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Cambrex Reports Fourth Quarter and Full Year 2010 Results
Date:2/10/2011

EAST RUTHERFORD, N.J., Feb. 10, 2011 /PRNewswire/ -- Cambrex Corporation (NYSE: CBM) reports fourth quarter and full year results for the period ended December 31, 2010.

Highlights

  • Reported sales increased by 8.2%, and excluding the impact of foreign currency, sales increased 9.2% compared to fourth quarter 2009.
  • Adjusted EBITDA was $14.5 million in the fourth quarter 2010, an increase of 54% compared to $9.4 million of EBITDA in the fourth quarter of 2009.
  • Debt, net of cash was $86.3 million at the end of the fourth quarter 2010, an improvement of $4.2 million excluding $19.9 million of M&A related costs and a positive $0.9 million currency impact on foreign cash balances during the fourth quarter.
  • Cambrex Zenara began supplying product for the launch of smoking cessation gum in India and received a Certificate of Good Manufacturing Practice (GMP) for its Hyderabad, India facility, following a successful audit, allowing shipment to all EU countries.
  • Appointed Shawn Cavanagh as Chief Operating Officer in January 2011.
  • 2011 sales are expected to increase 3% to 7%, excluding the impact of currency, and EBITDA is expected to be $43 to $49 million (see Guidance section of this release).

    • Basis of ReportingThe Company has provided a reconciliation from adjusted amounts to GAAP amounts at the end of this press release.  Management believes that the adjusted amounts provide a more meaningful representation of the Company's operating results for the periods presented due to the magnitude and nature of certain expenses recorded.

    Fourth Quarter 2010 Operating Results – Continuing OperationsFourth quarter 2010 sales of $63.5 million were 8.2% higher than the fourth quarter 2009.  Excluding a 1.0% unfavorable impact of foreign exchange, reflecting a stronger U.S. dollar,
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    SOURCE Cambrex Corporation
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