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PAREXEL Reports Third Quarter Fiscal Year 2009 Financial Results
Date:4/27/2009

e increased 16.1% to $803.3 million compared with $692.1 million in the prior nine-month period. Operating income for the current nine-month period was $56.1 million, or 7.0% of consolidated service revenue, versus operating income of $59.7 million, or 8.6% of consolidated service revenue, in the comparable period of the prior year. Net income for the nine months ended March 31, 2009 totaled approximately $33.0 million, or $0.57 per diluted share, compared with net income of $39.6 million, or $0.69 per diluted share, for the nine months ended March 31, 2008.

The nine month results ended March 31, 2009 included a $15.0 million reserve for wind-down costs and bad debt expense and an associated $7.1 million tax benefit related to a client's default on a contract. The nine month results ended March 31, 2008 included a favorable non-U.S. net tax benefit of approximately $4.0 million. Excluding the aforementioned items, growth in operating income, net income and diluted earnings per share would have been up 19.1%, 15.0% and 14.5% respectively, for the nine month period, as compared with the prior year nine month period.

PAREXEL's backlog was $2.036 billion at the end of the March quarter, an increase of approximately 6.8% year-over-year. The reported backlog included gross new business wins of $427.3 million, cancellations of $95.8 million and a negative impact from foreign exchange rates of $37.4 million. The net book-to-bill ratio was 1.25 in the quarter (defined as gross new business less cancellations divided by service revenue).

Mr. Josef H. von Rickenbach, PAREXEL's Chairman and Chief Executive Officer stated, "The Company's positive quarterly results were a clear reflection of the determined focus by our employees to control costs and achieve both our financial and operational targets. I am proud of our staff's ability to grow service revenue and expand operating margins in today's challenging environment
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SOURCE PAREXEL International Corporation
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