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Cambrex Reports First Quarter 2009 Results
Date:5/5/2009

First quarter 2009 Gross Margin decreased to 31.9% of sales from 35.5% during the first quarter 2008, with foreign currency favorably impacting gross margin by 6.0%. Lower production levels and the accompanying lower absorption compared to the prior year's first quarter, along with slightly higher production costs were the main drivers of the lower margins.

Selling, General and Administrative Expenses in the first quarter 2009 were $9.0 million compared to $11.3 million in the same period last year. The decrease is a result of lower corporate headquarters expenses due to restructuring activities, expense reductions within the Company's manufacturing sites and the favorable impact of foreign currency.

Research and Development ("R&D") Expenses for the first quarter 2009 were $1.7 million compared to $2.3 million in the first quarter 2008. The decrease is primarily due to the increased utilization of certain R&D personnel on custom development projects resulting in these costs being classified as either Inventory or Cost of Goods Sold and the consolidation of the New Jersey R&D facility into the Iowa facility.

Operating Profit increased to $8.3 million in the first quarter 2009 from $7.5 million in the first quarter 2008. Operating Profit, excluding 2008 Restructuring Expenses and Strategic Alternative Costs of $811, was flat quarter over quarter. EBITDA was $13.0 million, or 21.7% of sales, compared to adjusted EBITDA of $13.5 million, or 21.9% of sales last year. This decrease is due primarily to lower gross margins in the first quarter of 2009.

Steven M. Klosk, President and Chief Executive Officer, said, "We are pleased with the volume growth in the first quarter and we continue to benefit from our operating cost reduction activities. Our cash flow, excluding certain items, was positive for the quarter and we are taking further actions to improve our management of working capital
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SOURCE Cambrex Corporation
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