BOSTON, June 24, 2014 /PRNewswire/ -- In conjunction
with its Investor Day being held tomorrow, PAREXEL International
Corporation (Nasdaq: PRXL) has reconfirmed its forward-looking
guidance for the fourth quarter of Fiscal Year 2014 (ending
June 30, 2014), and for all of Fiscal
Year 2014. This guidance was previously issued in a press
release on April 29, 2014. The
Company also issued guidance for Fiscal Year 2015 for the first
time. The guidance takes into account a number of factors,
including recent foreign currency exchange rates, the Company's
updated overall outlook, and the estimated impact of the
Accelerated Share Repurchase Program (ASR)(as announced on
June 16, 2014) on projected Fiscal
Year 2015 earnings per share.
The Company's guidance is:
|
Guidance Issued
6/24/14
|
Guidance Issued
4/29/14
|
Q4 FY 2014
Revenue
|
$507 - $513
million
|
$507 - $513
million
|
Q4 FY 2014 GAAP
EPS
|
$0.59 -
$0.63
|
$0.59 -
$0.63
|
|
|
|
FY 2014
Revenue
|
$1.936 - $1.942
billion
|
$1.936 - $1.942
billion
|
FY 2014 GAAP
EPS
|
$2.13 -
$2.17
|
$2.13 -
$2.17
|
FY 2014 Non-GAAP
EPS
|
$2.11 -
$2.15
|
$2.11 -
$2.15
|
|
|
|
FY 2015
Revenue
|
$2.120 - $2.150
billion
|
N/A
|
FY 2015 GAAP
EPS
|
$2.51 -
$2.75
|
N/A
|
The impact of the ASR program on Q4 and full year FY 2014
guidance is expected to be immaterial. For Fiscal Year 2015,
guidance assumes an estimated benefit of $0.08 to $0.12 from
the ASR program.
Adjusted diluted EPS guidance for Fiscal Year 2014 excludes the
impact of certain items that were recorded in the first, second,
and third quarters of Fiscal Year 2014, as detailed in a chart
contained within this release. This information is also
posted in the Investor Relations section of PAREXEL.com under
Financial Information/2014 Quarterly Results/Q3 Additional
Financials.
Those who wish to listen to the Company's Investor Day
presentations on June 25, 2014 and to
view the accompanying slides should log onto the Company's website
at www.PAREXEL.com and click on the PAREXEL International 2014
Investor Day link under the "Upcoming Events" section of the
Investors homepage at least 15 minutes prior to the event's
broadcast which will start at 8:30 a.m.
ET. Users should follow the instructions provided to
assure that the necessary audio applications are downloaded and
installed. In addition, an archived version of the event's
presentations will be located in the Investor Relations section of
PAREXEL's website.
In addition to the financial measures prepared in accordance
with GAAP, the Company uses certain non-GAAP financial
measures. The Company believes that presenting the non-GAAP
financial measures contained in this press release assists
investors and others in gaining a better understanding of its core
operating results and future prospects, especially when comparing
such results to previous periods or forecasted guidance, because
such measures exclude items that are outside of the Company's
normal operations and/or, in certain cases, are difficult to
forecast accurately for future periods. Management uses
non-GAAP financial measures, in addition to the measures prepared
in accordance with GAAP, as the basis for measuring the Company's
core operating performance and comparing such performance to that
of prior periods and to the performance of its competitors for the
same reasons stated above. Such measures are also used by
management in its financial and operating decision-making.
Non-GAAP financial measures are not meant to be considered superior
to or a substitute for the Company's results of operations prepared
in accordance with GAAP.
About PAREXEL International
PAREXEL International Corporation is a leading global
biopharmaceutical services organization, providing a broad range of
knowledge-based contract research, consulting, medical
communications, and technology solutions and services to the
worldwide pharmaceutical, biotechnology and medical device
industries. Committed to providing solutions that expedite
time-to-market and peak-market penetration, PAREXEL has developed
significant expertise across the development and commercialization
continuum, from drug development and regulatory consulting to
clinical pharmacology, clinical trials management, medical
education and reimbursement. PAREXEL Informatics, Inc., a
subsidiary of PAREXEL, provides advanced technology solutions,
including medical imaging, to facilitate the clinical development
process. Headquartered near Boston,
Massachusetts, PAREXEL operates in 75 locations in 50
countries around the world, and has approximately 15,335
employees. For more information about PAREXEL International
visit www.PAREXEL.com.
