Downloadable version.
- Second-Quarter Sales Increase 14.5% to $352 Million
- Second-Quarter GAAP EPS Increase 29% to $0.71
and Non-GAAP EPS Increase 23% to $0.79
- Raising 2008 Sales and Non-GAAP EPS Guidance, GAAP EPS Guidance
Lowered
- Agreement Signed to Acquire NewLab BioQuality AG
- Increases Stock Repurchase Authorization by $200 Million
WILMINGTON, Mass.--(BUSINESS WIRE)--Aug. 5, 2008--Charles River
Laboratories International, Inc. (NYSE: CRL) today reported its
results for the second quarter and first six months of 2008. For the
quarter, net sales increased 14.5% to $352.1 million from $307.4
million in the second quarter of 2007. Both the Research Models and
Services (RMS) and Preclinical Services (PCS) business segments
reported significantly higher sales, with the RMS segment showing
particular strength due to continued demand from pharmaceutical and
biotechnology companies. Foreign exchange contributed 4.1% to the net
sales growth.
On a GAAP basis, net income for the second quarter of 2008 was
$50.2 million, or $0.71 per diluted share, compared to $38.0 million,
or $0.55 per diluted share, for the second quarter of 2007.
On a non-GAAP basis, net income was $55.4 million for the second
quarter of 2008, compared to $43.8 million for the same period in
2007, an increase of 26.4%. Second-quarter diluted earnings per share
on a non-GAAP basis were $0.79, an increase of 23.4% compared to $0.64
per share in the second quarter of 2007. Non-GAAP earnings per share
in the second quarter of 2008 excluded $7.6 million of amortization of
intangible assets related to acquisitions, a charge of $2.8 million
primarily related to the Company's disposition of its legacy
preclinical facility in Worcester, Massachusetts, and a gain of $3.3
million as a result of the Company's curtailment of its U.S. defined
benefit pension plan. For the second quarter of 2007, non-GAAP results
excluded $8.2 million of amortization of intangible assets and
stock-based compensation related to acquisitions and a charge of $0.9
million related to the exit of the Worcester facility.
James C. Foster, Chairman, President and Chief Executive Officer,
said, "A continuation of strong market demand for our broad portfolio
of essential products and services enabled us to sustain our momentum
in the second quarter. We believe that this demand will continue, as
pharmaceutical and biotechnology customers maintain their focus on the
discovery of new therapies and rely on Charles River's scientific
expertise to enhance the efficiency of their research. We are
optimistic that we will effectively capitalize on these opportunities,
as we increasingly provide the support which is crucial to our
clients' drug discovery and development efforts. Therefore, we are
confident that we will achieve our increased sales and non-GAAP
earnings guidance for 2008."
Research Models and Services (RMS)
Sales for the RMS segment were $172.8 million in the second
quarter of 2008, an increase of 20.2% from $143.8 million in the
second quarter of 2007. Sales growth was broad based, with strong
global demand from pharmaceutical and biotechnology companies for
research models and services, as well as In Vitro Detection products.
In the second quarter of 2008, the RMS segment's GAAP operating
margin decreased to 30.2% compared to 31.5% in the second quarter of
2007. The decrease was due primarily to an increase in operating
expenses in Japan, which are not expected to continue at that level,
as well as a greater proportion of services in the sales mix. On a
non-GAAP basis, which excluded charges of $0.6 million for
acquisition-related amortization and $0.6 million for an asset
impairment related to our Vaccine business in Mexico, the operating
margin was 30.9% compared to 31.7% for the same period in the prior
year. Non-GAAP results in the second quarter of 2007 excluded $0.4
million of amortization related to acquisitions.
Preclinical Services (PCS)
Second-quarter 2008 net sales for the PCS segment were $179.3
million, an increase of 9.6% from $163.6 million in the second quarter
of 2007. Continuing strong demand for general and specialty toxicology
services drove significantly higher sales at the Company's U.S.
flagship facilities in Massachusetts and Nevada, and Clinical Services
Northwest benefited from demand for its Phase I services. The sales
gains were partially offset by less favorable preclinical study mix
and some study delays, as well as capacity constraints at other
preclinical facilities.
