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Charles River Laboratories Announces First-Quarter 2015 Results from Continuing Operations
– First-Quarter Revenue of
– First-Quarter GAAP Earnings per Share of
– Raises 2015 Constant-Currency Revenue Growth Guidance –
– Reaffirms 2015 Reported Revenue Growth and Earnings per Share Guidance –
On a GAAP basis, net income from continuing operations for the first
quarter of 2015 was
On a non-GAAP basis, net income from continuing operations was
“Primarily as a result of the favorable trends for Safety Assessment, we
are increasing our guidance for constant-currency revenue growth to a
range of 6.5% to 8.0% in 2015; however, due to a more negative effect
from foreign currency translation, we are maintaining our guidance for
non-GAAP earnings per share in a range from
First-Quarter Segment Results
Research Models and Services (RMS)
Revenue for the RMS segment was
In the first quarter of 2015, the RMS segment’s GAAP operating margin was 24.0% compared to 26.8% in the first quarter of 2014. On a non-GAAP basis, the operating margin decreased to 26.3% from 29.5% in the first quarter of 2014, due to the impact of lower sales volume, particularly for the GEMS and European research models businesses.
Discovery and Safety Assessment (DSA)
Revenue from continuing operations for the DSA segment was
In the first quarter of 2015, the DSA segment’s GAAP operating margin was 16.8% compared to 11.1% in the first quarter of 2014. On a non-GAAP basis, the operating margin increased to 19.8% from 13.8% in the first quarter of 2014. The non-GAAP operating margin improvement was driven by higher capacity utilization and favorable study mix for safety assessment services, as well as a foreign exchange benefit due to a weaker Canadian dollar.
Manufacturing Support (Manufacturing)
Revenue for the Manufacturing segment was
In the first quarter of 2015, the Manufacturing segment’s GAAP operating
margin was 27.8% compared to 29.8% in the first quarter of 2014. On a
non-GAAP basis, the operating margin decreased to 29.9% from 32.1% in
the first quarter of 2014. The operating margin decline was primarily
attributable to the Biologics business. In addition, foreign exchange
negatively impacted the segment operating margin, primarily due to the
fact that the EMD business manufactures products in
Stock Repurchase Update
During the first quarter of 2015, the Company repurchased approximately
683,000 shares for a total of
2015 Guidance
The Company is updating its forward-looking guidance based on continuing
operations for 2015, which was originally provided on
Revenue growth is now expected to be 6.5% to 8.0% on a constant-currency basis, primarily due to expected stronger Safety Assessment revenue. Based on current rates, the Company expects foreign currency translation will reduce revenue growth by approximately 5.5%, which would result in reported revenue growth of 1.0% to 2.5%. The Company originally estimated a 5.0% impact from foreign currency translation and reported revenue growth of 1.0% to 2.5%.
Foreign currency translation is now expected to reduce earnings per
share by
The Company’s outlook for earnings per share in 2015 is unchanged, as follows:
2015 GUIDANCE (from continuing operations) | |||
GAAP EPS estimate | $3.15 - $3.25 | ||
Amortization of intangible assets | $0.31 | ||
Operating losses (1) | $0.04 | ||
Charges related to global efficiency initiatives and other items (2) | $0.05 | ||
Non-GAAP EPS estimate | $3.55 - $3.65 | ||
(1) These costs relate primarily to the Company’s
(2) These charges relate primarily to the Company’s planned efficiency initiatives in 2015, including site consolidation costs, asset impairments, and severance. Other projects in support of the global productivity and efficiency initiatives are expected, but these charges reflect only the decisions that have already been finalized. These charges also include executive transition costs.
Webcast
Non-GAAP Reconciliations/Discontinued Operations
The Company reports non-GAAP results in this press release, which exclude certain items that are outside of normal operations. A reconciliation of GAAP to non-GAAP results is provided in the schedules at the end of this press release. In addition, the Company reports results from continuing operations, which exclude results of the Phase I clinical business that was divested in 2011. The Phase I business is reported as a discontinued operation.
