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PAREXEL International Reports Fourth Quarter And Fiscal Year 2014 Results
Date:8/6/2014

share increased by 28.4% year-over-year. 

On a segment basis, service revenue for Fiscal Year 2014 was $1.455 billion in CRS, $216.2 million in PC, and $267.9 million in PAREXEL Informatics, Inc.

New Business and Backlog

Backlog at the end of June 2014 was $5.0 billion, an increase of 8.6% year-over-year.  The reported backlog included gross new business wins in the fourth quarter of $736.3 million, cancellations of $143.8 million, and a negative impact from foreign currency exchange rates of $1.2 million. The net book-to-bill ratio was 1.16 in the quarter. 

Share Repurchase Program

On June 16, 2014, the Company announced a $150 million Accelerated Share Repurchase program.  During June, the Company used $150 million of cash on hand and borrowings under its credit facility, and received an initial allotment of approximately 2.3 million shares.  The Company expects to receive additional shares once the program is completed, which is expected to be prior to the end of this calendar year.  The repurchase resulted in a positive impact on earnings per share of less than $0.01 in the fourth quarter of Fiscal Year 2014 and in Fiscal Year 2014.  The repurchased shares were cancelled and returned to the status of authorized and unissued shares.

Forward-looking Guidance

The Company issued forward-looking guidance for the first quarter of Fiscal Year 2015 (ending September 30, 2014) and increased the lower end of its prior revenue and EPS guidance for Fiscal Year 2015 as detailed in the chart below.  The guidance takes into account a number of factors, including recent foreign currency exchange rates, tax rates, and the Company's updated overall outlook.

The Company's guidance is:Guidance Issued 8/06/14

Guidance Issued 6/24/14Q1 FY 2015 Revenue

$497 - $503 million

N/AQ1 FY 2015 GAAP EPS

$0.55 - $0.59

N/AFY 2015 Revenue

$2.130 -
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SOURCE PAREXEL International Corporation
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