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PRA's second-quarter service revenue down at $70.1 million
By Lisa Kerner
Charlotte, N.C., July 26 - PRA International Inc. said for the three-month period ended June 30 it generated service revenue of $70.1 million, down from the $76.0 million reported in the second quarter of 2005.
The company's service revenue for the six-month period ended June 30 also fell to $139.3 million from $149.6 million in the first six months of 2005.
Second-quarter income from operations was $7.0 million, a decrease from $13.7 million in the same quarter in 2005.
Income from operations in the first six months 2006 was $15.6 million, down from the $24.9 million a year ago.
PRA net income for the quarter was $6.8 million, or $0.28 per diluted share, down from net income of $8.5 million, or $0.35 per diluted share, for the second-quarter 2005.
The company's net income for the first six months fell to $12.9 million, or $0.53 per diluted share, from $15.5 million, or $0.63 per diluted share, a year ago.
The company's second-quarter 2006 cash flow from operations climbed to $22.2 million from $8.6 million in the year-ago quarter.
Cash flow from operations for the first half of 2006 improved $22.2 million over the first half of 2005.
As of June 30, PRA maintained cash and cash equivalents of $86.1 million and no significant long-term debt.
"New business awards increased more than 25% under our new business development model, which has been in place for only two quarters," president and chief executive officer Pat Donnelly said in a news release.
"We anticipate a steady flow of proposals over the balance of the year with an emphasis on penetrating the large pharma sector."
Management increased its 2006 service revenue guidance to a range of $300 million to $320 million and anticipates full-year fully diluted earnings per share in the range of $1.15 to $1.26.
PRA is a clinical development organization based in Reston, Va.
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