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Charles River Announces Fourth-Quarter and Full-Year 2010 Results from Continuing Operations
– Company Records Goodwill and Other Impairments of $395.0 Million, or $6.28 per Share –
– Fourth-Quarter Sales of $281.7 Million and Full-Year 2010 Sales of $1.13 Billion –
– Fourth-Quarter GAAP Loss per Share of $5.94 and Non-GAAP Earnings per Share of $0.60 –
– Full-Year GAAP Loss per Share of $5.25 and Non-GAAP Earnings per Share of $1.99 –
– Reaffirms Sales and Non-GAAP EPS Guidance for 2011; Updates 2011 GAAP EPS Guidance –
WILMINGTON, Mass.--(BUSINESS WIRE)--February 8, 2011--Charles River Laboratories International, Inc. (NYSE: CRL) today reported its results for the fourth-quarter and full-year 2010. For the quarter, net sales from continuing operations were $281.7 million, a decline of 2.9% from $290.0 million in the fourth quarter of 2009. Foreign currency translation reduced the reported sales by 1.2%. Sales declined in the Preclinical Services (PCS) segment, but were only slightly lower in the Research Models and Services (RMS) segment.
On a GAAP basis, the net loss from continuing operations for the fourth quarter of 2010 was $342.4 million, or $5.94 per diluted share, compared to net income of $18.3 million, or $0.29 per diluted share, for the fourth quarter of 2009. The results for the fourth quarter of 2010 included a non-cash goodwill impairment of $305.0 million, or $5.28 per diluted share, in connection with management’s annual assessment of goodwill on its balance sheet. The results also included an asset impairment of $90.0 million related primarily to the Company’s preclinical facilities in Massachusetts and China. There was no impact on the Company’s cash flow as a result of the goodwill and asset impairments.
On a non-GAAP basis, net income from continuing operations was $34.5 million for the fourth quarter of 2010, compared to $32.5 million for the same period in 2009, an increase of 6.4%. Fourth-quarter diluted earnings per share on a non-GAAP basis were $0.60, an increase of 22.4% compared to $0.49 per share in the fourth quarter of 2009. The non-GAAP results benefited from a lower tax rate, cost-saving actions and share repurchases, partially offset by the impact of lower sales compared to the prior year.
The following information was filed by Charles River Laboratories International Inc (CRL) on Wednesday, February 9, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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