LAB Research Announces 2007 Financial Results



    LAVAL, QC, March 12 /CNW Telbec/ - LAB Research Inc. (TSX: LRI) ("LAB
Research" or the "Company"), a Canadian-based global non-clinical contract
research organization, announced today its fourth quarter and year-end 2007
financial results. This press release contains forward-looking information,
investors are invited to read the cautionary language contained under the
section "Forward Looking Statements" below. We also use certain non-GAAP
measures, including Backlog, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin,
and Gross Margin, as financial performance indicators. The Company believes
such measures provide meaningful information on the Company's performance and
operating results. However, readers are cautioned that non Generally Accepted
Accounting Principles ("GAAP") measures do not have a standardized meaning
under GAAP and they are, thus, unlikely to be comparable to similar measures
presented by other issuers.

    
    2007 Financial Highlights from continuing operations
    (Compared to 2006 Results)

    - Revenues of $55.l million, up 15.5% including a 54.2% increase from the
      Canadian operations;
    - Adjusted EBITDA of $9.4 million, down 9.8%;
    - Net earnings of $2.2 million ($0.12 per share), down 53.7%,
      notwithstanding an increase of 53.5% from the combined Canadian and
      Danish sites; and
    - 45.4% increase in consolidated backlog.

    Other 2007 Highlights

    - Buy-back and financing of the Canadian facility;
    - Danish and Hungarian site expansions completed on time and within
      budget;
    - Increase of 45% in global capacity;
    - Closing of U.S. vivarium;
    - Strengthening of Hungarian site's management team; and
    - New Canadian site expansion under way with agreed financing terms.

    "In 2007, our Canadian and Danish sites yielded excellent performance and
profit growth. As discussed in our lastest press release (dated January 24,
2008), we were disappointed by the performance of our Hungarian site, which
has affected our overall results. The Hungarian site is successfully going
through a restructuring following three years of exceptional growth. Apart
from the weaker financial results in the fourth quarter, fiscal 2007 was
marked by many positive achievements including a series of initiatives aimed
at increasing our sites' capacity to fuel organic growth for the future," said
Luc Mainville, President and Chief Executive Officer of LAB Research. "We have
continued to add capacity and expanded our line of services to meet the
growing demand as well as successfully attracted excellent CRO professionals
in each of our sites. Considering these great additions, the sequential
increase in capacity, and the progress in Hungary, we are optimistic about the
prospects for 2008," added Mr. Mainville.

