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PAREXEL Reports Second Quarter Fiscal Year 2011 Financial Results
Date:1/31/2011

share grew 11.5%.

On a segment basis, consolidated service revenue for the second quarter of Fiscal Year 2011 was $231.4 million in Clinical Research Services (CRS), $32.0 million in PAREXEL Consulting and Medical Communications Services (PCMS), and $41.0 million in Perceptive Informatics, Inc.

The Company’s low current quarter tax rate benefited from a favorable mix of pre-tax profitability, the extension of certain U.S. tax law provisions, and the ongoing benefit of the Company’s approach to transfer pricing.  At the same time, the Company experienced higher than anticipated foreign exchange losses on the Other Expense line, in part due to a short-term disruption to cash flows caused by implementation of the Company’s new billing system.  The Company substantially increased billing during the December quarter, reducing days sales outstanding sequentially to 69 days, while increasing deferred revenue, and decreasing unbilled receivables.

For the six months ended December 31, 2010, consolidated service revenue was $600.2 million versus $544.5 million in the prior year period, an increase of 10.2%.  GAAP operating income for the current six-month period was $58.2 million, or 9.7% of service revenue, compared with GAAP operating income of $37.2 million, or 6.8% of service revenue in the prior year period.  GAAP net income for the six months ended December 31, 2010 was $34.6 million, or $0.58 per diluted share, compared with GAAP net income of $15.9 million, or $0.27 per diluted share, in the prior year period.  Excluding the impact of certain items as detailed in the attached financial charts in both six month periods, operating income was $57.2 million or 9.5% of consolidated service revenue for the six months ended on December 31, 2010, compared with $45.4 million or 8.3% of consolidated service revenue for the six months ended on December 31, 2009.  On an adjusted basis, net income for the six mo
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SOURCE PAREXEL International Corporation
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