Life Sciences Research, Inc. (NYSE Arca: LSR) announced today record revenues and earnings for the second quarter. Revenues for the quarter ended June 30, 2008 were $64.3 million, 10.5% above the revenues for the same period in the prior year of $58.2 million. Excluding the effect of exchange rate movements, revenues increased 11.1%. Operating income for the quarter ended June 30, 2008 was $10.0 million, or 15.6% of revenues, compared with $7.5 million, or 12.9% of revenues for the same period in the prior year. The quarter included FAS123R stock option expenses of $0.6 million, or $0.04 per fully diluted share compared with $0.5 million, or $0.03 per fully diluted share in the same quarter last year. The Company reported net income for the quarter ended June 30, 2008 of $7.3 million compared with $5.5 million for the quarter ended June 30, 2007. Net income per common share was $0.58 for the quarter ended June 30, 2008 compared with $0.43 for the quarter ended June 30, 2007. Net income per fully diluted share was $0.47 for the quarter ended June 30, 2008 compared with $0.36 for the quarter ended June 30, 2007. Net income for the quarter ended June 30, 2008 included Other Expense of $0.5 million which comprised fee amortization of $0.5 million for the Company�s 2006 debt financing and its 2007 amendments. In the same period in the prior year, net income included Other Income of $0.7 million which comprised $1.1 million non-cash foreign exchange re-measurement gain pertaining to the long-term loan denominated in US dollars, and other exchange gains of $0.2 million, offset by finance arrangement fee amortization of $0.6 million. Revenues for the six months ended June 30, 2008 of $127.6 million were 13.4% above revenues for the same period in the prior year of $112.5 million. Excluding the effect of exchange rate movements, the increase was 13.1%. Operating Income for the six months ended June 30, 2008 was $19.7 million, or 15.4% of revenues, compared with $13.7 million, or 12.2% of revenues for the same period in the prior year. The six months included FAS123R stock option expenses of $1.0 million, or $0.07 per fully diluted share compared with $1.0 million, or $0.07 per fully diluted share in the same period last year. The Company reported net income of $14.0 million for the six months ended June 30, 2008 compared with $9.0 million for the six months ended June 30, 2007. Net income per common share was $1.11 for the six months ended June 30, 2008 compared with $0.70 for the six months ended June 30, 2007. Net income per fully diluted share was $0.91 for the six months ended June 30, 2008 compared with $0.59 for the six months ended June 30, 2007. Net income for the six months ended June 30, 2008 included Other Expense of $1.0 million which comprised finance arrangement fee amortization of $0.9 million and $0.1 million from the non-cash foreign exchange re-measurement loss on the long-term loan denominated in US dollars. In the same period in the prior year, net income included Other Income of $0.3 million which comprised $1.2 million non-cash foreign exchange re-measurement gain pertaining to the long-term loan denominated in US dollars and other exchange gains of $0.2 million, offset by finance arrangement fee amortization of $1.1 million. Cash on hand and short-term investments at June 30, 2008 was $30.1 million compared with $26.6 million at March 31, 2008 and $36.2 million at December 31, 2007. Net days sales outstanding at June 30, 2008 were 21 (23 at March 31, 2008 and 13 at December 31, 2007). Capital expenditure totaled $5.0 million in the second quarter of 2008, compared to $4.7 million in the second quarter of 2007. Capital expenditure for the first six months of 2008 totaled $9.8 million, compared to $8.7 million in the first six months of 2007. Net new orders totaled $70.2 million for the second quarter of 2008. This represented a book to bill ratio of 1.09 for the quarter. Net new orders totaled $141.7 million for the first six months of 2008. This represented a book to bill ratio of 1.11 for the six months. At June 30, 