Charles River Laboratories International has a market cap of $2.25 billion; its shares were traded at around $34.19 with a P/E ratio of 14.4 and P/S ratio of 1.8. Charles River Laboratories International had an annual average earning growth of 6.4% over the past 10 years.CRL is in the portfolios of Westport Asset Management, Robert Olstein of Olstein Financial Alert Fund, First Pacific Advisors of First Pacific Advisors, LLC, Ron Baron of Baron Funds, Richard Pzena of Pzena Investment Management LLC, Paul Tudor Jones of The Tudor Group, Arnold Van Den Berg of Century Management, PRIMECAP Management, George Soros of Soros Fund Management LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations: Our net income attributable to common shareholders was $17.4 million for the three months ended March 27, 2010, compared to $25.4 million for the three months ended March 28, 2009. Diluted earnings per share for the first quarter of 2010 were $0.26, compared to $0.38 for the first quarter of 2009.
Corporate headquarter costs were $20.2 million for the three months ended March 27, 2010, an increase of $2.1 million from $18.1 for the three months ended March 28, 2009. The increase is mainly due to increased costs due to the roll out of our ERP system.
Amortization of Other Intangibles. Amortization of other intangibles for the three months ended March 27, 2010 was $7.2 million, an increase of $1.1 million, from $6.1 million for the three months ended March 28, 2009. Amortization expense increased as a percentage of sales to 2.4% for the three months ended March 27, 2010 from 2.0% for the three months ended March 28, 2009.
As of March 27, 2010, we had $27.6 million in marketable securities with $11.5 million in time deposits and $16.0 million in auction rate securities rated AAA by a major credit rating agency. Our auction rate securities are guaranteed by U.S. federal agencies. The current overall credit concerns in the capital markets as well as the failed auction status of these securities have impacted our ability to liquidate our auction rate securities. If the auctions for the securities we own continue to fail, the investment may not be readily convertible to cash until a future auction of these investments is successful. Based on our ability to access our cash and other short-term investments, our expected operating cash flows, and other sources of cash, we do not anticipate the current lack of liquidity on these investments will affect our ability to operate our business as usual.
Net cash provided by (used in) investing activities for the three months ending March 27, 2010 and March 28, 2009 was $36.0 million and $(62.3) million, respectively. Our capital expenditures during the first quarter of 2010 were $9.3 million, of which $5.0 million was related to RMS and $4.3 million to PCS. For 2010, we project capital expenditures to be in the range of $60-$70 million. We anticipate that future capital expenditures will be funded by operating activities, marketable securities and existing credit facilities. During the first quarter of 2010, we sold $50.2 million of marketable securities.
Net cash used in financing activities for the three months ending March 27, 2010 and March 28, 2009 was $23.2 million and $38.2 million, respectively. Payments and long-term debt and the long-term credit agreement were $22.7 million and $8.7 million for the three months ended March 27, 2010 and March 28, 2009, respectively. During the first quarter of 2010, we purchased $2.9 million of treasury stock.
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