Fourth Quarter 2008 Interest, Tax and Other Expenses - Continuing Operations
Net Interest Expense in the fourth quarter 2008 was $1.4 million compared to $0.9 million in the fourth quarter 2007. The Company capitalized interest of $0.2 million on long-term projects in the fourth quarter of 2008.
The Provision for Income Taxes totaled $1.1 million in the fourth quarter 2008. The Company's effective tax rates have been and are expected to remain highly sensitive to the geographic mix of income due to the Company's inability to recognize tax benefits for U.S. GAAP purposes in certain jurisdictions where there has been a recent history of losses, primarily the U.S.
Strategic Alternative and Restructuring Costs totaling $3.3 million in the fourth quarter 2008 include $2.7 million of charges related to the consolidation of operations at the New Jersey technical center into the Iowa facility. The fourth quarter charges result from a negative outlook regarding the Company's ability to sublease the facility prior to the December 2010 lease expiration. Expenses related to the sale of the Bio Businesses constitute the remainder of these fourth quarter costs.
Fourth Quarter 2008 Capital Expenditures and Depreciation
Capital expenditures and depreciation for the fourth quarter 2008 were $7.3 million and $4.9 million compared to $11.6 million and $5.3 million in the fourth quarter 2007, respectively. The decrease in capital spending is largely due to higher fourth quarter 2007 spending on two large capital projects for which the majority of spending has since been compl
|SOURCE Cambrex Corporation|
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