The segment's profits were affected, as expected, by the
additional costs associated with the transition to the new preclinical
facility in Nevada and the negative impact of foreign exchange in
Canada resulted in lower operating margins for the PCS segment
compared to the second quarter of 2007. The second-quarter 2008 GAAP
operating margin declined to 16.1% from 16.8% in the same period in
the prior year. On a non-GAAP basis, which excluded $7.0 million of
acquisition-related amortization and a charge of $2.2 million
associated with the Company's disposition of its Worcester,
Massachusetts facility, the operating margin declined to 21.2% from
22.0% in the second quarter of 2007. As expected, the second-quarter
GAAP and non-GAAP operating margins improved sequentially from the
first quarter of 2008 by 230 and 290 basis points respectively. The
improvement was attributable primarily to improved margins in Nevada
as that facility ramps up and Clinical Services Northwest, which
benefited from higher sales.
Six-Month Results
For the first six months of 2008, net sales increased by 15.2% to
$689.8 million, from $598.6 million in the same period in 2007.
Foreign exchange contributed approximately 4.1% to the sales growth
rate.
On a GAAP basis, net income was $95.3 million, or $1.35 per
diluted share, for the first half of 2008, compared to $74.7 million,
or $1.10 per diluted share, for the same period in 2007.
On a non-GAAP basis, net income for the first six months of 2008
was $106.2 million, or $1.51 per diluted share, compared to $87.0
million, or $1.28 per diluted share, for the same period in 2007. For
the first six months of 2008, non-GAAP net income excluded $15.2
million of acquisition-related amortization, a charge of $3.5 million
primarily related to the Company's disposition of its Worcester,
Massachusetts facility, and a gain of $3.3 million as a result of the
Company's pension curtailment. Non-GAAP net income for the first half
of 2007 excluded acquisition-related charges of $16.1 million and
charges of $1.7 million related to the exit of the Worcester facility.
Research Models and Services (RMS)
For the first six months of 2008, RMS net sales were $341.4
million, an increase of 19.0% from first-half 2007 net sales of $286.9
million. The RMS segment's GAAP operating margin was 31.6% in the
first half of 2008, compared to 32.2% for the year-ago period. On a
non-GAAP basis, the operating margin was 32.1% compared to 32.4% in
the first six months of 2007.
Preclinical Services (PCS)
For the first six months of 2008, PCS net sales were $348.4
million, an increase of 11.7% over first-half 2007 net sales of $311.8
million. On a GAAP basis, the PCS segment operating margin was 15.0%
in the first half of 2008, compared to 16.3% in the year-ago period.
On a non-GAAP basis, the operating margin was 19.8% in the first half
of 2008 compared to 21.7% for the same period in 2007.
2008 Guidance
The Company is increasing its sales and non-GAAP earnings per
share guidance and reducing GAAP earnings per share guidance for 2008.
The reduction of GAAP earnings guidance is due primarily to a $0.04
charge for revaluation of a deferred tax asset for our convertible
debt, due to a change in Massachusetts tax law. The charge will be
excluded from non-GAAP results. The revised forward-looking guidance,
which includes the anticipated acquisition of NewLab BioQuality AG by
the end of the third quarter of 2008, is based on current foreign
exchange rates.
2008 GUIDANCE REVISED PRIOR
------------------------------------------ ------------- -------------
Net sales growth 12% - 14% 10% - 13%
GAAP EPS estimate $2.59 - $2.65 $2.59 - $2.69
Amortization of intangible assets $0.30 $0.30
Revaluation of deferred tax asset,
impairment and other charges $0.07 - $0.08 $0.01 - $0.02
Gain on curtailment of U.S. defined
benefit pension plan ($0.03) ($0.04)
------------- -------------
Non-GAAP EPS estimate $2.94 - $3.00 $2.87 - $2.97
------------------------------------------ ------------- -------------
Company to Acquire NewLab BioQuality AG
Charles River has entered into an agreement to acquire
privately-held NewLab BioQuality AG (NewLab) for approximately $53
million in cash. NewLab, a Dusseldorf, Germany-based contract service
organization, provides safety and quality control services to
biopharmaceutical clients. NewLab is expected to achieve revenues in a
range of $20-$23 million in 2008. The transaction is expected to close
by the end of the third quarter of 2008, subject to customary
regulatory approvals, and is expected to be neutral to earnings per
share in 2008 and slightly accretive in 2009.
