BOSTON, Jan. 31, 2011 /PRNewswire/ -- PAREXEL International Corporation (Nasdaq: PRXL) today announced its financial results for the second quarter ended December 31, 2010.
For the three months ended December 31, 2010, PAREXEL’s consolidated service revenue increased by 6.9% to $304.4 million, compared with $284.7 million in the prior year period. Excluding the negative impact from foreign exchange movements of $4.8 million, revenue increased 8.6%. As reported under Generally Accepted Accounting Principles (GAAP), the Company generated operating income of $28.2 million, or 9.3% of consolidated service revenue, in the second quarter of Fiscal Year 2011, versus GAAP operating income of $18.7 million, or 6.6% of consolidated service revenue, in the comparable quarter of the prior year. The financial results of the December quarter in the current and prior periods each included special items, as detailed in the financial charts within this press release. Excluding these items in the current period, operating income totaled $27.6 million, or 9.1% of consolidated service revenue. Excluding special items in the prior year period, operating income totaled $26.9 million, or 9.5% of consolidated service revenue. On this adjusted basis, operating income in the current quarter grew 2.7% year-over-year. GAAP net income for the current quarter totaled $16.8 million, or $0.28 per diluted share, compared with GAAP net income of $3.5 million, or $0.06 per diluted share, for the quarter ended December 31, 2009. Adjusted net income in the current period (excluding special items) was $17.2 million, or $0.29 per diluted share. Adjusted net income in the prior year quarter (excluding special items) was $15.1 million, or $0.26 per diluted share. Using adjusted numbers, net income in the current quarter grew 13.9%, and earnings per diluted
|SOURCE PAREXEL International Corporation|
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