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

the reasons for outsourcing decisions."

Liquidity and Capital ResourcesAt March 31, 2013, AMRI had cash, cash equivalents and restricted cash of $33.9 million, compared to $28.5 million at December 31, 2012. These amounts in 2013 and 2012 include restricted cash of $5.4 million and $5.2 million, respectively, $5.0 million of which was pledged to collateralize the Company's term loan and line of credit.

Total debt at March 31, 2013 was $8.0 million, unchanged from December 31, 2012. Cash, cash equivalents and restricted cash, net of debt, were $25.9 million at March 31, 2013 compared to $20.5 million at December 31, 2012. The increase in cash and cash equivalents for the quarter ended March 31, 2013 was primarily comprised of cash flow from operations of $7.1 million, partially offset by capital expenditures of $2.4 million. Total common shares outstanding, net of treasury shares, were 31,418,326 at March 31, 2013.

2013 Financial Guidance AMRI Chief Financial Officer and Treasurer Michael Nolan said, "We are updating our 2013 guidance based on a strong first quarter performance. The company maintains its revenue outlook for the year of $205-$213 million, reflecting growth at the top end of up to 12%."

Nolan added, "With an improved mix in the first quarter, we are tightening and increasing our adjusted EPS range to between $0.52 to $0.65 from the previously communicated $0.34 to $0.52. The company expects second quarter contract revenue between $48 and $50 million representing growth over 2012 of 18% at the top end. Adjusted EPS for the second quarter is estimated between $0.09 and $0.12."

Nolan continued, "AMRI executed well in the first quarter and expanded contract margins by 12% compared with first quarter 2012. These results demonstrate a strong pull through on incremental revenues while benefiting from ongoing cost management and the savings from previous restructuring activities. The company is well positioned to deliver o
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