2008 backlog (booked on work) amounted to approximately $202 million. Brian Cass, LSR�s President and Managing Director commented, �Record revenues and earnings are not just a source of pride, but also serve as a constant reminder to remain focused on our core strategies of customer service, scientific quality and operational excellence. It is delivery here that will maintain and enhance confidence within the BioPharmaceutical industry to outsource more of the safety testing of their new potential therapies. Our clear drive to excel in these areas, coupled with an increasing depth and breadth of scientific expertise across the full range of new molecules being developed, provide us the opportunity to grow our business in this exciting market.� Andrew Baker, LSR�s Chairman and CEO said, �Our pace of revenue growth is consistent with our objectives as we increase capacity utilization in a managed way. In the last year, we have added staff commensurate with that growth and hired into some key areas of expertise, often from our customer industries. Additionally, we have targeted capital investment into particular growth services to maintain a portfolio that is balanced and consistent with market needs. Most exciting now is the prospect of needing to consider facility expansion beyond our current footprint, which we believe will support our near term growth to the $320 million level, as we strive to match the longer term business growth expectations of our customers.� LSR will hold an investor conference call to discuss the quarter�s results on August 5, 2008 at 9:00 a.m. Eastern Time. That call can be listened to by dialing (210) 234-0017 pass code 3316789. We suggest calling five minutes prior to the scheduled call. Life Sciences Research, Inc. is a global contract research organization providing product development services to the pharmaceutical, agrochemical and biotechnology industries. LSR brings leading technology and capability to support its clients in non-clinical safety testing of new compounds in early stage development and assessment. The purpose of this work is to identify risks to humans, animals or the environment resulting from the use or manufacture of a wide range of chemicals which are essential components of LSR's clients' products. The Company's services are designed to meet the regulatory requirements of governments around the world. LSR operates research facilities in the United States (the Princeton Research Center, New Jersey) and the United Kingdom (Huntingdon and Eye, England). This announcement contains statements that may be forward-looking as defined by the Private Securities Litigation Reform Act of 1995. These statements are based largely on LSR�s expectations and are subject to a number of risks and uncertainties, certain of which are beyond LSR�s control, as more fully described in the Company�s SEC filings, including its Form 10-K for the fiscal year ended December 31, 2007, as filed with the US Securities and Exchange Commission. Life Sciences Research Inc. and Subsidiaries Condensed Consolidated Statements of Operations Unaudited � � Three months ended June 30 Six months ended June 30 � (Dollars in thousands, except per share data) 2008 � 2007 2008 � 2007 � Net revenues $ 64,330 $ 58,191 $ 127,557 $ 112,488 Cost of sales � (43,507 ) � (40,411 ) � (86,871 ) � (80,694 ) Gross profit 20,823 17,780 40,686 31,794 Selling, general and administrative expenses � (10,796 ) � (10,254 ) � (20,995 ) � (18,049 ) Operating income 10,027 7,526 19,691 13,745 Interest income 256 803 579 1,185 Interest expense (2,667 ) (3,482 ) (5,328 ) (6,942 ) Other (expense)/income � (450 ) � 708 � � (970 ) � 269 � Income before income taxes 7,166 5,555 13,972 8,257 Income tax benefit/(expense) � 118 � � (46 ) � 47 � � 706 � Net income $ 7,284 � $ 5,509 � $ 14,019 � $ 8,963 � � Income per share -Basic $ 0.58 $ 0.43 $ 1.11 $ 0.70 -Diluted $ 0.47 $ 0.36 $ 0.91 $ 0.59 � Weighted average number of common stock - Basic (000�s) 12,655 12,775 12,644 12,779 - Diluted (000�s) 15,559 15,131 15,480 15,073 Life Sciences Research Inc. and