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

rofit increased to $8.4 million in the fourth quarter 2010 from $3.7 million in the fourth quarter 2009.  Adjusted Operating Profit was $8.7 million compared to $3.7 million for the fourth quarter last year.  The increase in Adjusted Operating Profit was driven primarily by higher gross profits described above.

Net Interest Expense decreased to $0.8 million in the fourth quarter 2010 from $1.2 million in fourth quarter 2009.  This decrease is primarily due to the Company's interest rate swaps maturing in October 2010.

The Provision for Income Taxes totaled $1.5 million in the fourth quarter 2010.  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 fourth quarter 2010 was $5.2 million or $0.18 per share compared to a loss of $2.8 million or $0.09 per share in the fourth quarter 2009.

Capital expenditures and depreciation for the fourth quarter 2010 were $4.1 million and $5.8 million compared to $2.9 million and $5.7 million in the fourth quarter 2009, respectively.

Steven M. Klosk, President and Chief Executive Officer, said, "We are pleased with our fourth quarter performance which resulted in the business exceeding the high end of our recent profit guidance.  These results reflect the positive impact of the timing of orders for certain larger products, as well as continued increases in generic revenues and order patterns, and slightly higher custom development revenues.  Product mix, production costs, and cash generation were all positive for the quarter.

"During the fourth quarter and early in 2011, we had several key events.  We announced that Cambrex Zenara began to supply finished dosage form NRT product for the launch of smoking cessation gum in India a
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SOURCE Cambrex Corporation
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