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Charles River Laboratories International, Inc. (NYSE: CRL) today reported its results for the third quarter of 2012. For the quarter, net sales from continuing operations were $278.7 million, an increase of 0.4% from $277.6 million in the third quarter of 2011. Excluding foreign currency translation, which reduced reported sales by 3.2%, third-quarter 2012 sales increased by 3.6%. 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 third quarter of 2012 was $22.4 million, or $0.46 per diluted share, compared to $18.9 million, or $0.37 per diluted share, for the third quarter of 2011.
On a non-GAAP basis, net income from continuing operations was $31.2 million for the third quarter of 2012, an increase of 8.7% from $28.7 million for the same period in 2011. Third-quarter 2012 diluted earnings per share on a non-GAAP basis were $0.65, an increase of 14.0% compared to $0.57 per share in the third quarter of 2011. Non-GAAP earnings per share benefited primarily from an improvement in the PCS operating margin and stock repurchases.
James C. Foster, Chairman, President and Chief Executive Officer, said, “We are experiencing a pivotal moment in time when global biopharmaceutical companies are reinventing the drug discovery and development model. As our clients grapple with the logistics of how and what to outsource, we are extremely well positioned to assist them in the decision-making process, and to be the strategic partner of choice when they do outsource. We have prepared ourselves for this moment by focusing on scientific excellence, operating efficiency, and information technology platforms, and are utilizing our broad, early-stage portfolio and all of our capabilities in innovative working arrangements that suit our clients’ individual needs.”