Use of Non-GAAP Financial Measures
This press release contains non-GAAP financial measures, such as non-GAAP earnings per diluted share, which exclude the amortization of intangible assets and other charges related to our acquisitions; expenses associated with evaluating and integrating acquisitions, as well as fair value adjustments associated with contingent consideration; charges, gains and losses attributable to businesses or properties we plan to close, consolidate or divest; severance costs associated with our efficiency initiatives; executive transition costs; accelerated depreciation charges related to the consolidation of research model production operations; a reversal of indemnification assets associated with acquisitions and corresponding interest; and costs related to a U.S. government billing adjustment and related expenses. We exclude these items from the non-GAAP financial measures because they are outside our normal operations. This press release also refers to our revenue in both a GAAP and non-GAAP (constant currency) basis. 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 these often-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 (and in certain cases, the evaluation of such acquisitions, whether or not ultimately consummated) 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 on a regular basis. Presenting revenue on a constant-currency basis allows investors to measure our revenue growth exclusive of foreign currency exchange fluctuations more clearly. 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 this press release, and can also be found on the Company’s website at ir.criver.com.
Caution Concerning Forward-Looking Statements
This press 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 future financial performance including revenue (on both a
reported and constant-currency basis), operating margins, earnings per
share, the expected impact of foreign exchange rates, and the expected
benefit of our limited partnership investments; the future demand for
drug discovery and development products and services, including our
expectations for future revenue trends; our expectations with respect to
the impact of acquisitions on the Company, our service offerings,
strategic relationships, revenue, revenue growth rates, and earnings;
the development and performance of our services and products; market and
industry conditions including the outsourcing of these services and
spending trends by our clients; the potential outcome of and impact to
our business and financial operations due to litigation and legal
proceedings, including with respect to our ongoing investigation of
inaccurate billing with respect to certain government contracts; and
Charles River’s future performance as delineated in our forward-looking
guidance, and particularly our expectations with respect to revenue, the
impact of foreign exchange, and enhanced efficiency initiatives.
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 integrate businesses we
acquire; the ability to execute our efficiency initiatives on an
effective and timely basis (including divestitures and site closures);
the timing and magnitude of our share repurchases; negative trends in
research and development spending, negative trends in the level of
outsourced services, or other cost reduction actions by our clients; the
ability to convert backlog to revenue; special interest groups;
contaminations; industry trends; new displacement technologies; USDA and
About Charles River
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. 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) (in thousands, except for per share data) |
|||||||||
Three Months Ended | |||||||||
March 28, 2015 | March 29, 2014 | ||||||||
Total revenue | $ | 320,414 | $ | 299,368 | |||||
Cost of revenue | 200,754 | 190,555 | |||||||
Gross margin | 119,660 | 108,813 | |||||||
Selling, general and administrative | 71,397 | 64,767 | |||||||
Amortization of intangible assets | 5,258 | 4,340 | |||||||
Operating income | 43,005 | 39,706 | |||||||
Interest expense, net | (2,740 | ) | (2,596 | ) | |||||
Other income (expense), net | (8,313 | ) | 5,876 | ||||||
