##### 



UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION
 Washington, D.C.
    20549
      Form 10-Q
   þ

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended
    March 31, 2006oro

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the transition period
    from          to   Commission File Number:
  PRA INTERNATIONAL
 (Exact name of Registrant as
    Specified in Its Charter)
   Delaware

54-2040171(State or Other Jurisdiction
    of
    Incorporation)

(I.R.S. Employer
    Identification No.)    12120 Sunset Hills Road
 Suite 600
 Reston, Virginia 20190
 (Address of principal executive
    offices)
   (703) 464-6300
 (Registrants telephone
    number, including area code)
      þ o
  Rule 12b-2
 o þ o
  Rule 12b-2 o þ




---



##### 



INDEX
  PagePart I Financial
    InformationItem 1.


Financial
    Statements


3Consolidated
    Condensed Balance Sheets as of December 31, 2005 and
    March 31, 2006 (unaudited)


3Consolidated
    Condensed Statements of Operations (unaudited) for the Three
    Months Ended March 31, 2005 and 2006 (unaudited)


4Consolidated
    Condensed Statement of Changes in Stockholders Equity and
    Other Comprehensive Income as of March 31, 2006


5Consolidated
    Condensed Statements of Cash Flows (unaudited) for the Three
    Months Ended March 31, 2005 and 2006


6Notes to Condensed
    Consolidated Financial Statements


7Item 2.


Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations


15Item 3.


Quantitative and
    Qualitative Disclosures About Market Risk


25Item 4.


Controls and
    Procedures


26Part II Other
    InformationItem 1.


Legal
    Proceedings


27Item 6.


Exhibits


27   2




---



##### 



PART I
    FINANCIAL INFORMATION  ITEM 1.
    FINANCIAL
    STATEMENTS  PRA
    INTERNATIONAL AND SUBSIDIARIES
 CONSOLIDATED CONDENSED BALANCE SHEETS

(In thousands, except per share amounts)  December 31,


March 31,2005


2006(Unaudited)ASSETSCurrent assetsCash and cash equivalents

$
73,640


$
62,669Accounts receivable and unbilled
    services, net


85,426



100,106Prepaid expenses and other current
    assets


8,678



9,291Deferred tax assets


663



841Total current assets


168,407



172,907Fixed assets, net


26,906



26,309Goodwill


106,748



106,844Other intangibles, net of
    accumulated amortization of $6,307 and $6,585 as of and
    December 31, 2005 and March 31, 2006, respectively


24,530



24,291Other assets


2,773



2,150Total assets

$
329,364


$
332,501LIABILITIES AND
    STOCKHOLDERS EQUITYCurrent liabilitiesAccounts payable

$
21,640


$
15,237Accrued expenses


34,523



30,499Income taxes payable


7,782



9,222Advance billings


62,651



66,728Other current liabilities


51



28Total current liabilities


126,647



121,714Deferred tax liability


7,499



7,498Other liabilities


6,352



5,059Total liabilities


140,498



134,271Stockholders equityCommon stock $0.01 par value;
    36,000,000 shares authorized as of December 31, 2005
    and March 31, 2006; 22,915,896 and 23,099,695 shares
    issued and outstanding as of December 31, 2005 and
    March 31, 2006, respectively


229



231Treasury stock


(93
)


(93
)Additional paid-in
    capital  common stock


130,338



133,673Accumulated other comprehensive
    income


3,515



3,436Retained earnings


54,877



60,983Total stockholders equity


188,866



198,230Total liabilities and
    stockholders equity

$
329,364


$
332,501    3




---



##### 



PRA
    INTERNATIONAL AND SUBSIDIARIES
 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share amounts)  Three Months EndedMarch 31,2005


2006RevenueService revenue

$
73,592


$
69,204Reimbursement revenue


7,859



7,352Total revenue


81,451



76,556Operating expensesDirect costs


35,277



35,175Reimbursable
    out-of-pocket
    costs


7,859



7,352Selling, general, and
    administrative


24,380



23,025Depreciation and amortization


2,776



2,426Income from operations


11,159



8,578Interest expense


(160
)


(122
)Interest income


249



456Other expenses, net


(26
)


