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Biotech / Medical Life Sciences Research, Inc (LSRI)

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From: Paul Lee	2/9/2006 12:27:08 AM
	of 22

LSRI drops to Pink Sheets amid animal rights action Wed Feb 8, 2006 7:39 PM ET By Bill Berkrot NEW YORK, Feb 8 (Reuters) - Embattled animal testing lab Life Sciences Research Inc.(LSRI.PK: Quote, Profile, Research), target of an intensive protest campaign by animal rights activists, was forced to start trading shares on the Pink Sheets this week, five months after it expected to be listed on the New York Stock Exchange. "Delisting them to the Pink Sheets is not enough, so we are now moving into next stage of the campaign, which is getting them delisted from the Pink Sheets," Camille Hankins, co-founder of New York-based Win Animal Rights (WAR), said on Wednesday. "The prize is to close down LSRI and stop that killing." Life Sciences officials could not immediately be reached for comment. The company, which does animal research for the pharmaceutical and biotechnology industry, was set to join the Big Board in September, when the NYSE suddenly and without explanation pulled the plug on the listing. A month later, the company was still hoping to join the NYSE as promised. But the campaign of intimidation and threats by animal rights activists led to the resignation of the company's primary market maker, Legacy Trading, and Life Sciences Research suffered the indignity of being dropped to trading on the Pink Sheets. A Pink Sheets official, informed of WAR's aim to get the company delisted from the Pink Sheets, said there was nothing he could do about it. "We are not a regulator," said the official, who asked that his name not be used. He said the only way a company can be removed from the Pink Sheets was if the U.S. Securities and Exchange Commission suspends trading or if brokers were to stop trading the company's shares. Hankins said her group would continue its picketing protests against the company on almost a daily basis. The group, which accuses LSRI of profiting by the suffering and killing of animals, also plans to make executives of biotech companies attending a major conference in New York next week walk a gauntlet of protesters. WAR activists have also threatened to step up their campaign by staging protests at the offices and homes of executives of Life Sciences' major investors and customers, including drug makers Pfizer Inc. (PFE.N: Quote, Profile, Research), GlaxoSmithKline Plc (GSK.L: Quote, Profile, Research), Novartis AG (NOVN.VX: Quote, Profile, Research) and Roche Holding AG (ROG.VX: Quote, Profile, Research). Previous protests have taken place at the homes of LSRI's investors and market makers. Another animal rights group, the Animal Liberation Front, claimed responsibility for spray-painting slogans across the walls of two New York-area yacht clubs frequented by employees of a Wall Street firm that was going to trade shares of Life Sciences. The firm then changed its mind. Before the planned NYSE listing, contact information for hundreds of NYSE employees appeared on the Stop Huntingdon Animal Cruelty Web site (www.shac.net). Life Sciences is the parent of British-based Huntingdon Life Sciences, which has long been a target of U.K. animal rights activists. LSRI shares closed down 10 cents at $11.30 on Wednesday. Shares were trading for about $18 on the Nasdaq Bulletin Board in September.

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From: leigh aulper	3/7/2006 10:00:00 AM
	of 22

