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PAREXEL International Reports Second Quarter Fiscal Year 2013 Results
Date:1/29/2013

BOSTON, Jan. 29, 2013 /PRNewswire/ -- PAREXEL International Corporation (NASDAQ: PRXL) today reported financial results for the second quarter of Fiscal Year 2013, which ended on December 31, 2012. 

For the three months ended December 31, 2012 consolidated service revenue increased by 26.7% to $422.1 million compared with $333.2 million in the prior year period.
Excluding the negative impact from foreign exchange movements in the current quarter of $2.8 million, revenue increased 27.5%.  Newly-acquired Liquent, Inc. (Liquent) contributed $0.4 million to revenue in the quarter.  Operating income as reported under Generally Accepted Accounting Principles (GAAP) totaled $31.4 million, or 7.4% of service revenue, in the second quarter of Fiscal Year 2013, as compared with $22.6 million, or 6.8% of service revenue, in the comparable quarter of the prior year.  GAAP net income for the quarter totaled $21.3 million, or $0.36 per diluted share, compared with a GAAP net income of $12.9 million, or $0.21 per diluted share, for the quarter ended December 31, 2011. 

The financial results of the December quarter in the current and prior periods each included special items, as detailed in the financial charts within this press release.  Excluding the impact of these special items, adjusted operating income in the second quarter of Fiscal Year 2013 was $32.1 million, or 7.6% of service revenue.  Excluding the impact of these special items, adjusted operating income in the second quarter of Fiscal Year 2012 was $23.8 million, or 7.1% of service revenue.  Adjusted net income in the current and prior periods (which excludes the special items referenced above) was $24.5 million, or $0.41 per diluted share in the quarter ended December 31, 2012, and was $13.9 million, or $0.23 per diluted share in the quarter ended December 31, 2011. 


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