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Cambrex Reports Third Quarter 2008 Results
Date:11/4/2008

velopment revenues declined due to weaker demand and customer and manufacturing delays in certain projects, and lower shipments of products based on the Company's proprietary technologies due to timing of order patterns. Certain active pharmaceutical ingredients ("APIs") experienced price declines compared to the same quarter last year, with the largest impact resulting from the 2007 renegotiation of a long-term contract to manufacture the Company's largest API. Volumes associated with feed additives were lower due largely to the Company's late 2007 decision to exit this business. These declines were partially offset by higher sales of generic APIs, particularly certain controlled substances.

Third quarter 2008 Gross Margin decreased to 28.7% of sales from 33.8% during the third quarter 2007, with foreign currency favorably impacting gross margin by 2.9%. Unfavorable product mix, lower pricing on the Company's largest API, higher raw material costs, and higher costs associated with the validation of the new API finishing facility at the Milan, Italy site, were the main drivers of the lower margins.

Operating Profit increased to $4.5 million in the third quarter 2008 from $3.5 million in the third quarter 2007. Adjusted Operating Profit was $5.7 million, or 10.1% of sales, compared to $4.8 million, or 8.8% of sales for the third quarter last year. Adjusted EBITDA increased to $11.4 million, or 20.2% of sales, compared to $9.7 million, or 17.8% of sales last year. The increases in both Adjusted Operating Profit and Adjusted EBITDA were driven primarily by lower corporate headquarters expenses, lower Selling, General and Administrative ("SG&A") expenses, and lower research and development expenses, partially offset by the lower gross profits described above and the negative impact of foreign currency on operating expenses.

Steven M. Klosk, President and Chief Executive Officer, said, "We are pleased with the increases in Operating Profit and Adjust
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SOURCE Cambrex Corporation
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