PAREXEL Reports Third Quarter Fiscal Year 2008 Financi...(Inc. For the nine months ended March ...)

For the nine months ended March 31, 2008, consolidated service revenue was $692.1 million, versus $536.7 million in the prior year period, an increase of 29.0%. Operating income for the current nine-month period was $59.7 million, or 8.6% of consolidated service revenue, compared with operating income of $40.7 million, or 7.6% of consolidated service revenue in the comparable prior year period. Net income for the nine months ended March 31, 2008 was $39.6 million or $0.69 per diluted share, compared with net income of $26.9 million, or $0.48 per diluted share in the prior year period.

PAREXEL's backlog increased approximately 37% year-over-year, and 7% sequentially from the December 31, 2007 quarter, to $1.9 billion at the end of the March quarter. As of December 31, 2007, PAREXEL's backlog totaled $1.778 billion. Adding the March quarter's gross new business wins of $423.5 million to that amount, and subtracting $245.3 million in current quarter service revenue and $49.5 million in cancellations, resulted in a record backlog of $1.91 billion as of March 31, 2008. These results equate to a net book-to- burn ratio of 1.52.

Mr. Josef H. von Rickenbach, PAREXEL's Chairman and Chief Executive Officer stated, "The Company's financial results marked another quarter of significant growth in revenue, operating income, and earnings per share. From our perspective, industry dynamics remain positive. Our backlog is within reach of the $2 billion mark, with healthy levels of new business wins from all three of our business segments contributing to this quarter's results. The new business proposal pipeline is robust, and the strength of our competitive position gives us confidence that we will continue to win significant levels of new business, helping us to achieve the goals that we have established for the remainder of Fiscal Year 2008 and beyond."

The Company issued forward-looking guidance for the fourth quarter of Fiscal Year 2008 (ending Ju
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