31Income before income taxes


11,222



8,943Provision for income taxes


4,264



2,837Net income

$
6,958


$
6,106Net income per shareBasic

$
0.31


$
0.27Diluted

$
0.28


$
0.25Weighted average number of
    common shares outstandingBasic


22,366



22,966Diluted


24,626



24,209    4




---



##### 



CONSOLIDATED
    CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS

EQUITY AND OTHER COMPREHENSIVE INCOME

(Unaudited)

(In thousands)  AdditionalPaid-in


Accumulated


RetainedCapital


Other


Earnings/





OtherCommon Stock


Treasury Stock


Common


Comprehensive


(Accumulated





ComprehensiveShares


Amount


Shares


Amount


Stock


Income/(Loss)


Deficit)


Total


IncomeBalance as of December 31, 2005


22,915,896


$
229



14,216


$
(93
)

$
130,338


$
3,515


$
54,877


$
188,866Exercise of common stock options


169,683



2











1,352











1,354Shares issued in connection with
    prior acquisition


14,116















175











175Stock option tax benefit


















708











708Stock-based compensation expense


















1,100











1,100Net income


























6,106



6,106


$
6,106Other comprehensive incomeForeign currency translation
    adjustment, net of tax






















(49
)






(49
)


(49
)Comprehensive income






















(30
)






(30
)


(30
)Balance as of March 31, 2006
    (unaudited)


23,099,695


$
231



14,216


$
(93
)

$
133,673


$
3,436


$
60,983


$
198,230


$
6,027    5




---



##### 



PRA
    INTERNATIONAL AND SUBSIDIARIES
 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)  Three Months EndedMarch 31,2005


2006Cash flow from operating
    activitiesNet income

$
6,958


$
6,106Adjustments to reconcile net
    income to net cash provided by (used in) operating activities:Depreciation and amortization


2,776



2,426Stock-based compensation






1,100Provision for doubtful receivables


87



3Provision (benefit) for deferred
    income taxes


(580
)


378Excess tax benefits from
    share-based compensation






708Changes in assets and liabilities:Accounts receivable and unbilled
    services


2,057



(14,707
)Prepaid expenses and other assets


(2,400
)


(501
)Accounts payable and accrued
    expenses


(7,846
)


(11,090
)Income taxes


(2,525
)


664Advance billings


(18,019
)


3,999Net cash (used in) operating
    activities


(19,492
)


(10,914
)Cash flow from investing
    activitiesPurchase of fixed assets


(2,022
)


(1,478
)Disposal of fixed assets


7



23Purchase of marketable securities


(22,375
)


Proceeds from marketable securities


46,875



Net cash provided by (used in)
    investing activities


22,485



(1,455
)Cash flow from financing
    activitiesRepayment of debt and capital
    leases


(48
)


(24
)Issuance costs related to public
    offerings


(50
)


Proceeds from stock option and
    warrant exercises


146



1,354Net cash provided by financing
    activities


48



1,330Effect of exchange rate on cash
    and cash equivalents


67



68Increase (decrease) in cash and
    cash equivalents


3,108



(10,971
)Cash and cash equivalents at
    beginning of period


65,888



73,640Cash and cash equivalents at end
    of period

$
68,996


$
62,669Supplemental disclosure of cash
    flow informationCash paid for taxes

$
7,218


$
947Cash paid for interest

$
74


$
11    6




---



##### 



PRA
    INTERNATIONAL AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
  (1)
    Basis of
    Preparation  Form 10-Q Regulation S-X. Form 10-K
  (2)
    Significant
    Accounting Policies  Principles
    of Consolidation
    Use of
    Estimates
    Unbilled
    Services
    Fair
    Value of Financial Instruments
    Goodwill
    and Other Intangibles
   7




---



##### 



PRA
    INTERNATIONAL AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED CONDENSED FINANCIAL
    STATEMENTS  (Continued)
    Advance
    Billings
    Revenue
    Recognition
        Reimbursement
    Revenue and Reimbursable
    Out-of-Pocket
    Costs
  out-of-pocket out-of-pocket out-of-pocket
    Significant
    Customers
    Quarter EndedMarch 31,2005


