* Sales Decrease 13.1% to $297 Million
* GAAP Earnings per Share of $0.57 and Non-GAAP Earnings per Share of $0.65
* Cost-Reduction Initiatives Now Expected to Total $40.0 Million of Savings in 2009
* Reduces Sales and EPS Guidance for 2009
Charles River Laboratories International, Inc. today reported its results for the third quarter of 2009. For the quarter, net sales were $297.5 million, a decline of 13.1% from $342.2 million in the third quarter of 2008, primarily driven by lower sales in the Preclinical Services (PCS) segment. Foreign currency translation reduced net sales by 1.8%.
On a GAAP basis, net income for the third quarter of 2009 was $37.3 million, or $0.57 per diluted share, compared to net income of $45.5 million, or $0.64 per diluted share, for the third quarter of 2008.