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

he 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 recorded expenses.

Fourth Quarter 2008 Operating Results - Continuing Operations

Fourth quarter 2008 sales of $65.2 million were 6.6% lower than the fourth quarter 2007 and 0.8% higher excluding the effect of foreign currency. Excluding the currency impact, sales of controlled substances increased due to higher demand, offset by decreases due to delays in certain custom development projects, lower sales of generic APIs, and lower contractual pricing of a gastro-intestinal active pharmaceutical ingredient ("API").

Fourth quarter 2008 Gross Margin decreased to 24.6% of sales from 34.9% during the fourth quarter 2007, with foreign currency unfavorably impacting gross margin by 0.2%. Lower pricing (primarily for the gastro-intestinal API), higher raw material costs, increased bad debt reserves, unforeseen delays on two large projects, and higher costs associated with the new API finishing facility at the Milan, Italy site were the main drivers of the lower margins.

Selling, General and Administrative ("SG&A") Expenses in the fourth quarter 2008 were $9.0 million compared to $12.3 million in the same period last year. The decrease is a result of corporate headquarters restructuring activities, expense reductions within the Company's manufacturing facilities and the favorable impact of foreign currency.

Research and Development ("R&D") Expenses for the fourth quarter 2008 were $1.6 million compared to $3.5 million in the fourth quarter 2007. The decrease is primarily due to the 2007 consolidation of the New Jersey technical center into the Iowa facility, and the utilization of certain R&D personnel on custom development projects resulting in these costs being classified as Cost of Goods Sold.


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SOURCE Cambrex Corporation
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