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Caliper Life Sciences Reports West Coast Consolidation of Operations
Date:4/24/2008

- Effects of Cost Savings Initiatives Quantified -

- First Quarter Revenues Exceed Mid-Point of Guidance -

HOPKINTON, Mass., April 24 /PRNewswire-FirstCall/ -- Caliper Life Sciences, Inc. (Nasdaq: CALP), a leading provider of tools and services for drug discovery and life sciences research, today reported it has implemented a plan to consolidate its west coast business operations to reduce overall facility costs and improve productivity and effectiveness of its research and development spending. Based on preliminary financial data for the first fiscal quarter ended March 31, 2008, Caliper expects this initiative to result in annual cost savings of approximately $3.3 million once fully implemented, and it expects to incur costs of approximately $3.7 million in fiscal 2008 to achieve this savings. In addition, Caliper has completed several actions to reduce general and administrative costs and improve productivity, namely the streamlining of its finance organization announced several weeks ago and the recent settlement of two disputes involving litigation. A first quarter severance and retention charge of approximately $500,000 to $650,000 will be recorded for the west coast consolidation and other streamlining actions taken during the quarter.

In addition to the first quarter charge, Caliper estimates total additional costs associated with the west coast consolidation to be approximately $3.1 million. The following are the major categories of the additional costs expected to be incurred: (1) approximately $0.4 million in employee severance and retention costs spread evenly over the remainder of the fiscal year; and (2) approximately $2.7 million in facility abandonment charges in the third quarter. Calipe
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SOURCE Caliper Life Sciences, Inc.
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