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

nths ended December 31, 2010 was $34.7 million, or $0.58 per diluted share, compared with $27.6 million or $0.47 per diluted share in the comparable prior year six month period.

Backlog at the end of December was approximately $3.0 billion, an increase of 30.9% year-over-year.  Backlog included gross new business wins in the quarter of $496.0 million, cancellations of $100.4 million (3.4% of beginning backlog), and a positive impact from foreign exchange rates of $3.7 million. The net book-to-bill ratio was 1.30 in the quarter.

Mr. Josef H. von Rickenbach, PAREXEL’s Chairman and Chief Executive Officer stated, “During the second quarter, PAREXEL delivered year-over-year revenue growth in all three business segments, and earnings per share that were in line with our expectations.  New business wins and moderate cancellations culminated in record backlog of over $3 billion.  We also experienced a notable increase in proposals from small and emerging biopharma clients during the quarter.”  

“PAREXEL’s global capabilities, expertise, and technology continue to enable us to win healthy new business awards.  At the same time, it has become apparent that the backlog conversion rates inherent in global, complex, clinical development awards generated by strategic partnerships are different from traditional awards.  Our improved understanding of new business dynamics from these partnerships has been reflected in our current forward-looking guidance.”

“As we enter Calendar Year 2011, we are confident in our strategy and that PAREXEL is positioned as a leader in a changing marketplace.  I believe that we have the foundation in place to achieve long-term revenue and earnings growth, and that we will continue to create and deliver value to clients and shareholders.”

The Company issued forward-looking guidance for the third quarter of Fiscal Year 2011 (ending March
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SOURCE PAREXEL International Corporation
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