The globalisation of the Company continued with the development of clinical research operations in the Asia Pacific Region. During the year the Company carried out clinical trials in more than 25 countries world-wide. The Company successfully completed its IPO in May 1998. The significant increase in backlog in the fourth quarter was mainly due to the signing of a large contract for a long term study, the revenue from which will extend over several years. We developed our presence in the Asia Pacific region, which has enhanced our ability to win major, global projects and we grew revenues strongly world-wide, especially in the United States.
ICON provides contract clinical research services to the pharmaceutical industry world-wide.
It currently has nine offices in six countries and has approximately 500 employees world-wide. These statements invo lve risks and uncertainties that could cause actual results to differ materially including, without limitation, actual operating performance, the ability to maintain large client contracts or enter into new contracts, the ability to manage the opening of new offices, and the ability to maintain client relationships.