Regulation G Financial Reconciliations. Meeting with Management June 4, 2008
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1 Regulation G Financial Reconciliations Meeting with Management June 4, 2008
2 RECONCILIATION OF LAST TWELVE MONTHS (LTM) NET SALES Net Sales Fiscal Year Ended December 29, $1,230,626 Three Months Ended March 29, ,685 Nine Months Ended March 31, (291,199) Last Twelve Months (LTM) Ended March 29, 2008 $1,277,112 Charles River management believes that supplementary non-gaap financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of one-time charges, consistent with the manner in which management measures and forecasts the Company s performance. The supplementary non-gaap financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with GAAP. The Company intends to continue to assess the potential value of reporting non-gaap results consistent with applicable rules and regulations.
3 RECONCILIATION OF GAAP TO NON-GAAP EARNINGS PER SHARE (EPS) Twelve Months Ended December 27, 2008E GAAP EPS Estimate $ $2.69 Amortization of intangible assets $0.30 Gain on curtailment of U.S. defined benefit pension plan ($0.04) Charges related to preclinical facility disposition $0.01-$0.02 Non-GAAP EPS Estimate $ $2.97 Charles River management believes that supplementary non-gaap financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of one-time charges, consistent with the manner in which management measures and forecasts the Company s performance. The supplementary non-gaap financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with GAAP. The Company intends to continue to assess the potential value of reporting non-gaap results consistent with applicable rules and regulations.
4 RECONCILIATION OF GAAP TO NON-GAAP OPERATING INCOME Twelve Months Ended December 29, December 30, 2006 December 31, 2005 December 25, 2004 Net sales $ 1,230,626 $ 1,058,385 $ 993,328 $ 724,221 Operating income 227, , , ,986 Operating income as a % of net sales 18.5% 17.8% 18.6% 21.8% Amortization related to acquisition 33,509 37,639 47,012 13,857 Stock-based compensation related to Inveresk acquisition ,925 1,841 Impairment and other charges 6,269 6, ,611 Gain on sale of UK real estate (2,047) Pre-acquisition Inveresk stock compensation taxes 845 Repatriation - - 1,305 - Operating income, excluding specified charges (Non-GAAP) $ 265,861 $ 232,651 $ 241,301 $ 176,295 Non-GAAP operating income as a % of net sales 21.6% 22.0% 24.3% 24.3% Charles River management believes that supplementary non-gaap financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of one-time charges, consistent with the manner in which management measures and forecasts the Company s performance. The supplementary non-gaap financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with GAAP. The Company intends to continue to assess the potential value of reporting non-gaap results consistent with applicable rules and regulations.
5 RECONCILIATION OF GAAP EARNINGS TO NON-GAAP EARNINGS (dollars in thousands, except for per share data) December 29, Twelve Months Ended December 30, 2006 December 31, 2005 December 25, 2004 Net income (loss) $ 154,406 $ (55,783) $ 141,999 $ 89,792 Less: Discontinued operations 3, ,004 3,790 (1,061) Net income from continuing operations 157, , ,789 88,731 Amortization related to acquisitions 33,509 37,639 47,011 13,857 Stock-based compensation related to Inveresk acquisition ,926 1,841 Impairment and other charges 6,269 6, ,611 Gain on sale of UK real estate (2,047) Pre-acquisition Inveresk stock compensation taxes Deferred tax revaluation (3,011) Repatriation - - 1,305 - Deferred financing cost - - 2, Litigation settlement Deferred tax (reversal) write-off - - (28,271) 7,900 Valuation allowance release (2,111) Tax effect (12,984) (15,514) (18,687) (6,350) Net income from continuing operations, excluding specified charges (Non-GAAP) $ 180,227 $ 154,185 $ 157,593 $ 106,584 Calculation of earnings per common share, excluding specified charges (Non-GAAP): Net income for purposes of calculating earnings per share, excluding specified charges (Non-GAAP) 180,227 $ $ 154,185 $ 157,593 $ 106,584 After-tax equivalent interest expense on 3.5% senior convertible debentures - - 1,208 4,125 Income for purposes of calculating diluted earnings per share, excluding specified charges (Non-GAAP) $ 180,227 $ 154,185 $ 158,801 $ 110,709 Weighted average shares outstanding - Basic 66,960,515 68,945,622 69,730,056 49,601,021 Effect of dilutive securities: 2.25% senior convertible debentures 481, % senior convertible debentures - - 1,462,474 4,759,455 Stock options and contingently issued restricted stock 1,160, ,204 1,424,740 1,346,665 Warrants 133, , , ,707 Weighted average shares outstanding - Diluted 68,735,936 69,948,032 72,902,385 56,045,848 Basic earnings (loss) per share $ 2.31 $ (0.81) $ 2.04 $ 1.81 Diluted earnings (loss) per share $ 2.25 $ (0.80) $ 1.96 $ 1.68 Basic earnings per share, excluding specified charges (Non-GAAP) $ 2.69 $ 2.24 $ 2.26 $ 2.15 Diluted earnings per share, excluding specified charges (Non-GAAP) $ 2.62 $ 2.20 $ 2.18 $ 1.98 Charles River management believes that supplementary non-gaap financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of one-time charges, consistent with the manner in which management measures and forecasts the Company s performance. The supplementary non-gaap financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with GAAP. The Company intends to continue to assess the potential value of reporting non-gaap results consistent with applicable rules and regulations.