Charles River Biopharmaceutical Services, which provides services
to support the development and manufacture of biologics, is a world
leader in cell bank manufacture from research through full-scale
production, and a premier provider of testing to determine the potency
of biologics, of drug product release testing, and of clinical-scale
vaccine manufacture. Complementing these services, NewLab enhances
Charles River's capabilities in process validation services, which
mimic new manufacturing processes to verify that potentially hazardous
contaminants have been removed; in consulting services, which help
manufacturers meet regional Good Manufacturing Practice (GMP) guidance
on new drugs; and assists in designing International Conference on
Harmonisation (ICH)-compliant stability testing programs. Together,
Charles River and NewLab expect to provide the most comprehensive
service package in the biopharmaceutical industry at a time when
biologic drugs are becoming an increasing proportion of therapeutics
in development.
Board Increases Stock Repurchase Authorization
Charles River's Board of Directors has increased the existing
authorization for the repurchase of Charles River common stock by
$200.0 million. In addition to the remaining balance of $30.7 million
as of August 1, 2008, the amount currently available under the
authorization is $230.7 million. The stock purchases will be made from
time to time on the open market, through block trades or otherwise in
compliance with Rule 10b-18 of the federal securities laws. Depending
on market conditions and other factors, these repurchases may be
commenced or suspended at any time or from time to time without prior
notice. Funds for the repurchases are expected to come from cash on
hand or cash generated by operations.
During the second quarter of 2008, the Company repurchased
approximately 535,000 shares of common stock at a total cost of $32.8
million. There are currently no specific plans for the shares that
have been or may be purchased under the program.
As of August 1, 2008, Charles River had approximately 67.8 million
shares of common stock outstanding.
Webcast
Charles River Laboratories has scheduled a live webcast on
Wednesday, August 6, at 8:30 a.m. ET to discuss matters relating to
this press release. To participate, please go to ir.criver.com and
select the webcast link. You can also find the associated slide
presentation and reconciliations of non-GAAP financial measures to
comparable GAAP financial measures on the website.
Use of Non-GAAP Financial Measures
This press release contains non-GAAP financial measures, such as
non-GAAP earnings per diluted share from continuing operations, which
exclude amortization of intangible assets and other charges related to
our acquisitions, charges related to the disposition of our Worcester
facility, an impairment of our Vaccine business in Mexico, the impact
of the revaluation of a deferred tax asset as a result of changes to a
Massachusetts tax law, and gains attributable to the curtailment of
our U.S. pension plan. We exclude these items from the non-GAAP
financial measures because they are outside our normal operations.
There are limitations in using non-GAAP financial measures, as they
are not prepared in accordance with generally accepted accounting
principles, and may be different than non-GAAP financial measures used
by other companies. In particular, we believe that the inclusion of
supplementary non-GAAP financial measures in this press release helps
investors to gain a meaningful understanding of our core operating
results and future prospects without the effect of one-time charges,
and is consistent with how management measures and forecasts the
Company's performance, especially when comparing such results to prior
periods or forecasts. We believe that the financial impact of our
acquisitions is often large relative to our overall financial
performance, which can adversely affect the comparability of our
results on a period-to-period basis. In addition, certain activities,
such as business acquisitions, happen infrequently and the underlying
costs associated with such activities do not recur. Non-GAAP results
also allow investors to compare the Company's operations against the
financial results of other companies in the industry who similarly
provide non-GAAP results. The non-GAAP financial measures included in
this press release are not meant to be considered superior to or a
substitute for results of operations prepared in accordance with GAAP.
The Company intends to continue to assess the potential value of
reporting non-GAAP results consistent with applicable rules and
regulations. Reconciliations of the non-GAAP financial measures used
in this press release to the most directly comparable GAAP financial
measures are set forth in the text of this press release, and can also
be found on the Company's website at ir.criver.com.
