ICON,a global CRO, has reported financial results for the full year and for the fourth quarter ending Dec. 31, 2011.
For the fourth quarter, net revenues grew 5% year on year to $242.6 million and operating income was $6.6 million, representing 3% of revenue, compared to $22 million or 9% for the year-ago quarter. Net income was $4.1 million compared with $22.1 million last year, or $0.07 per share compared to $0.36 in the year-ago quarter.
For the full year 2011, revenue grew 5.1% to $946 million and operating income before non-recurring charges was $39.3 million, representing 4.2% of revenue, compared to $92 million or 10.2% in 2010. On a U.S. GAAP basis, income from operations was $29.4 million, compared with $92 million in the prior year.
Net income before non-recurring charges was $31.5 million, a net margin of 3.3%, compared to $87.1 million and 9.7% of revenue a year ago. EPS before non-recurring charges for 2011 was $0.52 per share, compared with $1.44 in 2010. On a U.S. GAAP basis, net income was $22.8 million, a net margin of 2.4%, compared to $87.1 million and 9.7% of revenue a year ago. EPS on a GAAP basis for 2011 was $0.37 per share compared with $1.44 in 2010.