6 RECONCILIATION OF FREE CASH FLOW (NON-GAAP) December 27, 2008E December 29, Twelve Months Ended December 30, 2006 December 31, 2005 December 25, 2004 Net cash provided by operating activities $280,000-$305,000 $ 288,425 $ 175,973 $ 216,784 $ 180,079 Less: Capital expenditures (220,000)-(240,000) (227,036) (181,747) (94,520) (44,735) Free cash flow $50,000-$75,000 $ 61,389 $ (5,774) $ 122,264 $ 135,344 Charles River management believes that supplementary non-gaap financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of one-time charges, consistent with the manner in which management measures and forecasts the Company s performance. The supplementary non-gaap financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with GAAP. The Company intends to continue to assess the potential value of reporting non-gaap results consistent with applicable rules and regulations.
7 RECONCILIATION OF ORGANIC SALES GROWTH Quarter Ended March 29, 2008 Total CRL RMS PCS Net Sales Net Sales Net Sales Reported Sales Growth 16.0% 17.8% 14.1% Less: Foreign Exchange Impact 4.2% 6.2% 2.1% Organic Sales Growth 11.8% 11.6% 12.0% Charles River management believes that supplementary non-gaap financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of one-time charges, consistent with the manner in which management measures and forecasts the Company s performance. The supplementary non-gaap financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with GAAP. The Company intends to continue to assess the potential value of reporting non-gaap results consistent with applicable rules and regulations.
8 RECONCILIATION OF GAAP TO NON-GAAP SELECTED BUSINESS SEGMENT INFORMATION (UNAUDITED) Three Months Ended March 29, 2008 March 31, Research Models and Services Net sales $ 168,596 $ 143,068 Operating income 55,813 47,021 Operating income as a % of net sales 33.1% 32.9% Amortization related to acquisitions Operating income, excluding specified charges (Non-GAAP) $ 56,347 $ 47,395 Non-GAAP operating income as a % of net sales 33.4% 33.1% Preclinical Services Net sales $ 169,089 $ 148,131 Operating income 23,268 23,444 Operating income as a % of net sales 13.8% 15.8% Amortization related to acquisitions 7,037 7,481 Impairment and other charges Operating income, excluding specified charges (Non-GAAP) $ 30,991 $ 31,744 Non-GAAP operating income as a % of net sales 18.3% 21.4% Unallocated Corporate Overhead $ (15,581) $ (15,764) Stock-based compensation related to Inveresk acquisition - 70 Unallocated corporate overhead, excluding specified charges (Non-GAAP) $ (15,581) $ (15,694) Total Net sales $ 337,685 $ 291,199 Operating income 63,500 54,701 Operating income as a % of net sales 18.8% 18.8% Amortization related to acquisition 7,571 7,855 Stock-based compensation related to Inveresk acquisition - 70 Impairment and other charges Operating income, excluding specified charges (Non-GAAP) $ 71,757 $ 63,445 Non-GAAP operating income as a % of net sales 21.2% 21.8% Charles River management believes that supplementary non-gaap financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of one-time charges, consistent with the manner in which management measures and forecasts the Company s performance. The supplementary non-gaap financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with GAAP. The Company intends to continue to assess the potential value of reporting non-gaap results consistent with applicable rules and regulations.
