period to
March 31, 2012 if certain performance milestones are
achieved. In July 2011 the Company paid £3.3
million ($5.2 million) in respect of the first element of this
additional consideration. £3.2 million ($5.0 million) was
accrued at September 30, 2011 in respect of the remaining
performance milestones. In addition, the acquisition
agreement provided for certain working capital targets to be
achieved by Oxford Outcomes Limited on completion. In
May 2011 the Company paid an additional £3.3 million ($5.5
million) on completion of this review.
On
January 14, 2011 a put and call option was also agreed between the
Company and the selling shareholders for the acquisition of the
remaining common stock of Oxford Outcomes Limited during the year
ended December 31, 2011 for cash consideration of £3.8 million
($6.0 million). Further consideration of up to £1.5
million ($2.3 million) relating to this remaining common stock may
become payable during the period to March 31, 2012 if certain
performance milestones are achieved. £3.8 million
($6.0 million) was accrued at September 30, 2011 in respect of the
additional consideration payable relating to this option and a
further £1.5 million ($2.3 million) was accrued relating to
the potential additional consideration payable in respect of the
performance milestones. On October 20, 2011 this option
was exercised and £3.8 million ($6.0 million) was paid by the
Company to the selling shareholders together with a further
£0.7 million ($1.1 million) in respect of the first element of
amounts due in respect of the performance milestones.
The
acquisition of Oxford Outcomes has been accounted for as a business
combination in accordance with FASB ASC 805 Business Combinations.
The following table summarizes the estimated fair values of the
assets acquired and the liabilities assumed:
The
Company has not finalized the acquisition accounting in respect of
the Oxford Outcomes acquisition as at the date of this
report.
Prior Period Acquisitions - Acquisition of Timaq Medical
Imaging
On
May 17, 2010 the Company acquired Timaq Medical Imaging
(“Timaq”), a European provider of advanced imaging
services to the pharmaceutical and biotechnology industry, located
in Zurich, Switzerland for an initial cash consideration of CHF 1.3
million ($1.2 million). Certain performance milestones
were built into the acquisition agreement requiring potential
additional consideration of up to CHF 2.9 million ($3.1 million) if
these milestones are achieved during the years ended December 31,
2010 to December 31, 2013. On December 31, 2010 CHF 0.3 million
($0.3 million) was paid to the former shareholders in respect of
certain milestones for the year ended December 31,
2010. CHF 2.6 million ($2.9 million) has been accrued in
relation to the remaining milestones at September 30,
2011.
The
acquisition of Timaq has been accounted for as a business
combination in accordance with FASB ASC 805 Business Combinations.
The following table summarizes the fair values of the assets
acquired and the liabilities assumed:
Goodwill
represents the acquisition of an established workforce with
experience in the provision of advanced imaging services to
pharmaceutical and biotechnology customers in the European
market.
