PAREXEL International Issues Earnings Guidance in Conjunction with Investor Day

BOSTON, June 1, 2011 /PRNewswire/ -- Today, in conjunction with its Investor Day being held tomorrow in New York City, PAREXEL International Corporation (Nasdaq: PRXL) announced forward-looking earnings expectations for the fourth quarter of Fiscal Year 2011 (ending June 30, 2011), for Fiscal Year 2011, and for Fiscal Year 2012.  

The Company is reconfirming its guidance for the fourth quarter of Fiscal Year 2011 and for all of Fiscal Year 2011, as issued in a press release dated May 2, 2011.  To reiterate, for the fourth quarter of Fiscal Year 2011, the Company anticipates reporting consolidated service revenue in the range of $300 to $310 million, diluted earnings per share as reported under Generally Accepted Accounting Principles (GAAP) of $0.00 to $0.04, and adjusted earnings per diluted share of $0.05 to $0.09.   Adjusted diluted earnings per share guidance excludes restructuring-related charges, currently estimated to be $4.0 million for the fourth quarter of Fiscal Year 2011, equating to approximately $0.06 per diluted share.  For Fiscal Year 2011 (ending June 30, 2011), the Company continues to expect consolidated service revenue to be in the range of $1.202 to $1.212 billion, GAAP earnings per diluted share to be $0.84 to $0.88, and adjusted earnings per diluted share to be in the range of $0.90 to $0.94.   Adjusted numbers exclude the impact of restructuring-related charges and special items during the Fiscal Year, as previously described in the May 2nd press release, and as noted above.  

The Company is providing guidance estimates for Fiscal Year 2012 for the first time, and anticipates reporting consolidated service revenue in the range of $1.340 to $1.380 billion, GAAP earnings per diluted share of $0.93 to $1.10, and adjusted earnings per diluted share in the range of $1.05 and $1.22.  Adjusted numbers exclude the impact of restructuring and related charges totaling approximately $11.0 million, or about $0.12 per diluted share.  The newly-issued guidance for FY 2012 includes the projected impact from the recently announced strategic partnership with Pfizer Inc.

Those who wish to listen to the Company's Investor Day presentations and to view the accompanying slides should log onto the Company's website at www.PAREXEL.com and click on the PAREXEL 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.

About the Company    

PAREXEL International Corporation is a leading global bio/pharmaceutical services organization, providing a broad range of knowledge-based contract research, consulting, and medical communications 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.  Perceptive 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 71 locations throughout 52 countries around the world, and has approximately 10,350 employees. For more information about PAREXEL International visit www.PAREXEL.com.

PAREXEL is a registered trademark of PAREXEL International Corporation, and Perceptive Informatics is a trademark of Perceptive Informatics, Inc. All other names or marks may be registered trademarks or trademarks of PAREXEL International Corporation, Perceptive Informatics, Inc. or their respective owners and are hereby acknowledged.

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, including the anticipated restructuring charge of approximately $15 million over the fourth quarter of Fiscal Year 2011 as well as the first and second quarters of Fiscal Year 2012; 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 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, 2011 as filed with the SEC on May 10, 2011, 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 is a registered trademark of PAREXEL International Corporation, and Perceptive Informatics is a trademark of Perceptive Informatics, Inc. All other names or marks may be registered trademarks or trademarks of PAREXEL International Corporation, Perceptive Informatics, Inc. or their respective owners and are hereby acknowledged.

SOURCE PAREXEL International Corporation

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