Caution Concerning Forward-Looking Statements
This news release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words such
as "anticipate," "believe," "expect," "will," "may," "estimate,"
"plan," "outlook," and "project" and other similar expressions that
predict or indicate future events or trends or that are not statements
of historical matters. These statements also include statements
regarding our projected 2008 sales and earnings; the future demand for
drug discovery and development products and services, including the
outsourcing of these services; the impact of specific actions intended
to improve overall operating efficiencies and profitability; the
timing of the opening of new and expanded facilities; our future stock
purchase activities; future cost reduction activities by our
customers; and Charles River's future performance as delineated in our
forward-looking guidance, and particularly our expectations with
respect to sales growth. In addition, these statements include the
intended acquisition of NewLab and the expected impact on our revenues
and earnings. Forward-looking statements are based on Charles River's
current expectations and beliefs, and involve a number of risks and
uncertainties that are difficult to predict and that could cause
actual results to differ materially from those stated or implied by
the forward-looking statements. Those risks and uncertainties include,
but are not limited to: the ability to successfully consummate the
acquisition of NewLab; a decrease in research and development
spending, a decrease in the level of outsourced services, or other
cost reduction actions by our customers; the ability to convert
backlog to sales; special interest groups; contaminations; industry
trends; new displacement technologies; USDA and FDA regulations;
changes in law; continued availability of products and supplies; loss
of key personnel; interest rate and foreign currency exchange rate
fluctuations; changes in tax regulation and laws; changes in generally
accepted accounting principles; and any changes in business,
political, or economic conditions due to the threat of future
terrorist activity in the U.S. and other parts of the world, and
related U.S. military action overseas. A further description of these
risks, uncertainties, and other matters can be found in the Risk
Factors detailed in Charles River's Annual Report on Form 10-K as
filed on February 20, 2008, as well as other filings we make with the
Securities and Exchange Commission. Because forward-looking statements
involve risks and uncertainties, actual results and events may differ
materially from results and events currently expected by Charles
River, and Charles River assumes no obligation and expressly disclaims
any duty to update information contained in this news release except
as required by law.
About Charles River
Accelerating Drug Development. Exactly. Charles River provides
essential products and services to help pharmaceutical and
biotechnology companies, government agencies and leading academic
institutions around the globe accelerate their research and drug
development efforts. Our more than 8,800 employees worldwide are
focused on providing clients with exactly what they need to improve
and expedite the discovery, development through first-in-human
evaluation, and safe manufacture of new therapies for the patients who
need them. To learn more about our unique portfolio and breadth of
services, visit www.criver.com.
CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(dollars in thousands, except for per share data)
Three Months Ended Six Months Ended
------------------------ ------------------------
June 28, June 30, June 28, June 30,
2008 2007 2008 2007
Total net sales $ 352,134 $ 307,435 $ 689,819 $ 598,634
Cost of products sold
and services
provided 214,147 186,479 421,455 362,105
------------------------ ------------------------
Gross margin 137,987 120,956 268,364 236,529
Selling, general and
administrative 61,064 56,092 120,370 109,109
Amortization of
intangibles 7,600 8,139 15,171 15,994
------------------------ ------------------------
Operating income 69,323 56,725 132,823 111,426
Interest income
(expense) (1,207) (2,595) (1,873) (4,654)
Other income
(expense) (267) (1,069) (1,104) (920)
------------------------ ------------------------
Income before income
taxes and minority
interests 67,849 53,061 129,846 105,852
Provision for income
taxes 17,920 15,101 34,846 30,411
------------------------ ------------------------
Income before
minority interests 49,929 37,960 95,000 75,441
Minority interests 258 (119) 341 (373)
------------------------ ------------------------
