0000950123-95-002324.txt : 19950815 0000950123-95-002324.hdr.sgml : 19950815 ACCESSION NUMBER: 0000950123-95-002324 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950814 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAMBREX CORP CENTRAL INDEX KEY: 0000820081 STANDARD INDUSTRIAL CLASSIFICATION: CHEMICALS & ALLIED PRODUCTS [2800] IRS NUMBER: 222476135 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10638 FILM NUMBER: 95563137 BUSINESS ADDRESS: STREET 1: ONE MEADOWLANDS PLZ CITY: E RUTHERFORD STATE: NJ ZIP: 07073 BUSINESS PHONE: 2018043000 MAIL ADDRESS: STREET 1: ONE MEADOWLANDS PLAZA CITY: E. RUTHERFORD STATE: NJ ZIP: 07073 10-Q 1 CAMBREX CORPORATION - FORM 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q /X/ QUARTERLY REPORT PURSUANT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended June 30, 1995 OR / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from to -------------------- -------------------- Commission file number 1-10638 CAMBREX CORPORATION (Exact name of registrant as specified in its charter) DELAWARE 22-2476135 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) ONE MEADOWLANDS PLAZA, EAST RUTHERFORD, NEW JERSEY 07073 (Address of principal executive offices) (201) 804-3000 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ----- ----- APPLICABLE ONLY TO CORPORATE ISSUERS As of August 1, 1995, there were 7,606,404 shares outstanding of the registrant's Common Stock, $.10 par value. Page 1 of 16 2 CAMBREX CORPORATION AND SUBSIDIARIES Form 10-Q For The Quarter Ended June 30, 1995 Table of Contents
Page No. -------- Part I Financial information Condensed consolidated balance sheets as of June 30, 1995 and December 31, 1994 3 Condensed consolidated income statements for the three months and six months ended June 30, 1995 and 1994 4 Condensed consolidated statements of cash flows for the six months ended June 30, 1995 and 1994 5 Notes to condensed consolidated financial statements 6 - 8 Management's Discussion and Analysis of Financial Condition and Results of Operations 9 - 12 Part II Other information Item 4. Matters Submitted to a Vote of Securities Holders 13 Item 6. Exhibits and Reports on Form 8-K 13 Signatures 14 Exhibit 11 - Computation of Earnings Per Share 15 Exhibit 27 - Financial Data Schedule 16
3 Part 1 - FINANCIAL INFORMATION CAMBREX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands)
June 30, December 31, 1995 1994 -------- ------------ ASSETS Current assets: Cash and cash equivalents . . . . . . . . . . . . . . . . . . $ 7,078 $ 9,087 Trade and other receivables, less allowances for doubtful accounts of $1,786 and $1,288 at respective dates . . . . . . . . . . . . . . . . . . 60,439 52,854 Inventories . . . . . . . . . . . . . . . . . . . . . . . . . 70,942 61,979 Deferred tax asset . . . . . . . . . . . . . . . . . . . . . 1,183 1,089 Other current assets . . . . . . . . . . . . . . . . . . . . 8,404 5,689 -------- -------- Total current assets . . . . . . . . . . . . . . . . . . 148,046 130,698 Property, plant and equipment, net . . . . . . . . . . . . . . . 181,959 172,282 Intangible assets, net . . . . . . . . . . . . . . . . . . . . . 56,322 56,991 Other noncurrent assets . . . . . . . . . . . . . . . . . . . . . 681 506 -------- -------- Total assets . . . . . . . . . . . . . . . . . . . . . . $387,008 $360,477 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued liabilities . . . . . . . . . . $ 48,022 $ 48,402 Income taxes payable . . . . . . . . . . . . . . . . . . . . 6,215 5,982 Short-term debt . . . . . . . . . . . . . . . . . . . . . . . 52,226 52,368 Current portion of long-term debt . . . . . . . . . . . . . . 4,108 4,021 -------- -------- Total current liabilities . . . . . . . . . . . . . . . 110,571 110,773 Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . 128,159 115,975 Deferred taxes . . . . . . . . . . . . . . . . . . . . . . . . . 13,964 14,258 Other noncurrent liabilities . . . . . . . . . . . . . . . . . . 18,242 17,505 -------- -------- Total liabilities . . . . . . . . . . . . . . . . . . . 270,936 258,511 -------- -------- Stockholders' equity: Common stock . . . . . . . . . . . . . . . . . . . . . . . . 641 607 Additional paid-in capital . . . . . . . . . . . . . . . . . 76,354 73,673 Retained earnings . . . . . . . . . . . . . . . . . . . . . . 44,890 35,935 Treasury stock, at cost; 734,047 and 756,806 shares at respective dates . . . . . . . . . . . . . . . . (9,398) (9,690) Cumulative translation adjustment . . . . . . . . . . . . . . 3,585 1,441 -------- -------- Total stockholders' equity . . . . . . . . . . . . . . . 116,072 101,966 -------- -------- Total liabilities and stockholders' equity . . . . . . . $387,008 $360,477 ======== ========
See accompanying notes to condensed consolidated financial statements. - 3 - 4 CAMBREX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED INCOME STATEMENTS (unaudited) (in thousands, except per-share amounts)
