EAST RUTHERFORD, N.J., Nov. 4 /PRNewswire-FirstCall/ -- Cambrex
Corporation (NYSE: CBM) reports third quarter 2008 results for the period
ended September 30, 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000613/CAMBREXLOGO )
-- Sales increased 3.2% (-1.7% excluding foreign currency) compared to
third quarter 2007.
-- Adjusted EBITDA for the quarter was up $1.7 million to $11.4 million
versus $9.7 million last year.
-- Debt, net of cash was $92.0 million at the end of third quarter 2008.
Excluding the impact of foreign exchange, debt, net of cash decreased
$2.6 million during the third quarter.
Basis of Reporting
As previously reported, Cambrex sold its Bioproducts and Biopharma businesses (the "Bio Businesses") to Lonza for $463.9 million in February 2007. Discontinued Operations in the 2007 financial statements include the results of operations of the Bio Businesses through the date of sale as well as the corresponding gain on sale.
The Company has provided a reconciliation from adjusted amounts to GAAP amounts at the end of this press release. Management believes that the adjusted amounts provide a more meaningful representation of the Company's operating results for the periods presented due to the magnitude and nature of certain expenses recorded.
Third Quarter 2008 Operating Results - Continuing Operations
Third quarter 2008 sales of $56.5 million were 3.2% higher than the
third quarter 2007 and 1.7% lower excluding the effect of foreign currency.
Comparing the current quarter to the same quarter last year, excluding the
currency impact, custom de
|SOURCE Cambrex Corporation|
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