Financial Report: Charles River 3Q10

Charles River 3Q10

3Q Revenues: $276.1 million (-7%)

3Q Loss: $25.2 million (earnings were $37.0 million in 3Q09)

YTD Revenues: $865.5 million (-5%)

YTD Earnings: $5.9 million (earnings were $95.5 million YTD09)

Comments: RMS segment sales were $159.3 million in the quarter (-3%) and PCS segment sales were down 13% to $116.8 million. In response to the continuing decline in demand for services, the company is reducing its headcount by approximately 4%, reducing discretionary spending, closing a leased satellite PCS facility in Laval, Quebec and consolidating its Discovery and Imaging Services (DIS) operation with its larger facility in NC. These actions are expected to generate annual savings of approximately $40 million.