PAREXEL International (PRXL) Revises Q2 and FY Guidance

January 12, 2009 5:09 PM EST

PAREXEL International Corporation (Nasdaq: PRXL) comments on Q2 financials. The previously issued earnings guidance projected that consolidated service revenue would be in the range of $265 to $275 million, and earnings per diluted share would be in the range of $0.18 to $0.20. The Company's revised GAAP guidance for consolidated service revenue is in the range of $268 to $273 million and earnings per diluted share in the range of $0.04 to $0.07. On a pro forma (non-GAAP) basis, excluding the impact of the contract termination, earnings per diluted share are expected to be in the range of $0.20 to $0.21. (Consensus is $267.88 million and $0.19, respectively)

PAREXEL has reduced its expected consolidated service revenue for the second half of Fiscal Year 2009 by approximately $6.0 million, and has reduced diluted earnings per share by about $0.04 for that same period. The Company issued revised Fiscal Year 2009 guidance, also taking into account the timing of new business wins, the strengthening of the U.S. dollar, and the adverse impact of the contract termination on the tax rate for the fiscal year. On a GAAP basis, the Company now expects consolidated service revenue in the range of $1.080 to $1.110 billion (an increase of 12-15% on a year-over-year basis) and earnings per diluted share in the range of $0.75 to $0.82. Excluding the impact of the contract termination, the Company expects to achieve diluted earnings per share of $0.91 to $0.96. The Company's previous guidance projected that consolidated service revenue for Fiscal Year 2009 would be in the range of $1.100 to $1.130 billion, and earnings per diluted share would be in the range of $1.07 to $1.13. (Consensus is $1.10 billion and $0.99, respectively)

PAREXEL International Corporation (PAREXEL) is a biopharmaceutical services company, providing a range of capability in clinical research, medical communications services, consulting, and informatics and technology products and services to the worldwide pharmaceutical, biotechnology, and medical device industries. [SM]

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