Animal activists are guilty of incitement First conviction under '92 federal law Friday, March 03, 2006 By JOHN P. MARTIN and BRIAN T. MURRAY Newhouse News Service TRENTON -- In a case closely monitored by social activists and the industries they target, six animal-rights supporters were convicted yesterday of conspiring to harass, threaten and stalk associates of a New Jersey research laboratory. The verdict by a federal jury marked a government victory in a trial that was as much a test of the limits of activism as it was a measure of criminal evidence. The defendants were young adults who prosecutors said used the Internet to organize and incite a nationwide terror campaign against individuals doing business with or for Huntingdon Life Sciences, a firm that uses animals to test products for pharmaceutical companies. Throughout the country, targets reported being stalked by bullhorn-wielding protesters in their neighborhoods or communities, receiving ominous phone calls, finding messages such as "Puppy Killer" painted on their driveways or seeing anonymous online postings of the names, ages and schools of their children. The defendants, which also included their umbrella group, Stop Huntingdon Animal Cruelty Inc., portrayed the charges as an infringement of their right to assemble and exercise free speech. And they contended there was no proof linking them to a crime. But in their third day of deliberations, the panel of seven men and five women disagreed. Convicted of conspiracy to commit animal enterprise terrorism and interstate stalking were Joshua Harper of Seattle, Andrew Stepanian of Huntington, N.Y., and Lauren Gazzola, Jacob Conroy and Kevin Kjonaas, who lived together in Pinole, Calif. A sixth defendant, Darius Fullmer of Hamilton, was found guilty only on the conspiracy charge. In one corner of a courtroom packed with supporters, an audible gasp went up as the verdicts were read. Gazzola began crying; the other defendants shook their heads. Acting on a request from prosecutors, Senior U.S. District Judge Anne Thompson immediately jailed all the defendants except Fullmer, though she agreed to consider bail. Most face at least three years in prison. U.S. Attorney Christopher Christie hailed the verdict as one of national significance. "There is no place in a democratic, law-abiding society for extremists who incite or use violence and intimidation as a means to an end," he said. The defendants and their lawyers declined to comment. Pamela Ferdin, the group's new president, said she could not discuss the case but still pressed her cause with reporters: "I feel sorry for the animals right now being abused and tortured inside Huntingdon Life Sciences," she said. "Those animals get life without parole." The activists were the first to be tried under the Animal Enterprise Terrorism Act, a rarely used 1992 statute Congress enhanced in recent years after concerns from the pharmaceutical industry. One industry trade group praised the verdict yesterday, as did Huntingdon Life Sciences. "The government and this jury have sent a strong message to those who would ignore the democratic process and resort to criminal activity to advance their political views," said Mike Caulfield, Huntingdon's general manager. One of Europe's largest testing companies, Huntingdon, based in Great Britain, uses tens of thousands of rats, fish, monkeys and dogs each year to conduct federally mandated safety tests for drug makers and other clients at labs in England and Franklin Township, Somerset County. The animals are typically destroyed after the testing. SHAC, as the animal rights group is known, launched its campaign after an activist took a job at a Huntingdon lab in England and secretly filmed footage of lab animals being beaten, deformed or otherwise abused. Prosecutors in the case acknowledged they had no proof any of the defendants committed acts of terrorism, but they said Gazzola, Conroy and Kjonaas -- who once lived together in a house near the New Jersey lab -- controlled the group's Web site, organized the U.S. campaign and trumpeted harassment by others. After the verdicts, the lead prosecutor, Executive Assistant U.S. Attorney Charles McKenna asked the judge to order the group to purge names and personal data from the Web site. During the trial, demonstrators held occasional peaceful rallies outside the federal courthouse, touting photos of caged animals and chanting slogans at passers-by. U.S. marshals added extra security at the courthouse, and the judge sealed the jurors' names from the public record. Since their indictment in 2004, the defendants, most in their 20s, have become minor celebrities in activist circles. They banded together as "The SHAC 7," giving speeches and headlining fund-raisers. Yesterday evening, they were led off together in handcuffs.

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From: Paul Lee	12/22/2006 7:49:35 AM
	of 22

LSR to Commence Trading on NYSE Arca Friday December 22, 3:30 am ET EAST MILLSTONE, N.J.--(BUSINESS WIRE)--Life Sciences Research, Inc. (Other OTC: LSRI - News) announced today that its listing application has been approved by NYSE Arca. Trading is expected to begin this morning under the new ticker symbol "LSR". NYSE Arca, the first U.S. open all-electronic stock exchange, provides customers with fast electronic execution and open, direct and anonymous market access. In connection with LSR's listing and trading on NYSE Arca, LSR and NYSE Group, Inc. have entered into a settlement agreement and release under which LSR will release the NYSE from all claims relating to the September 2005 postponement by the NYSE of LSR's trading on the NYSE. Life Sciences Research 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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From: Paul Lee	5/2/2007 11:05:56 AM
	of 22

Police quiz animal activists after raidsMay 2 2007 A TOTAL of 32 people are being questioned by detectives after raids targeting animal rights extremists including one in Worcestershire. Police have also seized £100,000 in cash, mobile telephones, computer equipment and documents during the operation which involved 700 officers and has been described as the largest of its kind. A total of 32 people - 15 men and 17 women - aged between 19 and 68, were arrested in the 30 raids targeting animal rights extremists carried out today across the UK, Belgium and the Netherlands. An arrest warrant was carried out in Boat Lane, Evesham, but no-one was detained. In Lancashire, a 51-year-old man and a 59-year-old woman were arrested in Lytham Road, Ashton-on-Ribble; and in Merseyside, a woman was arrested at Freshfields Animal Rescue Centre, East Lane, Ince, Blundell, Liverpool. In Brynmair, Aberdare, south Wales, a 20-year-old man and a 19-year-old woman were arrested Financial investigators from the City of London Police Economic Crime Unit are assisting in relation to the quantities of cash recovered. The raids were the culmination of a two-year investigation into an alleged conspiracy of extremism targeting a variety of organisations and individuals, including Huntingdon Life Sciences in Cambridgeshire, police said. Officers executed warrants to enter and search premises in Berkshire, Hampshire, Surrey, Sussex, Kent, Glasgow, Greater London, Merseyside, Worcestershire, Lancashire, Northumbria, Yorkshire, South Wales, Belgium and the Netherlands. Huntingdon Life Sciences has long been a focus both of peaceful demonstrations and more extreme tactics. A spokesman for Huntingdon Life Sciences said: "It is great to see the results of police investigations from over the past two years beginning to control the activities of animal rights extremists in the UK

