PAREXEL RECONFIRMS Q3 AND FISCAL YEAR 2002 AND CALENDAR 2002 EARNINGS GUIDANCE
BOSTON, MA, March 19, 2002 — PAREXEL International Corporation (Nasdaq: PRXL) will confirm forward-looking earnings expectations for the third and fourth quarters of Fiscal Year 2002 and calendar 2002, and issue preliminary forward-looking guidance for Fiscal Year 2003 at its Investor conference being held today in New York City.
For the third quarter of Fiscal Year 2002, the Company anticipates reporting net revenue in the range of $110 to $114 million and earnings per diluted share in the range of $0.12 to $0.14. For the fourth quarter of Fiscal 2002, the Company anticipates reporting net revenue in the range of $116 to $120 million and earnings per diluted share of approximately $0.16. Consequently, for Fiscal Year 2002 (ending June 30, 2002), the Company anticipates reporting net revenue in the range of $435 to $440 million and earnings per diluted share in the range of $0.50 to $0.54. For calendar 2002, the Company anticipates reporting net revenue of between $465 and $480 million, and earnings per diluted share of between $0.61 and $0.65.
For Fiscal Year 2003, the Company is issuing preliminary expectations for net revenue in the range of $485 to $500 million and earnings per diluted share in the range of $0.70 to $0.74.
Those who wish to listen to the Investor Day presentations and to view the accompanying slides should log onto the Company’s website at www.parexel.com and click on “Investor Relations,” then “Webcast/Audio Archives”, at least 15 minutes prior to the event’s broadcast which will start at 8:30 a.m. EST. 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 In addition, an archived version of the event’s presentations will be located in the Investor Relations section of PAREXEL’s website until April 2, 2002.
PAREXEL is one of the largest contract pharmaceutical outsourcing organizations in the world, providing a broad range of knowledge-based contract research, medical marketing and consulting services to the worldwide pharmaceutical, biotechnology and medical device industries. With a commitment to providing solutions that expedite time-to-market and peak market penetration, PAREXEL has developed significant expertise in clinical trials management, data management, biostatistical analysis, medical marketing, clinical pharmacology, regulatory and medical consulting, industry training and publishing and other drug development consulting services. Its information technology subsidiary, Perceptive Informatics, Inc., provides a variety of technology products and services, including web-based portal solutions and voice and data systems, which are designed to accelerate and enhance the clinical development and launch processes. The Company’s integrated services, therapeutic area depth and sophisticated information technology, along with its experience in global drug development and product launch services, represent key competitive strengths. Headquartered near Boston, MA, PAREXEL operates in 55 locations throughout 36 countries around the world, and has approximately 4,660 employees.
This release contains "forward-looking" statements regarding future results and events, including statements regarding expected financial results, future growth and customer demand that involve a number of risks and uncertainties. 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” and similar expressions are intended to identify forward-looking statements. 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 restructurings; the cancellation, revision, or delay of contracts, including those contracts in backlog; the Company's dependence on certain industries and clients; the Company's ability to win new business, manage growth, 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; government regulation of certain industries and clients; competition and consolidation within the pharmaceutical 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. Such factors and others are discussed more fully in the section entitled "Risk Factors" of the Company's Form 10-Q for the period ended December 31, 2001, as filed with the Securities and Exchange Commission, which “Risk Factors” discussion is incorporated by reference in this press release. The Company disclaims any duty to update any of the forward-looking statements contained in this press release.