-----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, FbT4IJx/ORG2i2K2S7llMlUKj9llqxZcpt5Y5XxeFrhjaMkrdauXikwQ+ckavt4X 3rV+R72lIAcOgp80FWtQWA== 0000950144-98-004991.txt : 19980424 0000950144-98-004991.hdr.sgml : 19980424 ACCESSION NUMBER: 0000950144-98-004991 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980422 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980422 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: QUINTILES TRANSNATIONAL CORP CENTRAL INDEX KEY: 0000919623 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731] IRS NUMBER: 561714315 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-23520 FILM NUMBER: 98598791 BUSINESS ADDRESS: STREET 1: 4709 CREEKSTONE DR STREET 2: RIVERBIRCH BLDG STE 200 CITY: DURHAM STATE: NC ZIP: 27703-8411 BUSINESS PHONE: 9199412000 MAIL ADDRESS: STREET 1: 4709 CREEKSTONE DR STREET 2: STE 300 CITY: DURHAM STATE: NC ZIP: 27703-8411 8-K 1 QUINTILES TRANSNATIONAL 8-K 4-22-98 1 SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 22, 1998 QUINTILES TRANSNATIONAL CORP. (Exact name of registrant as specified in its charter) North Carolina 340-23520 56-1714315 (State or other (Commission File No.) I.R.S. Employer jurisdiction Identification Number of incorporation) 4709 Creekstone Drive, Riverbirch Building, Suite 200, Durham, North Carolina 27703-8411 (Address of principal executive offices) (919) 941-2000 (Registrant's telephone number, including area code) N/A (Former name or former address, if changed since last report) 2 Item 5. Other Events. On April 21, 1998, Quintiles Transnational Corp. issued a press release regarding its financial results for the three month period ended March 31, 1998. A copy of the press release is attached hereto as Exhibit 99.01 and incorporated by reference herein. Item 7. (c) Exhibits Exhibit No. Description of Exhibit ----------- ---------------------- 99.01 Press release, dated April 21, 1998. 3 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 hereunto duly authorized. QUINTILES TRANSNATIONAL CORP. By: /s/ Rachel R. Selisker --------------------------------- Dated: April 22, 1998 Rachel R. Selisker Chief Financial Officer and Executive Vice President Finance 4 EXHIBIT INDEX Exhibit No. Description of Exhibit ----------- ---------------------- 99.01 Press release, dated April 21, 1998 EX-99.01 2 PRESS RELEASE DATED 4-21-98 1 EXHIBIT 99.01 [QUINTILES LOGO] News Release QUINTILES TRANSNATIONAL'S NET REVENUE EXCEEDS QUARTER BILLION, SETS INDUSTRY RECORD RESEARCH TRIANGLE PARK, N.C. - April 21, 1998 - Quintiles Transnational Corp. (Nasdaq: QTRN) today reported strong financial results for the first quarter 1998. Net revenue for the quarter was $254.7 million, a 42% increase over net revenue of $179.9 million for the first quarter 1997. Net income available to common shareholders grew 57% to $18.0 million versus $11.5 million for the 1997 first quarter. Diluted net income per share grew 47% to $0.24 compared with $0.16 per share for the same period in 1997. First quarter 1997 results were restated for acquisitions completed during 1997 that were accounted for as poolings of interests. When compared with first quarter 1997 results as originally reported, diluted net income per share grew 57% compared with $0.15 per share for the first quarter of 1997. "We are very pleased by the superb results for the first quarter. Breaking the one-quarter billion mark is a first in the industry and a major milestone for us," said Dennis Gillings, Ph.D., Chairman and CEO of Quintiles Transnational Corp. "We are especially pleased by our customers' resounding vote of confidence. Our net revenue increases show that we continued to extend our leadership at a tremendous rate. "We have differentiated ourselves by our commitment to Total Acceleration(TM) on a global scale. Our worldwide service capacity is designed to accelerate both clinical development and sales penetration, which can effectively add years to a product's sales life before patent protection expires." In the first quarter, Quintiles expanded its pan-European sales force to reinforce its leadership position both in numbers of sales personnel and therapeutic reach. In the Greater China region, Quintiles continued its long-term strategy by adding considerable breadth to its clinical development capabilities. Quintiles also enhanced its health outcomes assessment services, particularly in patient registries, pharmacoeconomic and quality-of-life studies, which are crucial areas for customers seeking optimum product market positioning in a cost-containment environment. "We offer our customers the powerful combination of the world's largest clinical trials management capacity and the world's largest contract sales force," Dr. Gillings said. "Innovex, our product commercialization group, is by far the leader in the U.S. and Europe, and we are leading the globalization of contract sales by systematically expanding Innovex to major new markets, utilizing the global presence of our clinical development group as an efficient platform for growth. (more) 2 "While building this unique critical mass on a global basis, we have taken great care to organize ourselves into small, specialized business units. This way our customers can enjoy the advantages of scale without sacrificing the entrepreneurial responsiveness that has fueled our growth. This, in a nutshell, is our `worldwide-next door' program." Quintiles Transnational Corp. is the market leader in providing full-service contract research, sales and marketing, healthcare policy consulting and health information management services to the worldwide pharmaceutical, biotechnology, medical device and healthcare industries. Quintiles is headquartered near Research Triangle Park, North Carolina. With 12,000 employees worldwide and offices in 27 countries, Quintiles operates through specialized work groups dedicated to meeting individual customer needs. Information in this press release contains "forward-looking statements." These statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the ability of recently combined businesses to be integrated with Quintiles' current operations, actual operating performance, the ability to penetrate new and unproven markets and the rate of such penetration, the ability to maintain large client contracts or to enter into new contracts, and the actual costs of combining the businesses. Additional factors that could cause actual results to differ materially are discussed in the company's recent filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K, its Form 8-Ks, and its other periodic reports. Condensed Consolidated Statements of Income (Unaudited)
Three Months Ended March 31 --------------------------- 1998 1997* --------- --------- In thousands, except per share data Net revenue 254,690 179,885 Costs and expenses: Direct 134,021 92,035 General and administrative 81,704 60,861 Depreciation and amortization 12,064 8,058 Total costs and expenses 227,789 160,954 Income from operations 26,901 18,931 Other income (expense) (458) (723) Income before income taxes 26,443 18,208 Income taxes 8,438 6,729 Net income available to common shareholders $ 18,005 $ 11,479 Basic net income per share ** $ 0.24 $ 0.16 Diluted net income per share ** $ 0.24 $ 0.16 Shares used in computing net income per share ** Basic 74,977 70,017 Diluted 76,554 71,931
(more) 3 Consolidated Balance Sheet Data (Unaudited)
March 31, December 31, 1998 1997 --------- --------- In millions Working capital $ 168 $ 165 Total assets 890 799 Shareholders' equity 413 387
* Restated to include Butler Clinical Recruitment and Medical Action Communications acquired in June 1997, and CerebroVascular Advances acquired by the Company in July 1997 and Clindepharm International (Pty) Limited, Rapid Deployment Services, and Intelligent Imaging, Inc. acquired by the Company in August 1997 through transactions accounted for as poolings of interests. ** Restated to reflect the December 1997 two-for-one stock split CONTACT: Pat Grebe, Media Relations -- pgrebe@quintiles.com, or Greg Connors, Investor Relations -- invest@quintiles.com, both of Quintiles Transnational Corp., (919) 941-2000 ### -----END PRIVACY-ENHANCED MESSAGE-----