Investor Relations

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 dedicated employees are focused on providing clients with exactly what they need to improve and expedite the discovery, early-stage development and safe manufacture of new therapies for the patients who need them.

CR-000172

News Release

 View printer-friendly version

Charles River Announces Fourth-Quarter and Full-Year 2007 Results from Continuing Operations

Downloadable version.

  • Strong Customer Demand Drives Double-Digit Sales and Earnings Growth
  • Fourth-Quarter Sales Increase 17.0% and Full Year Rises 16.3% to $1.23 Billion
  • Fourth-Quarter GAAP EPS of $0.55 and Non-GAAP EPS of $0.65
  • 2007 GAAP EPS of $2.29 and Non-GAAP EPS of $2.62 Exceed Company Guidance

WILMINGTON, Mass.--(BUSINESS WIRE)--Feb. 11, 2008--Charles River Laboratories International, Inc. (NYSE: CRL) today reported its results for the fourth-quarter and full-year 2007. For the fourth quarter, net sales from continuing operations increased 17.0% to $318.0 million from $271.7 million in the fourth quarter of 2006. Both the Research Models and Services (RMS) and Preclinical Services (PCS) business segments reported strong net sales growth, as pharmaceutical and biotechnology companies continued to invest in basic research and increased their strategic use of outsourced drug development services. Foreign exchange contributed 4.2% to the net sales growth.

On a GAAP basis, net income from continuing operations for the fourth quarter of 2007 was $38.9 million, or $0.55 per diluted share, compared to $31.8 million, or $0.47 per diluted share, for the fourth quarter of 2006. The 17.0% increase in earnings per share resulted primarily from higher sales.

On a non-GAAP basis, net income from continuing operations was $45.9 million for the fourth quarter of 2007, compared to $39.0 million for the same period in 2006. Fourth-quarter diluted earnings per share on a non-GAAP basis were $0.65, an increase of 12.1% compared to $0.58 per share in the fourth quarter of 2006. Non-GAAP earnings per share in the fourth quarter of 2007 excluded $9.1 million of amortization of intangible assets related to acquisitions, a charge of $4.6 million for impairment and other charges related to the Company's exit from its preclinical facility in Worcester, Massachusetts, and a benefit of $2.1 million resulting from a deferred tax revaluation. For the fourth quarter of 2006, non-GAAP results excluded $9.8 million of amortization of intangible assets and stock-based compensation related to acquisitions and $0.9 million of charges related to cost-savings initiatives.

James C. Foster, Chairman, President and Chief Executive Officer, said, "A strong fourth-quarter performance capped a tremendous 2007 for Charles River, during which we clearly demonstrated the strength of our business model and the value that we provide to our global client base. Our financial results for the quarter and year reflect our continued focus on our core competencies of laboratory animal medicine and science and regulatory compliant preclinical services, coupled with aggressive investment to expand and strengthen our infrastructure to meet our clients' needs. As a result, we are better positioned, both today and for the future, to partner with our clients at this critical inflection point when they are increasingly adopting strategic outsourcing as a means to improve the efficiency and cost effectiveness of their drug development efforts. And increasingly, they are selecting Charles River to play an integral role in accelerating these efforts. With robust demand for our products and services, we see significant opportunities for continued growth in both our RMS and PCS businesses. As a result, we are reaffirming our 2008 guidance of sales growth in a range of 10% to 13%, GAAP earnings per share in a range of $2.59 to $2.69 and non-GAAP earnings per share in a range of $2.87 to $2.97."

Research Models and Services (RMS)

Sales for the RMS segment were $145.2 million in the fourth quarter of 2007, an increase of 13.7% from $127.7 million in the fourth quarter of 2006. Sales growth was driven by strong demand for research models in the United States and Europe, worldwide Transgenic Services, and In Vitro products.

In the fourth quarter of 2007, the RMS segment's GAAP operating margin increased to 27.1% compared to 25.6% in the fourth quarter of 2006. On a non-GAAP basis, which excluded charges of $0.7 million for acquisition-related amortization, the operating margin was 27.6% compared to 26.3% for the same period in the prior year. The improvement was due primarily to higher sales.

