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

sales increased 9.2%.  The increase is primarily due to the timing of orders for certain products, increases in sales of an active pharmaceutical ingredient ("API") to a customer who resolved their supply chain disruption which had reduced Cambrex's sales volumes for the first three quarters of the year, higher sales of a recently approved product, higher volumes of APIs for nicotine replacement therapy ("NRT") products, and higher volumes of generic APIs.  These increases were partially offset by lower controlled substances shipments during the fourth quarter of 2010.

Fourth quarter 2010 Gross Margin increased to 32.0% from 24.7% during the fourth quarter 2009, with foreign currency favorably impacting gross margin by 1.1% in the fourth quarter 2010.  Gross margins were positively impacted by favorable product mix, lower production costs, insurance proceeds related to a business interruption claim and fees related to the cancellation of a supply contract, partially offset by lower pricing and an increase in inventory reserves.

Selling, General and Administrative Expenses in the fourth quarter 2010 were $9.2 million compared to $8.8 million in the same period last year.  The increase is a result of a benefit due to the termination of certain postretirement benefits recorded in the fourth quarter 2009 and higher bad debt expense related to one customer in the fourth quarter 2010 partially offset by lower legal fees and insurance expense in the fourth quarter 2010.

Research and Development ("R&D") Expenses increased to $2.4 million in the fourth quarter 2010 from $2.0 million in the fourth quarter 2009 primarily due to the March 2010 acquisition of IEP, 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, and the development of new products and technology platforms.

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SOURCE Cambrex Corporation
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