    Financial Results from continuing operations

    LAB Research posted revenues of $13.2 million for the fourth quarter of
2007, up 3.1% compared to the $12.8 million generated during the same period
of 2006. For the year ended December 31, 2007, LAB Research posted revenues of
$55.1 million, compared to $47.7 million for the same period of 2006,
representing an increase of 15.5 %. While LAB Canada and LAB Denmark's (as
such terms are defined below) combined revenues, for the fourth quarter and
the full year of 2007, increased by 26.0% and 25.4%, respectively, the
performance of the Hungarian site was much weaker in 2007 than in 2006 with
revenues declining by 63.1% during the fourth quarter of 2007 compared to the
same period in 2006 and by 17.3% for the year 2007, compared to the year 2006.
    Our Canadian non-clinical operations ("LAB Research Canada") posted
revenues of $5.6 million for the fourth quarter of 2007 up 54.1%, compared to
the $3.6 million generated during the same period of 2006. For the year ended
December 31, 2007, LAB Research Canada posted revenues of $22.8 million, up
54.2% compared to the $14.8 million achieved in the same period in 2006. This
revenue increase is attributable to optimizing the use of this site's capacity
following the December 2006 expansion as well as improving our study mix
following the 2006 reorganization of its business development and scientific
staff. The expansion added approximately 28,000 square feet of capacity, which
has been used at close to full capacity since June 2007.
    Our Danish subsidiary ("LAB Research Denmark") posted revenues of
$6.4 million for the fourth quarter of 2007, up 8.6% compared to the
$5.9 million during the same period of 2006. LAB Research Denmark completed
its new 21,000-square-foot facility expansion project in July 2007, which
explains the increase in revenues. For the year ended December 31, 2007, LAB
Research Denmark posted revenues of $24.8 million, compared to $23.2 million
for the same period of 2006, representing an increase of 7.0%, of which 4.6%
relates to the appreciation of the Danish Kroner relative to the Canadian
dollar.
    Our Hungarian subsidiary ("LAB Research Hungary") posted revenues of
$1.2 million for the fourth quarter of 2007, down 63.1% compared to the
$3.3 million generated in the same period of 2006. Revenues for the year 2007
stood at $7.5 million, compared to $9.7 million for the same period of 2006,
representing a decrease of 23.1%. LAB Research Hungary completed its building
expansion project in October 2007, thereby increasing its large animal housing
capacity fivefold. The addition of 30 large animal rooms was directly aimed at
adapting the site capacity to better serve the more lucrative pharmaceutical
and biotechnology markets. We expect that this expansion and the recent hiring
of new senior management including Mr. Banks and Mrs. Leyshon will have a
significant impact on the site's ability to attract a broader base of biotech
and pharmaceutical clients to complement its strong agro-chemical and
industrial business, and will reduce us having to depend on a single contract
and study mix to achieve the financial performance we seek.
    The Company's gross margin stood at 29.6% for the fourth quarter of 2007,
compared to the 42.7% generated in the same period of 2006. Since we operate
in a highly fixed cost environment, our gross margin is directly impacted by
the revenue level. In Denmark, the gross margin declined by 6.0% due to lower
revenues, higher animal costs linked to the strong level of study starts
during the quarter and higher personnel costs, while gross margins decreased
slightly in Canada. Our gross margin also decreased in Hungary, due to lower
than anticipated revenues. Our year 2007 gross margin stood at 35.8% compared
to 40.7% for 2006 2006. Our gross margin improved slightly in Canada while LAB
Research Denmark's gross margin declined by 2.7%, as anticipated, due to the
hiring and training of new staff to prepare for the additional activities to
be generated from the building expansion. As for Hungary, the gross margin
decreased by 25.6% mainly due to lower revenues. The Company's strategy to
increase the size of each of its sites up to their respective optimal size
should provide the Company with significant benefits in the future as we seek
to improve operational performance by way of improved scheduling flexibility
and internalization of additional services.
    Selling, general and administrative ("SG&A") expenses stood at
$3.2 million for the fourth quarter of 2007, compared to the $3.0 million
incurred during the same period of 2006, representing 24.5% and 23.5% of our
revenues, respectively. The increase in SG&A expenses, in the fourth quarter
of 2007 compared to 2006 is principally due to the $0.6 million reserve for
doubtful account from one major client in Hungary. For 2007, SG&A expenses
were $10.0 million, compared to $10.3 million for the same period of 2006,
representing 18.2% and 21.7 % of revenues, respectively. The decrease in SG&A