Preclinical Services (PCS)

Fourth-quarter net sales for the PCS segment were $172.9 million, an increase of 20.0% from $144.1 million in the fourth quarter of 2006. Continuing strong demand for general and specialty toxicology services from pharmaceutical and biotechnology customers was the primary factor which contributed to the sales growth. The addition of Northwest Kinetics' Phase I clinical services business, which was acquired on October 30, 2006, also contributed to the sales growth.

As expected, the additional costs associated with the transition to the new preclinical facilities in Massachusetts and Nevada and the negative impact of foreign exchange in Canada resulted in lower operating margins for the PCS segment. In the fourth quarter of 2007, the new Massachusetts facility reported a full quarter's costs compared to minimal costs in the fourth quarter of the prior year, and we also incurred operating costs in the new Nevada facility. The fourth-quarter GAAP operating margin declined to 13.1% from 16.0% in the same period in the prior year. On a non-GAAP basis, which excludes $8.3 million of acquisition-related amortization and $4.6 million of impairment and other charges associated with the Company's exit from its Worcester, Massachusetts facility, the operating margin declined to 20.6% from 22.7% in the fourth quarter of 2006.

Full-Year Results

For 2007, net sales from continuing operations increased by 16.3% to $1.23 billion, from $1.06 billion in 2006. Foreign exchange contributed approximately 2.9% to the sales growth rate.

On a GAAP basis, 2007 net income from continuing operations was $157.6 million compared to $125.2 million in 2006, an increase of 25.8%, and earnings per diluted share increased 27.9% to $2.29 from $1.79 in 2006.

On a non-GAAP basis, net income from continuing operations for 2007 was $180.2 million, compared to $154.2 million for 2006, an increase of 16.9%. Earnings per diluted share for 2007 were $2.62, an increase of 19.1% from $2.20 in 2006. In 2007, non-GAAP net income excluded $33.6 million of amortization and stock-based compensation costs associated with acquisitions, a charge of $6.3 million related to the Company's exit of its preclinical facility in Worcester, Massachusetts, and a charge of $0.8 million related to pre-acquisition Inveresk stock compensation taxes. Non-GAAP results also excluded a $2.0 million gain on the sale of real estate in Scotland and a benefit of $3.0 million resulting from a deferred tax revaluation. Non-GAAP net income for 2006 excluded acquisition-related charges of $38.3 million and charges of $6.2 million related to cost-savings initiatives.

Research Models and Services (RMS)

For 2007, RMS net sales were $577.2 million, an increase of 12.1% from net sales of $515.0 million in 2006. The RMS segment's GAAP operating margin was 30.7% in 2007, compared to 28.7% for the prior year. On a non-GAAP basis, the operating margin was 31.0% compared to 29.4% in 2006.

Preclinical Services (PCS)

For 2007, PCS net sales were $653.4 million, an increase of 20.2% over the $543.4 million reported in 2006. On a GAAP basis, the PCS segment operating margin was 15.8% in 2007, compared to 15.2% in the prior year. On a non-GAAP basis, the operating margin was 21.5% in 2007 compared to 22.6% in 2006.

2008 Guidance

The Company reaffirms its forward-looking guidance for 2008, which was originally provided on December 12, 2007.

2008 GUIDANCE
----------------------------------------------------------------------
Net sales growth (in %)                                    10% - 13%
GAAP EPS estimate                                        $2.59 - $2.69
Amortization of intangible assets                            $0.28
Non-GAAP EPS estimate                                    $2.87 - $2.97
----------------------------------------------------------------------

Discontinued Operations

Discontinued operations included both the Interventional and Surgical Services business, the closure of which was finalized in the third quarter of 2007, and the Phase II-IV clinical services business, which the Company sold in the third quarter of 2006.

In the fourth quarter of 2007, the net loss from discontinued operations was $2.0 million. Including discontinued operations, net income for the fourth quarter of 2007 was $36.9 million, or $0.52 per diluted share, compared to net income of $35.2 million, or $0.52 per diluted share, in the fourth quarter of 2006.

