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PAREXEL Reports Third Quarter Fiscal Year 2012 Financial Results
Date:4/30/2012

BOSTON, April 30, 2012 /PRNewswire/ -- PAREXEL International Corporation (NASDAQ: PRXL) today announced its financial results for the third quarter ended March 31, 2012.

For the three months ended March 31, 2012, PAREXEL's consolidated service revenue increased by 18.1% to $356.0 million compared with $301.4 million in the prior year period.  Excluding a $3.8 million negative impact from foreign exchange on consolidated service revenue in the current quarter, and excluding $1.5 million of consolidated service revenue in the prior year quarter related to subsequently divested Early Phase units, revenue increased 20.0% in the quarter.  The Company reported operating income under Generally Accepted Accounting Principles (GAAP) of $28.2 million, or 7.9% of consolidated service revenue, in the third quarter of Fiscal Year 2012, versus GAAP operating income of $21.9 million, or 7.3% of consolidated service revenue, in the same quarter of the prior fiscal year.  GAAP net income for the quarter ended March 31, 2012 totaled $22.9 million, or $0.38 per diluted share, compared with GAAP net income of $15.7 million, or $0.26 per diluted share, for the quarter ended March 31, 2011.  GAAP net income in the quarter increased by 45.3% year-over-year, and earnings per diluted share increased by 46.2%.

The Company had a current quarter tax benefit which resulted primarily from the resolution of uncertain tax positions including the reversal of interest previously accrued on these items. Approximately $4.2 million of tax benefit recorded in the quarter was due to the favorable conclusion of a tax examination along with the expiration of statutory periods primarily in European jurisdictions.

In Fiscal Years 2012 and 2011, the financial results for the respective March quarters each included special items, as detailed in the financial charts within this pres
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SOURCE PAREXEL International Corporation
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