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PAREXEL Reports Preliminary Second Quarter Results
Date:1/12/2009

- Payment default by small biopharma client has negative impact

- No similar material exposures are expected based upon analysis of backlog/receivables

- Second quarter new business wins are strong; service revenue expected to increase by 12 - 15% year-over-year

BOSTON, Jan. 12 /PRNewswire-FirstCall/ -- PAREXEL International Corporation (Nasdaq: PRXL) has received notification from a small biopharma client that it will be unable to continue to make payments that are due to PAREXEL in connection with an on-going service contract for a large Phase III clinical trial. The client informed PAREXEL that it had encountered funding difficulties when one of its major investors defaulted on a contractual investment commitment as a result of the current financial crisis. The client has had substantive discussions with two potential commercialization partners, its remaining investors, and PAREXEL, but to date the discussions have not yielded a definitive agreement with regard to additional funding for the trial.

As a result, PAREXEL plans to record approximately $15 million in reserves during the second quarter for anticipated wind-down costs and bad debt expense related to impaired accounts receivable (for service fees, pass-through costs, and investigator fees). These actions are expected to have a negative impact on diluted earnings per share in the range of $0.14 to $0.16 for the quarter ended December 31, 2008. We remain a major creditor of the company and will pursue recovery to the extent possible.

On a related note, PAREXEL has canceled the remaining $44 million balance of the above-referenced contract from the second quarter's backlog. Despite this fact, the Company expects to report a net book-to-bill ratio (defined as gross new business less cancellations divided by service r
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SOURCE PAREXEL International Corporation
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