Highlights - First Quarter Fiscal 2009   * First quarter net revenues increased 9% over the comparative    quarter, to $219.8 million.   * Income from operations increased by 25%, to $26.9 million.   * Operating margins expanded to 12.2% from 10.7%   * Diluted earnings per share increased by 25%, to 35 cents.   * Net new business wins in the quarter of $265m, representing a    book-to-bill ratio of 1.2.   * Acquired a 100 bed Phase I unit in Omaha, Nebraska. 

DUBLIN, Ireland, April 28, 2009 (GLOBE NEWSWIRE) -- ICON (Nasdaq:ICLR) (ISIN:IE0005711209), a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries, today reported its financial results for the first quarter ended March 31, 2009.

Net revenues for the quarter were $219.8 million, representing a 9.2% increase over net revenues of $201.3 million for the comparative quarter last year.

Income from operations was $26.9 million or 12.2% of revenue, compared to $21.5 million or 10.7% for the same quarter last year. Net income was $20.9 million or 35 cents per share on a diluted basis, compared with $16.9 million or 28 cents per share last year.

Days sales outstanding, comprising accounts receivable and unbilled revenue less payments on account, were 59 days at March 31, 2009, compared to 69 days at December 31, 2008.

For the quarter ended March 31, 2009, cash provided from operating activities was $24.7 million and capital expenditure was $8.1 million. As a result, the company's net debt, amounted to $2.2 million at March 31, 2009, compared to net debt of $4.3 million at December 31, 2008.

"The last quarter represented a solid start to 2009," commented Chairman Dr. John Climax. "Revenue was 9% ahead of prior year and earnings per share were up 25%."

"In a much more difficult market, we are pleased with the results for the quarter," said CEO Peter Gray. "Further margin expansion, despite some challenges, led to an overall increase in operating income of 25% compared to the same period last year. Business activity, which was slow to develop early in the quarter, finished strongly to deliver solid net business wins of $265 million and a book to bill of 1.2.

"Demonstrating our confidence in the long term health of the market, on April 20th we acquired the assets of the former Qualia Clinical Services, a Phase I facility based in Omaha, Nebraska, and intend to reopen the unit in May. This investment is expected to be moderately dilutive to 2009 earnings (approx 4 - 6c).