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From: leigh aulper	5/7/2007 5:00:09 PM
	of 22

LSR Announces First Quarter Results Monday May 7, 4:05 pm ET Highlights: -- Revenues of $54.3 million. -- Net Income of $3.5 million, or $0.23 per fully diluted share. -- Net new orders of $66.3 million -- Cash in excess of $50 million EAST MILLSTONE, N.J.--(BUSINESS WIRE)--Life Sciences Research, Inc. (NYSE Arca: LSR) announced today that revenues for the quarter ended March 31, 2007 were $54.3 million, 27.9% above the revenues for the same period in the prior year of $42.5 million. Excluding the effect of exchange rate movements, revenues increased 17.4%. Operating income for the quarter ended March 31, 2007 was $6.2 million, or 11.5% of revenues, compared with $4.0 million, or 9.5% of revenues for the same period in the prior year. The quarter included FAS123R Stock option expense of $0.6 million compared with $0.1 million in the same quarter last year. The Company reported net income for the quarter ended March 31, 2007 of $3.5 million compared with $0.5 million for the quarter ended March 31, 2006. Net income per common share for the quarter ended March 31, 2007 was $0.27 compared with $0.04 in the quarter ended March 31, 2006. Net income per fully diluted share was $0.23 for the current quarter compared to $0.03 in the prior year. The net income for the three months ended March 31, 2007 included Other Expenses of $0.4 million which comprised finance arrangement fees of $0.5 million, offset by $0.1 million from a non-cash foreign exchange re-measurement gain pertaining to the March 2006 $70 million financing (the "New Financing") denominated in US dollars. In the same period in the prior year, Other Expenses of $1.0 million were comprised of finance arrangement fees of $1.3 million primarily reflecting fees of Alconbury Estates, LSR's landlord, which was consolidated under FIN46, and other exchange losses of $0.2 million, offset by a non-cash foreign exchange re-measurement gain pertaining to the Convertible Capital Bonds of $0.5 million. Net days sales outstanding at March 31, 2007 were 11 (11 at March 31, 2006 and 21 at December 31, 2006). Capital expenditure totaled $4.0 million in the first quarter of 2007, compared to $1.7 million in the first quarter of 2006. Cash on hand at March 31, 2007 was $50.1 million compared with $44.1 million at December 31, 2006. The increase in cash on hand was primarily due to high cash collections in the first quarter of 2007 associated with the high levels of invoicing in the fourth quarter of 2006. Long-term debt was $89.2 million both at March 31, 2007 and at December 31, 2006. At March 31, 2007 long-term debt predominantly consisted of the $69.9 million outstanding from the New Financing Loan and the $23.7 million of finance leases associated with the sale and leaseback, offset by unamortized lender warrant costs. Net new business signings totaled $66.3 million for the first quarter of 2007. This represented an increase of 17% from the first quarter orders in 2006. At March 31, 2007 backlog (booked on work) amounted to approximately $182 million. Brian Cass, LSR's President and Managing Director commented, "We are delighted that the outstanding order levels we achieved in 2006 are now beginning to flow through the business, producing new record levels for revenues and operating profit this quarter. Orders have continued to be strong at $66.3 million which is a constant currency increase of 8% on the same quarter last year, and backlog has increased to $182 million, a new record level. We continue to achieve strong order growth in the Pharmaceutical sector, particularly evident in the 20% increase in orders over last year from our customers who are amongst the top ten global pharma companies. As we've discussed in the past, one of our key strategies is to deepen and expand our relationships with this important group of customers. This, as well as strength in the non-pharma segment, has helped us achieve a gratifying book-to-bill ratio of 1.22, a performance that reflects our ongoing success in growing all of our business, and the continuing strength and growth of the outsourcing market place."

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From: leigh aulper	8/1/2007 6:57:55 PM
	of 22