9 RECONCILIATION OF GAAP EARNINGS TO NON-GAAP EARNINGS (dollars in thousands, except for per share data) Three Months Ended March 29, 2008 March 31, Net income $ 45,154 $ 36,763 Less: Discontinued operations Net income from continuing operations 45,154 37,227 Amortization related to acquisitions 7,571 7,855 Stock-based compensation related to Inveresk acquisition - 70 Impairment and other charges Tax effect (2,605) (2,784) Net income from continuing operations, excluding specified charges (Non-GAAP) $ 50,806 $ 43,187 Weighted average shares outstanding - Basic 67,504,848 66,346,152 Effect of dilutive securities: 2.25% senior convertible debentures 1,421,424 - Stock options and contingently issued restricted stock 1,363,212 1,153,912 Warrants 269, ,716 Weighted average shares outstanding - Diluted 70,559,456 67,632,780 Basic earnings per share $ 0.67 $ 0.55 Diluted earnings per share $ 0.64 $ 0.54 Basic earnings per share, excluding specified charges (Non-GAAP) $ 0.75 $ 0.65 Diluted earnings per share, excluding specified charges (Non-GAAP) $ 0.72 $ 0.64 Charles River management believes that supplementary non-gaap financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of onetime charges, consistent with the manner in which management measures and forecasts the Company s performance. The supplementary non-gaap financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with GAAP. The Company intends to continue to assess the potential value of reporting non-gaap results consistent with applicable rules and regulations.
10 RECONCILIATION OF NON-GAAP BUSINESS SEGMENT ANALYSIS Twelve Months Ended % of Total December 29, Net Sales Research Models and Services $ 577,231 47% Preclinical Services $ 653,395 53% Total $ 1,230, % Non-GAAP Operating Income Research Models and Services $ 179,024 56% Preclinical Services $ 140,244 44% Segment Non-GAAP Operating Income before unallocated corporate overhead $ 319, % Unallocated corporate overhead $ (53,407) Total - Non-GAAP Operating Income $ 265,861 Charles River management believes that supplementary non-gaap financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of one-time charges, consistent with the manner in which management measures and forecasts the Company s performance. The supplementary non- GAAP financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with GAAP. The Company intends to continue to assess the potential value of reporting non-gaap results consistent with applicable rules and regulations.
11 RECONCILIATION OF GAAP TO NON-GAAP SELECTED BUSINESS SEGMENT INFORMATION (UNAUDITED) Twelve Months Ended December 29, December 30, 2006 Research Models and Services Net sales $ 577,231 $ 514,999 Operating income 177, ,789 Operating income as a % of net sales 30.7% 28.7% Amortization related to acquisitions 1, Impairment and other charges - 3,115 Operating income, excluding specified charges (Non-GAAP) $ 179,024 $ 151,365 Non-GAAP operating income as a % of net sales 31.0% 29.4% Preclinical Services Net sales $ 653,395 $ 543,386 Operating income 103,541 82,323 Operating income as a % of net sales 15.8% 15.2% Amortization related to acquisitions 31,636 37,178 Impairment and other charges 6,269 3,090 Gain on sale of UK real estate (2,047) - Pre-acquisition Inveresk stock compensation taxes Operating income, excluding specified charges (Non-GAAP) $ 140,244 $ 122,591 Non-GAAP operating income as a % of net sales 21.5% 22.6% Unallocated Corporate Overhead $ (53,501) $ (41,939) Stock-based compensation related to Inveresk acquisition Unallocated corporate overhead, excluding specified charges (Non-GAAP) $ (53,407) $ (41,304) Total Net sales $ 1,230,626 $ 1,058,385 Operating income 227, ,173 Operating income as a % of net sales 18.5% 17.8% Amortization related to acquisitions 33,509 37,639 Stock-based compensation related to Inveresk acquisition Impairment and other charges 6,269 6,205 Gain on sale of UK real estate (2,047) - Pre-acquisition Inveresk stock compensation taxes Operating income, excluding specified charges (Non-GAAP) $ 265,861 $ 232,652 Non-GAAP operating income as a % of net sales 21.6% 22.0% Charles River management believes that supplementary non-gaap financial measures provide useful information to allow investors to gain a meaningful understanding of our core operating results and future prospects, without the effect of one-time charges, consistent with the manner in which management measures and forecasts the Company s performance. The supplementary non-gaap financial measures included are not meant to be considered superior to, or a substitute for results of operations prepared in accordance with GAAP. The Company intends to continue to assess the potential value of reporting non-gaap results consistent with applicable rules and regulations.
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