Icon, a global provider of outsourced development services, reported its financial results for the third quarter ended September 30, 2012. Net revenues for the quarter grew 19% to $286 million compared to $241 million in the same quarter last year.

Income from operations, before restructuring and other non-recurring charges, for the quarter was $20.9 million or 7.3% of net revenue, compared with $1.1 million or 0.5% of net revenue for the same period last year. Net income before restructuring and other non-recurring charges was $17.7 million or 29 cents per share compared to $1.5 million or two cents per share in Q3 2011.

U.S. GAAP income from operations for the quarter was $20.9 million or 7.3% of net revenue, compared with U.S. GAAP losses from operations of $3.7 million or 1.5% of net revenue in the same period last year. U.S. GAAP net income for the quarter was $17.7 million or 29 cents per share compared to a loss of $2.7 million or four cents per share last year.

Year-to-date net revenues were $815 million representing a 16% increase over the same period last year.

Year to date income from operations, before restructuring and other non-recurring charges recorded in the second quarter, was $49.3 million or 6.0% of net revenue compared to $32.6 million or 4.6% of net revenue in the same period last year. Net income year to date, excluding restructuring and other non-recurring charges recorded in the second quarter, was $39.6 million or 66 cents per share. In the same period last year, net income year to date, before restructuring and other non-recurring charges was $27.4 million or 45 cents per share.

Year to date U.S. GAAP income from operations was $43.6 million or 5.3% of net revenue, compared to $22.8 million or 3.2% of net revenue for the same period last year. U.S. GAAP net income year to date was $34.7 million or 57 cents per share compared to $18.8 million or 31 cents per share last year.

Days sales outstanding, comprising accounts receivable and unbilled revenue less payments on account, were 38 days at September 30, 2012, compared to 52 days at September 30, 2011.

For the quarter ended September 30, 2012, cash generated from operating activities was $29.3 million and capital expenditure was $6.6 million.  Cash paid in respect of acquisitions was $17.4 million for the quarter.  The company’s net cash amounted to $180 million at September 30, 2012 compared with net cash of $168 million at June 30, 2012.

In the company’s annual report for 2011 it was noted that Icon has been considering the structure of its share listings due to its international operations and profile. Icon now plans, subject to finalizing the necessary details and arrangements, to proceed with a full listing of shares on NASDAQ and terminate the current NASDAQ ADR program. It is the company’s view that this change will provide benefits to shareholders, including removing some barriers to ownerships and also the potential for further index inclusion for the stock. As a result of this change, Icon believes the Irish Stock Exchange listing will no longer be necessary and accordingly it is the company’s plan to withdraw from the Irish Stock Exchange. Once the necessary details and arrangements are finalized, Icon will announce a date for a shareholder meeting to vote on the resolutions required to implement these listing changes.