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

n 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.

Income from continuing operations for the third quarter of 2011 was $3.1 million or $0.10 per share compared to a loss from continuing operations of $1.3 million or $0.04 per share in the third quarter of 2010.

Capital expenditures and depreciation for the third quarter of 2011 were $4.7 million and $5.7 million compared to $3.5 million and $5.3 million in the third quarter of 2010, respectively.

On November 2, 2011, the Company entered into a $250 million five-year syndicated senior revolving credit facility, replacing the Company's existing facility that was set to expire in April 2012.  The Company will pay interest on the facility at LIBOR plus 1.75% to 2.50% based upon certain financial measurements.  The facility also includes financial covenants regarding interest coverage and leverage ratios.

Steven M. Klosk, President and Chief Executive Officer, said, "I am pleased with our third quarter performance with increased revenues from custom manufacturing, controlled substances and drug delivery products.  While generic API revenues were slightly lower during the quarter, incoming orders remain strong for this product category.  We continue to focus on generating free cash flow, lowering our production costs and developing new products to support continued growth."

Guidance – Continuing OperationsThe Company currently expects that full year 2011 sales, excluding the impact of foreign currency, will increase between 5% and 7% versus 2010, and that full year 2011 EBITDA will be between $44 and $48 million.  EBITDA guidance is for continuing operations and excludes the impact of any M&A or restructuring activities.  The above guidance does not reflect Zenara, which is accounted for using the equity method,
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SOURCE Cambrex Corporation
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