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

s a benefit of $37.9 million.  Fourth quarter tax expense includes a benefit of $36.3 million related to a reversal of valuation allowances previously recorded against domestic deferred tax assets.  This reversal is a result of the Company's expectation of future profitability in the U.S., among other factors.
Tax expense for the quarter was also positively impacted by $1.3 million related to the impact on deferred taxes of a statutory rate change at one of our sites, $0.6 million related to the reversal of certain tax reserves and $1.2 million resulting primarily from changes in the geographic mix of income versus earlier estimates.

Income from continuing operations for the fourth quarter of 2012 was $44.2 million or $1.44 per share compared to $3.0 million or $0.10 per share in the same period last year.  Fourth quarter 2012 results include a tax benefit of $36.3 million, or $1.18 per share, resulting from the release of a valuation allowance on deferred tax assets discussed above.

Capital expenditures and depreciation for the fourth quarter of 2012 were $17.2 million and $5.6 million, respectively, compared to $5.6 million and $5.7 million in the same period last year, respectively.  The increase in capital expenditures in the quarter was primarily driven by a previously announced expansion of the Company's large scale manufacturing capacity to support an agreement signed during 2012 to provide Phase 3 and commercial launch materials for a customer and expected growth in the business.

Financial Expectations – Continuing OperationsThe Company currently expects that full year 2013 sales, excluding the impact of foreign currency, will increase between 8% and 12% over 2012, and that full year 2013 EBITDA will be between $62 and $68 million, an increase of 8% to 18% over 2012.  While the Company does not expect to pay cash taxes in the U.S. for the next few years, the Company will record tax expense on U.S.
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SOURCE Cambrex Corporation
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