CRO Icon said net revenues grew 21% to $334.2 million in the second quarter ended June 30, from $277 million in the year-ago quarter. Revenue in the first half of 2013 rose 23% to $651 million, from $529 million a year ago.
Income from operations in the first half of 2013 was $58.3 million, or 9% of revenue, compared with $28.4 million or 5.4% of revenue in the first half of 2012. Income from operations was $30.9 million, or 9.3% of revenue, compared to $16.6 million, or 6% of revenue, in the year-ago quarter. Net income was $26.5 million, up from $12.9 million a year ago. Net income for the first half of 2013 was $48.7 million, compared with $21.9 million in 2012.
Guidance for 2013 has been updated, with revenue expected to be in the range of $1.3 billion to $1.32 billion, and earnings-per-share in the $1.54 to $1.64 range.
Cash generated from operating activities was $10.8 million, after expenditure of $26 million on prior period acquisition earn outs and capital expenditure of $7.8 million. The company’s net cash amounted to $184 million at the end of the second quarter, compared to net cash of $190 million on Dec. 31, 2012.
During the quarter, the company recorded a charge of $4.6 million for various restructuring costs. U.S. GAAP income from operations after these items amounted to $26 million, or 7.9% of revenue. U.S. GAAP net income for the quarter was $22 million, or 36 cents per share.