The GAAP tax rate for the third quarter of Fiscal Year 2013 was 17.6% compared with negative 4.2% in the prior year quarter. Excluding special items as detailed in the financial charts within this press release, the adjusted tax rate in the March 2013 quarter was 19.6%, compared with 16.4% in the March 2012 quarter. The third quarter tax rate included the impact of U.S. tax law changes enacted in January 2013, which were retroactive for the Company to July 1, 2012, as well as certain other favorable adjustments. Going forward, the Company expects the GAAP tax rate for the fourth quarter of Fiscal Year 2013 to be in the 30% range, and to be approximately 27-28% for the full year.
During the third quarter, the Company finalized the settlement of the first $50 million Accelerated Share Repurchase Program (which had been announced in September 2012) and received approximately 235,000 additional shares.
As previously announced on March 14, 2013, the Company authorized a second $50 million Accelerated Share Repurchase Program. On March 15, 2013, $50 million was paid out and an initial allotment of approximately 1.04 million shares was received by the Company. The Company expects to receive additional shares once the program is completed. With regard to a second $50 million 10b5-1 open market program that was also announced in mid-March, PAREXEL purchased approximately 32,200 shares during the third quarter, at a cost of approximately $1.3 million. Taking into account Fiscal Year activity to date, as of March 31, 2013, approximately $48.7 million remained available under the $200 million authorized Share Repurchase Program for the purchase of additional shares.
On a segment basis, service revenue for the third quarter of Fiscal Year 2013 was $342.4 million in Clinical Res
|SOURCE PAREXEL International Corporation|
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