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

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To: leigh aulper who started this subject7/31/2002 9:37:06 AM
From: Paul Lee   of 22
 
LSR Announces Second Quarter Results
BUSINESS WIRE - July 31, 2002 09:30
EAST MILLSTONE, N.J., Jul 31, 2002 (BUSINESS WIRE) -- Life Sciences Research, Inc. (OTCBB:LSRI) announced today that revenues for the quarter ended June 30, 2002 were $28.6 million, 19% above the revenues for same period in the prior year of $24.0 million.

The Company reported net income for the quarter ended June 30, 2002 of $2.9 million, compared with a net loss of $1.7 million for the quarter ended June 30, 2001. Net income per share for the quarter ended June 30, 2002 was $0.24 compared with a net loss of $0.28 in the quarter ended June 30, 2001. Net income included non-cash exchange gains on the conversion of the Company's dollar denominated liabilities including bonds into UK sterling of $3.3 million compared to exchange losses in the same period last year of $0.3 million. Excluding that non-cash currency gain, Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA") was $3.2 million for the second quarter, or 11.2% of revenues, compared with $1.6 million, or 6.7% of revenues, for the same period in the prior year.

Revenues for the six months ended June 30, 2002 at $54.7 million were 17% above the revenues for the same period in the prior year of $46.7 million. The Company reported a net loss for the six months ended June 30, 2002 of $0.4 million compared with a net loss of $6.0 million in the six months ended June 30, 2001. The loss per share for the six months ended June 30, 2002 was $0.04 compared with a loss of $1.02 in the six months ended June 30, 2001. EBITDA was $3.6 million for the first half of the year, or 6.6% of revenues, compared with $1.3 million, or 2.8% of revenues, for the same period in the prior year.

Brian Cass, LSR's President and Managing Director said "We established a positive momentum during 2001 and this is being sustained as we progress through 2002. Our business has shown excellent improvement on all of our key measurements this quarter, with meaningful growth in revenues, margins, and new orders. Positive cash flow resulted from strong operating results and improvements in working capital. We're enjoying a historic level of backlog, and a market for pre-clinical CRO services that is very buoyant at the moment and looks set to continue."

Andrew Baker, LSR's Chairman and CEO, said "We're proud of the excellent operating results LSR achieved in the quarter, an important step towards the results that have historically been achieved by this Company and others in our industry. We are encouraged by the support we're seeing for both our staff and Company. The record orders and backlog that we've seen in each of the past two quarters are the highest compliment we can be paid by our clients, and we are committed to continue working diligently to retain their confidence and respect. We're also pleased to see growing liquidity in our stock on the US trading markets, further convincing us of the valuable benefits of our new structure."

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 Center, New Jersey) and the United Kingdom (Huntingdon and Eye, England).
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