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Cambrex Reports Second Quarter of 2011 Results
Date:8/2/2011

EAST RUTHERFORD, N.J., Aug. 2, 2011 /PRNewswire/ -- Cambrex Corporation (NYSE: CBM) reports second quarter results for the period ended June 30, 2011.

Highlights

  • Reported sales increased by 17.6%, and excluding the impact of foreign currency, sales increased 6.9% compared to the second quarter of 2010.
  • EBITDA was $13.2 million in the second quarter of 2011, an increase of 8.6% compared to $12.1 million in the second quarter of 2010.
  • Debt, net of cash was $75.5 million at the end of the second quarter of 2011, an improvement of $7.1 million during the quarter which includes a positive $0.4 million currency impact on foreign cash balances.

  • Second Quarter of 2011 Operating Results – Continuing OperationsSales in the second quarter of 2011 of $67.5 million were 17.6% higher than the second quarter of 2010. Excluding a 10.7% favorable impact of foreign exchange, reflecting a weaker U.S. dollar, sales increased 6.9%.  The increase is primarily due to higher sales of certain larger custom manufacturing products and higher volumes of generic APIs.  These increases were partially offset by the timing of orders for certain products, lower custom development revenues and lower pricing across several product categories.  

    Second quarter of 2011 Gross Margin decreased to 28.2% from 31.2% during the second quarter of 2010, with foreign currency unfavorably impacting gross margin by 2.3% in the second quarter of 2011.  Gross margins were negatively impacted by lower pricing partially offset by higher sales and production volumes and lower production costs.  

    Selling, General and Administrative Expenses in the second quarter of 2011 were $9.2 million compared to $8.2 million in the same period last year.  The increase is primarily due to unfavorable foreign exchange.

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