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Cambrex Reports Fourth Quarter And Full Year 2012 Financial Results
Date:2/6/2013

erationsSales of $70.4 million were 4.8% higher compared to the same period last year, including the unfavorable impact of foreign exchange of 0.9%.  This increase was primarily due to increased demand for certain custom manufacturing products partially offset by lower pricing of certain products.

Gross margins increased to 30.0% from 29.4%, including an unfavorable impact of foreign exchange of 0.2% compared to the same period last year.  This increase is due to higher volumes and favorable product mix partially offset by lower pricing. 

Selling, general and administrative expenses were $11.4 million compared to $11.1 million in the same period last year. 

Research and development ("R&D") expenses were $2.2 million compared to $2.8 million in the same period last year.  The decrease was primarily due to increased absorption of R&D expenses into inventory and cost of goods sold due to higher custom development activity.

Operating profit was $7.4 million compared to $5.8 million in the same period last year.  The increase was primarily the result of higher gross profit.  EBITDA was $13.1 million, compared to $11.6 million in the same period last year. 

Net interest expense was $0.5 compared to $0.6 million in the same period last year.  Higher interest rates were offset by lower average debt.  The average interest rate on debt was 2.4% compared to 1.8% in the same period last year. 

Equity in losses of partially-owned affiliates was flat at $0.5 million compared to the same period last year for the Company's 51% share in Zenara Pharma ("Zenara"), a pharmaceutical company focused on the formulation of finished dosage form products.  The Company's share of Zenara's losses includes $0.2 million and $0.3 million of non-cash amortization expense in the fourth quarters of 2012 and 2011, respectively.

The provision for income taxes for the quarter wa
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SOURCE Cambrex Corporation
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