Wednesday August 1, 4:06 pm ET Highlights: -- Revenues of $58.2 million -- Operating income of $7.5 million -- Net Income of $5.5 million, or $0.36 per fully diluted share -- Net new orders of $72.6 million, book to bill ratio of 1.25 -- Cash of $49.6 million EAST MILLSTONE, N.J.--(BUSINESS WIRE)--Life Sciences Research, Inc. (NYSE Arca: LSR) announced today that revenues for the quarter ended June 30, 2007 were $58.2 million, 21.6% above the revenues for the same period in the prior year of $47.9 million. Excluding the effect of exchange rate movements, revenues increased 14.0%. Operating income for the quarter ended June 30, 2007 was $7.5 million, or 12.9% of revenues, compared with $4.8 million, or 10.1% of revenues for the same period in the prior year. The quarter included FAS123R stock option expense of $0.5 million, or $0.03 per fully diluted share compared with $0.2 million or $0.01 per fully diluted share in the same quarter last year. The Company reported net income before the loss on deconsolidation of variable interest entity for the quarter ended June 30, 2007 of $5.5 million compared with $1.1 million for the quarter ended June 30, 2006. Net income before the loss on deconsolidation of variable interest entity per common share was $0.43 for the three months ended June 30, 2007 compared with $0.09 for the three months ended June 30, 2006. Net income before the loss on deconsolidation of variable interest entity per fully diluted share was $0.36 for the three months ended June 30, 2007 compared with $0.08 for the three months ended June 30, 2006. ADVERTISEMENT The net income for the three months ended June 30, 2007 included Other Income of $0.7 million which comprised $1.1 million from a non-cash foreign exchange re-measurement gain on the March 2006 Financing denominated in US dollars and other exchange gains of $0.2 million, offset by finance arrangement fee amortization of $0.6 million. In the same period in the prior year, Other Income of $2.2 million was comprised of $3.3 million from the non-cash foreign exchange re-measurement gain on the Convertible Capital Bonds and March 2006 Financing denominated in US dollars and other exchange gains of $0.3 million offset by finance arrangement fee amortization of $1.4 million. Revenues for the six months ended June 30, 2007 of $112.5 million were 24.6% above revenues for the same period in the prior year of $90.3 million. Excluding the effect of exchange rate movements, the increase was 15.6%. Operating Income for the six months ended June 30, 2007 was $13.7 million, or 12.2% of revenues, compared with $8.9 million, or 9.8% of revenues for the same period in the prior year. The Company reported net income before the loss on deconsolidation of variable interest entity of $9.0 million for the six months ended June 30, 2007 compared with net income for the six months ended June 30, 2006 of $1.6 million. Net income before the loss on deconsolidation of variable interest entity per common share was $0.70 for the six months ended June 30, 2007 compared with $0.13 for the six months ended June 30, 2006. Net income before the loss on deconsolidation of variable interest entity per fully diluted share was $0.59 for the six months ended June 30, 2007 compared with $0.11 for the six months ended June 30, 2006. Net income in the six months ended June 30, 2007 included Other Income of $0.3 million which comprised $1.2 million from the non-cash foreign exchange re-measurement gain pertaining to the March 2006 Financing denominated in US dollars and other exchange gains of $0.2 million, offset by finance arrangement fee amortization of $1.1 million. In the same period in the prior year, Other Income of $1.3 million was comprised of $3.7 million from the non-cash foreign exchange re-measurement gain pertaining to the Convertible Capital Bonds and March 2006 Financing denominated in US dollars and other exchange gains of $0.2 million, offset by finance arrangement fee amortization of $2.6 million primarily reflecting gains of Alconbury Estates, LSR's landlord, which were consolidated under FIN46. Cash on hand at June 30, 2007 was $49.6 million compared with $44.1 million at December 31, 2006. The increase in cash on hand was due to the continuing improvement in operating performance and the reduction in DSOs over the period offset by the $4.0 million share repurchase. Net days sales outstanding at June 30, 2007 were 8 (12 at June 30, 2006 and 21 at December 31, 2006). Capital expenditure totaled $4.7 million in the second quarter of 2007, compared to $2.3 million in the second quarter of 2006. Capital expenditure for the first six months of 2007 totaled $8.7 million, compared to $4.0 million in the first six months of 2006. Long-term debt was $89.3 million at June 30, 2007, compared with $89.2 million at December 31, 2006. At June 30, 2007 long-term debt predominantly consisted of the $69.9 million outstanding from the March 2006 Financing and the $23.4 million of finance leases associated with the sale and leaseback, offset by unamortized lender warrant costs. Net new business signings totaled $72.6 million for the second quarter of 2007. This represented an increase of 43% from the second quarter orders in 2006. Net new business signings for the six months ended June 30, 2007 were $139.0 million, an increase of 29% on the six months ended June 30, 2006. At June 30, 2007 backlog (booked on work) amounted to approximately $192 million. Brian Cass, LSR's President and Managing Director commented, "We are delighted to report another record quarter for revenues and operating profits. The second quarter was also a record for orders which at $72.6 million, were 35% up on the same quarter last year in constant currency terms. This brought the increase for the first half of 2007 over the same period in 2006 to 20% again in constant currency terms. With the growth in revenues we have seen an improvement in our operating margins, and our book to bill ratio was maintained at a healthy 1.25 during the quarter. The results reflect our continuing success in growing the business and the strength and growth of the outsourcing market." Andrew Baker, LSR's Chairman and CEO said, "I am proud and pleased with today's announcements; not only the excellent operating performance and financial results announced in this earnings release, but equally in the principal and interest reduction amendment to our financing agreement that we separately announced today. Both of these announcements reflect our ongoing efforts to maximize Company performance and shareholder value, and, I believe, indicate positive developments on these important fronts." LSR will hold an investor conference call to discuss the quarter's results on August 2, 2007 at 9:00 a.m. Eastern Time. That call can be listened to by dialing (210) 839-8508 pass code 3316789. We suggest calling five minutes prior to the scheduled call.

