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WILMINGTON, Mass., Oct 11, 2002 (BUSINESS WIRE) -- Charles River Laboratories International, Inc. (NYSE:CRL) announced today that Forbes Magazine has named James C. Foster, its Chairman and CEO, as "Entrepreneur of the Year" in its October 28 issue. Mr. Foster is featured on the magazine's cover and in a 5-page feature story that describes the company's growth and strong financial performance since its management-led buyout from Bausch & Lomb in 1999.
The story is part of Forbes' annual "Best 200 Small Companies" issue, which ranks the nation's top 200 publicly traded companies with 12-month sales of less than $600 million. Charles River placed 26th in the ranking, which is based on a composite of several measures including sales growth, return on equity, and earnings per share.
The complete rankings and the feature story on Charles River are available on the Forbes web site at www.forbes.com/200best. The October 28 issue of the magazine will be available at news stands on Monday, October 14.
Mr. Foster commented: "While I'm honored by the individual recognition provided by Forbes, our success at Charles River is the result of the hard work and dedication of employees at every level of the organization. A high percentage of our employees have many years of service with the Company, and their longstanding commitment to achieving our business goals is what has led to our progress and performance as a company. We are an organization built on the principles of teamwork and recognition, and I'd like to publicly recognize the contributions of nearly 5,000 people, an extraordinary team that I'm genuinely privileged to lead every day."
Mr. Foster added: "Our success as an entrepreneurial organization results from the energy and enthuasism that employees bring to their work every day when they understand what we do makes a real difference in the lives of others. We have the distinct feel of a small "family" business at Charles River, and within that environment we encourage and reward innovation, initiative, and execution. The production worker who stays after hours to be sure that her customer is happy, the scientist who sees new avenues for growth in the laboratory and takes the initiative on his own time to turn them into an exciting commercial reality, the manager who after thirty years with the company still comes to work each day with new ideas on how to improve our operations and motivate our staff. These are just a few examples of the talented people of Charles River with whom I'm proud to share this special recognition today."
Charles River Laboratories, based in Wilmington, Massachusetts, is a leading provider of critical research tools and integrated support services that enable innovative and efficient drug discovery and development. The Company is the global leader in providing the animal research models required in research and development for new drugs, devices and therapies. The Company also offers a broad and growing portfolio of biomedical products and services that enable customers to reduce cost, increase speed, and enhance productivity and effectiveness in drug discovery and development. Charles River's customer base spans over 50 countries, and includes all of the major pharmaceutical and biotechnology companies, as well as many leading hospitals and academic institutions. The Company operates 76 facilities in 16 countries worldwide.
Caution Concerning Forward-Looking Statements: This document includes certain "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations, and 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 acquisition integration risks, special interest groups, contaminations, industry trends, new displacement technologies, outsourcing trends, USDA and FDA regulation, changes in law, continued availability of products and supplies, personnel and control, and others that are described in more detail in the Risk Factors contained in the Company's most recent SEC filings. The Company disclaims any intent or obligation to update forward looking statements, and otherwise claims the safe harbor protections for forward looking statements afforded under The Private Securities Litigation Reform Act of 1995.
CONTACT: Charles River Laboratories International, Inc. Investor Contact: Susan Hardy, 978/658-6000, ext. 1616 or Media Contact: Christopher DiFrancesco, 978/658-6000, ext. 1508