expenses between the year 2007 and 2006 is attributable to lower sales
commissions due to the Company's strengthened new business development group
in Canada, which is now less reliant on third-party consultants, and a tighter
control over expenses incurred at all sites offset by a non-recurring
termination fee of $0.2 million related to the early termination of the IT
Agreement in Canada, as well as a net reserve for doubtful accounts of
$0.4 million.
    Earnings before Interest, Income Taxes, Depreciation and Amortization
(EBITDA) for the fourth quarter of 2007 stood at $0.4 million, compared to
$2.9 million for the same period of 2006. After adjusting for the impact of
the Canadian facility's sale-leaseback transaction, the adjusted EBITDA for
the fourth quarter of 2007 amounted to $0.4 million, compared to $3.2 million
for the same period of 2006. The adjusted EBITDA margins for the fourth
quarter of 2007 and 2006 were 3.2% and 24.7%, respectively. The EBITDA for the
year 2007 was $9.1 million, compared to $9.4 million for the year 2006, while
adjusted EBITDA, for the same periods, were $9.4 million, compared to
$10.4 million, representing 17.1% and 21.9% of revenues, respectively.
    Amortization expense for the fourth quarter of 2007 amounted to
$1.1 million, compared to $0.5 million for the same period of 2006. For the
year 2007, this expense amounted to $3.9 million, compared to $2.8 million in
2006. This increase was due to additional amortization charges resulting from
the buy-back of the building in Canada and the completion of the building
expansion projects in Denmark and Hungary.
    Net interest expense amounted to $0.4 million for the fourth quarter of
2007, compared to $0.1 million for the same period of 2006. For 2007, net
interest expense amounted to $1.2 million, compared to $0.4 million for the
year 2006. This increase was primarily due to the additional debt incurred in
connection with reacquiring the Canadian building in April 2007 and the
completion of building expansion projects in Denmark and Hungary.
    The provision for income taxes in the fourth quarters of 2007 and 2006
stood at $0.6 million and $0.3 million, respectively, representing, 49.8% and
13.6% of earnings before income taxes, respectively, compared to the combined
Canadian federal and Quebec provincial income taxes rate of 32.2%. For the
year 2007, the provision for income taxes amounted to $1.5 million,
representing 40.9% of earnings before income taxes, compared to $1.4 million
for 2006, representing 22.4% of earnings before income taxes, compared to the
combined Canadian federal and Quebec provincial income taxes rate of 32.2%.
The higher income tax expense for the fourth quarter and the year 2007 is due
to a re-evaluation of the Canadian future tax assets generating an additional
provision of $0.4 million and $0.3 million, respectively, in relation to lower
enacted future federal rates announced in December 2007 that caused a decrease
in future tax assets.
    For the fourth quarter of 2007, the net loss amounted to $1.7 million,
compared to net earnings of $1.9 million for the same period of 2006. Net
earnings for the year 2007 were $2.2 million, down 53.7%, compared to net
earnings of $4.7 million for 2006. The Canadian and Danish operations
generated net combined earnings of $5.1 million in 2007, compared to
$3.3 million for the year 2006, representing an increase of $1.8 million or
53.5%. These positive factors were offset by the weaker performance of the
Hungarian site coupled with the net reserve for doubtful accounts receivable
of $0.4 million and the termination fee of $0.2 million due to the early
termination of the Information Technology Services Agreement in Canada. For
the fourth quarter of the 2007, the loss amounted to $0.09 per share on the
basis of 18,049,844 weighted average shares outstanding, notwithstanding the
$0.03 per share negative impact of the re-evaluation of the future tax assets,
compared to earnings of $0.11 per share for the same period in 2006 on the
basis of 18,035,714 weighted average shares outstanding. For the year 2007,
earnings were $0.12 per share ($0.11 on a diluted basis) on the basis of
18,039,413 weighted average shares outstanding, compared to $0.30 per share
($0.30 on a diluted basis) on the basis of 15,753,325 weighted average shares
outstanding for the same period of 2006.
    On January 24, 2008, the Company's announced preliminary results for its
fourth quarter and year end 2007. The loss per share for the fourth quarter
was estimated to be between $0.06 and $0.08. The actual loss of $0.09 includes
a loss per share of $0.02 resulting from a decrease in future Canadian federal
tax rates, which was not projected at the time of disclosure. The actual
revenues of $55.1 million compares to estimated revenues of $55.9 million. The
negative variance of $0.8 million is due to a reclassification of a grant to
direct costs to properly classify the amount against the related expenditures.
The reclassification had no effect on earnings.