Subsidiaries Condensed Consolidated Balance Sheets � � � (Dollars in thousands except per share data) June 30, December 31, 2008 2007 ASSETS (Unaudited) (Audited) Current assets: Cash and cash equivalents $ 30,090 $ 32,304 Short-term investments - 3,919 Accounts receivable, net 31,693 30,116 Unbilled receivables, net 25,375 25,935 Inventories 2,677 2,530 Prepaid expenses and other current assets � 10,165 � � 9,270 � Total current assets $ 100,000 $ 104,074 � Property and equipment, net 75,912 70,994 Goodwill 7,351 7,268 Other assets 7,438 8,382 Deferred income taxes � 10,815 � � 10,865 � Total assets $ 201,516 � $ 201,583 � � LIABILITIES AND STOCKHOLDERS� EQUITY/(DEFICIT) Current liabilities: Accounts payable $ 12,445 $ 15,477 Accrued payroll and other benefits 6,901 6,644 Accrued expenses and other liabilities 28,029 33,086 Short-term debt 344 618 Fees invoiced in advance � 42,251 � � 47,347 � Total current liabilities $ 89,970 $ 103,172 � Long-term debt, net 75,316 75,429 Deferred gain on disposal of US property 8,627 8,787 Pension liabilities � 41,547 � � 43,522 � Total liabilities $ 215,460 � $ 230,910 � � Commitments and contingencies Stockholders� equity/(deficit) Preferred Stock, $0.01 par value. Authorized 5,000,000 Issued and outstanding: None - - Non-Voting Common Stock, $0.01 par value. Authorized 5,000,000 Issued and outstanding: None - - Voting Common Stock, $0.01 par value. Authorized 50,000,000 Issued and outstanding at June 30, 2008: 12,660,826 (December 31, 2007: 12,626,498) 127 126 Paid in capital 88,415 87,216 Accumulated other comprehensive loss (46,711 ) (46,875 ) Accumulated deficit � (55,775 ) � (69,794 ) Total stockholders� deficit � (13,944 ) � (29,327 ) Total liabilities and stockholders� deficit $ 201,516 � $ 201,583 � Life Sciences Research Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows Unaudited � Six months ended June 30 (Dollars in thousands) 2008 � 2007 � � Cash flows from operating activities: Net income $ 14,019 $ 8,963 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 4,938 4,545 Amortization of gain on disposal of US property (160 ) (160 ) Non-cash compensation expense associated with employee stock compensation plans 1,045 1,023 Foreign exchange loss/(gain) on March 2006 Financing 21 (1,191 ) Foreign exchange loss/(gain) on intercompany balances 16 (211 ) Deferred income tax benefit (47 ) (706 ) Provision for losses on accounts receivable 51 (148 ) Interest expense related to the amortization of debt issue costs 1,014 1,133 Amortization of financing costs 933 560 � Changes in operating assets and liabilities: Accounts receivable, unbilled receivables and prepaid expenses (2,031 ) (1,453 ) Inventories (140 ) (100 ) Accounts payable, accrued expenses and other liabilities (6,013 ) (274 ) Fees invoiced in advance � (5,044 ) � 5,975 � Net cash provided by operating activities $ 8,602 � $ 17,956 � � Cash flows used in investing activities: Purchase of property, plant and equipment (9,839 ) (8,676 ) Sale of property, plant and equipment - 6 Payment for acquisition (1,779 ) - Sale of short-term investments � 3,919 � � - � Net cash used in investing activities $ (7,699 ) $ (8,670 ) � Cash flows used in financing activities: Proceeds from issuance of Voting Common Stock 156 171 Repurchase of Voting Common Stock - (4,000 ) Repayments of long-term borrowings (1,200 ) (72 ) Repayments of short-term borrowings � (373 ) � (435 ) Net cash used in financing activities $ (1,417 ) $ (4,336 ) � Effect of exchange rate changes on cash and cash equivalents � (1,700 ) � 609 � (Decrease)/increase in cash and cash equivalents (2,214 ) 5,559 Cash and cash equivalents at beginning of period � 32,304 � � 44,088 � Cash and cash equivalents at end of period $ 30,090 � $ 49,647 � � Supplementary Disclosures Interest paid $ 4,084 $ 5,912 Taxes paid $ 89 $ 138
Grafico Azioni Life Sciences Research (NYSE:LSR)
Storico
Da Mag 2024 a Giu 2024 Clicca qui per i Grafici di Life Sciences Research
Grafico Azioni Life Sciences Research (NYSE:LSR)
Storico
Da Giu 2023 a Giu 2024 Clicca qui per i Grafici di Life Sciences Research