ICON Reports second quarter 2012 revenue up 19% to $277 million and non-GAAP EPS of 21c (NASDAQ:ICLR) (ISIN:IE0005711209)

* Net revenue of $277 million, a 19% increase year on year.

* Income from operations, excluding restructuring and other non-recurring items, was $16.6 million or 6% of revenue.

* EPS, excluding restructuring and other non-recurring items, was 21 cents.

* Gross business wins were $477 million, representing a gross book to bill of 1.7, Net business wins were $373 million, representing a net book to bill of 1.35.

ICON Reports second quarter 2012 revenue up 19% to $277 million and non-GAAP EPS of 21c (NASDAQ:ICLR) (ISIN:IE0005711209)

ICON plc

http://www.iconplc.com

, a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries, today reported its financial results for the second quarter ended June 30, 2012.

Net revenue for the quarter was $277 million, an increase of 19% on the prior year. Year to date revenue increased 15% to $529 million from $462 million in 2011.

Income from operations, excluding restructuring and other non-recurring items, was $16.6 million or 6.0% of revenue, compared to $15.5 million or 6.7% for the same quarter last year. Net income, excluding restructuring and other non-recurring items, was $12.9 million or 21 cents per share on a diluted basis, compared with $13.1 million or 21 cents per share last year.

Year to date income from operations, excluding restructuring and other non-recurring items was $28.4 million or 5.4% of revenue, compared with $31.5m or 6.8% of revenue in the previous year. Year to date net income, excluding restructuring and other non-recurring items, was $21.9 million or 36 cents per share on a diluted basis, compared with $25.9 million or 42 cents per diluted share last year.

Days sales outstanding, comprising accounts receivable and unbilled revenue less payments on account, were 36 days at June 30, 2012, compared with 37 days at the end of March 2012.

For the quarter ended June 30, 2011, cash generated from operating activities was $11.5 million and capital expenditure was $9.3 million. The company's net cash amounted to $168 million at June 30, 2012, compared to net cash of $186 million at March 31, 2012.

Commenting on the results, Chief Executive Officer, Ciaran Murray, said "I am pleased with our progress in Q2. We continue to book significant levels of new business and improve our profitability."

During the quarter the company recorded a charge of $5.6 million in relation to restructuring costs and other non-recurring items. US GAAP income from operations after these items amounted to $11 million or 4.0% of revenue. US GAAP net income for the quarter was $8 million or 13 cents per share.

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this press release contains certain non-GAAP financial measures, including non-GAAP operating and net income and non-GAAP diluted earnings per share. While non-GAAP financial measures are not superior to or a substitute for the comparable GAAP measures, ICON believes certain non-GAAP information is useful to investors for historical comparison purposes.

The company will hold its second quarter conference call today, July 24, 2012 at 9:00 EST [14:00 Ireland & UK]. This call and linked slide presentation can be accessed live from our website at . A recording will also be available on the website for 90 days following the call. In addition, a calendar of company events, including upcoming conference presentations, is available on our website, under "Investors". This calendar will be updated regularly.

The statements made in this Press Release may contain forward-looking statements that involve a number of risks and uncertainties. In addition to the matters described in this Press Release, the ability to maintain large client contracts or enter into new contracts, maintain client relationships and the ability to manage the opening of new offices, the integration of new business mergers and acquisitions, as well as other risks and uncertainties detailed from time to time in SEC reports filed by ICON, including its Form 20-F, F-1, S-8 and F-3, may affect the actual results achieved by ICON. ICON disclaims any intent or obligation to update these forward-looking statements.

ICON plc is a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries. The Company specialises in the strategic development, management and analysis of programs that support clinical development - from compound selection to Phase I-IV clinical studies. With headquarters in Dublin, Ireland, ICON currently, operates from 82 locations in 40 countries and has approximately 8,930 employees. Further information is available at .

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