|
Non-Cash Stock Compensation Expense (Detail) (USD $) In Thousands | 3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 2,218 | $ 1,847 | $ 6,355 | $ 5,549 |
Cost of Sales | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 1,222 | 1,018 | 3,502 | 3,025 |
Selling, General and Administrative Expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 996 | $ 829 | $ 2,853 | $ 2,524 |
Goodwill (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Firecrest Clinical Limited | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets Acquired and the Liabilities Assumed | The
following table summarizes the estimated fair values of the assets
acquired and the liabilities assumed:
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oxford Outcomes Limited | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets Acquired and the Liabilities Assumed | The
following table summarizes the estimated fair values of the assets
acquired and the liabilities assumed:
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Timaq Medical Imaging | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets Acquired and the Liabilities Assumed | The
following table summarizes the fair values of the assets acquired
and the liabilities assumed:
|
Goodwill (Detail) (USD $) In Thousands | 9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2011 | Dec. 31, 2010 | |
Goodwill [Line Items] | ||
Opening balance | $ 175,860 | $ 173,568 |
Current period acquisitions | 107,278 | 3,505 |
Prior period acquisitions | 2,539 | |
Foreign exchange movement | (190) | (3,752) |
Closing balance | $ 282,948 | $ 175,860 |
Restructuring charges (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Charges | Restructuring
charges recognized during the three and nine months ended September
30, 2011 comprise:
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Details of the movement in restructuring provisions recognised | Details
of the movement in the Q1 Restructuring Plan recognised during the
nine months ended September 30, 2011 are as follows:
Details
of the movement in the Q3 Restructuring Plan recognised during
the three months ended September 30, 2011 are as
follows:
|
Schedule of Weighted Average Fair Values and Assumptions Used (Detail) (Stock Option, USD $) | 9 Months Ended | |
---|---|---|
Sep. 30, 2011
Year | Sep. 30, 2010
Year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average fair value | $ 8.53 | $ 9.15 |
Assumptions: | ||
Expected volatility | 45.00% | 45.00% |
Dividend yield | 0.00% | 0.00% |
Risk-free interest rate | 1.70% | |
Expected life | 5.00 | 4.05 |
Maximum | ||
Assumptions: | ||
Risk-free interest rate | 2.30% | |
Minimum | ||
Assumptions: | ||
Risk-free interest rate | 1.50% | 1.70% |
Segment Information | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information |
7. Segment Information
The
Company determines and presents operating segments based on the
information that is internally provided to the Chief Executive
Officer and Chief Financial Officer, who together are considered
the Company’s chief operating decision maker, in accordance
with FASB ASC 280-10 Disclosures about Segments of
an Enterprises and Related Information.
The
Company operates predominantly in the contract clinical research
industry providing a broad range of clinical research and
integrated product development services on a global basis for the
pharmaceutical and biotechnology industries. Historically, the
Company organized, operated and assessed its business in two
segments, the clinical research segment and the central laboratory
segment, which includes the Company’s central laboratories
located in Dublin, New York, India, Singapore and China. During the
year ended December 31, 2009 management determined that its
clinical research and central laboratory businesses operate in the
same clinical research market, have a similar customer profile, are
subject to the same regulatory environment, support the development
of new clinical therapies and are so economically similar,
reporting their results on an aggregated basis would be more useful
to users of the Company’s financial statements. In addition,
the central laboratory division did not reach the thresholds of net
revenue, income from operations and total assets as a requirement
for being reported as a separate segment. Accordingly,
the Company consolidated and reclassified the results of the former
central laboratory segment into the clinical research segment for
the three and nine months ended September 30, 2010.
During
the year ended December 31, 2010 the Company incurred losses in its
central laboratory business, which in accordance with FASB ASC
280-10 Disclosures about Segments of
an Enterprises and Related Information requires it to be
reported as a separate segment. Accordingly the Company
has disclosed two reportable segments for the three and nine months
ended September 30, 2011. The Company has reclassified
the results of the central laboratory segment from the clinical
research segment for three and nine months ended September 30,
2011.
The
Company's areas of operation outside of Ireland principally include
the United States, United Kingdom, France, Germany, Italy, Spain,
The Netherlands, Sweden, Finland, Switzerland, Poland, Czech
Republic, Lithuania, Latvia, Russia, Ukraine, Hungary, Israel,
Romania, Canada, Mexico, Brazil, Colombia, Argentina, Chile, Peru,
India, China, Hong Kong, South Korea, Japan, Thailand, Taiwan,
Singapore, The Philippines, Australia, New Zealand, and South
Africa. Segment information as at September 30, 2011 and December
31, 2010 and for the three and nine months ended September 30, 2011
and September 30, 2010 is as follows:
a) The
distribution of net revenue by geographical area was as
follows:
*
All sales shown for Ireland are export sales.