PAREXEL, PAREXEL Informatics, Perceptive, Perceptive MyTrials,
and "Your Journey. Our Mission." are trademarks or registered
trademarks of PAREXEL International Corporation or its
affiliates.
This release contains "forward-looking" statements regarding
future results and events, including, without limitation,
statements regarding expected financial results, future growth and
customer demand. For this purpose, any statements
contained herein that are not statements of historical fact may be
deemed forward-looking statements. Without limiting the
foregoing, the words "believes," "anticipates," "plans," "expects,"
"intends," "appears," "estimates," "projects," "will," "would,"
"could," "should," "targets," and similar expressions are
also intended to identify forward-looking statements. The
forward-looking statements in this release involve a number of
risks and uncertainties. The Company's actual future results
may differ significantly from the results discussed in the
forward-looking statements contained in this release.
Important factors that might cause such a difference include, but
are not limited to, risks associated with: actual operating
performance; actual expense savings and other operating
improvements resulting from recent and anticipated restructurings;
the loss, modification, or delay of contracts which would, among
other things, adversely impact the Company's recognition of revenue
included in backlog; the Company's dependence on certain industries
and clients; the Company's ability to win new business, manage
growth and costs, and attract and retain employees; the Company's
ability to complete additional acquisitions, and to integrate newly
acquired businesses including the recent acquisitions of LIQUENT,
Inc. and HERON Group Ltd., Inc., or enter into new lines of
business; the impact on the Company's business of government
regulation of the drug, medical device and biotechnology
industry; consolidation within the pharmaceutical industry and
competition within the biopharmaceutical services industry; the
potential for significant liability to clients and third parties;
the potential adverse impact of health care reform; and the effects
of exchange rate fluctuations and other international economic,
political, and other risks. Such factors and others are
discussed more fully in the section entitled "Risk Factors" of the
Company's Quarterly Report on Form 10-Q for the quarter ended
March 31, 2014 as filed with the
Securities and Exchange Commission (SEC) on May 2, 2014, which "Risk Factors" discussion is
incorporated by reference in this press release. The Company
specifically disclaims any obligation to update these
forward-looking statements in the future. These
forward-looking statements should not be relied upon as
representing the Company's estimates or views as of any date
subsequent to the date of this press release.
PAREXEL
International Corporation
|
Reconciliation of Non-GAAP Measures
|
Certain Line
Items
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guidance for the
Twelve Months Ending
|
|
(in thousands,
except per share data)
|
June 30,
2014
|
|
|
|
GAAP
Measure
|
|
Adjustments
|
|
Non-GAAP
Measure
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
|
|
$
(2,236)
|
(a)
|
|
|
|
|
|
|
|
|
|
|
Restructuring
benefit
|
|
|
|
$
74
|
(b)
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
|
$
2,162
|
|
|
|
|
|
|
|
|
|
|
|
Other expense,
net
|
|
|
|
$
(196)
|
(c)
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
|
$ 1,966
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
|
|
$ 3,685
|
(d)
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$ (1,719)
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share
|
|
$2.13 -
2.17
|
|
$
(0.03)
|
|
$2.11 -
2.15
|
|
|
|
|
|
|
|
|
|
Note: The sum
quarterly Diluted EPS amounts do not equal year-to-date Diluted EPS
amounts due to rounding
|
(a) Adjustments
include $2.3 million of legal settlements and acquisition and
integration related charges, partially offset by $0.1 million gain
related to the revaluation of HERON earn-out contingent
consideration
liability
(b) Decrease in facility-related charges associated with
restructuring
plans
(c) Recovery from final bankruptcy settlement on previously
impaired
investment
(d) Tax effect on non-GAAP adjustments, and a $3.0 million
adjustment due to reserve
release
|
|
|
CONTACTS:
Ingo Bank, Senior Vice President
and Chief Financial Officer
Jill Baker, Corporate Vice President
of Investor Relations
+1-781-434-4118
SOURCE PAREXEL International Corporation