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From: leigh aulper	10/31/2007 4:20:42 PM
	of 22

LSR Announces Third Quarter Results Wednesday October 31, 4:01 pm ET Highlights: -- Revenues of $60.9 million -- Operating income of $8.6 million, or 14.1% -- Net Income of $5.9 million, or $0.39 per fully diluted share -- Net new orders of $61.9 million, TTM book to bill ratio of 1.19 -- Cash of $37.2 million EAST MILLSTONE, N.J.--(BUSINESS WIRE)--Life Sciences Research, Inc. (NYSE Arca: LSR) announced today that revenues for the quarter ended September 30, 2007 were $60.9 million, 23.1% above the revenues for the same period in the prior year of $49.5 million. Excluding the effect of exchange rate movements, revenues increased 16.1%. Operating income for the quarter ended September 30, 2007 was $8.6 million, or 14.1% of revenues, compared with $5.7 million, or 11.6% of revenues for the same period in the prior year. The quarter included FAS123R stock option expense of $0.4 million, or $0.03 per fully diluted share compared with $0.2 million or $0.01 per fully diluted share in the same quarter last year. The Company reported net income for the quarter ended September 30, 2007 of $5.9 million compared with $2.7 million for the quarter ended September 30, 2006. Net income per common share was $0.47 for the three months ended September 30, 2007 compared with $0.21 for the three months ended September 30, 2006. Net income per fully diluted share was $0.39 for the three months ended September 30, 2007 compared with $0.18 for the three months ended September 30, 2006. ADVERTISEMENT The net income for the three months ended September 30, 2007 included Other Income of $0.02 million which comprised $0.5 million from the non-cash foreign exchange re-measurement gain on the March 2006 Financing denominated in US dollars and other exchange gains of $0.1 million, offset by finance arrangement fee amortization of $0.6 million. In the same period in the prior year, Other Expenses of $0.9 million was comprised of finance arrangement fees of $0.5 million, the non-cash cost of $0.7 million associated with the 100,000 warrants granted in January 2005 for advisory services, offset by $0.3 million non-cash re-measurement gain pertaining to the March 2006 Financing denominated in US dollars. Revenues for the nine months ended September 30, 2007 of $173.4 million were 24.0% above revenues for the same period in the prior year of $139.8 million. Excluding the effect of exchange rate movements, the increase was 15.8%. Operating Income for the nine months ended September 30, 2007 was $22.3 million, or 12.9% of revenues, compared with $14.6 million, or 10.5% of revenues for the same period in the prior year. The Company reported net income of $14.8 million for the nine months ended September 30, 2007 compared with net income before the loss on deconsolidation of variable interest entity for the nine months ended September 30, 2006 of $4.3 million. Net income per common share was $1.17 for the nine months ended September 30, 2007 compared with net income before the loss on the deconsolidation of variable interest entity per common share of $0.34 for the nine months ended September 30, 2006. Net income per fully diluted share was $0.99 for the nine months ended September 30, 2007 compared with net income before the loss on deconsolidation of variable interest entity per fully diluted share of $0.29 for the nine months ended September 30, 2006. Net income for the nine months ended September 30, 2007 included Other Income of $0.3 million which comprised $1.7 million from the non-cash foreign exchange re-measurement gain pertaining to the March 2006 Financing denominated in US dollars and other exchange gains of $0.3 million, offset by finance arrangement fee amortization of $1.7 million. In the same period in the prior year, Other Income of $0.4 million was comprised of $4.0 million from the non-cash foreign exchange re-measurement gain pertaining to the Convertible Capital Bonds and March 2006 Financing denominated in US dollars and other exchange gains of $0.2 million, offset by finance arrangement fee amortization of $3.1 million and the non-cash costs of $0.7 million associated with the 100,000 warrants granted in January 2005 for advisory services. Cash on hand at September 30, 2007 was $37.2 million compared with $44.1 million at December 31, 2006. Operating activities generated cash of $30.8 million, of which $12.8 million was due to the reduction in DSOs. Net days sales outstanding at September 30, 2007 were 2 (15 at September 30, 2006 and 21 at December 31, 2006). This was offset by $26.1 million used in financing activities, predominantly including $10.8 million debt principal repayment, $4.8 million in costs associated with the August 1, 2007 loan amendment and $10.7 million used to repurchase stock and warrants. Capital expenditure totaled $3.7 million in the third quarter of 2007, compared to $4.2 million in the third quarter of 2006. Capital expenditure for the first nine months of 2007 totaled $12.4 million, compared to $8.2 million in the first nine months of 2006. Long-term debt was $75.4 million at September 30, 2007, compared with $89.2 million at December 31, 2006. At September 30, 2007 long-term debt predominantly consisted of the $59.8 million outstanding from the March 2006 Financing Loan and the $23.5 million of finance leases associated with the June 2005 sale and leaseback, offset by unamortized lender warrant costs, and the unamortized closing fee associated with the August 1, 2007 loan amendment. Net new business signings totaled $61.9 million for the third quarter of 2007. This represented an increase of 7% from the third quarter orders in 2006. Net new business signings for the nine months ended September 30, 2007 were $200.9 million, an increase of 21% on the nine months ended September 30, 2006. At September 30, 2007 backlog (booked on work) amounted to approximately $193 million. Brian Cass, LSR’s President and Managing Director commented, “We have reported record revenues and operating profits for each quarter this year, and I am particularly pleased with this quarter’s 14.1% operating margin. Constant currency revenue growth of 16% year to date is fueling this performance, and this, in turn, is supported by a trailing twelve month book to bill ratio of 1.19. These results reflect not only the current strength of the outsourcing marketplace but, I believe, are also testament to our people’s endeavour to provide the highest standards of science, service and operational performance.” Andrew Baker, LSR’s Chairman and CEO said, “I am proud and very pleased with this quarter’s results, showing further strong growth in revenues and earnings as well as solid performance in cash generation. EPS of 39 cents, including 4 cents of non-cash foreign exchange gains, is also meaningful further progress in creating shareholder value.” LSR will hold an investor conference call to discuss the quarter’s results on November 1, 2007 at 9:00 a.m. Eastern Time. That call can be listened to by dialing (210) 839-8508 pass code 3316789. We suggest calling five minutes prior to the scheduled call.

