Charles River Laboratories International, Inc. (NYSE: CRL) today reported its results for the first quarter of 2012. For the quarter, net sales from continuing operations were $286.0 million, effectively unchanged from $285.8 million in the first quarter of 2011. Foreign currency translation reduced the reported sales by 1.0%. On a segment basis, sales increased in the Research Models and Services (RMS) segment, but declined in the Preclinical Services (PCS) segment.
On a GAAP basis, net income from continuing operations for the first quarter of 2012 was $26.5 million, or $0.54 per diluted share, compared to $35.4 million, or $0.65 per diluted share, for the first quarter of 2011. Last year, the first-quarter results included an $11.1 million corporate tax benefit in continuing operations related to the disposition of the Phase I clinical business.
On a non-GAAP basis, net income from continuing operations was $33.9 million for the first quarter of 2012, an increase of 2.3% from $33.1 million for the same period in 2011. First-quarter 2012 diluted earnings per share on a non-GAAP basis were $0.70, an increase of 14.8% compared to $0.61 per share in the first quarter of 2011. Non-GAAP earnings per share benefited primarily from stock repurchases.
James C. Foster, Chairman, President and Chief Executive Officer, said, “The 14.8% increase in non-GAAP earnings per share was driven primarily by the lower number of shares outstanding, as we continued to return value to shareholders through our stock repurchase program. On an operating basis, the RMS segment delivered its best quarter since 2008, with robust sales and margin growth. Demand for non-regulated and regulated services provided by our PCS segment remained stable from the fourth quarter of 2011, as the normal slow start for large biopharmaceutical clients was partially offset by mid-tier clients. Based on our first-quarter performance, we are reaffirming our guidance for 2012.”
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