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Cambrex Reports Third Quarter 2009 Results
Date:11/3/2009

EAST RUTHERFORD, N.J., Nov. 3 /PRNewswire-FirstCall/ --Cambrex Corporation (NYSE: CBM) reports third quarter results for the period ended September 30, 2009.

Highlights

  • Sales increased 6.1% compared to third quarter 2008 excluding the impact of foreign currency. Reported sales increased by 2.3% for the quarter.
  • EBITDA was $11.0 million in the third quarter 2009 compared to Adjusted EBITDA of $11.4 million in the same quarter last year (see following table).
  • Debt, net of cash was $78.7 million at the end of third quarter 2009, a $4.3 million improvement during the quarter.
  • Net income was $3.0 million compared with Net income of $2.8 million for the third quarter of 2008.

Third Quarter 2009 Operating Results

Third quarter 2009 sales of $57.8 million were 2.3% higher than the third quarter 2008. Excluding a 3.8% unfavorable impact of foreign exchange, reflecting a stronger U.S. dollar, sales increased 6.1%. The increase is primarily due to higher volumes of an active pharmaceutical ingredient ("API") that utilizes the Company's polymeric drug delivery technology, increased generic revenues resulting from the timing of orders and higher controlled substances and custom development revenues. Partially offsetting these increases were lower sales of two APIs manufactured under long-term supply agreements and a feed additive for which a contract expired earlier in 2009.

Third quarter 2009 Gross Margin increased to 29.3% of sales from 28.7% during the third quarter 2008, with foreign currency unfavorably impacting gross margin by 2.7%. Cost reductions, and to a lesser extent, positive product mix, were the main drivers of the higher margins. This was partially offset by lower pricing of generic APIs and an API manufactured under a lo
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SOURCE Cambrex Corporation
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