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

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Steven M. Klosk, President and Chief Executive Officer, said, "We continue to be pleased with our year to date performance in this economically challenging environment. Aggressive cost cutting and working capital management have helped to generate positive cash flow throughout the year, improving our net debt position by almost $13 million year to date.

"While third quarter sales increased versus prior year, we expect lower sales volumes in the fourth quarter. Much of the expected decline in the fourth quarter is due to volatility in the timing of orders, and we continue to see weakness in pre-clinical and clinical phase projects due to a variety of market factors, and price and volume pressure on our generic APIs. We are on track to introduce new generic APIs beginning in 2010 and we continue to develop new products in support of our controlled substances and drug delivery initiatives."

Capital expenditures and depreciation for the third quarter 2009 were $3.3 million and $5.4 million compared to $5.0 million and $5.7 million in the third quarter 2008, respectively. The decrease in capital expenditures is largely due to third quarter 2008 spending on two large capital projects for which the majority of work has since been completed.

Guidance

The Company currently expects that sales for 2009, excluding the impact of foreign currency, will be between a decline of 2% and an increase of 2% versus 2008. EBITDA is currently expected to be between $43 and $47 million compared to a prior range of $43 to $48 million.

For 2009, capital expenditures are expected to be approximately $12 to $14 million and depreciation is expected to be $20 to $22 million. The Company currently expects restructuring and strategic alternatives expenses for 2009 to be minimal.

The financial information contained in this press release is unaudited, subject to revision and should not be considered fina
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SOURCE Cambrex Corporation
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