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

rter of 2011 were $9.1 million compared to $8.8 million in the same period last year.  The increase is a result of unfavorable foreign exchange.

Research and Development ("R&D") Expenses increased to $3.1 million in the first quarter of 2011 from $2.0 million in the first quarter of 2010 primarily due to the March 2010 acquisition of IEP, the development of new products and technology platforms and reduced utilization of certain R&D personnel on revenue generating custom development projects resulting in these costs being expensed rather than absorbed into cost of sales or inventory.

Operating Profit increased to $5.3 million in the first quarter of 2011 from $3.7 million in the first quarter of 2010.  The increase in Operating Profit was driven primarily by higher gross profits partially offset by higher operating expenses as described above.

Net Interest Expense decreased to $0.6 million in the first quarter of 2011 from $1.2 million in first quarter of 2010.  This decrease is primarily due to the maturing of the Company's higher fixed interest rate swaps in October 2010.

The Provision for Income Taxes totaled $1.5 million in the first quarter of 2011.  The Company's effective tax rate has been and is expected to remain highly sensitive to the geographic mix of income due to the Company's inability to recognize tax benefits where there has been a recent history of losses, primarily in the U.S.

Income from continuing operations for the first quarter of 2011 was $2.9 million or $0.10 per share compared to $1.7 million or $0.06 per share in the first quarter of 2010.

Capital expenditures and depreciation for the first quarter of 2011 were $1.7 million and $5.6 million compared to $2.7 million and $5.4 million in the first quarter of 2010, respectively.

Steven M. Klosk, President and Chief Executive Officer, said, "We are pleased with our first quarter performance with sales volumes signific
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SOURCE Cambrex Corporation
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