BOSTON, Sept. 26 /PRNewswire-FirstCall/ -- PAREXEL International Corporation (Nasdaq: PRXL), a leading global biopharmaceutical services organization, today announced the successful completion of the acquisition of Taiwan-based APEX International Clinical Research Co., Ltd. ("APEX") in a separate press release. In conjunction with the acquisition and other factors discussed herein, the Company is updating its forward-looking financial guidance for the first quarter of Fiscal Year 2008 (ending September 30, 2007) and for Fiscal Year 2008, using recent exchange rates.
As a result of the completion of the APEX acquisition and a strengthening operating environment, PAREXEL has increased its forward-looking service revenue guidance. The Company anticipates reporting consolidated service revenue in the range of $203 to $210 million for the first quarter, and consolidated service revenue in the range of $875 to $910 million for Fiscal Year 2008. The impact of the APEX acquisition is included in these numbers and is expected to contribute approximately $1 million in service revenue in the first quarter (representing three weeks of ownership) and between $14 and $17 million in service revenue during Fiscal Year 2008. Previously issued revenue guidance for the first quarter was $200 to $210 million, and for the Fiscal Year was $855 to $885 million.
PAREXEL has also revised its forward-looking earnings per share
guidance, and anticipates reporting diluted earnings per share in the range
of $0.33 to $0.34 for the first quarter, and diluted earnings per share in
the range of $1.58 to $1.66 for the Fiscal Year. The projected impact of
higher non-APEX service revenue, a better performance on the other income
line, and a
|SOURCE PAREXEL International Corporation|
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