Income from continuing operations before income taxes | 31,952 | 42,986 | |||||||
Provision for income taxes | 331 | 10,358 | |||||||
Income from continuing operations, net of income taxes | 31,621 | 32,628 | |||||||
Loss from discontinued operations, net of income taxes | (7 | ) | (270 | ) | |||||
Net income | 31,614 | 32,358 | |||||||
Less: Net income attributable to noncontrolling interests | (73 | ) | (126 | ) | |||||
Net income attributable to common shareholders | $ | 31,541 | $ | 32,232 | |||||
Earnings (loss) per common share | |||||||||
Basic: | |||||||||
Continuing operations | $ | 0.67 | $ | 0.69 | |||||
Discontinued operations | $ | - | $ | (0.01 | ) | ||||
Net | $ | 0.67 | $ | 0.68 | |||||
Diluted: | |||||||||
Continuing operations | $ | 0.66 | $ | 0.67 | |||||
Discontinued operations | $ | - | $ | (0.01 | ) | ||||
Net | $ | 0.66 | $ | 0.67 | |||||
Weighted average number of common shares outstanding | |||||||||
Basic | 46,772 | 47,091 | |||||||
Diluted | 47,868 | 48,151 | |||||||
CHARLES RIVER LABORATORIES INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands) |
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March 28, 2015 | December 27, 2014 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 151,919 | $ | 160,023 | |||
Trade receivables, net | 265,426 | 257,991 | |||||
Inventories | 86,055 | 89,043 | |||||
Other current assets | 110,742 | 99,841 | |||||
Total current assets | 614,142 | 606,898 | |||||
Property, plant and equipment, net | 657,601 | 676,797 | |||||
Goodwill | 313,159 | 321,077 | |||||
Other intangibles assets, net | 169,242 | 178,875 | |||||
Deferred tax asset | 22,399 | 23,193 | |||||
Other assets | 70,686 | 78,352 | |||||
Total assets | $ | 1,847,229 | $ | 1,885,192 | |||
Liabilities, Redeemable Noncontrolling Interest and Equity | |||||||
Current liabilities: | |||||||
Current portion of long-term debt and capital leases | $ | 31,880 | $ | 31,904 | |||
Accounts payable | 34,904 | 33,815 | |||||
Accrued compensation | 52,219 | 71,569 | |||||
Deferred revenue | 76,658 | 78,124 | |||||
Accrued liabilities | 64,580 | 67,380 | |||||
Other current liabilities | 7,839 | 11,079 | |||||
Current liabilities of discontinued operations | 2,409 | 2,299 | |||||
Total current liabilities | 270,489 | 296,170 | |||||
Long-term debt and capital leases | 754,533 | 745,958 | |||||
Other long-term liabilities | 117,255 | 130,361 | |||||
Long-term liabilities of discontinued operations | 7,937 | 8,357 | |||||
Total liabilities | 1,150,214 | 1,180,846 | |||||
Redeemable noncontrolling interest | 29,453 | 28,419 | |||||
Total equity attributable to common shareholders | 663,713 | 672,203 | |||||
Noncontrolling interests | 3,849 | 3,724 | |||||
Total liabilities, equity and redeemable noncontrolling interest | $ | 1,847,229 | $ | 1,885,192 | |||
CHARLES RIVER LABORATORIES INTERNATIONAL, INC. SELECTED BUSINESS SEGMENT INFORMATION (UNAUDITED) (in thousands, except percentages) |
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Three Months Ended | |||||||||
March 28, 2015 | March 29, 2014 | ||||||||
Research Models and Services | |||||||||
Revenue | $ | 120,011 | $ | 132,495 | |||||
Gross margin | 45,804 | 51,647 | |||||||
Gross margin as a % of revenue | 38.2 | % | 39.0 | % | |||||
Operating income | 28,845 | 35,444 | |||||||
Operating income as a % of revenue | 24.0 | % | 26.8 | % | |||||
Depreciation and amortization | 6,045 | 6,441 | |||||||
Capital expenditures | 2,733 | 4,099 | |||||||
Discovery and Safety Assessment | |||||||||
Revenue | $ | 140,012 | $ | 105,138 | |||||
Gross margin | 43,683 | 25,659 | |||||||
Gross margin as a % of revenue | 31.2 | % | 24.4 | % | |||||
Operating income | 23,516 | 11,713 | |||||||
Operating income as a % of revenue | 16.8 | % | 11.1 | % | |||||
Depreciation and amortization | 11,139 | 8,142 | |||||||
Capital expenditures | 5,378 | 4,036 | |||||||
Manufacturing Support | |||||||||
Revenue | $ | 60,391 | $ | 61,735 | |||||
Gross margin | 30,173 | 31,507 | |||||||
Gross margin as a % of revenue | 50.0 | % | 51.0 | % | |||||
Operating income | 16,798 | 18,416 | |||||||
Operating income as a % of revenue | 27.8 | % | 29.8 | % | |||||
