<SEC-DOCUMENT>0000950103-15-009452.txt : 20160114
<SEC-HEADER>0000950103-15-009452.hdr.sgml : 20160114
<ACCEPTANCE-DATETIME>20151209151325
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950103-15-009452
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20151209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHARLES RIVER LABORATORIES INTERNATIONAL INC
		CENTRAL INDEX KEY:			0001100682
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731]
		IRS NUMBER:				061397316
		FISCAL YEAR END:			1227

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		251 BALLARDVALE ST
		CITY:			WILMINGTON
		STATE:			MA
		ZIP:			01887
		BUSINESS PHONE:		781-222-6000

	MAIL ADDRESS:	
		STREET 1:		251 BALLARDVALE ST
		CITY:			WILMINGTON
		STATE:			MA
		ZIP:			01887

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHARLES RIVER LABORATORIES HOLDINGS INC
		DATE OF NAME CHANGE:	19991208
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 8, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>BY EDGAR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 6%"><font style="font-size: 10pt">Attn: </font></td>
    <TD STYLE="width: 94%"><font style="font-size: 10pt">Tia L. Jenkins, Senior Assistant Chief Accountant </font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Office of Beverages, Apparel and Mining</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt"><b>Re</b>:</font></td>
    <TD><font style="font-size: 10pt"><b>Charles River Laboratories International, Inc. </b></font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt"><b>Form 10-K for the Fiscal Year Ended December 27, 2014 </b></font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt"><b>Filed February 17, 2015 </b></font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt"><b>File No. 1-15943</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ms. Jenkins:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Charles River Laboratories International, Inc. (&ldquo;CRL&rdquo;
or the &ldquo;Company&rdquo;), 251 Ballardvale Street, Wilmington, MA 01887, submits this letter in response to the comment from
the staff of the Division of Corporation Finance (the &ldquo;Staff&rdquo;) of the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
received by letter dated November 25, 2015 to David R. Smith (the &ldquo;Comment Letter&rdquo;), related to the above referenced
filing (the &ldquo;Filing&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For reference purposes, the text of the Comment Letter has been
reproduced herein with the response below the comment. For your convenience, we have italicized the reproduced Staff comment from
the Comment Letter and we have bolded the heading of our response thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Comment 1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Item 6. Market for Registrant&rsquo;s Common Equity, Related
Stockholder Matters and Issuer Purchases of Equity Securities </U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Dividends, page 24 </U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>1. You disclose some of the restrictive covenants contained
in your revolving credit agreement and term loan agreements may limit your ability to pay dividends. In future filings, please
disclose in the notes to your financial statements the nature and significant terms of the restrictions imposed on your ability
to pay dividends by the terms of these debt agreements. Refer to the disclosure requirements outlined in Rule 4-08(e) of Regulation
S-X. Please provide us your proposed disclosures. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Response to Comment 1: </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company highlights for the Staff&rsquo;s benefit the following
disclosure included in &ldquo;Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities&rdquo; on page 24 of the Filing, as it provides context to the Company&rsquo;s disclosures around dividend restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;We have not declared or paid any cash dividends
on shares of our common stock in the past two years and we do not intend to pay cash dividends in the foreseeable future. We currently
intend to retain any earnings to finance future operations and expansion.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based upon a review of the revolving credit agreement and term
loan agreements the Company believes that the below disclosure is no longer applicable. The Company will exclude the following
disclosure from future filings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;Some of the restrictive covenants contained
in our revolving credit agreement and term loan agreements limit our ability to pay dividends.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Comment 2</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Item 7. Management&rsquo;s Discussion and Analysis of
Financial Condition and Results of Operations </U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Results of Operations </U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Fiscal Year 2014 Compared to Fiscal Year 2013, page 34
</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>2. Your statements of income on page 44 separately present
service revenue and product revenue and the related costs of services provided and products sold. In future filings, please revise
your disclosures in Management&rsquo;s Discussion and Analysis to address separately the business reasons for changes in service
revenues and product revenues and the related costs of sales for each revenue type. Please provide us your proposed disclosures.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Response to Comment 2</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company proposes to add disclosures similar to the underlined
disclosures below to future periodic reports. The below disclosures has been drafted based upon the fiscal year 2014 results compared
to those of the fiscal year 2013. The text that is not underlined is provided for context and is an excerpt from page 34 of the
Filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revenue for the fiscal year 2014 increased $132.2 million, or
11.3%, compared with the fiscal year 2013. Reported revenue decreased due to foreign currency translation by $1.7 million, or 0.1%,
when compared to the prior period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Service revenue for the fiscal year 2014 was $797.8 million,
an increase of $108.6 million or 15.8%, compared to $689.2 million for the fiscal year 2013. The increase in service revenue is
due to the acquisition of Argenta and BioFocus that contributed $68.9 million to revenue growth, as well as, higher revenue in
the Safety Assessment business primarily driven by increased volume.</U> <U>Product revenue for the fiscal year 2014 was $499.9
million, an increase of $23.5 million, or 4.9%, compared to $476.4 million for the fiscal year 2013. The increase was due to growth
in our Manufacturing business, particularly EMD, and the acquisition of Argenta and BioFocus that contributed $2.5 million to revenue
growth.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cost of products sold and services provided (costs) for the
fiscal year 2014 increased $54.4 million, or 7.1%, compared with the fiscal year 2013. Costs as a percentage of revenue for the
fiscal year 2014 were 63.6%, a decrease of 2.5%, from 66.1% for the fiscal year 2013. The costs above include asset impairments,
which were previously presented separately in our consolidated statement of income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Costs of services provided for the fiscal year 2014 was $558.6
million, an increase of $60.7 million or 12.2%, compared to $497.9 million for the fiscal year 2013. The increase is due to a higher
