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

ng-term supply agreement.

Selling, General and Administrative Expenses in the third quarter 2009 were $9.3 million compared to $8.8 million in the same period last year. The increase is a result of higher legal fees and personnel costs partially offset by a favorable impact of foreign currency.

Research and Development ("R&D") Expenses were $2.0 million in the third quarter 2009 compared to $1.8 million in the third quarter 2008. The increase is primarily due to higher costs related to the development of new products and technology platforms.

Operating Profit increased to $5.6 million in the third quarter 2009 from $4.5 million in the third quarter 2008. Excluding Restructuring Expenses and Strategic Alternative Costs of $1.2 million recorded in 2008, Operating Profit decreased $0.1 million quarter over quarter. EBITDA was $11.0 million, or 19.0% of sales, compared to Adjusted EBITDA of $11.4 million, or 20.2% of sales last year. This decrease is due primarily to an unfavorable impact of foreign currency and higher administrative expenses mostly offset by higher gross margins as discussed above.

The Provision for Income Taxes totaled $1.6 million in the third quarter 2009. The effective tax rate was 34.8% in the third quarter 2009 compared to 9.8% in the third quarter 2008. The increase is due to changes in the geographic mix of pre-tax earnings, the enactment of reduced tax rates in Sweden and tax benefits related to the favorable resolution of certain tax matters in the three months ended September 30, 2008. The Company's effective tax rates have been and are 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.

Net Income for the third quarter 2009 was $3.0 million or $0.10 per share compared to $2.8 million or $0.10 per share in the third quarter 2008. '/>"/>

SOURCE Cambrex Corporation
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