For 2007, including a loss of $3.1 million from discontinued operations, net income was $154.4 million, or $2.25 per diluted share, compared to a net loss of $55.8 million, or $0.80 per diluted share, for 2006. The loss in the prior year was due in part to a $129.2 million goodwill impairment recorded in the first quarter of 2006 related to the sale of the Clinical Phase II-IV business.

Webcast

Charles River Laboratories has scheduled a live webcast on Wednesday, February 12, 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, impairments due to our accelerated exit from our Worcester Preclinical Services facility, charges related to pre-acquisition Inveresk stock compensation charges, a deferred tax revaluation, and the gain on the sale of real estate in Scotland. 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 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; 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. 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: 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 27, 2007, 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 8,500 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        Twelve Months Ended
                   ------------------------- -------------------------
                   December 29, December 30, December 29, December 30,
                       2007         2006         2007         2006

Total net sales    $   318,028  $   271,725  $ 1,230,626  $ 1,058,385
Cost of products
 sold and services
 provided              200,265      169,995      752,435      651,778
                   ------------ ------------ ------------ ------------
Gross margin           117,763      101,730      478,191      406,607
Selling, general
 and
 administrative         56,535       46,819      217,491      180,795
Amortization of
 intangibles             9,094        9,757       33,509       37,639
                   ------------ ------------ ------------ ------------
Operating income        52,134       45,154      227,191      188,173
Interest income
 (expense)              (1,339)      (2,309)      (8,321)     (12,590)
Other income
 (expense)                 333        1,624       (1,448)         981
                   ------------ ------------ ------------ ------------
Income before
 income taxes and
 minority
 interests              51,128       44,469      217,422      176,564
Provision for
 income taxes           12,181       12,568       59,400       49,738
                   ------------ ------------ ------------ ------------
Income before
 minority
 interests              38,947       31,901      158,022      126,826
Minority interests           1         (109)        (470)      (1,605)
                   ------------ ------------ ------------ ------------
Income from
 continuing
 operations             38,948       31,792      157,552      125,221
Loss from
 discontinued
 businesses, net
 of tax                 (2,038)       3,397       (3,146)    (181,004)
                   ------------ ------------ ------------ ------------
Net income (loss)  $    36,910  $    35,189  $   154,406  $   (55,783)
                   ============ ============ ============ ============

Earnings (loss)
 per common share
  Basic:
  Continuing
   operations      $      0.58  $      0.48  $      2.35  $      1.82
  Discontinued
   operations      $     (0.03) $      0.05  $     (0.05) $     (2.63)
  Net income       $      0.55  $      0.53  $      2.31  $     (0.81)
  Diluted:
  Continuing
   operations      $      0.55  $      0.47  $      2.29  $      1.79
  Discontinued
   operations      $     (0.03) $      0.05  $     (0.05) $     (2.59)
  Net income       $      0.52  $      0.52  $      2.25  $     (0.80)

Weighted average
 number of common
 shares
 outstanding
  Basic             67,320,340   66,257,695   66,960,515   68,945,622
  Diluted           70,525,144   67,450,735   68,735,936   69,948,032
            CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
          CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
                        (dollars in thousands)

                                             December 29, December 30,
                                                 2007         2006
Assets
Current assets
   Cash and cash equivalents                   $  225,449   $  175,380
   Trade receivables, net                         213,908      202,658
   Inventories                                     88,023       72,362
   Other current assets                            79,477       44,363
   Current assets of discontinued businesses        1,007        6,330
                                             ------------ ------------
      Total current assets                        607,864      501,093
Property, plant and equipment, net                748,793      534,745
Goodwill, net                                   1,120,540    1,119,309
Other intangibles, net                            148,905      160,204
Deferred tax asset                                 89,255      107,498
Other assets                                       85,993      133,944
Long-term assets of discontinued businesses         4,187          751
                                             ------------ ------------
      Total assets                             $2,805,537   $2,557,544
                                             ============ ============

