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Cambrex Reports Third Quarter 2011 Results
Date:11/3/2011

EAST RUTHERFORD, N.J., Nov. 3, 2011 /PRNewswire/ -- Cambrex Corporation (NYSE: CBM) reports third quarter results for the period ended September 30, 2011.

Highlights

  • Reported sales increased by 17.9%, and excluding the impact of foreign currency, sales increased 10.9% compared to the third quarter of 2010.
  • EBITDA was $11.1 million in the quarter, an increase of 30.2% compared to Adjusted EBITDA of $8.5 million in the third quarter of 2010.
  • Debt, net of cash was $69.3 million at the end of the quarter, an improvement of $6.2 million during the quarter which includes a negative $2.6 million currency impact on foreign cash balances.
  • New $250 million five-year revolving credit facility entered into on November 2, 2011 provides sufficient access to capital to execute growth plans.

  • Basis of ReportingThe Company has provided a reconciliation from GAAP amounts to adjusted amounts at the end of this press release.  Management believes that the adjusted amounts provide a more meaningful representation of the Company's operating results for the periods presented due to the magnitude and nature of certain expenses recorded.

    Third Quarter of 2011 Operating Results – Continuing OperationsSales in the third quarter of 2011 of $58.2 million were 17.9% higher than the third quarter of 2010.  Excluding a 7.0% favorable impact of foreign exchange, reflecting a weaker U.S. dollar, sales increased 10.9%. The increase is primarily due to higher volumes of an active pharmaceutical ingredient ("API") for a customer who experienced a disruption in its supply chain for most of 2010, higher volumes of controlled substances, products utilizing the Company's drug delivery technology and a recently approved innovator product. These increases were partially offset by lower pricing across several product cate
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    SOURCE Cambrex Corporation
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