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

gories, lower sales of generic APIs and lower custom development shipments.  

Gross margins in the third quarter of 2011 increased to 30.6% from 28.6% in the third quarter of 2010.  Excluding a favorable impact from foreign currency, third quarter of 2011 margins decreased to 27.3%.  The decline in currency adjusted gross margins was a result of lower pricing partially offset by higher production volumes and favorable product mix.  

Selling, General and Administrative Expenses in the third quarter of 2011 were $9.8 million compared to $7.9 million in the same period last year.  The increase is primarily due to increased personnel costs and foreign exchange.

Operating Profit increased to $5.4 million in the third quarter of 2011 from $1.3 million in the third quarter of 2010.  Operating Profit in the third quarter of 2011 increased $2.2 million compared to 2010 Adjusted Operating Profit of $3.2 million for the same period in 2010, driven primarily by favorable foreign exchange, higher sales volumes and favorable product mix partially offset by lower pricing and higher operating expenses.

Equity in Losses of Partially-Owned Affiliate of $0.5 million in the third quarter of 2011 represents the Company's share of losses in Zenara Pharma, a pharmaceutical company focused on the formulation of finished dosage form products.  Cambrex acquired a 51% stake in Zenara during the fourth quarter of 2010.  The Company's share of Zenara's losses includes $0.3 million of amortization of intangibles and depreciation.

Net Interest Expense decreased to $0.6 million in the third quarter of 2011 from $1.2 million in the third quarter of 2010.  This decrease is primarily due to the maturing of the Company's fixed interest rate swaps in October 2010.

The Provision for Income Taxes totaled $1.2 million in the third quarter of 2011.  The Company's effective tax rate has been and is expected to remai
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SOURCE Cambrex Corporation
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