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Biotech / Medical : Life Sciences Research, Inc (LSRI)

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To: leigh aulper who started this subject3/28/2002 5:50:21 PM
From: Paul Lee   of 22
LSR Announces 2001 Results
BUSINESS WIRE - March 28, 2002 17:26
EAST MILLSTONE, N.J., Mar 28, 2002 (BUSINESS WIRE) -- Life Sciences Research, Inc. ("LSR") announced today that net revenues for the year ended December 31, 2001 were $99.2 million, 3% above the revenues for the year ended December 31, 2000 of $96.0 million, continuing the improvement shown last year.

The underlying increase, after adjusting for the impact of the movement in exchange rates, was nearly 9%. The Company reported a net loss for the year ended December 31, 2001 of $8.6 million compared with a net loss of $9.8 million the previous year. Loss per share for the year ended December 31, 2001 was $1.46 compared with $1.68 in the year ended December 31, 2000, including Other Operating Expenses associated with refinancing and the LSR Exchange Offer of $3.3 million and $1.8 million in 2001 and 2000 respectively. Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA") were $6.8 million for full year 2001, exclusive of the items discussed above, or 6.9% of sales, compared to $9.0 million, or 9.4% of sales, for the prior year.

For the quarter ended December 31, 2001, revenues were $26.8 million, compared to $22.9 million during the same period last year. Excluding the Other Operating Expenses referred to above, net loss for the quarter was $1.0 million, compared to $0.8 million in the prior year period. On the same basis, EBITDA was $3.0 million, or 11.2% of sales, compared to $0.3 million, or 1.3% of sales in the same period last year.

"This is an exciting period for Life Sciences Research", said Andrew Baker, LSR's Chairman and CEO, " as we inaugurate the next chapter in our 50 year corporate history as a new, American domiciled public company. With our shares now on a US stock exchange, and the completion of our recently announced private placement to strengthen our capital position, we believe we are well positioned to benefit all of our stakeholders."

Brian Cass, LSR's President and Managing Director, said "The support we've enjoyed from our clients is both gratifying and encouraging. Record orders for 2001, up 9% from the prior year, have helped us grow our revenues 18.7% from the first to the last quarter. Our booked-on backlog sits at approximately $73 million, an historic level and one which reflects the confidence our clients have in our company."

He added "2001 was an important and rewarding year and I should like to pay tribute to all our stakeholders and advisors, but particularly to our staff, who have steadfastly maintained a focus on quality work and striven for the highest levels of customer service; we believe this will be further rewarded as we continue to build customer support, order levels and a return to historic levels of success."

Life Sciences Research, Inc. is one of the world's leading Contract Research Organizations 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 Centre, New Jersey) and the United Kingdom (Huntingdon and Eye, England).
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