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

d to $0.7 million in the same period last year.  The second quarter of 2014 included a loss of $4.1 million related to the purchase of the remaining 49% of Zenara. The loss was primarily due to the write-off of $4.4 million of cumulative translation adjustments previously recorded within the Stockholder's Equity section of the Company's balance sheet.  Zenara's revenues, operating profit and EBITDA after the purchase of the shares in May are included in the Company's consolidated results, and were not material.  Zenara's results prior to the purchase of the remaining shares are included in equity in losses of partially-owned affiliates.

The provision for income taxes in the quarter was a benefit of $9.4 million and included a benefit of $14.2 million for a partial reversal of a valuation allowance against certain U.S. tax assets.  Excluding the impact of this benefit and the impact on pre-tax income related to the purchase of the remaining Zenara shares, the effective tax rate would have been 32.7% during the quarter compared to an effective tax rate of 32.8% in the same period last year.

Income from continuing operations was $19.8 million or $0.63 per share compared to $3.1 million or $0.10 per share in the same period last year.  Adjusted income from continuing operations was $11.0 million or $0.35 per share, compared to $4.1 million or $0.13, respectively in 2013 (see table at the end of this release).

Capital expenditures and depreciation were $6.0 million and $5.9 million, respectively, compared to $13.1 million and $5.5 million in the same period last year. 

Financial Expectations – Continuing OperationsThe following table shows the Company's current expectations for its full year 2014 financial performance versus its expectations from the previous quarter:Current
ExpectationsPrevious
ExpectationsGross sales increase13% - 16%8% - 12%Adjusted EBITDA$74 - $78 million$70 - $76 Million
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SOURCE Cambrex Corporation
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