b) The
distribution of net revenue by business segment was as
follows:
c) The
distribution of income from operations by geographical area was as
follows:
d)
The distribution of income from operations by business segment was
as follows:
e)
The distribution of property, plant and equipment, net, by
geographical area was as follows:
f)
The distribution of property, plant and equipment, net, by business
segment was as follows:
g)
The distribution of depreciation and amortization by geographical
area was as follows:
h)
The distribution of depreciation and amortization by business
segment was as follows:
i)
The distribution of total assets by geographical area was as
follows:
j)
The distribution of total assets by business segment was as
follows:
k)
The following table sets forth the clients which represented 10% or
more of the Company’s net revenue in each of the periods set
out below:
*
Net revenue did not exceed 10%
|
Statement Of Shareholders Equity And Other Comprehensive Income (USD $) In Thousands, except Share data | Total | Ordinary shares | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Retained Earnings |
---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2010 | $ 669,999 | $ 5,063 | $ 196,960 | $ 396 | $ 467,580 |
Beginning Balance (in shares) at Dec. 31, 2010 | 60,247,092 | ||||
Comprehensive Income: | |||||
Net income | 18,767 | 18,767 | |||
Currency translation adjustment | 785 | 785 | |||
Currency impact of long term funding | (1,710) | (1,710) | |||
Tax on currency impact of long term funding | 155 | 155 | |||
Unrealized capital gain/(loss) - investments | (319) | (319) | |||
Total comprehensive income | 17,678 | ||||
Exercise of share options (in shares) | 246,040 | ||||
Exercise of share options | 3,010 | 22 | 2,988 | ||
Issue of ordinary shares | 3,768 | ||||
Share issuance costs | (74) | (74) | |||
Non-cash stock compensation expense | 6,355 | 6,355 | |||
Tax benefit on exercise of options | 474 | 474 | |||
Ending Balance at Sep. 30, 2011 | $ 697,442 | $ 5,085 | $ 206,703 | $ (693) | $ 486,347 |
Ending Balance (in shares) at Sep. 30, 2011 | 60,496,900 |
Restructuring charges | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring charges | 3. Restructuring charges Restructuring
charges recognized during the three and nine months ended September
30, 2011 comprise:
During
the three months ended March 31, 2011 the Company commenced a
review of its operations to improve resource utilization within the
business and better align resources to current and future growth
opportunities of the business. This review resulted in
the adoption of an initial restructuring plan (the “Q1
Restructuring Plan”), which resulted in the closure of the
Company’s facility in Edinburgh, United Kingdom and resource
rationalizations in certain of the more mature markets in which it
operates. A restructuring charge of $5.0 million in
respect of this plan was recognized during the three months ended
March 31, 2011, $1.0 million in respect of lease termination and
exit costs associated with the closure of the Edinburgh facility
and $4.0 million in respect of workforce reductions. $3.5 million
of costs recognised under the Q1 Restructuring Plan related to the
clinical research segment, while $1.5 million related to our
central laboratory business. During the three months
ended September 30, 2011 the Company implemented a further
restructuring plan (the “Q3 Restructuring Plan”) which
resulted in the relocation of the Company’s facility in
Maryland, USA; and further resource rationalizations. A
restructuring charge of $4.8 million was recognized during the
three months ended September 30, 2011 in respect of this plan, $0.9
million in respect of lease termination and exit costs associated
with the closure of the existing Maryland facility and $3.9 million
in respect of workforce reductions. All costs recognised
under the Q3 Restructuring Plan related to the clinical research
segment.
