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

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Charles River Announces Year-End Results

Charles River Laboratories Holdings, Inc., a provider of products and services used primarily in pre-clinical drug discovery and development, today reported its fourth quarter and year-end financial results.

For the fourth quarter ended December 25, 1999, Charles River’s net sales were $58.2 million, an increase of $10.4 million, or 21.8%, from $47.8 million in the fourth quarter of 1998. The fourth quarter of 1999 included $5.9 million in net sales from Charles River’s Sierra Biomedical operation, which was acquired on September 29, 1999. In constant currency, the increase in net sales was 25.5%. Operating income was $9.6 million in the fourth quarter of 1999, an increase of $2.5 million, or 35.2%, from $7.1 million in the fourth quarter of 1998. Adjusted EBITDA (as defined in the note below) was $14.7 million for the fourth quarter, an increase of $4.5 million, or 44.1%, from $10.2 million in the fourth quarter of 1998.

For the year ended December 25, 1999, net sales were $219.3 million, an increase of $26.0 million, or 13.4%, from $193.3 million in 1998. In constant currency, the increase in net sales was 15.0%. Operating income was $43.0 million in 1999, an increase of $7.7 million, or 21.8%, from $35.3 million in 1998. Adjusted EBITDA was $58.1 million for 1999, an increase of $10.9 million, or 23.0%, from $47.2 million in 1998.

On a pro forma basis including Sierra, net sales for the year ended December 25, 1999 were $235.3 million, an increase of $25.4 million, or 12.1%, from $209.9 million in 1998, and adjusted EBITDA was $60.1 million, an increase of $9.5 million, or 18.7%, from $50.6 million in 1998.

According to James C. Foster, CEO: "We’re pleased with the results of the fourth quarter, and for the year. We met or exceeded our targets for 1999, while successfully integrating our largest acquisition, Sierra Biomedical. We’re particularly pleased with our pro forma sales growth of 12%, and with the acquisition last month of a controlling interest in our longstanding joint venture in Japan."

In February, Charles River became a publicly reporting company, by registering its $150 million in subordinated notes with the SEC for public trading.


3 Months
Ended
12 Months
Ended
12/25/99 12/26/98 12/25/99 12/26/98

Net Sales -
Reported

58,180
47,782
219,276
193,301

Net Sales -
Pro Forma

58,180
51,775
235,310
209,893

Operating Income-
Reported

9,625
7,085
42,963
35,325

Operating Income-
Pro Forma

9,625
6,797
42,605
35,535

Adjusted EBITDA-
Reported

14,677
10,222
58,055
47,234

Adjusted EBITDA-
Pro Forma

14,677
11,187
60,127
50,642

Capital
Expenditures

5,525
6,075
12,951
11,909

Working
Capital



20,337
34,827

Contact:

James C. Foster
President & Chief Executive Officer
978-658-6000 ext. 1222

Thomas F. Ackerman
Sr. Vice President & Chief Financial Officer
978-658-6000 ext. 1225

Dennis R. Shaughnessy
Marcia Gookin
Investor Relations
978-658-6000 ext. 1438
978-988-5665 (fax)
ir@criver.com


EBITDA represents operating income plus depreciation and amortization. EBITDA is presented because it is a widely accepted financial indicator used by certain investors and analysts to analyze and compare companies on the basis of operating performance. Adjustments are for non-cash charges, and non-recurring expenses.


This document may contain "forward looking statements." Such statements involve a number of risks and uncertainties that could cause actual results to differ materially from those stated or implied by the forward looking statements, including global economic and market conditions, production disruption at key facilities, and others that are described in the Company's Registration Statement on Form S-1, as filed on February 8, 2000. The Company disclaims an intent or obligation to update forward-looking statements.

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