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Cambrex Reports Second Quarter 2009 Results
Date:8/4/2009

EAST RUTHERFORD, N.J., Aug. 4 /PRNewswire-FirstCall/ -- Cambrex Corporation (NYSE: CBM) reports second quarter results for the period ended June 30, 2009.

Highlights

  • Sales increased 2.1% compared to second quarter 2008 excluding the impact of foreign currency. Reported sales declined by 9.8% for the quarter.
  • EBITDA was $13.7 million versus adjusted EBITDA of $12.4 million in the same quarter last year (see attached table).
  • Debt, net of cash was $83.0 million at the end of second quarter 2009, a $12.3 million improvement during the quarter.

Basis of Reporting

The Company has provided a reconciliation from adjusted and other non-GAAP amounts to GAAP amounts at the end of this press release. Management believes that this basis of reporting provides a more meaningful representation of the Company's operating results for the periods presented due to the magnitude and nature of certain recorded expenses.

Second Quarter 2009 Operating Results

Second quarter 2009 sales of $59.8 million were 9.8% lower than the second quarter 2008. Excluding an 11.9% unfavorable impact of foreign exchange, reflecting a stronger U.S. dollar, sales increased 2.1%. The increase is primarily due to the timing of orders related to two active pharmaceutical ingredients ("APIs") manufactured under long-term supply agreements and an API that incorporates the Company's polymeric drug delivery technology. Partially offsetting these increases were lower sales of generic APIs and feed additives. Custom development revenues and controlled substances were flat quarter over quarter.

Second quarter 2009 Gross Margin increased to 32.9% of sales from 29.9% during th
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SOURCE Cambrex Corporation
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