Details
of the movement in the Q1 Restructuring Plan recognised during the
nine months ended September 30, 2011 are as follows:
Details
of the movement in the Q3 Restructuring Plan recognised during
the three months ended September 30, 2011 are as
follows:
|
Distribution of Property, Plant and Equipment, Net, by Geographical Area (Detail) (USD $) In Thousands | Sep. 30, 2011 | Dec. 31, 2010 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | $ 172,203 | $ 170,861 |
IRELAND | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 113,394 | 109,919 |
Rest of Europe | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 17,267 | 16,675 |
UNITED STATES | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 32,634 | 33,855 |
Other | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | $ 8,908 | $ 10,412 |
Schedule of Movement in Non-Vested Share Options (Detail) (Stock Option, USD $) | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
Stock Option | |
Number of Shares | |
Beginning Balance | 2,673,674 |
Granted | 809,449 |
Vested | (807,537) |
Forfeited | (246,281) |
Ending Balance | 2,429,305 |
Weighted Average Exercise Price | |
Beginning Balance | $ 24.76 |
Granted | $ 20.29 |
Vested | $ 23.16 |
Forfeited | $ 25.25 |
Ending Balance | $ 23.75 |
Weighted Average Fair Value | |
Beginning Balance | $ 9.48 |
Granted | $ 8.53 |
Vested | $ 9.05 |
Forfeited | $ 9.72 |
Ending Balance | $ 9.28 |
Income Taxes | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
Income Taxes |
4. Income Taxes
As
at September 30, 2011 the Company maintains a $8.3 million
liability (December 31, 2010: $9.7 million) for unrecognized tax
benefit, which is comprised of $6.7 million (December 31, 2010:
$8.1 million) related to items generating unrecognized tax benefits
and $1.6 million (December 31, 2010: $1.8 million) for interest and
related penalties to such items. The Company recognizes interest
accrued on unrecognized tax benefits as an additional income tax
expense.
The
Company has analyzed filing positions in all of the significant
federal, state and foreign jurisdictions where it is required to
file income tax returns, as well as open tax years in these
jurisdictions. The only periods subject to examination by the major
tax jurisdictions where the Company does business are 2006 through
2010 tax years. The Company does not believe that the outcome of
any examination will have a material impact on its financial
statements.
|
Distribution of Depreciation and Amortization by Geographical Area (Detail) (USD $) In Thousands | 3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | |
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ 9,667 | $ 8,002 | $ 27,969 | $ 25,005 |
IRELAND | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 3,628 | 2,470 | 9,810 | 7,447 |
Rest of Europe | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 2,121 | 1,336 | 5,557 | 4,195 |
UNITED STATES | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 2,995 | 3,166 | 9,463 | 10,381 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ 923 | $ 1,030 | $ 3,139 | $ 2,982 |
Reconciliation of the Number of Shares Used in the Computation of Basic and Diluted Net Income Per Ordinary Share (Detail) | 3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | |
Weighted average number of ordinary shares outstanding for basic net income per ordinary share | 60,471,985 | 59,940,045 | 60,381,814 | 59,576,777 |
Effect of dilutive share options outstanding | 591,035 | 803,358 | 714,650 | 999,281 |
Weighted average number of ordinary shares for diluted net income per ordinary share | 61,063,020 | 60,743,403 | 61,096,464 | 60,576,058 |
Restricted Share Units (RSUs) Awarded to Certain Key Executives (Detail) (Restricted Stock Units (RSUs), USD $) | 1 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
May 20, 2011 | Aug. 16, 2010 | Aug. 07, 2008 | Sep. 30, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU's Awarded | 6,280 | 230,000 | ||
Vesting Date | Feb. 26, 2011 | Feb. 26, 2009 | ||
Market Price on Date of Award | $ 41.95 | |||
Group 1 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU's Awarded | 100,000 | |||
Date of Award | Feb. 10, 2011 | |||
Vesting Date | Feb. 10, 2016 | |||
Market Price on Date of Award | $ 22.11 | |||
Group 2 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU's Awarded | 120,000 | |||
Date of Award | Mar. 03, 2011 | |||
Vesting Date | Mar. 03, 2014 | |||
Market Price on Date of Award | $ 20.28 | |||