    Expansion of LAB Research Canada

    In August 2007, the Company announced a new expansion project for its
Canadian site which was initiated during the fourth quarter of 2007.
Construction is underway and progressing as planned. Following completion,
which is anticipated in late 2008, this expansion will increase the site's
animal housing capacity from 36 to 80 rooms including 12 multi-purpose rooms
to be used for inhalation toxicology. The Company's total space will increase
from 87,000 to 170,000 square feet for an initial cost of $24.0 million
including equipment. Management plans to invest an additional $16.0 million
over the next two years for equipment aimed at maximizing the site's revenue
capacity, revenues being expected to triple over the same period.

    Litigations

    On December 21, 2007, LAB Research was served with an introductory motion
of suit from one of its former suppliers claiming an amount of $1.4 million
for the non-exercise of a right of first refusal. The file is at a very
preliminary stage. An examination of plaintiff representative is scheduled in
March 2008. The Company's management believes that the claim has no merit and
therefore intends to vigorously defend its position. The ultimate resolution
of this matter and the estimated amount of damages, if any, cannot be
determined and accordingly, we have not recorded any provision in our
financial statements for this matter.
    On January 30, 2008, we were informed by one of our sponsors that they had
received notice from the Food and Drug Administration ("FDA") that the studies
conducted by LAB Research Hungary were deemed invalid due to Good Laboratory
Practices ("GLP") deficiencies. The deficiencies mentioned by the FDA in their
letter to the sponsor had been highlighted and addressed by LAB Research
Hungary in its final GLP report of the respective studies to the sponsor. LAB
Research Hungary felt, when issuing its reports and is still of the opinion,
that these deficiencies did not alter the results of the studies. The sponsor
accepted our position and decided to file its Innovative New Drug filing with
FDA. On February 20, 2008, LAB Research received a claim from the sponsor
seeking recovery of the costs of the studies in the amount of $4.2 million and
reserved their rights to claim future damages. Our insurer has been made aware
of the sponsor's claim but they have not confirmed that the claim is covered
by the Company's policy. The ultimate resolution of this matter and the
estimated amount of damages, if any, cannot be determined and accordingly, we
have not recorded any provision in our financial statements for this matter.

    Toward a Clear Improvement in Profitability

    "The great demand for non-clinical contractual research and the
initiatives we have taken over the past two years pave the way for a steady
improvement in the Company's revenues and profitability," indicated
Mr. Mainville.
    Mr. Mainville added: "Recognizing that the success of each of our
operations is key to our global success, we have implemented during the last
few months a series of initiatives aiming at improving LAB Hungary's
profitability. We expect that the recent expansion of the site and hiring of
highly qualified senior management, including Mr. Banks and Mrs. Leyshon will
have a significant impact on the site's ability to diversify its clientele and
achieve sustained profitability."
    "Due to recent expansions and the anticipated LAB Hungary turnaround in
2008, we are confident that the Company's revenues will exceed the industry's
projected 15% growth rate in 2008. In fact, our order backlog stood at
$26.9 million at the end of December 31, 2007, up 45% over the same date in
2006 and 18% since the end of the third quarter. As well, our expansion
program should increase each site's operational performance by way of improved
scheduling flexibility, internalization of additional services, and lower
dependence on study mix. Anticipated revenues and operational performance
improvements should enable us to generate higher future operating margins and
net earnings." concluded Mr. Mainville.

    Forward Looking Statements

    Certain statements in this document are forward looking and prospective.
By their nature, forward looking statements require us to make assumptions and
are subject to inherent risks and uncertainties. There is significant risk
that predictions and other forward looking statements will not prove to be
accurate. Readers of this document are cautioned not to place undue reliance
on our forward looking statements as a number of factors could cause future
results, conditions, actions or events to differ materially from the operating
target, expectations, estimates or intentions expressed in the forward looking
statements. For additional information on these and other factors, see the
reports filed by LAB Research with Canadian securities regulators.
    Forward looking statements reflect our current views with respect to
future events and are based upon what we believe are reasonable assumptions
and subject to risks and uncertainties. These forward looking statements
represent our estimates and assumptions only as of the date of this document.
We undertake no obligation and do not intend to update or revise these forward
looking statements, unless required by law.

    About LAB Research Inc.

    LAB Research is a Canadian global non-clinical contract research
organization that provides contract research services to the pharmaceutical,
biotechnology, agro-chemical, petro-chemical and industrial markets. LAB
Research supports the development of its customers' products from three
state-of-the-art facilities located in Canada, Denmark and Hungary. LAB
Research shares trade on the TSX under the symbol "LRI", with 18.1 million
shares outstanding.

                        Appendix 1: Non GAAP Measures

    We use certain non-GAAP measures, including Backlog, EBITDA, Adjusted
EBITDA, Adjusted EBITDA Margin, and Gross Margin, as financial performance
indicators. The Company believes such measures provide meaningful information
on the Company's performance and operating results. However, readers are
cautioned that non-GAAP measures do not have a standardized meaning under GAAP
and they are, thus, unlikely to be comparable to similar measures presented by
other issuers.

    (a) EBITDA

    The following table reconciles our net earnings to our EBITDA and our
Adjusted EBITDA, from continuing activities by reporting periods.