Income from
continuing
operations 50,187 37,841 95,341 75,068
Loss from
discontinued
businesses, net of
tax - 115 - (349)
------------------------ ------------------------
Net income (loss) $ 50,187 $ 37,956 $ 95,341 $ 74,719
======================== ========================
Earnings (loss) per
common share
Basic:
Continuing
operations $ 0.75 $ 0.57 $ 1.41 $ 1.13
Discontinued
operations $ - $ - $ - $ (0.01)
Net income $ 0.75 $ 0.57 $ 1.41 $ 1.12
Diluted:
Continuing
operations $ 0.71 $ 0.55 $ 1.35 $ 1.10
Discontinued
operations $ - $ - $ - $ (0.01)
Net income $ 0.71 $ 0.55 $ 1.35 $ 1.10
Weighted average
number of common
shares outstanding
Basic 67,328,432 66,830,155 67,416,639 66,587,863
Diluted 70,363,643 68,517,657 70,464,092 67,971,898
CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
June 28, December
2008 29, 2007
Assets
Current assets
Cash and cash equivalents $ 262,438 $ 225,449
Trade receivables, net 240,009 213,908
Inventories 93,602 88,023
Other current assets 80,328 79,477
Current assets of
discontinued businesses 563 1,007
---------- -----------
Total current assets 676,940 607,864
Property, plant and equipment,
net 826,835 748,793
Goodwill, net 1,121,900 1,120,540
Other intangibles, net 135,512 148,905
Deferred tax asset 65,342 89,255
Other assets 60,382 85,993
Long-term assets of
discontinued businesses 4,187 4,187
---------- -----------
Total assets $2,891,098 $2,805,537
========== ===========
Liabilities and Shareholders'
Equity
Current liabilities
Current portion of long-term
debt $ 210,042 $ 25,051
Accounts payable 43,523 36,715
Accrued compensation 52,517 53,359
Deferred revenue 94,889 102,021
Accrued liabilities 72,792 61,366
Other current liabilities 26,293 23,268
Current liabilities of
discontinued businesses 719 748
---------- -----------
Total current liabilities 500,775 302,528
Long-term debt 312,260 484,998
Other long-term liabilities 128,980 154,044
---------- -----------
Total liabilities 942,015 941,570
---------- -----------
Minority interests 3,208 3,500
Total shareholders' equity 1,945,875 1,860,467
---------- -----------
Total liabilities and
shareholders' equity $2,891,098 $2,805,537
========== ===========
CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
SELECTED BUSINESS SEGMENT INFORMATION (UNAUDITED)
(dollars in thousands)
Three Months Ended Six Months Ended
------------------ ------------------
June 28, June 30, June 28, June 30,
2008 2007 2008 2007
Research Models and Services
Net sales $172,848 $143,803 $341,444 $286,871
Gross margin 76,429 63,109 152,685 126,763
Gross margin as a % of net sales 44.2% 43.9% 44.7% 44.2%
Operating income 52,199 45,268 108,012 92,289
Operating income as a % of net
sales 30.2% 31.5% 31.6% 32.2%
Depreciation and amortization 7,016 5,663 13,675 11,232
Capital expenditures 23,510 10,688 33,656 17,772
Preclinical Services
Net sales $179,286 $163,632 $348,375 $311,763
Gross margin 61,558 57,847 115,679 109,766
Gross margin as a % of net sales 34.3% 35.4% 33.2% 35.2%
Operating income 28,849 27,426 52,117 50,870
Operating income as a % of net
sales 16.1% 16.8% 15.0% 16.3%
Depreciation and amortization 16,004 15,569 31,678 29,913
Capital expenditures 40,667 38,724 70,225 69,564
Unallocated Corporate Overhead $(11,725)$(15,969) $(27,306)$(31,733)
Total
Net sales $352,134 $307,435 $689,819 $598,634
Gross margin 137,987 120,956 268,364 236,529
Gross margin as a % of net sales 39.2% 39.3% 38.9% 39.5%
Operating income (loss) 69,323 56,725 132,823 111,426
Operating income as a % of net
sales 19.7% 18.5% 19.3% 18.6%
Depreciation and amortization 23,020 21,232 45,353 41,145
Capital expenditures 64,177 49,412 103,881 87,336
CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
RECONCILIATION OF GAAP TO NON-GAAP
SELECTED BUSINESS SEGMENT INFORMATION (UNAUDITED)
(dollars in thousands)
Three Months Ended Six Months Ended
------------------ ------------------
June 28, June 30, June 28, June 30,
2008 2007 2008 2007
Research Models and Services
Net sales $172,848 $143,803 $341,444 $286,871
Operating income 52,199 45,268 108,012 92,289
Operating income as a % of net
sales 30.2% 31.5% 31.6% 32.2%
Add back:
Amortization related to
acquisitions 594 371 1,128 745
Impairment and other charges 634 - 634 -
------------------ ------------------
Operating income, excluding
specified charges (Non-GAAP) $ 53,427 $ 45,639 $109,774 $ 93,034
Non-GAAP operating income as a %
of net sales 30.9% 31.7% 32.1% 32.4%
Preclinical Services
Net sales $179,286 $163,632 $348,375 $311,763
Operating income 28,849 27,426 52,117 50,870
Operating income as a % of net
sales 16.1% 16.8% 15.0% 16.3%
Add back:
Amortization related to