Group 3 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU's Awarded | 10,000 | |||
Date of Award | Jun. 07, 2011 | |||
Vesting Date | Jun. 07, 2014 | |||
Market Price on Date of Award | $ 24.60 |
Distribution of Property, Plant and Equipment, Net, by Business Segment (Detail) (USD $) In Thousands | Sep. 30, 2011 | Dec. 31, 2010 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | $ 172,203 | $ 170,861 |
Clinical Research | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 152,613 | 149,755 |
Central Laboratory | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | $ 19,590 | $ 21,106 |
Summary of Stock Option Activity (Detail) (Stock Option, USD $) | 9 Months Ended | |
---|---|---|
Sep. 30, 2011
Year | Sep. 30, 2010 | |
Stock Option | ||
Number of Shares | ||
Beginning Balance | 4,798,677 | |
Granted | 809,449 | |
Exercised | (246,040) | |
Forfeited | (379,523) | |
Ending Balance | 4,982,563 | |
Exercisable at ending of period | 2,553,258 | |
Weighted Average Exercise Price | ||
Beginning Balance | $ 21.71 | |
Granted | $ 20.29 | |
Exercised | $ 12.23 | |
Forfeited | $ 25.70 | |
Ending Balance | $ 21.64 | |
Exercisable at end of period | $ 19.64 | |
Weighted Average Fair Value | ||
Beginning Balance | $ 8.47 | |
Granted | $ 8.53 | $ 9.15 |
Exercised | $ 5.29 | |
Forfeited | $ 9.83 | |
Ending Balance | $ 8.54 | |
Exercisable at end of period | $ 7.83 | |
Weighted Average Remaining Contractual Life | ||
Outstanding Weighted Average Remaining Contractual Life | 4.67 | |
Exercisable Weighted Average Remaining Contractual Life | 3.31 |
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of Net Revenue by Geographical Area |
a) The
distribution of net revenue by geographical area was as
follows:
*
All sales shown for Ireland are export sales.
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of Net Revenue by Business Segment |
b) The
distribution of net revenue by business segment was as
follows:
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of Income from Operations by Geographical Area |
c) The
distribution of income from operations by geographical area was as
follows:
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of income From Operations by Business Segment |
d)
The distribution of income from operations by business segment was
as follows:
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of Property, Plant and Equipment, Net, by Geographical Area |
e)
The distribution of property, plant and equipment, net, by
geographical area was as follows:
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of Property, Plant and Equipment, Net, by Business Segment |
f)
The distribution of property, plant and equipment, net, by business
segment was as follows:
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of Depreciation and Amortization by Geographical Area |
g)
The distribution of depreciation and amortization by geographical
area was as follows:
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of Depreciation and Amortization by Business Segment |
h)
The distribution of depreciation and amortization by business
segment was as follows:
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of Total Assets by Geographical Area |
i)
The distribution of total assets by geographical area was as
follows:
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of Total Assets by Business Segment | j)
The distribution of total assets by business segment was as
follows:
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Clients Representing Company's Net Revenue | k) The following table sets forth the clients
which represented 10% or more of the Company’s net revenue in
each of the periods set out below:
*
Net revenue did not exceed 10%
|
Net income per ordinary share | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income per ordinary share |
5. Net income per ordinary share
Basic
net income per ordinary share has been computed by dividing net
income available to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the period. Diluted
net income per ordinary share is computed by adjusting the weighted
average number of ordinary shares outstanding during the period for
all potentially dilutive ordinary shares outstanding during the
period and adjusting net income for any changes in income or loss
that would result from the conversion of such potential ordinary
shares. There is no difference in net income used for basic and
diluted net income per ordinary share.