cost base as a result of the acquisition of Argenta and BioFocus and increased costs in the Safety Assessment business, as a result
of increased revenue. Costs of products sold for the fiscal year 2014 was $266.4 million, a decrease of $6.3 million or 2.3%, compared
to $272.8 million for the fiscal year 2013. The decrease was primarily due to lower accelerated depreciation expense associated
with global efficiency initiatives in our research models business; partially offset by growth in our Manufacturing business and
a higher costs base due to the acquisition of Argenta and BioFocus.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Comment 3</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Item 7A. Quantitative and Qualitative Disclosures about
Market Risk </U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Foreign Currency Exchange Rate Risk, page 41 </U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>3. Please revise your foreign currency exchange rate risk
disclosures in future filings to also include quantitative information in one of the formats outlined in Item 305(a)(1)(i) through
(iii) of Regulation S-K. Please provide us your proposed disclosures. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Response to Comment 3</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company proposes to add disclosures similar to the underlined
disclosures below to future periodic reports. The text that is not underlined is provided for context and is an excerpt from page
41 of the Filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;We operate on a global basis and have exposure
to some foreign currency exchange rate fluctuations for our financial position, results of operations and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">While the financial results of our global activities
are reported in U.S. dollars, our foreign subsidiaries typically conduct their operations in their respective local currency. <U>The
principal functional currencies of </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>the company&rsquo;s foreign subsidiaries are the
Euro, Pound Sterling and Canadian Dollar. During the fiscal year 2015, the most significant drivers of foreign currency translation
adjustment the Company recorded as part of Comprehensive Income were the __ and __. </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Fluctuations in the foreign currency exchange rates
of the countries in which we do business will affect our <STRIKE>operating results</STRIKE> <U>financial position, results of operations
and cash flows</U>, often in ways that are difficult to predict. In particular, as the U.S. dollar strengthens against other currencies
the value of our non-U.S. revenue<U>, expenses, assets, liabilities and cash flows</U> will <U>generally</U> decline when reported
in U.S. dollars. The impact to net income as a result of a U.S. dollar strengthening will be partially mitigated by the value of
non-U.S. expense which will also decline when reported in U.S. dollars. As the U.S. dollar weakens versus other currencies the
value of the non-U.S. revenue and expenses<U>,</U> <U>assets, liabilities and cash flows</U> will <U>generally</U> increase when
reported in U.S. dollars. <U>For the year ended December 26, 2015, our revenue and operating income would have decreased by approximately
$__ million and $__ million, respectively, if the U.S. dollar exchange rate would have strengthened by 10% with all other variables
held constant</U>&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company also intends to include a discussion of the reasons
for any material quantitative changes in foreign currency exchange rate risk as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Comment 4</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Note 8. Equity and Redeemable Noncontrolling Interest
</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Accumulated Other Comprehensive Income (Loss), page 70
</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>4. You experienced $48.5 million in other comprehensive loss
from translation adjustments during the fiscal year ended December 27, 2014. Given the significance of this amount to your total
comprehensive income, please disclose in future filings the changes in currencies which gave rise to this significant translation
adjustment. Please provide us your proposed disclosures. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Response to Comment 4</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Following the table disclosing changes to the components of
Accumulated Other Comprehensive income (loss) on page 70 of the Filing the Company proposes to add the following disclosure to
future periodic reports:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<B><I>Translation Adjustment
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The impact of the translation adjustment to Other
comprehensive income (loss) before reclassifications for the fiscal year 2014 was primarily due to the effect of changes in foreign
currency exchange rates of the Euro and Canadian Dollar and to a lesser extent the impact of changes in the Japanese Yen and Pound
Sterling&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Comment 5</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Exhibit 23.1 Consent of Independent Registered Public
Accounting Firm </U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>5. This consent appears to be unsigned. Please file a signed
consent from your independent registered public accounting firm to the incorporation by reference into your Forms S-3ASR and S-8
of their report dated February 17, 2015 relating to the financial statements and the effectiveness of internal control over financial
reporting, which appears in this Form 10-K.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Response to Comment 5</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company acknowledges the Staff's comment and will, promptly
following the filing of this letter, file the consent with the conformed signature on a Form 8-K.<BR CLEAR="ALL">
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Furthermore, in connection with our response, as requested in
the Comment Letter, the Company acknowledges as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Company is responsible for the adequacy and accuracy of the disclosure in the filing;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action
with respect to the filing; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The Company may not assert Staff comments as a defense in any proceedings initiated by the Commission or any person under the
federal securities laws of the United States.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Staff should not hesitate to contact the undersigned directly
at (781) 222-7087 with any questions or comments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 100%"><font style="font-size: 10pt"><i>Very truly yours,</i></font></td></tr>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <td style="text-decoration: underline"><font style="font-size: 10pt"><i><u>/s/ David R. Smith</u></i></font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt"><i>David R. Smith</i></font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt"><i>Corporate Executive Vice President and Chief Financial Officer</i></font></td></tr>
</table><BR STYLE="clear: both">


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<!-- Field: Page; Sequence: 5; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 27pt">251 Ballardvale Street, Wilmington, MA 01887 &bull; 781.222.6000 &bull; Fax 978.658.7132 &bull; www.criver.com</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 27pt">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
