PAREXEL International Reports Fourth Quarter and Fiscal Year 20... ( ...)

PAREXEL International Reports Fourth Quarter and Fiscal Year 2009 Results

Date:8/10/2009

BOSTON, Aug. 10 /PRNewswire-FirstCall/ -- PAREXEL International Corporation (Nasdaq: PRXL) today reported financial results for the fourth quarter and Fiscal Year ended June 30, 2009. The Company has determined the need to correct certain accounting errors in the recently acquired ClinPhone business, as described in greater detail below. These changes relate to (1) the ClinPhone Interactive Voice Response (IVR) component of the Perceptive Informatics business segment, and (2) purchase accounting for ClinPhone, which the Company acquired in August 2008. The changes do not have an impact on the Company's fundamental business or on its economics in terms of cash or cash flow.

The accounting changes for ClinPhone IVR relate to Staff Accounting Bulletin (SAB) No. 104 "Revenue Recognition" and Emerging Issues Task Force (EITF) Issue 00-21 "Revenue Arrangements With Multiple Deliverables," and has resulted in the need to defer certain previously recognized revenue and direct cost amounts into future periods. In the course of finalizing financial results for the fiscal year, the Company determined that revenue and direct costs for ClinPhone IVR contracts should have been recognized ratably over the estimated "hosting" period of each study once an application went live. The Company had been recognizing these revenue and direct cost amounts during the "start-up" periods (i.e., design, development, and validation) of the contracts. Consequently, certain IVR-related start-up revenue and costs originally recorded during the first three quarters of Fiscal Year 2009, and amounts originally expected to be recorded in the fourth quarter, needed to be deferred into future periods. The adverse impact of this change was magnified because purchase accounting rules prohibit recogniti
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SOURCE PAREXEL International Corporation
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