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Charles River Laboratories

Big writeoffs lead to a loss for CRL

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By: Tim Wright

Editor-in-Chief, Contract Pharma

CRL 4Q10

4Q Revenues: $282 million (-3%)

4Q Loss: $348 million (earnings of $17 million in 4Q09)

FY Revenues: $1.1 billion (-3%)

FY Loss: $342 million (earnings of $113 million in FY09)

Comments: CRL wrote down $305 million in goodwill writeoffs in 4Q10, as well as a $90 million writeoff for preclinical facilities in China and Massachusetts. The company considers its Phase I business to be a discontinued operation, but we’ve included its results in the overall figures. Revenues for Research Models and Services were down 1% to $168 million in 4Q and up 1% to $667 million for the year. Preclinical Services were down 6% in 4Q to $121 million and down 9% for FY to $466 million.

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