2006Customer A


14
%


*Customer B


12
%


*     *
    
    Less than 10% of consolidated service revenues in the respective
    period. 8




---



##### 



PRA
    INTERNATIONAL AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED CONDENSED FINANCIAL
    STATEMENTS  (Continued)
     Concentration
    of Credit Risk 
    December 31,


March 31,2005


2006Customer A


16
%


17
%Customer C


11
%


*Customer D


*



15
%     *
    
    Less than 10% of consolidated accounts receivable and unbilled
    services as of the end of each period.    Foreign
    Currency Translation
    Comprehensive
    Income (Loss)
    Income
    Taxes
   9




---



##### 



PRA
    INTERNATIONAL AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED CONDENSED FINANCIAL
    STATEMENTS  (Continued)
   Stock-Based
    Compensation
    For the Three Months EndedMarch 31, 2006Upon Adoption


If SFASSFAS No.


No.123(R) Had not123(R)


been Adopted($ In thousands, except per
    share data)Income from continuing operations
    before income taxes

$
8,578


$
9,678Net income

$
6,106


$
6,857Basic earnings per share

$
0.27


$
0.30Diluted earnings per share

$
0.25


$
0.28     Stock
    Options
   10




---



##### 



PRA
    INTERNATIONAL AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED CONDENSED FINANCIAL
    STATEMENTS  (Continued)
     For the Three Months EndedMarch 31,2005


2006Dividend yield


0
%


0
%Expected volatility


40.23
%


49.00
%Risk-free interest rate


3.61
%


4.50
%Expected terms in years


5



5     For the Three Months EndedMarch 31,2005


2006($ In thousands, except per
    share data)Weighted-average fair value of
    options granted per share

$
9.86


$
12.53Intrinsic value of options
    exercised

$
809


$
3,175Cash received from options
    exercised

$
146


$
1,354Actual tax benefit realized for
    tax deductions from option exercises

$



$
708     Weighted AverageRemaining


AggregateWtd. Average


Contractual


IntrinsicOptions


Exercise Price


Life


Value(000)








(Millions)Outstanding December 31, 2005


3,149,373


$
11.60Granted


573,750



26.10Exercised


(169,683
)


7.88Expired/forfeited


(12,975
)


23.33Outstanding March 31, 2006


3,540,465


$
14.13



6.3


$
37Exercisable at March 31, 2006


1,675,226


$
6.31



5.7


$
31   Accounting for Stock Issued to Employees
 11




---



##### 



PRA
    INTERNATIONAL AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED CONDENSED FINANCIAL
    STATEMENTS  (Continued)
    Quarter EndedMarch 31, 2005(Dollars in thousands,except per share
    amounts)Net income, as reported

$
6,958Deduct: Total stock-based employee
    compensation expense determined under fair value based method
    for all awards, net of tax


(318
)SFAS No. 123 pro forma
    net income

$
6,640Basic net income per share, as
    reported

$
0.31Basic net income per share, pro
    forma

$
0.30Diluted net income per share, as
    reported

$
0.28Diluted net income per share, pro
    forma

$
0.27   Net
    income per share
      Recent
    Accounting Pronouncements
   12




---



##### 



PRA
    INTERNATIONAL AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED CONDENSED FINANCIAL
    STATEMENTS  (Continued)
   (3)
    Accounts
    receivable and unbilled services    December 31,


March 31,2005


2006Accounts receivable

$
45,933


$
62,707Unbilled services


44,189



42,09990,122



104,806Less: Allowance for doubtful
    accounts


(4,696
)


(4,700
)$
85,426


$
100,106   (4)
    Goodwill
    and Other Intangibles    Carrying amount as of
    December 31, 2005

$
106,748Foreign currency exchange rate
    changes


96Carrying amount as of
    March 31, 2006

$
106,844     As of December 31,


As of March 31,Weighted


2005


2006Average


Gross








Gross





NetAmortization


Carrying


Accumulated


Net Carrying


Carrying


Accumulated


CarryingPeriod


Amount


Amortization


Amount


Amount


Amortization


Amount(In Years)Non-compete and other agreements


2


$
2,504


$
2,413


$
91


$
2,514


$
2,473


$
41Customer relationships


10



8,492



3,420



5,072



8,500



3,638



4,862Trade names


Indefinite



19,841



474



19,367



19,863



474



19,389$
30,837


$
6,307


$
24,530


$
30,877


$
6,585


$
24,292     (In thousands)2006 (remaining 9 months)