Liabilities and Shareholders' Equity
Current liabilities
Current portion of long-term debt              $   25,051   $   24,977
   Accounts payable                                36,715       28,223
   Accrued compensation                            53,359       41,651
   Deferred revenue                               102,021       93,197
   Accrued liabilities                             61,366       41,991
   Other current liabilities                       23,268       25,625
   Current liabilities of discontinued
    businesses                                        748        3,667
                                             ------------ ------------
      Total current liabilities                   302,528      259,331
Long-term debt                                    484,998      547,084
Other long-term liabilities                       154,044      146,695
                                             ------------ ------------
      Total liabilities                           941,570      953,110
                                             ------------ ------------
Minority interests                                  3,500        9,223
Total shareholders' equity                      1,860,467    1,595,211
                                             ------------ ------------
Total liabilities and shareholders' equity     $2,805,537   $2,557,544
                                             ============ ============
            CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
          SELECTED BUSINESS SEGMENT INFORMATION (UNAUDITED)
                        (dollars in thousands)

                      Three Months Ended        Twelve Months Ended
                   ------------------------- -------------------------
                   December 29, December 30, December 29, December 30,
                       2007         2006         2007         2006
Research Models
 and Services
 Net sales            $145,153     $127,651   $  577,231   $  514,999
 Gross margin           59,177       50,358      249,348      214,125
 Gross margin as a
  % of net sales          40.8%        39.4%        43.2%        41.6%
 Operating income       39,288       32,619      177,151      147,789
 Operating income
  as a % of net
  sales                   27.1%        25.6%        30.7%        28.7%
 Depreciation and
  amortization           6,366        5,345       23,378       20,802
 Capital
  expenditures          20,671       14,737       51,086       27,018

Preclinical
 Services
 Net sales            $172,875     $144,074   $  653,395   $  543,386
 Gross margin           58,586       51,372      228,843      192,482
 Gross margin as a
  % of net sales          33.9%        35.7%        35.0%        35.4%
 Operating income       22,678       23,034      103,541       82,323
 Operating income
  as a % of net
  sales                   13.1%        16.0%        15.8%        15.2%
 Depreciation and
  amortization          16,908       16,482       63,001       61,784
 Capital
  expenditures          68,694       67,249      175,950      154,728


Unallocated
 Corporate
 Overhead             $ (9,832)    $(10,499)  $  (53,501)  $  (41,939)


Total
 Net sales            $318,028     $271,725   $1,230,626   $1,058,385
 Gross margin          117,763      101,730      478,191      406,607
 Gross margin as a
  % of net sales          37.0%        37.4%        38.9%        38.4%
 Operating income
  (loss)                52,134       45,154      227,191      188,173
 Operating income
  as a % of net
  sales                   16.4%        16.6%        18.5%        17.8%
 Depreciation and
  amortization          23,274       21,827       86,379       82,586
 Capital
  expenditures          89,365       81,986      227,036      181,746
            CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
                  RECONCILIATION OF GAAP TO NON-GAAP
          SELECTED BUSINESS SEGMENT INFORMATION (UNAUDITED)
                        (dollars in thousands)

                           Three Months Ended    Twelve Months Ended
                           ------------------- -----------------------
                           December  December   December    December
                              29,       30,        29,         30,
                             2007      2006       2007        2006
Research Models and
 Services
 Net sales                 $145,153  $127,651  $  577,231  $  514,999
 Operating income            39,288    32,619     177,151     147,789
 Operating income as a %
  of net sales                 27.1%     25.6%       30.7%       28.7%
 Add back:
     Amortization related
      to acquisitions           748       191       1,873         461
     Impairment and other
      charges                     -       781           -       3,115
                           --------- --------- ----------- -----------
 Operating income,
  excluding specified
  charges (Non-GAAP)       $ 40,036  $ 33,591  $  179,024  $  151,365
 Non-GAAP operating income
  as a % of net sales          27.6%     26.3%       31.0%       29.4%

Preclinical Services
 Net sales                 $172,875  $144,074  $  653,395  $  543,386
 Operating income            22,678    23,034     103,541      82,323
 Operating income as a %
  of net sales                 13.1%     16.0%       15.8%       15.2%
 Add back:
     Amortization related
      to acquisitions         8,346     9,566      31,636      37,178
     Impairment and other
      charges                 4,587       124       6,269       3,090
     Gain on sale of UK
      real estate                 -         -      (2,047)          -
     Pre-acquisition
      Inveresk stock
      compensation taxes          -         -         845           -
                           --------- --------- ----------- -----------
 Operating income,
  excluding specified
  charges (Non-GAAP)       $ 35,611  $ 32,724  $  140,244  $  122,591
 Non-GAAP operating income
  as a % of net sales          20.6%     22.7%       21.5%       22.6%


