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Cambrex Reports First Quarter 2012 Results
Date:5/3/2012

EAST RUTHERFORD, N.J., May 3, 2012 /PRNewswire/ -- Cambrex Corporation (NYSE: CBM) reports first quarter results for the period ended March 31, 2012.

Highlights

  • Reported sales increased by 14.4%, and excluding the impact of foreign currency, sales increased 16.7% compared to the first quarter of 2011. 
  • EBITDA increased by 41% to $15.6 million in the quarter, compared to $11.0 million in the first quarter of 2011. 
  • Debt, net of cash was $63.2 million at the end of the quarter, an improvement of $2.9 million during the quarter which includes a positive $0.6 million currency impact on foreign cash balances. 
  • First Quarter of 2012 Operating Results – Continuing Operations
    The Company has provided a reconciliation from GAAP amounts to non-GAAP amounts at the end of this press release.

    Sales in the first quarter of 2012 of $70.6 million were 14.4% higher than the first quarter of 2011.  Foreign exchange unfavorably impacted sales by 2.3%.  The increase is primarily due to higher volumes of controlled substances and generic active pharmaceutical ingredients ("APIs").Gross margins in the first quarter of 2012 increased to 31.8% from 28.3% in the first quarter of 2011.  Excluding a favorable impact from foreign currency, first quarter of 2012 margins increased to 30.7%.  The increase is due to higher production volumes, leading to increased plant efficiencies. 

    Selling, General and Administrative Expenses in the first quarter of 2012 were $10.0 million compared to $9.1 million in the same period last year.  The increase is primarily the result of increased sales and marketing expenses, higher medical expenses and higher personnel related expenses.

    Operating Profit increased to $10.1 million in the first quarter of 2012 from $5.3 million in the f
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    SOURCE Cambrex Corporation
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