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PAREXEL International Reports First Quarter Fiscal Year 2013 Results
Date:10/31/2012

le adjustment to restructuring reserves, and a charge relating to a dispute.  The net effect of these items reduced GAAP pre-tax income by $355,000.  In addition, the Company excluded tax expense of approximately $2.8 million which included one-time adjustments to deferred tax assets related to intangible assets and executive compensation.  The overall impact on net income from all of the above-mentioned adjustments was approximately $2.4 million.

During the first quarter, the Company purchased approximately 1.49 million shares of its common stock for approximately $54.8 million under its previously announced $200 million Share Repurchase Program, which was implemented in September 2012.  The Company acquired approximately 1.33 million shares at the outset of the Accelerated Share Repurchase (ASR) Program and is expecting to receive additional shares once the program is completed.  In addition, the Company purchased approximately 157,000 shares in the open market through a 10b5-1 plan.  As of September 30, 2012, approximately $145.2 million remained available under the Share Repurchase Program for the purchase of additional shares. 

On a segment basis, service revenue for the first quarter of Fiscal Year 2013 was $297.2 million in Clinical Research Services (CRS), $48.4 million in PAREXEL Consulting and Medical Communications Services (PCMS), and $49.2 million in Perceptive Informatics, Inc.

Backlog at the end of September 2012 was approximately $4.54 billion, an increase of 25.7% year-over-year.  The reported backlog included gross new business wins in the quarter of $669.3 million, cancellations of $188.2 million, and a positive impact from foreign exchange rates of $55.0 million. The net book-to-bill ratio was 1.22 in the quarter.

Mr. Josef H. von Rickenbach, PAREXEL's Chairman and Chief Executive Officer stated, "For the first quarter, we reported strong year-over-year revenue growth with incre
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SOURCE PAREXEL International Corporation
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