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AMRI Announces First Quarter 2013 Results and Raises EPS Guidance for the Year
Date:5/7/2013

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Net income under U.S. GAAP was $6.5 million, or $0.21 per basic and diluted share, in the first quarter of 2013, compared to a U.S. GAAP net loss of $(3.8) million, or $(0.13) per basic and diluted share for the first quarter of 2012. Net income on an adjusted basis in the first quarter of 2013 was $7.2 million or $0.23 per diluted share. The adjustments to U.S. GAAP net income primarily relate to restructuring charges of approximately $0.6 million, net of tax, or $0.02 per diluted share, related to the company's previously announced decision to close its Bothell, WA facility.

For a reconciliation of U.S. GAAP net income (loss) and earnings (loss) per diluted share as reported to adjusted net income (loss) and earnings (loss) per diluted share for the 2013 and 2012 reporting periods, please see Table 1 at the end of this press release.

AMRI Chairman, President and CEO Thomas E. D'Ambra said, "We are pleased to report first quarter results for 2013 that reflect contract margin improvements driven by the performance in our Discovery and Large Scale Manufacturing businesses. Our overall performance for the first quarter of 2013 reaffirms the consistent and positive direction of our company. We continue to build global relationships to drive value for our shareholders as evidenced by the recently signed agreements with Ono Pharmaceutical Company, Ltd. for drug discovery and development services and a specialty pharmaceutical company for various services for multiple oncology products. We are marking the first year anniversary of the roll out of AMRI SMARTSOURCING™, an industry leading move to strategic decision making and the true measurement of success in outsourcing for drug discovery, development and manufacturing. These financial results demonstrate that our customers understand the importance of making smart choices about
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