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

The GAAP tax rate for the second quarter of Fiscal Year 2013 was 31.7% compared with 31.2% in the prior year quarter.  Excluding special items as detailed in the financial charts within this press release, the adjusted tax rate in the December 2012 quarter was 23.3%, compared with 30.5% in the December 2011 quarter.  The lower adjusted tax rate in the second quarter of Fiscal Year 2013 was the result of a beneficial change in the mix of actual and forecasted pre-tax income.  Going forward, the Company expects the GAAP tax rate for the third quarter of Fiscal Year 2013 to be approximately 26.0%, and approximately 30% in the fourth quarter.  The projected rates include the impact of recent tax law changes in the United States (which are retroactive to July 1, 2012) and which were enacted in January 2013, as well as the beneficial change in mix of pre-tax income, mentioned previously.  The projected tax rate in the third quarter includes the retroactive benefit of the recent tax law change for the first and second quarters of Fiscal Year 2013.

During the second quarter, the Company purchased a total of approximately 1.5 million shares of its common stock for $45.2 million under its previously announced $200 million Share Repurchase Program, which was implemented in September 2012.  All of these shares were purchased in the open market through a 10b5-1 plan, which was completed in the second quarter.  Taking into account additional activity in the first quarter, as of December 31, 2012, approximately $100 million remained available under the Share Repurchase Program for the purchase of additional shares.  The Company is currently planning the next phase of the program.

On a segment basis, service revenue for the second quarter of Fiscal Year 2013 was $320.6 million in Clinical Research Services (CRS), $49.3 million in PAREXEL Consulting and Medical Communications Services (PCMS), and $52.2 million in Perce
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SOURCE PAREXEL International Corporation
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