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Charles River Announces Second-Quarter 2012 Results From Continuing Operations

Stocks in this article: CRL

Charles River Laboratories International, Inc. (NYSE: CRL) today reported its results for the second quarter of 2012. For the quarter, net sales from continuing operations were $284.7 million, a decrease of 1.2% from $288.3 million in the second quarter of 2011. Excluding foreign currency translation, which reduced reported sales by 3.1%, second-quarter 2012 sales increased by 1.9%. On a segment basis, sales increased in the Preclinical Services (PCS) segment, but declined in the Research Models and Services (RMS) segment due primarily to foreign currency translation.

On a GAAP basis, net income from continuing operations for the second quarter of 2012 was $30.5 million, or $0.63 per diluted share, compared to $34.2 million, or $0.66 per diluted share, for the second quarter of 2011. In 2011, the second-quarter results included a $7.7 million gain ($0.15 per share both before and after tax) on the settlement of a life insurance policy.

On a non-GAAP basis, net income from continuing operations was $36.4 million for the second quarter of 2012, an increase of 1.2% from $35.9 million for the same period in 2011. Second-quarter 2012 diluted earnings per share on a non-GAAP basis were $0.75, an increase of 7.1% compared to $0.70 per share in the second quarter of 2011. Non-GAAP earnings per share benefited primarily from stock repurchases.

James C. Foster, Chairman, President and Chief Executive Officer, said, “We are very pleased to report another strong quarter for non-GAAP earnings per share, and to increase both our GAAP and non-GAAP earnings per share guidance for 2012. The PCS segment led the quarter’s sales growth, benefiting from the strategic partnership which was initiated with a global pharmaceutical company in the fourth quarter of 2011, as well as improved demand for regulated safety assessment. We believe that biopharmaceutical companies continue to move forward with outsourcing as a cornerstone of their goal to improve efficiency and enhance productivity of the drug development pipeline. Our continuing discussions with multiple large clients concerning strategic relationships indicate to us that they value Charles River’s broad portfolio of early-stage products and services, our scientific expertise, and our flexible solutions to their drug development challenges.”

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