acquisitions 7,006 7,768 14,043 15,249
Impairment and other charges 2,187 863 2,873 1,682
------------------ ------------------
Operating income, excluding
specified charges (Non-GAAP) $ 38,042 $ 36,057 $ 69,033 $ 67,801
Non-GAAP operating income as a %
of net sales 21.2% 22.0% 19.8% 21.7%
Unallocated Corporate Overhead $(11,725)$(15,969) $(27,306)$(31,733)
Add back:
Stock-based compensation
related to Inveresk
acquisition - 18 - 88
Pension curtailment (3,276) - (3,276) -
------------------ ------------------
Unallocated corporate overhead,
excluding specified charges
(Non-GAAP) $(15,001)$(15,951) $(30,582)$(31,645)
Total
Net sales $352,134 $307,435 $689,819 $598,634
Operating income 69,323 56,725 132,823 111,426
Operating income as a % of net
sales 19.7% 18.5% 19.3% 18.6%
Add back:
Amortization related to
acquisition 7,600 8,139 15,171 15,994
Stock-based compensation
related to Inveresk
acquisition - 18 - 88
Impairment and other charges 2,821 863 3,507 1,682
Pension curtailment (3,276) - (3,276) -
------------------ ------------------
Operating income, excluding
specified charges (Non-GAAP) $ 76,468 $ 65,745 $148,225 $129,190
Non-GAAP operating income as a %
of net sales 21.7% 21.4% 21.5% 21.6%
Charles River management believes that supplementary non-GAAP
financial measures provide useful information to allow investors to
gain a meaningful understanding of our core operating results and
future prospects, without the effect of one-time charges, consistent
with the manner in which management measures and forecasts the
Company's performance. The supplementary non-GAAP financial measures
included are not meant to be considered superior to, or a substitute
for results of operations prepared in accordance with GAAP. The
Company intends to continue to assess the potential value of
reporting non-GAAP results consistent with applicable rules and
regulations.
CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
RECONCILIATION OF GAAP EARNINGS TO NON-GAAP EARNINGS
(dollars in thousands, except for per share data)
Three Months Ended Six Months Ended
------------------------ ------------------------
June 28, June 30, June 28, June 30,
2008 2007 2008 2007
Net income (loss) $ 50,187 $ 37,956 $ 95,341 $ 74,719
Less: Discontinued
operations - (115) - 349
------------------------ ------------------------
Net income from
continuing
operations 50,187 37,841 95,341 75,068
Add back:
Amortization
related to
acquisitions 7,600 8,139 15,171 15,994
Stock-based
compensation
related to
Inveresk
acquisition - 18 - 88
Impairment and
other charges 2,821 863 3,507 1,682
Pension
curtailment (3,276) - (3,276) -
Tax effect (1,962) (3,061) (4,567) (5,845)
------------------------ ------------------------
Net income from
continuing
operations,
excluding specified
charges (Non-GAAP) $ 55,370 $ 43,800 $ 106,176 $ 86,987
======================== ========================
Weighted average
shares outstanding -
Basic 67,328,432 66,830,155 67,416,639 66,587,863
Effect of dilutive
securities:
2.25% senior
convertible
debentures 1,454,072 203,034 1,438,261 -
Stock options
and
contingently
issued
restricted
stock 1,271,120 1,350,004 1,318,566 1,250,385
Warrants 310,019 134,464 290,626 133,650
------------------------ ------------------------
Weighted average
shares outstanding -
Diluted 70,363,643 68,517,657 70,464,092 67,971,898
======================== ========================
Basic earnings (loss)
per share $ 0.75 $ 0.57 $ 1.41 $ 1.12
Diluted earnings
(loss) per share $ 0.71 $ 0.55 $ 1.35 $ 1.10
Basic earnings per
share, excluding
specified charges
(Non-GAAP) $ 0.82 $ 0.66 $ 1.57 $ 1.31
Diluted earnings per
share, excluding
specified charges
(Non-GAAP) $ 0.79 $ 0.64 $ 1.51 $ 1.28
Charles River management believes that supplementary non-GAAP
financial measures provide useful information to allow investors to
gain a meaningful understanding of our core operating results and
future prospects, without the effect of one-time charges, consistent
with the manner in which management measures and forecasts the
Company's performance. The supplementary non-GAAP financial measures
included are not meant to be considered superior to, or a substitute
for results of operations prepared in accordance with GAAP. The
Company intends to continue to assess the potential value of
reporting non-GAAP results consistent with applicable rules and
regulations.
CONTACT: Charles River Laboratories International, Inc.
Investor Contact:
Susan E. Hardy, 781-222-6190
Corporate Vice President, Investor Relations
or
Media Contact:
Amy Cianciaruso, 781-222-6168
Associate Director, Public Relations
SOURCE: Charles River Laboratories International, Inc.
