BOSTON, Oct. 29, 2013 /PRNewswire/ -- PAREXEL International Corporation (NASDAQ: PRXL) today reported financial results for the first quarter Fiscal Year 2014, which ended on September 30, 2013.
In commenting on the results of the quarter, Mr. Josef H. von Rickenbach, PAREXEL's Chairman and Chief Executive Officer, stated, "In the first quarter, we drove continued improvement in our productivity and efficiency initiatives, while at the same time keeping a close eye on costs and proactively investing in the future on a targeted basis. This resulted in sequential and year-over-year improvements in gross margins across all three of our business segments, and significant improvement in operating margin. We achieved these results with a slightly lower than expected level of revenue caused by contract signature delays in the quarter, and typical seasonality patterns."
Mr. von Rickenbach continued, "New business in the quarter was less than anticipated due to lower new business flow from some strategic partners, delayed client decisions with regard to some of our pending proposals, and a win rate that was lower than expected. Nevertheless, our outlook for new business remains very positive. We entered the second quarter with a high level of pending proposals, and have had a good start with respect to wins thus far in the month of October. Our long-term book-to-bill target of 1.2 remains unchanged. The current strength of the market for our products and services and our favorable competitive position support this."
"I am excited about the opportunities that are in front of us as one of the world's leading biopharmaceutical services companies. Outsourcing penetration rates have ticked up, we are capturing share from smaller competitors, and there is healthy fund flow into small and emerging biopharmaceutical companies
|SOURCE PAREXEL International Corporation|
Copyright©2012 PR Newswire.
All rights reserved