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

Operating Profit decreased to $2.1 million in the fourth quarter 2008 from $4.0 million in the fourth quarter 2007. Adjusted Operating Profit was $5.8 million, or 8.9% of sales, compared to $8.6 million, or 12.3% of sales for the fourth quarter last year. Adjusted EBITDA decreased to $10.7 million, or 16.5% of sales, compared to $13.9 million, or 19.9% of sales last year. The decreases in both Adjusted Operating Profit and Adjusted EBITDA were driven primarily by lower gross margins partially offset by lower corporate headquarters expenses, lower SG&A expenses, and lower research and development expenses.

Steven M. Klosk, President and Chief Executive Officer, said, "While we see a fair amount of uncertainty heading into the first half of 2009, including potential funding difficulties for small drug development customers, we continue to be confident that our focus on costs and operational improvements, as well as our strategic initiatives, will position us to have a reasonable level of stability in the short term. Our large capital investments in a new mid-scale API manufacturing facility in Sweden, a state of the art API finishing facility in Italy, and a high potency development center in Iowa, are behind us. We anticipate significantly lower capital expenditures in 2009 of between $13 and $16 million, which approximates our annual maintenance capital spending.

"We have reduced annual expenses at our corporate headquarters by $15 million since 2006 and nearly all of the restructuring expenses pursuant to the sale of the biotechnology businesses in 2007 have been paid out. The most significant of the contractual price declines for our largest API, lowering prices by nearly $11 million in 2008 compared to 2006, are also behind us.

"Our strategic growth initiatives are beginning to gain traction as controlled substances sales grew significantly during 2008 and are expected to achieve double d
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SOURCE Cambrex Corporation
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