                                      Three months            Twelve months
                                          ended                   ended
                                       December 31             December 31
                                    2007        2006        2007        2006
                                 --------    --------    --------    --------
                                       $           $           $           $
    (in thousands of dollars)

    Net earnings loss from
     continuing activites         (1,702)      1,942       2,187       4,727
    Adjustments for:
      Income taxes                   566         306       1,512       1,365
      Interest on
       long-term debt                486         130       1,419         562
      Amortization                 1,073         529       3,945       2,750
                                 --------    --------    --------    --------
    EBITDA                           423       2,907       9,063       9,404
    Rent Expense                       -         261         363       1,044
                                 --------    --------    --------    --------
    Adjusted EBITDA                  423       3,168       9,426      10,448
                                 --------    --------    --------    --------
                                 --------    --------    --------    --------
    Adjusted EBITDA margin %         3.2%       24.7%       17.1%       21.9%
                                 --------    --------    --------    --------
                                 --------    --------    --------    --------

    (1) Lease expense on the Canadian facility, as a result of the sale-
        leaseback transaction from November 1, 2005 to April 16, 2007
        (see below).

    While operating as a segment of our former parent company, Akela, we
entered into a sale-leaseback transaction on the Canadian facility, which took
effect on November 1, 2005. On April 17, 2007, following the IPO, and in
accordance with our strategic growth plan, we reacquired the property.
Accordingly, prior to November 1, 2005 and after April 16, 2007,
"amortization" includes amortization of the related building and "interest,
net" includes interest expense on the long-term debt secured by the building.
Between November 2005 and April 2007, while the sale-leaseback transaction was
in effect, amortization and interest expense related to the building was
replaced by "rent expense" in our statements of earnings.

    (b) Gross margin

    Gross margin refers to revenues less direct costs. Direct costs do not
include depreciation expense of assets used in our direct operations.

    The following table presents our gross margins from continuing activities
by reporting periods.


                                      Three months            Twelve months
                                          ended                   ended
                                       December 31             December 31
                                    2007        2006        2007        2006
                                 --------    --------    --------    --------
                                       $           $           $           $
    (in thousands of dollars)

    Revenues                      13,243      12,843      55,108      47,706
    Direct costs                   9,324       7,359      35,375      28,286
                                 --------    --------    --------    --------
    Gross margin                   3,919       5,484      19,733      19,420
                                 --------    --------    --------    --------
                                 --------    --------    --------    --------
    Gross margin %                  29.6%       42.7%       35.8%       40.7%
                                 --------    --------    --------    --------
                                 --------    --------    --------    --------


    (c) Back Log

    The backlog represents the value of client contracts for services that
have not yet been performed.


    Consolidated Balance Sheets
    December 31, 2007 and 2006
    (in thousands of Canadian dollars)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                    December 31, December 31,
                                                            2007        2006
    Assets

    Current assets:
      Cash and cash equivalents                        $   6,825   $   8,516
      Accounts and other receivables                       9,450      16,661
      Work in progress                                     2,913       2,209
      Income taxes receivable                              1,894         268
      Prepaid expenses                                     1,361       1,104
      Future income taxes                                    916       1,859
      -----------------------------------------------------------------------
                                                          23,359      30,617

    Property and equipment                                60,176      24,784
    Intangible assets                                      2,076       2,748
    Other assets                                           3,598       2,119
    Future income taxes                                    3,435       3,306
    -------------------------------------------------------------------------
                                                       $  92,644   $  63,574
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Liabilities and Shareholders' Equity

    Current liabilities:
      Bank loan                                        $       -   $     223
      Accounts payable and accrued liabilities            11,673       9,916
      Holdback payable                                       203         913
      Deferred revenue                                     7,949       6,194
      Current portion of long-term debt                    2,111       1,230
      Deferred gain on sale of property                        -          84
      Future income taxes                                    585         692
      -----------------------------------------------------------------------
                                                          22,521      19,252

    Deferred rent liability                                    -         253
    Deferred gain on sale of property                          -       1,501
    Long-term debt                                        33,825       7,586
    Future income taxes                                    1,924       2,039
    Shareholders' equity:
      Share capital                                       63,753      63,672
      Additional paid-in capital                             682         181
      Accumulated other comprehensive loss                (1,186)       (263)
      Deficit                                            (28,875)    (30,647)
      -----------------------------------------------------------------------
                                                          34,374      32,943
    Commitments, contingencies and guarantees
    Subsequent events
    -------------------------------------------------------------------------
                                                       $  92,644   $  63,574
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Consolidated and Combined Carve-Out Statements of Earnings

    Years ended December 31, 2007 and 2006
    (in thousands of Canadian dollars, except per share data)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                            2007        2006
    -------------------------------------------------------------------------