Depreciation and amortization | 3,286 | 3,628 | |||||||
Capital expenditures | 1,566 | 2,264 | |||||||
Unallocated Corporate Overhead | $ | (26,154 | ) | $ | (25,867 | ) | |||
Total | |||||||||
Revenue | $ | 320,414 | $ | 299,368 | |||||
Gross margin | 119,660 | 108,813 | |||||||
Gross margin as a % of revenue | 37.3 | % | 36.3 | % | |||||
Operating income | 43,005 | 39,706 | |||||||
Operating income as a % of revenue | 13.4 | % | 13.3 | % | |||||
Depreciation and amortization | 22,368 | 20,050 | |||||||
Capital expenditures | 10,648 | 11,190 | |||||||
CHARLES RIVER LABORATORIES INTERNATIONAL, INC. RECONCILIATION OF GAAP TO NON-GAAP SELECTED BUSINESS SEGMENT INFORMATION (UNAUDITED) (1) (in thousands, except percentages) |
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Three Months Ended | |||||||||
March 28, 2015 | March 29, 2014 | ||||||||
Research Models and Services | |||||||||
Revenue | $ | 120,011 | $ | 132,495 | |||||
Operating income | 28,845 | 35,444 | |||||||
Operating income as a % of revenue | 24.0 | % | 26.8 | % | |||||
Add back: | |||||||||
Amortization of intangible assets related to acquisitions | 766 | 938 | |||||||
Severance | 919 | 1,584 | |||||||
Government billing adjustment and related expenses | 244 | 67 | |||||||
Site consolidation costs, impairments and other items | 798 | 992 | |||||||
Operating income, excluding specified charges (Non-GAAP) | $ | 31,572 | $ | 39,025 | |||||
Non-GAAP operating income as a % of revenue | 26.3 | % | 29.5 | % | |||||
Discovery and Safety Assessment | |||||||||
Revenue | $ | 140,012 | $ | 105,138 | |||||
Operating income | 23,516 | 11,713 | |||||||
Operating income as a % of revenue | 16.8 | % | 11.1 | % | |||||
Add back: | |||||||||
Amortization of intangible assets related to acquisitions | 3,425 | 1,972 | |||||||
Severance | 19 | 195 | |||||||
Operating losses (2) | 806 | 671 | |||||||
Costs associated with the evaluation and integration of acquisitions | 25 | — | |||||||
Operating income, excluding specified charges (Non-GAAP) | $ | 27,791 | $ | 14,551 | |||||
Non-GAAP operating income as a % of revenue | 19.8 | % | 13.8 | % | |||||
Manufacturing Support | |||||||||
Revenue | $ | 60,391 | $ | 61,735 | |||||
Operating income | 16,798 | 18,416 | |||||||
Operating income as a % of revenue | 27.8 | % | 29.8 | % | |||||
Add back: | |||||||||
Amortization of intangible assets related to acquisitions | 1,067 | 1,430 | |||||||
Severance | 177 | — | |||||||
Operating income, excluding specified charges (Non-GAAP) | $ | 18,042 | $ | 19,846 | |||||
Non-GAAP operating income as a % of revenue | 29.9 | % | 32.1 | % | |||||
Unallocated Corporate Overhead | $ | (26,154 | ) | $ | (25,867 | ) | |||
Add back: | |||||||||
Severance and executive transition costs | 926 | 121 | |||||||
Acquisition related adjustments (3) | (362 | ) | 3,305 | ||||||
Unallocated corporate overhead, excluding specified charges (Non-GAAP) | $ | (25,590 | ) | $ | (22,441 | ) | |||
Total | |||||||||
Revenue | $ | 320,414 | $ | 299,368 | |||||
Operating income | 43,005 | 39,706 | |||||||
Operating income as a % of revenue | 13.4 | % | 13.3 | % | |||||
Add back: | |||||||||
Amortization of intangible assets related to acquisitions | 5,258 | 4,340 | |||||||
Severance and executive transition costs | 2,041 | 1,900 | |||||||
Site consolidation costs, impairments and other items | 798 | 992 | |||||||
Operating losses (2) | 806 | 671 | |||||||
Acquisition related adjustments (3) | (337 | ) | 3,305 | ||||||
Government billing adjustment and related expenses | 244 | 67 | |||||||
Operating income, excluding specified charges (Non-GAAP) | $ | 51,815 | $ | 50,981 | |||||
Non-GAAP operating income as a % of revenue | 16.2 | % | 17.0 | % | |||||
(1) 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 and other items which are outside our normal operations, 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, regulations and guidance.
(2) This item includes operating losses related primarily to the
Company's
(3) These amounts include evaluation and integration costs related to the business acquisitions as well as fair value adjustments associated with contingent consideration.
