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ICON Earnings Flat in Q1

Tuesday, April 27, 2010 01:53 PM

Dublin -based contract research organization ICON reported first quarter net revenues of $219 million, down slightly from $219.8 million in the same period last year.  Income from operations was $22.2 million, or $0.37 per share on a diluted basis, compared with $20.9 million, or $0.35 per share last year.

“As expected, 2010 has started solidly,” said ICON CEO Peter Gray. “Following lower booking levels and higher cancellations last year, we had indicated in our February guidance that we believed growth would re-emerge in the second half of 2010. While remaining cautious, with net bookings of $265 million for the quarter, and a pipeline of new opportunities that continues to solidify, we believe the conditions for a return to growth are coming into place. We are pleased with our continued good cash generation and are confident we have the balance sheet to support our growth plans.”

In morning trading, ICON’s shares went up 5% to $28.30.

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