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PAREXEL International Reports First Quarter Fiscal Year 2014 Results
Date:10/29/2013

.  These factors, combined with the building blocks that we have put into place to drive revenue growth and continued improvements in profitability, give me confidence that we will achieve our goals for Fiscal Year 2014." 

For the three months ended September 30, 2013 consolidated service revenue increased by 13.8% to $449.2 million compared with $394.8 million in the prior year period.
Excluding the negative impact from foreign exchange movements in the current quarter of $0.5 million, revenue increased 13.9%.  Recent acquisitions contributed approximately $11.5 million to revenue in the quarter.  On a constant currency, same store basis, revenue growth was 11%.  Operating income as reported under Generally Accepted Accounting Principles (GAAP) totaled $41.9 million, or 9.3% of service revenue, in the first quarter of Fiscal Year 2014, as compared with $29.8 million, or 7.5% of service revenue, in the comparable quarter of the prior year.  GAAP net income for the quarter totaled $26.0 million, or $0.45 per diluted share, compared with GAAP net income of $15.1 million, or $0.25 per diluted share for the quarter ended September 30, 2012.  GAAP diluted earnings per share grew 80% year-over-year.

The financial results of the September quarter in the current and prior year period each included special items, as detailed in the financial charts within this press release.  Excluding the impact of special items, adjusted operating income in the first quarter of Fiscal Year 2014 was $42.0 million, or 9.3% of service revenue.  Excluding the impact of special items, adjusted operating income in the first quarter of Fiscal Year 2013 was $29.8 million, or 7.5% of service revenue.  Excluding the impact of special items, adjusted net income was $25.8 million, or $0.45 per diluted share in the quarter ended September 30, 2013.
Excluding the impact of special items, adjusted net income was $17.5 million, or $0.2
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SOURCE PAREXEL International Corporation
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