The
reconciliation of the number of shares used in the computation of
basic and diluted net income per ordinary share is as
follows:
|
Summary of Fair Values of the Assets Acquired and the Liabilities Assumed Related to Acquisition of Firecrest (Detail) (Firecrest Clinical Limited, USD $) In Thousands | Jul. 14, 2011 |
---|---|
Firecrest Clinical Limited | |
Business Acquisition [Line Items] | |
Property, plant and equipment | $ 695 |
Goodwill | 67,560 |
Cash and cash equivalents | 1,965 |
Other current assets | 3,550 |
Current liabilities | (2,545) |
Purchase price | $ 71,225 |
Distribution of Income from Operations by Segment (Detail) (USD $) In Thousands | 3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | |
Income from Operations Excluding Restructuring Charges | $ 1,133 | $ 32,610 | ||
Restructuring Charges | (4,815) | (9,817) | ||
Income from Operations | (3,682) | 17,625 | 22,793 | 70,081 |
Clinical Research | ||||
Income from Operations Excluding Restructuring Charges | 1,007 | 34,623 | ||
Restructuring Charges | (4,815) | (8,272) | ||
Income from Operations | (3,808) | 25,218 | 26,351 | 78,748 |
Central Laboratory | ||||
Income from Operations Excluding Restructuring Charges | 126 | (2,013) | ||
Restructuring Charges | (1,545) | |||
Income from Operations | $ 126 | $ (7,593) | $ (3,558) | $ (8,667) |
Stock Options - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011
Year | Sep. 30, 2010 | Sep. 30, 2011
Employee Stock Plan, 2008 Plan | Sep. 30, 2011
Employee Stock Plan, 2008 Plan
Individual Employee | Sep. 30, 2011
Employee Stock Plan, 2008 Plan
Minimum | Jul. 21, 2008
Restricted Stock Units 2008 | Sep. 30, 2011
Employee Stock Plan, 2003 Plan | Sep. 30, 2011
Employee Stock Plan, 2003 Plan
Individual Employee | Sep. 30, 2011
Maximum
Stock Option
Year | Sep. 30, 2011
Stock Option
Year | Sep. 30, 2010
Stock Option | Sep. 30, 2011
Stock Option
Minimum | May 20, 2011
Restricted Stock Units (RSUs) | Aug. 16, 2010
Restricted Stock Units (RSUs) | Aug. 07, 2008
Restricted Stock Units (RSUs) | Sep. 30, 2011
Restricted Stock Units (RSUs) | |
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ||||||||||||||||
Percentage of option price for fair value of ordinary share | 100.00% | |||||||||||||||
Ordinary shares which have been reserved for issuance | 6,000,000 | 400,000 | 1,000,000 | 6,000,000 | 400,000 | |||||||||||
Maximum number of award as percentage of shares outstanding | 10.00% | |||||||||||||||
Shares vesting period | 5 years | |||||||||||||||
Shares expiration period | 8 years | |||||||||||||||
Weighted average fair value per option | $ 7.15 | |||||||||||||||
Exercisable - number of shares | 2,553,258 | |||||||||||||||
Exercisable - weighted average remaining contractual life | 3.6 | |||||||||||||||
Exercisable - weighted average exercise price | $ 19.64 | |||||||||||||||
Fully vested total intrinsic value | $ 7,700,000 | |||||||||||||||
Intrinsic value of option exercised | 1,500,000 | 11,400,000 | ||||||||||||||
Contractual term for options outstanding (years) | 8 | 4.67 | ||||||||||||||
Options granted fair value | 13.93 | 3.68 | ||||||||||||||
Awards granted to certain key employees | 6,280 | 230,000 | ||||||||||||||
Vesting dates | Feb. 26, 2011 | Feb. 26, 2009 | ||||||||||||||
Market price of the Company's ordinary shares on date of award | $ 41.95 | |||||||||||||||
Ordinary shares issued by the Company | 3,768 | 2,512 | ||||||||||||||
Fair value of stock awards vested | 100,000 | 100,000 | ||||||||||||||
Non-cash stock compensation expense not yet recognized | 15,500,000 | |||||||||||||||