CHARLES RIVER LABORATORIES INTERNATIONAL, INC. RECONCILIATION OF GAAP EARNINGS TO NON-GAAP EARNINGS (UNAUDITED) (1) (in thousands, except per share data) |
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Three Months Ended | |||||||||
March 28, 2015 | March 29, 2014 | ||||||||
Net income attributable to common shareholders | $ | 31,541 | $ | 32,232 | |||||
Less: Discontinued operations | 7 | 270 | |||||||
Net income from continuing operations |
31,548 | 32,502 | |||||||
Add back: | |||||||||
Amortization of intangible assets related to acquisitions | 5,258 | 4,340 | |||||||
Severance and executive transition costs | 2,041 | 1,900 | |||||||
Site consolidation costs, impairments and other items | 798 | 992 | |||||||
Operating losses (2) | 806 | 671 | |||||||
Acquisition related adjustments (3) | (337 | ) | 3,305 | ||||||
Government billing adjustment and related expenses | 244 | 67 | |||||||
Reversal of an indemnification asset associated with |
10,411 | — | |||||||
Tax effect of non-GAAP adjustments: | |||||||||
Reversal of uncertain tax position associated with |
(10,411 | ) | — | ||||||
Tax effect of the remaining non-GAAP adjustments | (2,757 | ) | (4,502 | ) | |||||
Net income from continuing operations attributable to common
shareholders, |
$ | 37,601 | $ | 39,275 | |||||
Weighted average shares outstanding - Basic | 46,772 | 47,091 | |||||||
Effect of dilutive securities: | |||||||||
Stock options, restricted stock units, performance stock units |
1,096 | 1,060 | |||||||
Weighted average shares outstanding - Diluted | 47,868 | 48,151 | |||||||
Basic earnings per share from continuing operations | $ | 0.67 | $ | 0.68 | |||||
Diluted earnings per share from continuing operations | $ | 0.66 | $ | 0.67 | |||||
Basic earnings per share from continuing operations, |
$ | 0.80 | $ | 0.83 | |||||
Diluted earnings per share from continuing operations, |
$ | 0.79 | $ | 0.82 | |||||
(1) 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 and other items which are outside our normal operations, 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, regulations, and guidance.
(2) This item includes operating losses related primarily to the
Company's
(3) These amounts include evaluation and integration costs related to the business acquisitions as well as fair value adjustments associated with contingent consideration.
(4) These amounts represent the reversal of an uncertain tax position and an offsetting indemnification asset related to the acquisition of BioFocus.
CHARLES RIVER LABORATORIES INTERNATIONAL, INC. RECONCILIATION OF GAAP TO NON-GAAP REVENUE GROWTH (UNAUDITED) EXCLUDING THE IMPACT OF FOREIGN EXCHANGE For the Three Months Ended March 28, 2015 |
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For the three months ended March 28, 2015: | Total CRL | RMS Segment | DSA Segment | MS Segment | ||||||||||||
Revenue growth, reported | 7.0 | % | (9.4 | )% | 33.2 | % | (2.2 | )% | ||||||||
Impact of foreign exchange | (5.8 | )% | (6.8 | )% | (3.1 | )% | (7.9 | )% | ||||||||
Non-GAAP revenue growth, constant currency | 12.8 | % | (2.6 | )% | 36.3 | % | 5.7 | % | ||||||||
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 and other items which are outside our normal operations, 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, regulations and guidance.
CHARLES RIVER LABORATORIES INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) |
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Three Months Ended | |||||||
March 28, 2015 | March 29, 2014 | ||||||
Cash flows relating to operating activities: | |||||||
Net income | 31,614 | 32,358 | |||||
Less: Loss from discontinued operations | (7 | ) | (270 | ) | |||
Income from continuing operations | 31,621 | 32,628 | |||||
Summary of non-cash adjustments | 39,751 | 35,484 | |||||
Changes in assets and liabilities | (60,120 | ) | (39,649 | ) | |||
Net cash provided by operating activities | 11,252 | 28,463 | |||||
Cash flows relating to investing activities: | |||||||
Acquisition of businesses, net of cash acquired | (893 | ) | — | ||||
Capital expenditures | (10,648 | ) | (11,190 | ) | |||
Other | (752 | ) | 4,679 | ||||
Net cash used in investing activities | (12,293 | ) | (6,511 | ) | |||
Cash flow relating to financing activities: | |||||||
Net cash provided by (used in) financing activities | 1,934 | (6,144 | ) | ||||
Cash flows used in discontinued operations | (316 | ) | (664 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | (8,681 | ) | (1,221 | ) | |||
Net change in cash and cash equivalents | (8,104 | ) | 13,923 | ||||
Cash and cash equivalents, beginning of period | 160,023 | 155,927 | |||||
Cash and cash equivalents, end of period | 151,919 | 169,850 | |||||
Source:
Charles River Laboratories International, Inc.
Investor Relations
Contact:
Susan E. Hardy, 781-222-6190
Corporate Vice
President, Investor Relations
susan.hardy@crl.com
or
Media
Contact:
Amy Cianciaruso, 781-222-6168
Executive Director,
Public Relations
amy.cianciaruso@crl.com