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Cambrex Reports Second Quarter 2014 Financial Results
Date:8/1/2014

(i.e. Non-GAAP) amounts at the end of this press release.  Management believes that the adjusted amounts provide useful information to investors due to the magnitude and nature of certain expenses recorded in the GAAP amounts.

Second Quarter 2014 Operating Results – Continuing OperationsSales were $98.0 million for the quarter, compared to $61.6 million in the same period last year, representing a 59.0% increase, including the favorable impact of foreign exchange of 1.0%.  The Company recorded sales increases in all of its product categories, with strong growth in certain branded APIs, controlled substances and generic APIs.  Pricing was lower by approximately 1.8% compared to the second quarter last year.

Gross margins increased to 34.1% from 31.2% compared to the same period last year.  This increase was primarily due to favorable product mix partially offset by lower pricing and higher production costs.

Selling, general and administrative expenses were $14.6 million compared to $10.6 million in the same period last year.  The increase was mainly due to higher personnel expenses as well as higher spending on costs related to the transaction to purchase the remaining shares in Zenara and expenses related to due diligence on various acquisition opportunities.

Research and development expenses were $3.6 million compared to $2.8 million in the same period last year.

Operating profit increased to $15.2 million from $5.9 million in the same period last year.  The increase in operating profit was primarily the result of higher gross profit partially offset by higher operating expenses.  EBITDA was $21.2 million compared to $11.4 million in the same period last year. 

Net interest expense was flat at $0.5 million for both the second quarters of 2014 and 2013.

Equity in losses of partially-owned affiliates, primarily representing Zenara's results, was $4.3 million compare
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SOURCE Cambrex Corporation
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