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

e second quarter 2008, with foreign currency favorably impacting gross margin by 2.1%. Favorable product mix and cost reductions were the main drivers of the higher margins. This was partially offset by lower volume and pricing of generic APIs.

Selling, General and Administrative Expenses in the second quarter 2009 were $8.5 million compared to $11.4 million in the same period last year. The decrease is a result of lower personnel costs and professional fees at corporate headquarters, expense reductions within the Company's manufacturing sites and the favorable impact of foreign currency.

Research and Development ("R&D") Expenses for the second quarter 2009 were $2.2 million compared to $1.9 million in the second quarter 2008. The increase is primarily due to higher costs related to the development of new products and technology platforms.

Operating Profit increased to $9.0 million in the second quarter 2009 from $5.6 million in the second quarter 2008. Excluding Restructuring Expenses and Strategic Alternative Costs of $0.9 million and CEO retirement costs of $0.6 million recorded in 2008, Operating Profit increased $1.9 million quarter over quarter. EBITDA was $13.7 million, or 22.9% of sales, compared to Adjusted EBITDA of $12.4 million, or 18.7% of sales last year. This increase is due primarily to higher gross margins and lower operating expenses at corporate headquarters and the operating sites as discussed above.

Steven M. Klosk, President and Chief Executive Officer, said, "We are pleased to have achieved positive volume growth for the first half of the year despite the challenging economic environment and we are especially pleased with our cash generation so far this year. Our net debt position improved during the second quarter by $12.3 million, reflecting stronger earnings and improved working capital management. Ongoing cost reduction activities continue to positivel
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SOURCE Cambrex Corporation
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