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PAREXEL Reports Second Quarter Fiscal Year 2009 Financial Results
Date:1/26/2009

- Record service revenue of $275.8 million, up 15.6% year-over-year

- Gross new business wins of $459.0 million, up 32% from the September quarter

- Net book-to-bill ratio of 1.23

BOSTON, Jan. 26 /PRNewswire-FirstCall/ -- PAREXEL International Corporation (Nasdaq: PRXL) today announced its financial results for the second quarter ended December 31, 2008.

For the three months ended December 31, 2008, PAREXEL's consolidated service revenue increased 15.6% to a record $275.8 million compared with $238.7 million in the prior year period. Excluding the negative impact of foreign exchange of $25.9 million dollars in the quarter, revenue increased 26.4%. Under Generally Accepted Accounting Principles (GAAP), the Company reported operating income of $7.7 million, or 2.8% of consolidated service revenue, in the second quarter of Fiscal Year 2009, versus operating income of $20.5 million, or 8.6% of consolidated service revenue, in the comparable quarter of the prior year. Net income for the quarter totaled $5.2 million, or $0.09 per diluted share, compared with net income of $11.5 million, or $0.20 per diluted share, for the quarter ended December 31, 2007.

As previously reported, the Company was notified by a small biopharma client of its inability to make further payments due to PAREXEL in connection with an on-going service contract for a large late stage clinical trial. The client subsequently filed for bankruptcy protection. As a result of this event, the Company terminated the contract with the client, and recorded $15 million in pre-tax reserves in 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). We have conducted a thorough review of the projects that
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SOURCE PAREXEL International Corporation
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