Selling, general and administrative ("SG&A") expenses were $11.1 million compared to $11.9 million in the same period last year. The decrease was mainly due to lower personnel expenses.
Research and development expenses were $2.6 million compared to $2.3 million in the same period last year.
Operating profit increased to $11.3 million from $4.3 million in the same period last year. The increase in operating profit was primarily the result of higher gross profit and lower selling, general and administrative expenses. EBITDA was $17.0 million compared to $9.6 million in the same period last year.
Net interest expense was $0.7 million compared to $0.6 million in the same period last year. This increase was primarily a result of higher average debt.
Equity in losses of partially-owned affiliates, for the Company's portion of Zenara's loss, was $0.5 million compared to $0.6 million in the same period last year. These amounts include amortization expense of $0.2 million for the third quarters of 2013 and 2012.
The provision for income taxes was $3.8 million and resulted in an effective tax rate of 37.7%.
Income from continuing operations was $6.3 million or $0.20 per share compared to $2.0 million or $0.07 per share in the same period last year.
Loss from discontinued operations, net of tax, was $2.7 million and represents estimated increases in expected future environmental investigation and remediation costs at two former operating sites.
Capital expenditures and depreciation were $6.2 million and $5.7 million, respectively, compared to $5.3 million for both capital expenditures and depreciation in the same period last year.
Financial Expectations – Continuing Operations
|SOURCE Cambrex Corporation|
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