Quintiles reports drop in net income for third quarter

Published: 21-Nov-2005

Quintiles Transnational has announced a net income result of $26.9m for the quarter ended September 30th following the sale of its \'early development and packaging business\' for approximately $124m to Aptuit and $3.4m in charges relating to its previously announced restructuring programme.


Quintiles Transnational has announced a net income result of $26.9m for the quarter ended September 30th following the sale of its 'early development and packaging business' for approximately $124m to Aptuit and $3.4m in charges relating to its previously announced restructuring programme.

The company achieved a net income of $34.5m for the same period last year, following an after-tax gain of $53.8m from the sale of certain assets relating to its Bioglan Pharmaceuticals business

However, net revenue was up 19% on 2004's figures, rising to $470.3 million from $396.5m, while frofit contribution from product development and commercial services groups increased to $210.5m from $193.1m. The company's effective income tax rate for the quarter was positively impacted by a $17.8m income tax benefit as a result of its adoption of a domestic reinvestment plan related to the American Jobs Creation Act of 2004.

Earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $58.6m, and while this may look poor in comparison to the $103.2m attained in 2004, the company was keen to state that last year's result included 'a gain on sale net of a loss from discontinued operations, before income taxes, of $87.3m', and that 'excluding these one-time events, EBITDA for third quarter 2005 and third quarter 2004 was, respectively, $60.8m and $11.3m'.

The company now has cash and cash equivalents totalling $479m.

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