    Revenues                                           $  55,108   $  47,706

    Expenses:
      Direct costs                                        35,375      28,286
      Selling, general and administrative                 10,017      10,335
      Stock-based compensation                               522         216
      Amortization of property and equipment               3,428       2,249
      Amortization of intangible assets                      517         501
      Interest, net                                        1,202         422
      Foreign exchange                                       348        (395)
    -------------------------------------------------------------------------
                                                          51,409      41,614
    -------------------------------------------------------------------------
    Earnings before income taxes                           3,699       6,092
    Provision for income taxes                             1,512       1,365
    -------------------------------------------------------------------------

    Net earnings from continuing operations                2,187       4,727
    Net (loss) earnings from discontinued operations         (92)        208
    -------------------------------------------------------------------------
    Net earnings                                       $   2,095   $   4,935
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Earnings per share
      Basic:
        Continuing operations                          $    0.12   $    0.30
        Discontinued operations                                -        0.01
      -----------------------------------------------------------------------
                                                       $    0.12   $    0.31
      -----------------------------------------------------------------------
      Diluted:
        Continuing operations                          $    0.12   $    0.30
        Discontinued operations                            (0.01)       0.01
      -----------------------------------------------------------------------
                                                       $    0.11   $    0.31
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Consolidated and Combined Carve-Out Statements of Cash Flows

    Periods ended December 31, 2007 and 2006
    (in thousands of Canadian dollars)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                            2007        2006

    Cash flows from operating activities:
      Net earnings                                     $   2,095   $   4,935
      Net earnings (loss) from discontinued operations        92        (208)
      -----------------------------------------------------------------------
      Net earnings from continuing operations              2,187       4,727
      Adjustments for:
        Amortization of property and equipment             3,428       2,249
        Amortization of intangible assets                    517         501
        Write-off of property and equipment                   24           3
        Unrealized gain on foreign exchange                 (365)        (98)
        Stock-based compensation                             522         216
        Amortization of deferred gain of property            (20)        (86)
        Deferred rent liability                               72         216
        Future income taxes                                  895      (1,823)
        Other                                                 29          38
      Net changes in operating assets
       and liabilities                                    (2,875)      1,351
      -----------------------------------------------------------------------
                                                           4,414       7,294
      Net cash from operations provided by
       discontinued operations                                96         374
      -----------------------------------------------------------------------
                                                           4,510       7,668
    Cash flows from financing activities:
      Proceeds from issuance of common shares                 60      15,000
      Share issue costs                                        -      (1,850)
      Proceeds from issuance of long-term debt            32,157          62
      Repayment of long-term debt                         (3,935)     (2,276)
      Proceeds on issuance of capital lease                    -         123
      Repayment of capital leases                           (541)       (703)
      Financing fees                                        (397)          -
      Changes in net assets not transferred
       to LAB Canada                                           -       3,339
      Net advances companies under common control              -      (2,897)
      Proceeds from bank facilities                            -         223
      Repayments under bank credit facilities               (223)       (432)
      -----------------------------------------------------------------------
                                                          27,121      10,589
    Cash flows from investing activities:
      Payment of holdback payable                           (835)          -
      Additions to property and equipment                (32,427)     (6,122)
      Proceeds from disposal of property
       and equipment                                          17         165
      Costs incurred for the Canadian expansion
       to be reimbursed by the landlord                        -      (8,500)
      Loan receivable                                       (300)          -
      Other                                                  147         691
      -----------------------------------------------------------------------
                                                         (33,398)    (13,766)
    Effect of exchange rate changes on cash                   76         298
    -------------------------------------------------------------------------
    Net (decrease) increase in cash and cash
     equivalents                                          (1,691)      4,789
    Cash and cash equivalents, beginning of year           8,516       3,727
    -------------------------------------------------------------------------
    Cash and cash equivalents, end of year             $   6,825   $   8,516
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    
    %SEDAR: 00023798EF




For further information:

For further information: LAB Research Inc.: Luc Mainville, President and
Chief Executive Officer, (450) 973-2240, ext.: 1206,
mainvillel@labresearch.com, www.labresearch.com; Media and Investors: Echoes
Financial Network Inc.: Dominic Sicotte, (866) 633-9551, (514) 842-9551,
dsicotte@echoesfinancial.com

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