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Cambrex Reports First Quarter of 2011 Results
Date:5/5/2011

EAST RUTHERFORD, N.J., May 5, 2011 /PRNewswire/ -- Cambrex Corporation (NYSE: CBM) reports first quarter results for the period ended March 31, 2011.

Highlights

  • Reported sales increased by 9.8%, and excluding the impact of foreign currency, sales increased 6.9% compared to first quarter of 2010.
  • EBITDA was $11.0 million in the first quarter of 2011, an increase of 21.3% compared to $9.1 million in the first quarter of 2010.
  • Debt, net of cash was $82.6 million at the end of the first quarter of 2011, an improvement of $3.7 million during the quarter which includes $0.3 million of M&A payments and a positive $2.0 million currency impact on foreign cash balances.

  • First Quarter of 2011 Operating Results – Continuing OperationsFirst quarter of 2011 sales of $61.7 million were 9.8% higher than the first quarter of 2010.  Excluding a 2.9% favorable impact of foreign exchange, reflecting a weaker U.S. dollar, sales increased 6.9%.  The increase is primarily due to higher sales of an active pharmaceutical ingredient ("API") to a customer who resolved their supply chain disruption which had reduced Cambrex's sales volumes in the first quarter of 2010, higher volumes of generic APIs and increased volumes for a recently approved product.  These increases were partially offset by lower custom development and drug delivery shipments and lower pricing across several product categories.  

    First quarter of 2011 Gross Margin increased to 28.3% from 25.8% during the first quarter of 2010, with foreign currency unfavorably impacting gross margin by 2.5% in the first quarter of 2011.  Gross margins were positively impacted by higher sales and production volumes and lower production costs, partially offset by lower pricing.  

    Selling, General and Administrative Expenses in the first qua
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    SOURCE Cambrex Corporation
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