Financial Report: PAREXEL 3Q10

PAREXEL 3Q10

3Q Revenues: $301.4 million (+4%)

3Q Earnings: $15.7 million (+23%)

YTD Revenues: $901.6 million (+8%)

YTD Earnings: $50.4 million (+76%)

Comments: Consolidated service revenue for the quarter was $227.0 million in Clinical Research Services (CRS), $34.1 million in PAREXEL Consulting and Medical Communications Services (PCMS), and $40.3 million in Perceptive Informatics, Inc. Backlog at the end of March was approximately $3.2 billion, up 34%. Results in the quarter were adversely impacted by lower Early Phase revenue in the CRS unit, slower revenue conversion from backlog related to strategic partnerships, and client delays on some large projects. The company had a tax benefit in the quarter of approximately $900,000. Restructuring charges in 3Q10 included $0.5 million of facility-related costs and $3.6 million in severance costs and YTD included $0.4 million of depreciation on abandoned facilities, $5.8 million of facility-related costs and $7.2 million in severance costs.