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Cambrex Reports Third Quarter 2012 Financial Results
Date:11/5/2012

EAST RUTHERFORD, N.J., Nov. 5, 2012 /PRNewswire/ -- Cambrex Corporation (NYSE: CBM) reports results for the third quarter ended September 30, 2012.

Third Quarter 2012 Highlights

  • Reported sales increased by 2.8%, and excluding the impact of foreign currency, sales increased 6.9% compared to the same period last year. 
  • EBITDA decreased 13.6% to $9.6 million, compared to $11.1 million in the same period last year. 
  • Debt, net of cash was $34.5 million at the end of the quarter, an improvement of $23.7 million during the quarter which included $11.0 million of advances related to a recently announced new supply agreement, and a positive $1.0 million currency impact on foreign cash balances.
  • "We had a strong quarter as sales increased across virtually all of our product categories, with record quarterly cash flow, and excellent working capital results," commented Steven M. Klosk, President and Chief Executive Officer of Cambrex. "During the quarter, we were pleased to announce a significant new agreement to supply an active pharmaceutical ingredient for a customer's Phase 3 program, which is expected to contribute more than $20 million in sales in 2013 and potentially more in 2014. We continue to see positive industry trends, remain confident in our full year 2012 sales and profit guidance and believe we are well positioned for continued growth in 2013 and beyond."

    Third Quarter 2012 Operating Results – Continuing OperationsSales of $59.8 million were 2.8% higher compared to the same period last year, despite the unfavorable impact of foreign exchange of 4.1%.  This increase was primarily due to higher custom development revenues and higher volumes of generic active pharmaceutical ingredients partially offset by lower pricing.

    Gross margins increased to 31.0% from 30.6% in the same peri
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    SOURCE Cambrex Corporation
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