Unrecognized stock-based compensation expense, weighted average period (years) | 3.0 | |||||||||||||||
Tax benefit on exercise of options | $ 474,000 | $ 220,000 |
Summary of Fair Values of the Assets Acquired and the Liabilities Assumed Related to Acquisition of Oxford Outcomes (Detail) (Oxford Outcomes Limited, USD $) In Thousands | Jan. 14, 2011 |
---|---|
Oxford Outcomes Limited | |
Business Acquisition [Line Items] | |
Property, plant and equipment | $ 490 |
Goodwill | 39,718 |
Cash and cash equivalents | 6,335 |
Other current assets | 6,679 |
Current liabilities | (1,995) |
Purchase price | $ 51,227 |
Distribution of Total Assets by Geographical Area (Detail) (USD $) In Thousands | Sep. 30, 2011 | Dec. 31, 2010 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Assets | $ 1,045,655 | $ 949,538 |
IRELAND | ||
Segment Reporting Information [Line Items] | ||
Assets | 384,688 | 418,098 |
Rest of Europe | ||
Segment Reporting Information [Line Items] | ||
Assets | 237,738 | 173,668 |
UNITED STATES | ||
Segment Reporting Information [Line Items] | ||
Assets | 388,274 | 329,971 |
Other | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 34,955 | $ 27,801 |
Restructuring Charges (Detail) (USD $) In Thousands | 3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2011 | Sep. 30, 2011 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 4,815 | $ 9,817 |
Basis of Presentation | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
Basis of Presentation |
SEPTEMBER 30, 2011
1. Basis of Presentation
These
condensed consolidated financial statements, which have been
prepared in accordance with United States generally accepted
accounting principles (“US GAAP”), have not been
audited. The condensed consolidated financial statements reflect
all adjustments, which are, in the opinion of management, necessary
to present a fair statement of the operating results and financial
position for the periods presented. The preparation of the
condensed consolidated financial statements in conformity with US
GAAP requires management to make estimates and assumptions that
affect reported amounts and disclosures in the condensed
consolidated financial statements. Actual results could differ from
those estimates.
The
condensed consolidated financial statements should be read in
conjunction with the accounting policies and notes to the
consolidated financial statements included in ICON’s Form
20-F for the year ended December 31, 2010. Operating results for
the nine months ended September 30, 2011 are not necessarily
indicative of the results that may be expected for the fiscal
period ending December 31, 2011.
|
Net income per ordinary share (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Number of Shares Used in the Computation of Basic and Diluted Net Income Per Ordinary Share | The
reconciliation of the number of shares used in the computation of
basic and diluted net income per ordinary share is as
follows:
|
Summarizes the Movement in Non-vested Restricted Share Units (Detail) (Restricted Stock Units (RSUs), USD $) | 1 Months Ended | 9 Months Ended |
---|---|---|
Aug. 07, 2008 | Sep. 30, 2011 | |
Restricted Stock Units (RSUs) | ||
Number of Units | ||
Beginning Balance | 1,256 | |
Granted | 6,280 | 230,000 |
Vested | (1,256) | |
Ending Balance | 230,000 | |
Weighted Average Fair Value | ||
Beginning Balance | $ 41.95 | |
Granted | $ 21.26 | |
Vested | $ 41.95 | |
Ending Balance | $ 21.26 |
