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

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To: leigh aulper who started this subject11/1/2002 2:50:12 PM
From: Paul Lee   of 22
 
LSR Announces Third Quarter Results
Friday November 1, 1:52 pm ET

EAST MILLSTONE, N.J.--(BUSINESS WIRE)--Nov. 1, 2002--Life Sciences Research, Inc. (OTCBB:LSRI - News) announced today that revenues for the quarter ended September 30, 2002 were $30.0 million, 16.5% above the revenues for the same period in the prior year of $25.7 million.
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The Company reported net income for the quarter ended September 30, 2002 of $1.5 million, compared with $0.1 million for the quarter ended September 30, 2001. Net income per common share for the quarter ended September 30, 2002 was $0.13 compared with $0.09 in the quarter ended September 30, 2001. Net income included non-cash foreign exchange transaction gains on the conversion of the Company's dollar denominated bonds into UK pound sterling of $1.6 million compared to $2.2 million in the same period last year. Excluding the foreign exchange transaction gains, Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") was $3.7 million for the third quarter, or 12.3% of revenues, compared with $1.6 million, or 6.4% of revenues, for the same period in the prior year.

Revenues for the nine months ended September 30, 2002 were $84.7 million, which were 16.9% above the revenues for the same period in the prior year of $72.4 million. The Company reported net income for the nine months ended September 30, 2002 of $1.1 million compared with a net loss of $6.0 million in the nine months ended September 30, 2001. Net income per common share for the nine months ended September 30, 2002 was $0.11 compared with a loss of $1.02 in the nine months ended September 30, 2001. Net income included non-cash foreign exchange transactions gains on the conversion of the Company's dollar denominated bonds into UK pound sterling of $3.9 million compared to a $0.8 million foreign exchange transaction loss in the same period last year. Excluding the foreign exchange transaction gain/loss, EBITDA was $7.3 million for the first nine months of the year, or 8.6% of revenues, compared with $3.0 million, or 4.1% of revenues, for the same period in the prior year.

Brian Cass, LSR's President and Managing Director said "Our third quarter operating results reflect continued and meaningful progress on each of our key measures. Top line growth in both the US and the UK has been very solid, both sequentially and compared with last year. Another excellent quarter for new orders means we are now some 20% ahead on a year to date basis resulting in a record backlog of $85 million."

Mr. Cass continued, "We remain focused on operating profits and cash generation, both of which are showing solid progress. Operating profit is the highest level in over five years, and this has driven positive cash flow from operations for the second quarter in a row. Furthermore, we've made significant progress in reducing working capital levels during 2002. These two things together have helped us achieve an increase in our cash position and a decrease in our debt since the beginning of the year."

Andrew Baker, LSR's Chairman and CEO, added "This is an exciting time for LSR, not just because of the improving operating results that Brian and his team are achieving, but also because of the encouraging prospects for our whole industry sector. Our excellent order growth this year is indicative of the strong market demand for drug discovery services which is also reflected in the interest shown by investors in the Contract Research sector. Now that our stock is trading exclusively on the US market we look forward to benefiting from this very positive environment of support and understanding."

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).
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