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ICON Reports Growth in Revenues, Income and EPS

Thursday, July 23, 2009

Dublin, Ireland-based ICON gave shareholders a triple dose of good news yesterday with its second quarter 2009 earnings release. Revenues, income and earnings per share were all up compared to last year.  Net revenues increased $1.7 million to $220 million and net income jumped $4 million to $22.8 million or 38 cents per share on a diluted basis.

Year-to-date net revenues were $439.8 million, a 5% increase compared with the same period last year, and year-to-date income was $56.2 million compared to $45.9 million last year. The CRO’s net cash as of June 30 was $83.2 million, compared to a net debt of $2.2 million last quarter.

“In the current market, we are pleased with the results for the quarter,” said CEO Peter Gray in a statement. “We continue to expand margin and as a result we increased operating income by 20% compared to the same period last year. In addition we are now amending guidance for revenue for the remainder of 2009 to $880 to $900 million and firming our EPS guidance, before one-time net charges to, $1.38 to $1.44.”

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