$
6652007


8632008


8502009


8502010 and thereafter


1,674$
4,902   (5)
    Accounting
    for Derivative Instruments and Hedging Activities   13




---



##### 



PRA
    INTERNATIONAL AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED CONDENSED FINANCIAL
    STATEMENTS  (Continued)
    (6)
    Commitments
    and Contingencies  Legal
    Proceedings
    (7)
    Related-Party
    Transactions    (8)
    Segment
    Reporting  Operations by Geographic
    Area    Three Months EndedMarch 31,2005


2006Service revenueNorth America

$
50,262


$
48,304Europe


21,413



19,181Other


1,917



1,719$
73,592


$
69,204   December 31,


March 31,2005


2006Long-lived assetsNorth America

$
133,144


$
141,663Europe


15,863



16,673Other


1,270



1,258$
150,277


$
159,594  14




---



##### 



ITEM 2.
    MANAGEMENTS
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
    OPERATIONS    Overview
             15




---



##### 



Service
    Revenue
      Reimbursement
    Revenue and Reimbursable
    Out-of-Pocket
    Costs
  out-of-pocket out-of-pocket out-of-pocket out-of-pocket and/or
  Direct
    Costs
    Selling,
    General, and Administrative Expenses
    Depreciation
    and Amortization
    Income
    Taxes
   16




---



##### 



Exchange
    Rate Fluctuations
    March 31,


December 31,


March 31,2005


2005


2006U.S. Dollars per:Euro


1.31



1.24



1.21Pound Sterling


1.90



1.81



1.76Canadian Dollar


0.81



0.83



0.87   Results
    of Operations
      Year Ended
    December 31,


Three Months Ended
    March 31,2003


2004


2005


2005


2006Service revenue


100.0
%


100.0
%


100.0
%


100.0
%


100.0
%Direct costs


51.1



48.3



46.3



47.9



50.8Selling, general, and
    administrative


32.5



32.5



32.5



33.1



33.3Depreciation and amortization


3.6



3.5



3.8



3.8



3.5Management fee


0.3



0.3











Option repurchase






1.3











Vested option bonus






0.9











Income from operations


12.5



13.1



17.4



15.2



12.4Interest expense


(2.9
)


(1.4
)


(0.2
)


(0.2
)


(0.2
)Interest income


0.1



0.1



0.6



0.3



0.7Other income (expenses), net


(1.6
)


0.0



(0.4
)


0.0



0.0Income before income taxes


8.1



11.8



17.4



15.2



12.9Provision for income taxes


2.8



4.3



6.4



5.8



4.1Net income


5.3
%


7.5
%


10.9
%


9.5
%


8.8
%  17




---



##### 



Selected
    Consolidated Financial Data
  Form 10-K
  Three Months EndedYear Ended
    December 31,


March 31,2003


2004


2005


2005


2006(Unaudited)


(Unaudited)RevenueService revenue

$
247,888


$
277,479


$
294,739


$
73,592


$
69,204Reimbursement revenue


42,109



30,165



31,505



7,859



7,352Total revenue

$
289,997


$
307,644


$
326,244


$
81,451


$
76,556Operating expensesDirect costs


126,501



134,067



136,572



35,277



35,175Reimbursable
    out-of-pocket
    costs


42,109



30,165



31,505



7,859



7,352Selling, general, and
    administrative


80,585



90,139



95,827



24,380



23,025Depreciation and amortization


8,967



9,691



11,156



2,776



2,426Management fee


800



704











Option repurchase(1)






3,713











Vested option bonus(1)






2,738











Income from operations


31,035



36,427



51,184



11,159



8,578Interest income (expense), net


(6,856
)


(3,643
)


1,181



89



334Other income (expenses), net


(4,023
)


(38
)


(1,137
)


(26
)


