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Cambrex Reports Second Quarter 2012 Results
Date:8/1/2012

EAST RUTHERFORD, N.J., Aug. 1, 2012 /PRNewswire/ -- Cambrex Corporation (NYSE: CBM) reports second quarter results for the period ended June 30, 2012.

Highlights

  • Reported sales increased by 14.3%, and excluding the impact of foreign currency, sales increased 20.2% compared to the second quarter of 2011. 
  • EBITDA increased 45.9% to $19.2 million in the quarter, compared to $13.2 million in the second quarter of 2011. 
  • Debt, net of cash was $58.2 million at the end of the quarter, an improvement of $5.1 million during the quarter which includes a negative $1.1 million currency impact on foreign cash balances.
  • Full year sales guidance, excluding the impact of foreign currency, revised to an increase of between 10% and 13% versus 2011 (prior guidance between 2% and 6%) and full year EBITDA guidance revised to be between $54 and $58 million (prior guidance between $47 and $53 million).
  • Second Quarter of 2012 Operating Results
    Sales in the second quarter of 2012 of $77.1 million were 14.3% higher than the second quarter of 2011.  Foreign exchange unfavorably impacted sales by 5.9%.  The increase is primarily due to higher volumes of controlled substances and generic active pharmaceutical ingredients ("APIs").

    Gross margins in the second quarter of 2012 increased to 36.9% from 28.2% in the second quarter of 2011.  Foreign currency favorably impacted second quarter 2012 margins by 1.5%.  The increase is due to higher production volumes, leading to increased plant efficiencies and favorable product mix. 

    Selling, General and Administrative Expenses in the second quarter of 2012 were $12.0 million compared to $9.2 million in the same period last year.  The increase is primarily the result of increased personnel related expenses, accruals for higher annual incentiv
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    SOURCE Cambrex Corporation
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