BOSTON, Oct. 31, 2011 /PRNewswire/ -- PAREXEL International Corporation (NASDAQ: PRXL) today announced its financial results for the first quarter ended September 30, 2011.
For the three months ended September 30, 2011, PAREXEL’s consolidated service revenue increased by 6.4% to $314.7 million, compared with $295.8 million in the prior year period. Excluding the positive impact from foreign exchange movements of $7.2 million, revenue increased 3.9%. The Company reported operating income, as reported under Generally Accepted Accounting Principles (GAAP) of $12.5 million, or 4.0% of consolidated service revenue, in the first quarter of Fiscal Year 2012, versus GAAP operating income of $30 million, or 10.1% of consolidated service revenue, in the comparable quarter of the prior fiscal year. GAAP net income for the quarter ended September 30, 2011 totaled $9.6 million, or $0.16 per diluted share, compared with GAAP net income of $17.8 million, or $0.30 per diluted share, for the quarter ended September 30, 2010. GAAP net income in the quarter decreased by 46.3% year-over-year, and earnings per diluted share decreased by 46.7%.
The financial results of the September quarters in Fiscal Year 2012 and Fiscal Year 2011 each included special items related to restructuring activities, as detailed in the financial charts within this press release. Excluding the impact of these special items, adjusted operating income in the first quarter of Fiscal Year 2012 was $15.2 million, or 4.8% of consolidated service revenue. Excluding these special items in the prior year period, adjusted operating income was $29.6 million, or 10.0% of consolidated service revenue, in the first quarter of Fiscal Year 2011. On this adjusted basis, operating income in the quarter ended September 30, 2011 declined 48.8% year-over-year. Adjusted net income in the
|SOURCE PAREXEL International Corporation|
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