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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 Rivers 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 Rivers 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: "Were 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. Were 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.
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3
Months Ended |
12
Months Ended |
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12/25/99 | 12/26/98 | 12/25/99 | 12/26/98 |
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Net
Sales - |
58,180
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47,782
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219,276
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193,301
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Net
Sales - |
58,180
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51,775
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235,310
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209,893
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Operating
Income- |
9,625
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7,085
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42,963
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35,325
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Operating
Income- |
9,625
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6,797
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42,605
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35,535
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Adjusted
EBITDA- |
14,677
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10,222
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58,055
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47,234
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Adjusted
EBITDA- |
14,677
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11,187
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60,127
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50,642
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Capital
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5,525
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6,075
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12,951
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11,909
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Working
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20,337
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34,827
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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.