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Cambrex Reports Fourth Quarter and Full Year 2008 Results
Date:2/11/2009

EAST RUTHERFORD, N.J., Feb. 11 /PRNewswire-FirstCall/ -- Cambrex Corporation (NYSE: CBM) reports fourth quarter and full year 2008 results for the period ended December 31, 2008.

  • Sales increased 0.8% compared to fourth quarter 2007 and full year sales decreased 3.7% excluding the impact of foreign currency. Reported sales declined by 6.6% and 1.2% for the quarter and year, respectively.
  • Adjusted EBITDA (see attached table) was $10.7 million versus $13.9 million in the same quarter last year, and $48.0 million for the full year 2008 compared with $50.1 million in 2007.
  • Debt, net of cash was $91.3 million at the end of fourth quarter 2008, a $1.5 million improvement during the quarter excluding the impact of foreign currency on cash balances.
  • 2009 Sales, net of the impact of foreign currency, are expected to increase between 2.0% and 6.0%, and Adjusted EBITDA is expected to be between $42 and $49 million.

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. During 2008, the Company incurred expenses related to restructuring activities and strategic alternatives expenses pursuant to the sale of the Bio Businesses. These costs are identified within our income statement and have been excluded from our calculation of certain profit measurements, including Adjusted EBITDA.

The Company has provided a reconciliation from adjusted amounts to GAAP amounts at the end of this press release. Management believes that t
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SOURCE Cambrex Corporation
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