- Record quarterly and Fiscal Year service revenue grows approximately 33%
and 30%, respectively
- Operating margin of 9.9% for the quarter - Record backlog of over $2 billion; net book-to-burn ratio of 1.56 for the
BOSTON, Aug. 6 /PRNewswire-FirstCall/ -- PAREXEL International Corporation (Nasdaq: PRXL) today announced its financial results for the fourth quarter and Fiscal Year ended June 30, 2008.
For the three months ended June 30, 2008, PAREXEL's consolidated service revenue increased 32.6% to a record $272.2 million compared with $205.2 million in the prior year period. The Company reported operating income of $26.9 million, or 9.9% of consolidated service revenue, in the fourth quarter of Fiscal Year 2008, versus operating income of $16.9 million, or 8.2% of consolidated service revenue, in the comparable quarter of the prior year. Including the positive net impact from certain tax items, net income for the quarter totaled $25.0 million, or $0.43 per diluted share, compared with net income of $10.4 million, or $0.18 per diluted share, for the quarter ended June 30, 2007.
On an adjusted basis, excluding the favorable impact of $8.7 million in net tax adjustments related, in part, to the reversal of certain U.S. tax valuation reserves, fourth quarter Fiscal Year 2008 net income would have been $16.3 million (up 56.5% from the quarter ended June 30, 2007) and diluted earnings per share would have been $0.28 (up 55.6% from the quarter ended June 30, 2007).
On a segment basis, consolidated service revenue for the fourth quarter
of Fiscal Year 2008 was $212.0 million in Clinical Research Services (CRS),
$33.3 million in PA
|SOURCE PAREXEL International Corporation|
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