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Cambrex Reports Third Quarter 2013 Financial Results
Date:11/1/2013

EAST RUTHERFORD, N.J., Nov. 1, 2013 /PRNewswire/ -- Cambrex Corporation (NYSE: CBM) reports results for the third quarter ended September 30, 2013.

Highlights

  • Third quarter sales increased to $78.0 million from $59.8 million in the third quarter of 2012. 
  • Third quarter EBITDA increased to $17.0 million compared to $9.6 million in the same period last year (see table at the end of this release). 
  • Debt, net of cash was $76.0 million at the end of the third quarter, an increase of $8.5 million during the quarter. 
  • 2013 full year sales and EBITDA guidance ranges tightened, increased lower end of ranges (see Financial Expectations section below).
  • "We are very pleased with our strong third quarter financial results and narrowed our full year guidance range, increasing the lower end of the range for both sales and EBITDA, reflecting our confidence in expected full year results," commented Steven M. Klosk, President and Chief Executive Officer of Cambrex.  "Our Charles City, Iowa facility began shipping commercial launch quantities of an API for a key new product candidate and we are currently on schedule to ship higher volumes of this new API than was previously expected for 2013.  As we've indicated in recent quarters, we continue to see strong demand for late stage custom development products."

    Third Quarter 2013 Operating Results
    Sales of $78.0 million were 30.3% higher compared to the same period last year, including the favorable impact of foreign exchange of 1.8%.  The increase was primarily due to higher sales of a large phase 3 product and certain branded active pharmaceutical ingredients ("APIs"), partially offset by lower sales of generic APIs and products utilizing the Company's drug delivery technology.Gross margins increased to 32.0% from 31.0% compared to the same
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    SOURCE Cambrex Corporation
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