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Financial Report: ICON 4Q

Business awards for the year were $1.3 billion (+28%) and for the quarter were $261 million.

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By: Tim Wright

Editor-in-Chief, Contract Pharma

ICON

4Q Revenues: $220.1 million (+22%)

4Q Earnings: $21.0 million (+32%)

FY Revenues: $865.2 million (+37%)

FY Earnings: $78.1 million (+39%)

Comments: Business awards for the year were $1.3 billion (+28%) and for the quarter were $261 million. Income from operations was $26.5 million in the quarter (+34%) and $99.5 million for the year (+44%). In the quarter, operating expenses were $4.8 million and capital expenditure was $14.3 million. For the year, operating expenses were $81.3 million and capital expenditure was $67.9 million. The company acquired Healthcare Discoveries in February 2008 for $11.8 million and Prevalere Life Sciences in November for $37.6 million. As a result, debt was $4.3 million at December 31, 2008, compared to $23.8 million of net cash at December 31, 2007.

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