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Charles River Announces Fourth-Quarter and Full-Year 2011 Results from Continuing Operations
– Fourth-Quarter Sales of $291.0 Million and Full-Year 2011 Sales of $1.14 Billion –
– Fourth-Quarter GAAP Earnings per Share of $0.55 and Non-GAAP Earnings per Share of $0.69 –
– Full-Year GAAP Earnings per Share of $2.24 and Non-GAAP Earnings per Share Increase 29% to $2.56 –
– Reaffirms 2012 Guidance –
WILMINGTON, Mass.--(BUSINESS WIRE)--February 13, 2012--Charles River Laboratories International, Inc. (NYSE: CRL) today reported its results for the fourth-quarter and full-year 2011. For the quarter, net sales from continuing operations were $291.0 million, an increase of 3.3% from $281.7 million in the fourth quarter of 2010. On a segment basis, sales increased in the Research Models and Services (RMS) segment, but declined in the Preclinical Services (PCS) segment.
The addition of a 53rd week at the end of 2011, which is periodically required to true up to a December 31st fiscal year end, contributed approximately 4.5% to reported fourth-quarter sales. At a 0.2% benefit, the impact of foreign currency translation on reported fourth-quarter sales was negligible.
On a GAAP basis, net income from continuing operations for the fourth quarter of 2011 was $27.1 million, or $0.55 per diluted share, compared to a net loss of $342.4 million, or $5.94 per diluted share, for the fourth quarter of 2010. In the fourth quarter of 2010, GAAP results included non-cash goodwill and asset impairments of $395.0 million, or $6.28 per share.
On a non-GAAP basis, net income from continuing operations was $33.6 million for the fourth quarter of 2011, a decline of 2.8% from $34.5 million for the same period in 2010. A higher tax rate and lower other income were the primary drivers of the change. Fourth-quarter diluted earnings per share on a non-GAAP basis were $0.69, an increase of 15.0% compared to $0.60 per share in the fourth quarter of 2010. Non-GAAP earnings per share benefited primarily from the net accretion of stock repurchases.
The following information was filed by Charles River Laboratories International Inc (CRL) on Monday, February 13, 2012 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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