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PAREXEL Reports First Quarter Fiscal Year 2010 Financial Results
Date:10/27/2009

BOSTON, Oct. 27 /PRNewswire-FirstCall/ -- PAREXEL International Corporation (Nasdaq: PRXL) today announced its financial results for the first quarter ended September 30, 2009.

For the three months ended September 30, 2009, PAREXEL's consolidated service revenue declined by 1.2% to $259.8 million, compared with $263.0 million in the prior year period. Service revenue in the prior year quarter ended September 30, 2008 would have been $257.3 million, taking into account $5.7 million in service revenue that was subsequently reversed during the fourth quarter of Fiscal Year 2009, as the result of an accounting adjustment. The accounting adjustment was described more fully in a press release dated August 10, 2009. On this adjusted basis, service revenue grew approximately 1% in the current quarter on a year-over-year basis. Service revenue growth in the quarter would have been 4.8% year-over-year, excluding the current quarter's negative impact from foreign exchange of $16.2 million and the positive impact of $6.2 million related to acquisitions, as well as the prior year $5.7 million adjustment to service revenue.

The Company reported operating income of $18.5 million, or 7.1% of consolidated service revenue, in the first quarter of Fiscal Year 2010, versus operating income of $22.0 million, or 8.4% of consolidated service revenue, in the comparable quarter of the prior year. Operating income in the prior year quarter would have been $17.2 million, or 6.7% of service revenue, when taking into account the $4.7 million net revenue and cost impact related to the previously described accounting adjustment. Net income for the current quarter totaled $12.4 million, or $0.21 per diluted share, compared with net income of $13.6 million, or $0.23 per diluted share, for the quarter ended September 30, 2008. Certain tax adjust
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SOURCE PAREXEL International Corporation
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