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From: leigh aulper	2/27/2008 4:45:12 PM
	of 22

LSR Announces Fourth Quarter and 2007 Results Wednesday February 27, 4:30 pm ET Highlights: -- Fourth Quarter Revenues of $63.4 million -- Fourth Quarter Operating income of $9.6 million, or 15.1% -- 2007 Revenues of $236.8 million, up 15.6% constant currency -- 2007 Operating margin 13.5% -- 2007 Net new orders of $266.7 million, up 14% on prior year -- 2007 book to bill ratio of 1.13 EAST MILLSTONE, N.J.--(BUSINESS WIRE)--Life Sciences Research, Inc. (NYSE Arca: LSR) announced today that revenues for the quarter ended December 31, 2007 were $63.4 million, 20.9% above the revenues for the same period in the prior year of $52.5 million. Excluding the effect of exchange rate movements, revenues increased 15.0%. Operating income for the quarter ended December 31, 2007 was $9.6 million, or 15.1% of revenues, compared with an operating loss of $5.0 million for the same period in the prior year. In the fourth quarter of 2006 the Company incurred Other Operating Expenses of $10.5 million, predominantly associated with the Company’s NYSE Arca listing, excluding this charge Non GAAP operating income would have been $5.5 million or 10.4% of revenues. The Company reported net loss for the quarter ended December 31, 2007 of $28.8 million compared with net income of $1.5 million for the quarter ended December 31, 2006. Net loss per common and fully diluted share was $2.28 for the three months ended December 31, 2007 compared with net income per common share of $0.12 and per fully diluted share of $0.10 for the three months ended December 31, 2006. The Company derives significant benefit from the UK Research and Development Tax Credit for large companies. In 2008, this will be amended and the relief will be extended further. As a result the Company does not anticipate reporting any UK tax liability for the foreseeable future. The Company has therefore recorded a valuation allowance expense of $37.4 million to reflect a reversal of the previously recorded tax provision that recognized the net tax asset associated with the Company’s UK Net Operating Losses (NOLs) and UK defined benefit pension plan liability. This changed treatment of the NOL tax asset does not impact their availability to the Company in the future, should circumstances change. The net loss in the quarter ended December 31, 2007 included Other Expense of $2.2 million which comprised $0.9 million from the non-cash foreign exchange re-measurement loss on the March 2006 Financing denominated in US dollars, other exchange losses of $0.2 million, and finance arrangement fee amortization of $1.1 million. In the same period in the prior year, Other Income of $1.6 million was comprised of $2.2 million non-cash foreign exchange re-measurement gain pertaining to the March 2006 Financing denominated in US dollars, other exchange gains of $0.5 million, offset by finance arrangement fees of $1.1 million. Non GAAP net income was $9.6 million for the quarter ended December 31, 2007, which represents net income exclusive of the tax valuation expense of $37.4 million and the non-cash foreign exchange re-measurement losses described above of approximately $1.0 million. Non GAAP net income was $9.3 million for the quarter ended December 31, 2006, which represents net income excluding the effect of the $10.5 million Other Operating Expenses, and non-cash foreign exchange re-measurement gains of $2.7 million. On that basis, Non GAAP net income per Non GAAP diluted share was $0.63 for the three months ended December 31, 2007 compared with $0.64 for the three months ended December 31, 2006. Revenues for the year ended December 31, 2007 of $236.8 million were 23.2% above revenues for the same period in the prior year of $192.2 million. Excluding the effect of exchange rate movements, the increase was 15.6%. Operating Income for the year ended December 31, 2007 was $31.9 million, or 13.5% of revenues, compared with $9.6 million, or 5.0% of revenues for the same period in the prior year. Excluding the $10.5 million charge described above, 2006 Non GAAP Operating Income was $20.1 million, or 10.4% of revenues. The Company reported net loss of $14.0 million for the year ended December 31, 2007 compared with $14.9 million for the year ended December 31, 2006. Net loss per common and fully diluted share was $1.10 for the year ended December 31, 2007 compared with $1.18 for the year ended December 31, 2006. Net loss for the year ended December 31, 2007 