31Income before income taxes


20,156



32,746



51,228



11,222



8,943Provision for income taxes


6,909



11,997



19,005



4,264



2,837Net income

$
13,247


$
20,749


$
32,223


$
6,958


$
6,106Net income per shareBasic

$
0.83


$
1.13


$
1.43


$
0.31


$
0.27Diluted

$
0.71


$
1.02


$
1.32


$
0.28


$
0.25Shares used to compute net income
    per share:Basic


15,965,408



18,442,313



22,527,108



22,365,579



22,966,440Diluted


18,666,012



20,329,852



24,389,592



24,625,539



24,209,012Other Financial Data:Net cash provided by (used in)
    operating activities

$
2,058


$
71,636


$
(1,477
)

$
(19,492
)

$
(10,914
)Net cash provided by (used in)
    investing activities


(9,599
)


(32,350
)


4,016



22,485



(1,455
)Net cash provided by (used in)
    financing activities


26,028



(6,430
)


5,441



48



1,330Non-GAAP Data:Adjusted EBITDA(2)

$
35,979


$
52,531


$
61,203


$
13,909


$
11,035Adjusted EBITDA as a % of service
    revenue


14.5
%


18.9
%


20.8
%


18.9
%


15.9
%EBITDA(2)

$
35,979


$
46,080


$
61,203


$
13,909


$
11,035EBITDA as a % of service revenue


14.5
%


16.6
%


20.8
%


18.9
%


15.9
%   18




---



##### 



Three Months EndedYear Ended
    December 31,


March 31,2003


2004


2005


2005


2006(Unaudited)


(Unaudited)Consolidated Balance Sheet
    Data:Cash and cash equivalents

$
32,328


$
65,888


$
73,640


$
68,996


$
62,669Marketable securities






24,500











Working capital


(8,449
)


11,478



41,760



19,542



51,193Total assets


298,558



337,344



329,364



314,151



332,501Long-term debt and capital leases,
    less current maturities


57,810



75



9



36



7Stockholders equity


74,565



150,379



188,866



157,696



198,230     (1)
    
    Includes a $3.7 million charge for the repurchase of
    options, predominantly from former employees, and a
    $2.7 million ($2.3 million through September 30,
    2004) charge for a per-vested-option bonus paid to all
    employee option holders, both of which were executed in
    connection with the culmination of the January 2004 tender
    process.(2)
    
    Adjusted EBITDA and EBITDA are not substitutes for operating
    income, net income, or cash flow from operating activities as
    determined in accordance with GAAP as measures of performance or
    liquidity. See Managements Discussion and Analysis
    of Financial Condition and Results of
    Operations  Non-GAAP Financial
    Measures. For each of the periods indicated, the following
    table sets forth a reconciliation of EBITDA and Adjusted EBITDA
    to net cash provided by (used in) operating activities and to
    net income.  Three Months EndedYear Ended
    December 31,


March 31,2003


2004


2005


2005


2006(Unaudited)


(Unaudited)Adjusted EBITDA

$
35,979


$
52,531


$
61,203


$
13,909


$
11,035Option repurchase






(3,713
)










Vested option bonus






(2,738
)










EBITDA


35,979



46,080



61,203



13,909



11,035Depreciation and amortization


(8,967
)


(9,691
)


(11,156
)


(2,776
)


(2,426
)Interest expense, net


(6,856
)


(3,643
)


1,181



89



334Provision for income taxes


(6,909
)


(11,997
)


(19,005
)


(4,264
)


(2,837
)Net income


13,247



20,749



32,223



6,958



6,106Depreciation and amortization


8,967



9,691



11,156



2,776



2,426Stock-based compensation


















1,100Provision for doubtful receivables


4,851



1,914



(123
)


87



3Amortization of debt discount


1,642















Excess tax benefits from
    share-based compensation


















708Provision for deferred income taxes


(3,997
)


2,606



2,354



(580
)


378Debt issuance costs write-off


750



1,241











Changes in assets and liabilities:Accounts receivable and unbilled
    services


(18,538
)


15,373



(3,057
)


2,057



(14,707
)Prepaid expenses and other assets


408



1,226



(2,465
)


(2,400
)


(501
)Accounts payable and accrued
    expenses


(4,873
)


7,793



11,022



(7,846
)


(11,090
)Income taxes


(481
)


12,150



(3,677
)


(2,525
)