Goodwill - Additional Information (Detail) In Millions, unless otherwise specified | 1 Months Ended | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011
Firecrest Clinical Limited
USD ($) | Sep. 30, 2011
Firecrest Clinical Limited
EUR (€) | Jul. 14, 2011
Firecrest Clinical Limited
USD ($) | Jul. 14, 2011
Firecrest Clinical Limited
EUR (€) | Jul. 14, 2011
Firecrest Clinical Limited
Maximum
USD ($) | Jul. 14, 2011
Firecrest Clinical Limited
Maximum
EUR (€) | Sep. 30, 2011
Oxford Outcomes Limited
USD ($) | Sep. 30, 2011
Oxford Outcomes Limited
GBP (£) | Jul. 31, 2011
Oxford Outcomes Limited
USD ($) | Jul. 31, 2011
Oxford Outcomes Limited
GBP (£) | May 31, 2011
Oxford Outcomes Limited
USD ($) | May 31, 2011
Oxford Outcomes Limited
GBP (£) | Jan. 14, 2011
Oxford Outcomes Limited
USD ($) | Jan. 14, 2011
Oxford Outcomes Limited
GBP (£) | Jan. 14, 2011
Oxford Outcomes Limited
Maximum
USD ($) | Jan. 14, 2011
Oxford Outcomes Limited
Maximum
GBP (£) | Jan. 14, 2011
Oxford Outcomes Limited
Maximum
Call Options
USD ($) | Jan. 14, 2011
Oxford Outcomes Limited
Maximum
Call Options
GBP (£) | Sep. 30, 2011
Oxford Outcomes Limited
Call Options
USD ($) | Sep. 30, 2011
Oxford Outcomes Limited
Call Options
GBP (£) | Jan. 14, 2011
Oxford Outcomes Limited
Call Options
USD ($) | Jan. 14, 2011
Oxford Outcomes Limited
Call Options
GBP (£) | Oct. 20, 2011
Oxford Outcomes Limited
Call Options
USD ($) | Oct. 20, 2011
Oxford Outcomes Limited
Call Options
GBP (£) | May 17, 2011
Timaq Medical Imaging
Maximum
USD ($) | May 17, 2010
Timaq Medical Imaging
Maximum
CHF | Dec. 31, 2010
Timaq Medical Imaging
USD ($) | Sep. 30, 2011
Timaq Medical Imaging
USD ($) | Sep. 30, 2011
Timaq Medical Imaging
CHF | May 17, 2011
Timaq Medical Imaging
USD ($) | May 17, 2010
Timaq Medical Imaging
CHF | |
Goodwill [Line Items] | |||||||||||||||||||||||||||||||
Percentage of common stock acquired | 100.00% | 100.00% | 80.00% | 80.00% | |||||||||||||||||||||||||||
Cash consideration | $ 24.4 | € 17.0 | $ 27.7 | £ 17.8 | $ 6.0 | £ 3.8 | $ 1.2 | 1.3 | |||||||||||||||||||||||
Potential additional consideration | 44.9 | 33.0 | 10.2 | 6.5 | 2.3 | 1.5 | 6.0 | 3.8 | 3.1 | 2.9 | |||||||||||||||||||||
Accrued consideration relating to the potential additional consideration payable in respect of performance milestones | 2.3 | 1.5 | |||||||||||||||||||||||||||||
First element of additional consideration paid | 5.2 | 3.3 | |||||||||||||||||||||||||||||
Payment to the former shareholders in respect of certain milestones | 0.3 | ||||||||||||||||||||||||||||||
Cash paid | 6.0 | 3.8 | |||||||||||||||||||||||||||||
Accrual in respect performance milestones | 44.4 | 32.7 | 5.0 | 3.2 | 1.1 | 0.7 | 2.9 | 2.6 | |||||||||||||||||||||||
Additional amount Company paid on completion of review | $ 5.5 | £ 3.3 |
Distribution of Net Revenue by Geographical Area (Detail) (USD $) In Thousands | 3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | |||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Revenue | $ 240,772 | $ 225,095 | $ 703,114 | $ 667,958 | ||||||
IRELAND | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Revenue | 13,872 | [1] | 28,118 | [1] | 67,305 | [1] | 90,996 | [1] | ||
Rest of Europe | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Revenue | 91,696 | 72,897 | 258,641 | 213,747 | ||||||
UNITED STATES | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Revenue | 103,992 | 100,038 | 290,382 | 294,369 | ||||||
Other | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net Revenue | $ 31,212 | $ 24,042 | $ 86,786 | $ 68,846 | ||||||
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