included Other Expense of $1.9 million which comprised finance arrangement fee amortization of $2.8 million, offset by $0.8 million from the non-cash foreign exchange re-measurement gain pertaining to the March 2006 Financing denominated in US dollars and other exchange gains of $0.1 million. In the same period in the prior year, Other Income of $1.9 million was comprised of $6.2 million from the non-cash foreign exchange re-measurement gain pertaining to the Convertible Capital Bonds and March 2006 Financing denominated in US dollars and other exchange gains of $0.7 million, offset by finance arrangement fee amortization of $5.0 million. Non GAAP net income was $22.5 million for the year ended December 31, 2007, which represents net income exclusive of the tax valuation expense of $37.4 million and the non-cash foreign exchange re-measurement gains described above of $0.9 million. Non GAAP net income was $9.4 million for the year ended December 31, 2006, which represents net income excluding the effect of the $10.5 million Other Operating Expenses, the loss on deconsolidation of variable interest entity of $20.7 million, and non-cash foreign exchange re-measurement gains of $6.9 million. On that basis, Non GAAP net income per Non GAAP diluted share was $1.50 for the year ended December 31, 2007 compared with $0.65 for the year ended December 31, 2006. Cash on hand and short term investments at December 31, 2007 was $36.2 million compared with $44.1 million at December 31, 2006. Operating activities generated cash of $47.0 million, of which $3.0 million was due to the reduction in DSOs. Net days sales outstanding at December 31, 2007 were 13 (21 at December 31, 2006). This was offset by $26.4 million used in financing activities, mainly comprising $10.7 million debt principal repayment, $5.0 million in costs associated with the August 1, 2007 loan amendment and $10.7 million used to repurchase stock and warrants. Capital expenditure totaled $4.0 million in the fourth quarter of 2007, compared to $4.9 million in the fourth quarter of 2006. Capital expenditure in the year ended December 31, 2007 totaled $16.4 million, compared to $13.1 million in the year ended December 31, 2006. Long-term debt was $75.4 million at December 31, 2007, compared with $89.2 million at December 31, 2006. At December 31, 2007 long-term debt predominantly consisted of the $59.2 million outstanding from the March 2006 Financing and the $23.3 million of finance leases associated with the June 2005 sale and leaseback, offset by unamortized lender warrant costs, and the unamortized closing fee associated with the August 1, 2007 loan amendment. Net new business signings totaled $65.8 million for the fourth quarter of 2007. This represented a book to bill ratio of 1.04. Net new business signings for the year ended December 31, 2007 were $266.7 million, for a book to bill ratio of 1.13, and an increase of 14.2% on prior year. At December 31, 2007 backlog (booked on work) amounted to approximately $190 million. Brian Cass, LSR’s President and Managing Director commented, “We have reported record revenues and operating profits for each quarter this year and I am particularly pleased with this quarter’s 15.1% operating margin. It has been a great year for our Company. This is reflected in the operating results we are reporting today and in the expansion of our staff and capabilities to meet the growing needs of our customers. Constant currency revenue growth of almost 16% is testament to our ability to attract and retain talented individuals who our customers want to work with. Our success so much depends on the dedication and commitment of all our staff and they have made 2007 a banner year for our Company. ” Andrew Baker, LSR’s Chairman and CEO said, “When our current management team joined the Company almost 10 years ago, we committed ourselves to delivering outstanding customer service, scientific quality and operational excellence. I commend Brian and his team for their unrelenting focus on these objectives, which are so central to rebuilding the top and bottom line of our Company. Our goal of achieving industry standard operating margins met its first milestone this past quarter and we are confident that we have the right strategy in place, and the right team, to be even more successful in future. Our thanks go to the many that have supported us in this effort.” LSR will hold an investor conference call to discuss the quarter’s results on February 28, 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).