664Advance billings


82



(1,107
)


(48,910
)


(18,019
)


3,999Net cash provided by (used in)
    operating activities

$
2,058


$
71,636


$
(1,477
)

$
(19,492
)

$
(10,914
)  19




---



##### 



Three
    Months Ended March 31, 2006 Compared to Three Months Ended
    March 31, 2005
              Liquidity
    and Capital Resources
     20




---



##### 



Non-GAAP Financial
    Measures
   21




---



##### 



Critical
    Accounting Policies and Estimates
    Revenue
    Recognition
   22




---



##### 



Allowance
    for Doubtful Accounts
    Tax
    Valuation Allowance
      Stock-Based
    Compensation
     23




---



##### 



Long-Lived
    Assets
    Goodwill
    and Indefinite-Lived Intangible Assets
      Inflation
    Potential
    Liability and Insurance
    Risk
    Factors
    The
    sale of a substantial number of our shares of common stock in
    the public market could reduce the market price of our shares,
    which in turn could negatively impact your investment in
    us.
   24




---



##### 



Special
    Note Regarding Risks and Forward-Looking
    Statements
    ITEM 3
    QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK  Interest
    Rate Risk
    Foreign
    Exchange Risk
       25




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##### 



Foreign
    Currency Hedges
   ITEM 4  CONTROLS
    AND PROCEDURES  Effectiveness
    of Our Disclosure Controls and Procedures
  Rule 13a-15
    Changes
    in Internal Control Over Financial Reporting
   26




---



##### 



PART II
    OTHER INFORMATION   ITEM 1.
    LEGAL
    PROCEEDINGS    ITEM 6.
    EXHIBITS  Exhibits
  ExhibitNumber

Description of Exhibit10
.1(1)

Form of Option Agreement
    (Optionees other than Senior Vice Presidents, Executive Vice
    Presidents, President and Directors).10
.2(1)

Form of Option Agreement (Senior
    Vice Presidents, Executive Vice Presidents and President).10
.3(1)

Form of Option Agreement
    (Directors).10
.4(1)

Employment Agreement dated
    February 3, 2006 between PRA International and Patrick K.
    Donnelly.10
.5(1)

Employment Agreement dated
    February 3, 2006 between PRA International and David W.
    Dockhorn.10
.6(1)

Employment Agreement dated
    February 3, 2006 between PRA International and Monika
    Pietrek.10
.7(1)

Employment Agreement dated
    February 3, 2006 between PRA International and James C.
    Powers.10
.8(1)

Employment Agreement dated
    February 3, 2006 between PRA International and Bruce A.
    Teplitzky.21
.1(2)

Subsidiaries of PRA International.31
.1(2)

Certification of the Chief
    Executive Officer pursuant to
    Rule 13a-14(a).31
.2(2)

Certification of the Chief
    Financial Officer pursuant to
    Rule 13a-14(a).32
.1(3)

Certification Pursuant to
    18 U.S.C. Section 1350, as Adopted Pursuant to
    Section 906 of the Sarbanes-Oxley Act of
    2002  Chief Executive Officer.32
.2(3)

Certification Pursuant to
    18 U.S.C. Section 1350, as Adopted Pursuant to
    Section 906 of the Sarbanes-Oxley Act of
    2002  Chief Financial Officer.     (1)
    
    Incorporated by reference to
    Form 8-K
    filed on February 9, 2006 (File
    No. 000-51029)(2)
    
    Filed herewith.(3)
    
    Furnished herewith. 27




---



##### 



SIGNATURES
      By:
    /s/  Patrick K. Donnelly    Title:
    Chief Executive Officer  By:
    /s/  J. Matthew Bond    Title:
    Chief Financial Officer   28




---



##### 



Exhibit Index
  Exhibit No

Description of Exhibit21
.1

Subsidiaries of PRA International31
.1

Certification of Chief Executive
    Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
    of 200231
.2

Certification of Chief Financial
    Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
    of 200232
.1

Certification of Chief Executive
    Officer Pursuant to Section 906 of the Sarbanes-Oxley Act
    of 200232
.2

Certification of Chief Financial
    Officer Pursuant to Section 906 of the Sarbanes-Oxley Act
    of 2002  29