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

Adjusted income from continuing
operations per share$1.07 - $1.15$0.99 - $1.10Reduction of debt, net of cash$25 - $30 million$25 - $30 millionCapital expenditures$35 - $39 million$35 - $39 millionDepreciation$25 - $27 million$25 - $27 millionEffective tax rate33% - 36%33% - 37%Consistent with prior guidance for the full year 2014, these financial expectations are for continuing operations and exclude the impact of any potential acquisitions, restructuring activities and outcomes of tax disputes and do not reflect Zenara's results.  Sales expectations exclude the impact of foreign currency.  Adjusted EBITDA and Adjusted income from continuing operations per share are computed on a basis consistent with results in the tables at the end of this release.

We continue to expect Zenara to generate low single digit millions in revenues and a small EBITDA loss in 2014.  As described earlier in this release, the Company purchased all previously unowned shares in Zenara Pharma and as such, has consolidated Zenara's results from the purchase date of May 23, 2014 in its second quarter 2014 results and will do so for all future periods.

The Company expects to reduce the valuation allowance against certain U.S. tax assets by approximately $17.5 million for the full year 2014, which would reduce tax expense accordingly. The valuation allowance released for the second quarter and year to date periods was $14.2 million and $14.4 million, respectively.  The actual amount of the reduction in the valuation allowance may be higher or lower depending on the amount and type of U.S. income during the rest of the year. The full year effective tax rate included in the table above excludes this benefit and the impact of the purchase of the remaining Zenara shares.  The Company expects to pay only a small amount of cash taxes in the U.S. during the year. The tax rate and amount of cash taxes paid will be sensitive to the geographic mix of income, and q
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