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From: leigh aulper	4/29/2008 4:28:21 PM
	of 22

LSR Announces First Quarter 2008 Financial Results Tuesday April 29, 4:02 pm ET Highlights: -- Revenues of $63.2 million -- Operating income of $9.7 million, or 15.3% -- Net income of $6.7 million, or $0.44 per fully diluted share -- Net new orders of $71.4 million, TTM book to bill ratio of 1.11 EAST MILLSTONE, N.J.--(BUSINESS WIRE)--Life Sciences Research, Inc. (NYSE Arca: LSR) announced today that revenues for the quarter ended March 31, 2008 were $63.2 million, 16.4% above the revenues for the same period in the prior year of $54.3 million. Excluding the effect of exchange rate movements, revenues increased 15.3%. Operating income for the quarter ended March 31, 2008 was $9.7 million, or 15.3% of revenues, compared with $6.2 million, or 11.5% of revenues for the same period in the prior year. The quarter included FAS123R stock option expenses of $0.5 million, or $0.03 per fully diluted share compared with $0.6 million or $0.04 per fully diluted share in the same quarter last year. The Company reported net income for the quarter ended March 31, 2008 of $6.7 million compared with $3.5 million for the quarter ended March 31, 2007. Net income per common share was $0.53 for the three months ended March 31, 2008 compared with $0.27 for the three months ended March 31, 2007. Net income per fully diluted share was $0.44 for the three months ended March 31, 2008 compared with $0.23 for the three months ended March 31, 2007. The net income for the quarter ended March 31, 2008 included Other Expense of $0.5 million which comprised finance arrangement fee amortization of $0.4 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, Other Expense of $0.4 million was comprised of finance arrangement fee amortization of $0.5 million, offset by $0.1 million non-cash foreign exchange re-measurement gain pertaining to the long-term loan denominated in US dollars. Cash and short-term investments at March 31, 2008 was $26.6 million compared with $36.2 million at December 31, 2007. Operating activities used cash of $1.5 million, of which $6.9 million was due to the increase in Days Sales Outstanding (DSO). Net DSO at March 31, 2008 were 23 compared with 13 days at December 31, 2007. Capital expenditure totaled $4.8 million in the first quarter of 2008, compared to $4.0 million in the first quarter of 2007. Net new orders totaled $71.4 million for the first quarter of 2008 which represented an increase of 7.7% over first quarter orders in 2007. This resulted in a book to bill ratio of 1.13 for the quarter, and a trailing twelve month (“TTM”) book to bill of 1.11. At March 31, 2008 backlog (booked on work) amounted to approximately $196 million. Brian Cass, LSR’s President and Managing Director, commented, “I’m delighted with the solid footing that our first quarter’s results represent, with record constant currency revenues and earnings. Our investment in expanded staffing and targeted infrastructure improvements is helping us to profitably meet the growing demand for our services, and we look forward to building on those strengths throughout the year and beyond.” Andrew Baker, LSR’s Chairman and CEO, said, “This is an encouraging time for our industry, and an exciting time for our Company. We continue to see robust industry demand for outsourced safety testing of both pharmaceutical and biologic products, and our strong new business wins in the past quarter and year are testament to our ability to convert that opportunity. We’re buoyed by the confidence our customers place in us, proud of the commitment of our staff, and pleased with the growing interest and support from the investment community.” LSR management will host an investor conference call to discuss the quarter’s results on April 30, 2008 at 9:00 a.m. Eastern time. Shareholders and other interested parties may participate in the conference call by dialing +1 (210) 234-0017 and entering pass code 3316789 a few minutes before the scheduled call.

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From: leigh aulper	3/4/2009 2:54:19 PM
	of 22

Life Sciences Research Receives Proposal from Andrew Baker to Acquire LSR * Wednesday March 4, 2009, 8:45 am EST EAST MILLSTONE, N.J.--(BUSINESS WIRE)--Life Sciences Research, Inc. (NYSE Arca: LSR) today announced that Andrew Baker, Chairman and CEO of LSR, has made a non-binding proposal to acquire all of the outstanding shares of LSR for a price of $7.50 per share pursuant to a letter dated March 3, 2009. LSR’s common stock closed at $4.79 per share on March 3, 2009. The proposal letter indicates that the proposal is conditioned upon satisfactory completion of due diligence, negotiation of definitive transaction documents, receipt of the requisite financing commitments and receipt of necessary board approval. Mr. Baker indicates in the letter that he has commenced exploring potential financing sources and that while he is confident that he will be able to secure the requisite financing for the proposal, there can be no assurance of success. The Board of Directors of LSR has established a special committee of independent directors to act on behalf of LSR with respect to consideration of the proposal and other strategic alternatives. The special committee has the authority to engage its own legal, financial and other advisors. The process of considering the proposal is only in its beginning stages and consequently no decisions have been made by the special committee of the Board in respect of LSR’s response, if any, to the proposal. Shareholders are not being asked to take any action with respect to the proposal. There can be no assurance that the proposed transaction or any other transaction will be approved or completed.

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