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PAREXEL Reports Third Quarter Fiscal Year 2011 Financial Results
Date:5/2/2011

BOSTON, May 2, 2011 /PRNewswire/ -- PAREXEL International Corporation (Nasdaq: PRXL) today announced its financial results for the third quarter ended March 31, 2011.

For the three months ended March 31, 2011, PAREXEL’s consolidated service revenue increased by 3.5% to $301.4 million, compared with $291.2 million in the prior year period.  Excluding the positive impact from foreign exchange movements of $3.3 million, revenue increased 2.4%, to $298.1 million.  As reported under Generally Accepted Accounting Principles (GAAP), the Company generated operating income of $21.9 million, or 7.3% of consolidated service revenue, in the third quarter of Fiscal Year 2011, versus GAAP operating income of $25.8 million, or 8.9% of consolidated service revenue, in the comparable quarter of the prior year.   On this basis, GAAP operating income declined 15.3% year-over-year.  The financial results of the March quarter in the current and prior periods each included special items, as detailed in the financial charts within this press release.  Excluding these special items in the current period, adjusted operating income totaled $22.4 million, or 7.4% of consolidated service revenue.  Excluding the special items referenced above in the prior year period, adjusted operating income totaled $29.9 million, or 10.3% of consolidated service revenue.  On this adjusted basis, operating income in the current quarter declined 25.1% year-over-year.  GAAP net income for the current quarter totaled $15.7 million, or $0.26 per diluted share, compared with GAAP net income of $12.8 million, or $0.22 per diluted share, for the quarter ended March 31, 2010.  On a GAAP basis, net income in the current quarter increased by 23.1%, and earnings per diluted share increased by 18.2%.  Adjusted net income in the current period (which excludes the special items
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SOURCE PAREXEL International Corporation
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