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AMRI Announces Second Quarter 2014 Results
Date:8/5/2014

ALBANY, N.Y., Aug. 5, 2014 /PRNewswire/ -- AMRI (NASDAQ: AMRI) today reported financial and operating results for the second quarter ended June 30, 2014.

Highlights:

  • Second quarter contract revenue of $61.5 million, up 21% from 2013
  • Second quarter adjusted diluted EPS of $0.22 vs. $0.11 in 2013
  • Expanded second quarter contract margins to 27% from 16% in 2013
  • Acquired Oso Biopharmaceuticals Manufacturing in July 2014, expanding contract manufacturing capabilities to include commercial scale, complex injectable drug product
  • Updated Financial Guidance 2014:

  • Full year contract revenue guidance increased to between $275 and $283 million, an increase of 33% at the midpoint
  • Royalty revenue guidance of $25 million
  • Adjusted EBITDA between $59 and $63 million, up 24% at the midpoint
  • Adjusted diluted EPS range between $0.87 and $0.92, compared to $0.70 in 2013, an increase of 28% at the midpoint, despite a $10 to $12 million decrease in estimated royalties from Allegra
  • Operating cash flow of $27 to $30 million
  • Adjusted diluted EPS and adjusted EBITDA are non-GAAP measures, which exclude certain items detailed later in this press release under the heading "Non-GAAP Adjustment Items."  Reconciliations of these non-GAAP measures to GAAP measures are included in Tables 1 and 2 at the end of this press release.

    "We are very pleased with our results this quarter, highlighted by a 34% growth in our large scale manufacturing business and the addition of Cedarburg Pharmaceuticals," said William S. Marth, AMRI's president and chief executive officer. "Importantly, contract margins improved across our entire operations as a result of increased capacity utilization and the addition of the higher margin Cedarburg Pharm
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