Charles River Cuts Its Way To Q4 Profit
Charles River Laboratories International Inc. said its fourth quarter profit improved to $17.6 million from a $663 million loss a year ago.
At the same time, sales for the quarter declined 5.2 percent to $295 million from $311 million last year.
The company said it is confident that "the market has stabilized" after coming through 2009 in better-than-expected form, thanks to "stringent cost control and realignment of our business."
In January, Charles River said it would close its 400,000-square-foot Shrewsbury facility by the middle of the year, leaving 300 people without jobs.
For the year, the Wilmington-based company reported revenue of $1.2 billion compared to $1.3 billion in 2008.
Profit for the year was $113 million compared to a $525 million loss the year before.
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