Charles River Laboratories International Inc (CRL) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 25, 2010

Exhibit 99.1

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.