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Cambrex Reports Third Quarter 2010 Results
Date:11/3/2010

EAST RUTHERFORD, N.J., Nov. 3, 2010 /PRNewswire-FirstCall/ -- Cambrex Corporation (NYSE: CBM) reports third quarter results for the period ended September 30, 2010.

Highlights

  • Reported sales decreased by 14.6%, and excluding the impact of foreign currency, sales decreased 11.5% compared to third quarter 2009.  
  • Adjusted EBITDA was $8.5 million in the third quarter 2010 compared to $11.0 million in the same quarter last year.
  • Debt, net of cash was $71.4 million at the end of third quarter 2010, a decrease of $5.5 million during the quarter including a positive $2.5 million impact of currency on foreign cash balances.
  • Acquired a 51% stake in Zenara Pharma, a Hyderabad, India based pharmaceutical company focused on the formulation of final dosage form products, for $20 million on November 2, 2010.
  • Narrowed the range of 2010 full year guidance for sales, excluding the impact of foreign currency, to a decline of between 3% and 5%, and Adjusted EBITDA to $41 to $44 million.

  • Basis of ReportingThe 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 2010 Operating Results – Continuing OperationsThird quarter 2010 sales of $49.4 million were 14.6% lower than the third quarter 2009.  Excluding a 3.1% unfavorable impact of foreign exchange, reflecting a stronger U.S. dollar, sales decreased 11.5%.  The decrease is primarily due to the timing of orders for certain products, the effects of a supply chain disruption at a customer's facility, a negotiated contract extension for certain drug deliver
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    SOURCE Cambrex Corporation
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