BOSTON, Jan. 11 /PRNewswire-FirstCall/ -- PAREXEL International Corporation today raised its financial guidance expectations for the second quarter of Fiscal Year 2010 ended December 31, 2009, and for the full Fiscal Year 2010 ending June 30, 2010. The Company's updated financial guidance takes into account the projected impact from second quarter new business wins and cancellations, revised expectations for the amount and timing of a previously announced restructuring charge, and the impact of recent foreign exchange rates.
The Company's expectations are that the previously announced restructuring and related charges will continue to be in the $30 million range in total, with approximately $15 million of the charge being recorded in the second quarter, and the remainder to be recorded in the second half of Fiscal Year 2010. The timing of the restructuring and related charges has been pushed out as a result of delays associated with local labor law compliance requirements.
The Company expects to report a net book-to-bill ratio in the range of 1.25 for new business authorizations in the December 2009 quarter (net book-to-bill is defined as gross new business wins, less cancellations, divided by consolidated service revenue).
PAREXEL plans to report financial results for the second quarter on January 25, 2010, and to host a conference call regarding the results on January 26, 2010.
About the Company
This release contains "forward-looking" statements regarding future results and events, including, without limitation, statements regarding expected financial results, future growth and customer demand, such as the guidance provided by the Company with respect to the second quarter of Fiscal Year 2010, Fiscal Year 2010, and Calendar Year 2010. 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," "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 and related charges of approximately $30 million in Fiscal Year 2010; 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, including, but not limited to, the successful business integration and anticipated synergy achievements in connection with the ClinPhone acquisition; 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 September 30, 2009 as filed with the SEC on November 6, 2009 which "Risk Factors" discussion is incorporated by reference in this press release. The forward-looking statements included in this press release represent the Company's estimates as of the date of this 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