Unallocated Corporate
 Overhead                  $ (9,832) $(10,499) $  (53,501) $  (41,939)
 Add back:
    Stock-based
     compensation related
     to Inveresk
     acquisition                  -        70          94         635
                           --------- --------- ----------- -----------
 Unallocated corporate
  overhead, excluding
  specified charges (Non-
  GAAP)                    $ (9,832) $(10,429) $  (53,407) $  (41,304)


Total
 Net sales                 $318,028  $271,725  $1,230,626  $1,058,385
 Operating income            52,134    45,154     227,191     188,173
 Operating income as a %
  of net sales                 16.4%     16.6%       18.5%       17.8%
 Add back:
     Amortization related
      to acquisitions         9,094     9,757      33,509      37,639
     Stock-based
      compensation related
      to Inveresk
      acquisition                 -        70          94         635
     Impairment and other
      charges                 4,587       905       6,269       6,205
     Gain on sale of UK
      real estate                 -         -      (2,047)          -
     Pre-acquisition
      Inveresk stock
      compensation taxes          -         -         845           -
                           --------- --------- ----------- -----------
 Operating income,
  excluding specified
  charges (Non-GAAP)       $ 65,815  $ 55,886  $  265,861  $  232,652
 Non-GAAP operating income
  as a % of net sales          20.7%     20.6%       21.6%       22.0%


 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        Twelve Months Ended
                   ------------------------- -------------------------
                   December 29, December 30, December 29, December 30,
                       2007         2006         2007         2006

Net income (loss)  $    36,910  $    35,189  $   154,406  $   (55,783)
Less: Discontinued
 operations              2,038       (3,397)       3,146      181,004
                   ------------ ------------ ------------ ------------
Net income from
 continuing
 operations             38,948       31,792      157,552      125,221
Add back:
    Amortization
     related to
     acquisitions        9,094        9,757       33,509       37,639
    Stock-based
     compensation
     related to
     Inveresk
     acquisition             -           70           94          635
    Impairment and
     other charges       4,587          905        6,269        6,205
    Gain on sale
     of UK real
     estate                  -            -       (2,047)           -
    Pre-
     acquisition
     Inveresk
     stock
     compensation
     taxes                   -            -          845            -
    Deferred tax
     revaluation        (2,104)           -       (3,011)           -
    Tax effect          (4,622)      (3,496)     (12,984)     (15,514)
                   ------------ ------------ ------------ ------------
Net income from
 continuing
 operations,
 excluding
 specified charges
 (Non-GAAP)        $    45,903  $    39,028  $   180,227  $   154,186
                   ============ ============ ============ ============

Weighted average
 shares
 outstanding -
 Basic              67,320,340   66,257,695   66,960,515   68,945,622
Effect of dilutive
 securities:
    2.25% senior
     convertible
     debentures      1,419,547            -      481,136            -
    Stock options
     and
     contingently
     issued
     restricted
     stock           1,517,587    1,061,094    1,160,369      867,204
    Warrants           267,670      131,946      133,916      135,206
                   ------------ ------------ ------------ ------------
Weighted average
 shares
 outstanding -
 Diluted            70,525,144   67,450,735   68,735,936   69,948,032
                   ============ ============ ============ ============

Basic earnings
 (loss) per share  $      0.55  $      0.53  $      2.31  $     (0.81)
Diluted earnings
 (loss) per share  $      0.52  $      0.52  $      2.25  $     (0.80)

Basic earnings per
 share, excluding
 specified charges
 (Non-GAAP)        $      0.68  $      0.59  $      2.69  $      2.24
Diluted earnings
 per share,
 excluding
 specified charges
 (Non-GAAP)        $      0.65  $      0.58  $      2.62  $      2.20


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.

Featured Report

2018 Annual Report (PDF)

Investor Hotline

877-567-6CRL (6275)