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Charles River Laboratories Announces Second-Quarter 2013 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 2013. For the quarter, net sales from continuing operations were $292.9 million, an increase of 2.9% from $284.7 million in the second quarter of 2012. On a non-GAAP basis and excluding the impact of foreign currency translation, which reduced sales by 1.1%, second-quarter 2013 net sales increased 4.6%. On a segment basis, sales increased in both the Research Models and Services (RMS) and Preclinical Services (PCS) segments.

On a GAAP basis, net income from continuing operations for the second quarter of 2013 was $28.6 million, or $0.58 per diluted share, compared to $30.5 million, or $0.63 per diluted share, for the second quarter of 2012.

On a non-GAAP basis, net income from continuing operations was $35.7 million for the second quarter of 2013, a decline of 1.9% from $36.4 million for the same period in 2012. Second-quarter diluted earnings per share on a non-GAAP basis were $0.73, a decrease of 2.7% compared to $0.75 per share in the second quarter of 2012. Lower operating income was the primary driver of the decline.

James C. Foster, Chairman, President and Chief Executive Officer, said, “We were pleased with our second-quarter results. We implemented actions to position the Company as the partner of choice for early-stage drug discovery and development, initiated targeted sales efforts which have enabled us to gain market share, and expanded our portfolio through strategic acquisitions. The benefit of these actions is clear in our second quarter results, and will drive revenue and earnings per share growth in 2013 and beyond.”

Mr. Foster continued, “Based on our second-quarter results, we are reaffirming our sales and non-GAAP earnings per share guidance for 2013. We remain intently focused on our efforts to drive sales growth across all client segments and improve operating efficiency in order to enhance shareholder value.”

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