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Charles River Laboratories International, Inc. (NYSE: CRL) today reported its results for the fourth-quarter and full-year 2012. For the quarter, net sales from continuing operations were $280.1 million, a decrease of 3.7% from $291.0 million in the fourth quarter of 2011. On a segment basis, sales decreased in the Research Models and Services (RMS) segment, but were essentially unchanged in the Preclinical Services (PCS) segment.
The addition of a 53
rd week at the end of 2011, which is periodically required to true up to a December 31
st fiscal year end, reduced reported sales growth by approximately 4.3% in the fourth quarter of 2012. Foreign currency translation reduced reported fourth-quarter sales by an additional 0.7%. Excluding these two factors, fourth-quarter 2012 adjusted sales growth was 1.3%.
On a GAAP basis, net income from continuing operations for the fourth quarter of 2012 was $22.7 million, or $0.47 per diluted share, compared to $27.1 million, or $0.55 per diluted share, for the fourth quarter of 2011.
On a non-GAAP basis, net income from continuing operations was $31.0 million for the fourth quarter of 2012, a decline of 7.5% from $33.6 million for the same period in 2011. Fourth-quarter diluted earnings per share on a non-GAAP basis were $0.64, a decrease of 7.2% compared to $0.69 per share in the fourth quarter of 2011. Lower operating income was the primary driver of the decline.
James C. Foster, Chairman, President and Chief Executive Officer, said, “Our fourth-quarter operating results were in line with our expectations, concluding a year in which we made significant progress on our goal to position ourselves as the partner of choice for early-stage drug research and development support. We have differentiated ourselves from the competition through our unique focus on early research, building a portfolio of essential products and services which enable our clients to outsource a broad portion of their research and development activities.”