Three months ended Six months ended June 30, June 30, ----------------------- -------------------------- 1995 1994 1995 1994 ------- ------- -------- --------- Net revenues . . . . . . . . . . . . . . . . . . $88,215 $58,224 $181,604 $109,271 Operating expenses: Cost of goods sold . . . . . . . . . . . . . 63,134 43,631 132,038 83,275 Selling, general and administrative expenses . . . . . . . . . . . . . . . . . 11,253 7,938 23,420 14,214 Research and development . . . . . . . . . . 1,904 1,188 3,746 2,401 ------- ------- -------- -------- Total operating expenses . . . . . . . . . 76,291 52,757 159,204 99,890 ------- ------- -------- -------- Operating profit . . . . . . . . . . . . . . . . 11,924 5,467 22,400 9,381 Other (income) expenses: Interest expense - net . . . . . . . . . . . 3,288 670 6,731 1,033 Other - net . . . . . . . . . . . . . . . . . 568 (219) 398 (47) ------- ------- -------- -------- Income before income taxes . . . . . . . . . . . 8,068 5,016 15,271 8,395 Provision for income taxes . . . . . . . . . . . 2,961 1,636 5,770 2,887 ------- ------- -------- -------- Net income . . . . . . . . . . . . . . . . . . $ 5,107 $ 3,380 $ 9,501 $ 5,508 ======= ======= ======== ======== Weighted average shares outstanding: Primary . . . . . . . . . . . . . . . . 5,863 5,648 5,831 5,643 Fully diluted . . . . . . . . . . . . . 5,865 5,648 5,848 5,643 Net income per share: Primary . . . . . . . . . . . . . . . . $ 0.87 $ 0.60 $ 1.63 $ 0.98 ======= ======= ======== ======== Fully diluted . . . . . . . . . . . . . $ 0.87 $ 0.60 $ 1.62 $ 0.98 ======= ======= ======== ========
See accompanying notes to condensed consolidated financial statements. - 4 - 5 CAMBREX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands)
Six months ended June 30, -------------------------- 1995 1994 -------- -------- Cash flows from operations . . . . . . . . . . . . . . . . . . . . . . . . $ 21,621 $ 13,057 Changes in assets and liabilities: Receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,221) (3,561) Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,600) (2,714) Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . (2,726) 203 Accounts payable and accrued liabilities . . . . . . . . . . . . . . . (360) 623 Income taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . 219 (206) Other noncurrent assets and liabilities . . . . . . . . . . . . . . . . 553 2,121 -------- -------- Net cash provided from operations . . . . . . . . . . . . . . . . 3,486 9,523 -------- -------- Cash flows from investing activities: Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . (19,998) (7,514) Acquisition of businesses . . . . . . . . . . . . . . . . . . . . . . . - (11,840) Other investing activities . . . . . . . . . . . . . . . . . . . . . . (2,235) - -------- -------- Net cash (used in) investing activities . . . . . . . . . . . . . (22,233) (19,354) -------- -------- Cash flows from financing activities: Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (546) (521) Long-term debt activity (including current portion): Borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,974 35,664 Repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . (31,820) (26,200) Proceeds from the issuance of common stock . . . . . . . . . . . . . . 2,306 59 Proceeds from the sale of treasury stock . . . . . . . . . . . . . . . 700 716 -------- -------- Net cash provided from financing activities . . . . . . . . . . . 14,614 9,718 -------- -------- Effect of exchange rate changes on cash . . . . . . . . . . . . . . . . . . 2,124 - -------- -------- Net increase in cash . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,009) (113) Cash at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . 9,087 161 -------- -------- Cash at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,078 $ 48 ======== ======== Supplemental disclosure: Interest paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,283 $ 1,307 Income taxes paid . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,342 $ 2,289 Depreciation expense . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,498 $ 6,040
See accompanying notes to condensed consolidated financial statements. - 5 - 6 CAMBREX CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (in thousands, except per-share amounts) (1) Basis of Presentation Unless otherwise indicated by the context, "Cambrex" or the "Company" means Cambrex Corporation and subsidiaries. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared from the records of the Company. In the opinion of management, the financial statements include all adjustments, consisting of only normal recurring accruals, necessary for a fair presentation of financial position and results of operations in conformity with generally accepted accounting principles. These interim financial statements should be read in conjunction with the financial statements for the year ended December 31, 1994. The results of operations for the six months ended June 30, 1995 are not necessarily indicative of the results to be expected for the full year. (2) Inventories Inventories are stated at the lower of cost, determined on a first-in, first-out basis, or market and include material, labor, and overhead. Inventories at June 30, 1995 and December 31, 1994 consist of the following:
June 30, December 31, 1995 1994 -------- ------------ Finished goods . . . . . . . . . . . . . $32,631 $31,473 Raw materials . . . . . . . . . . . . . 32,739 27,603 Fuel oil and supplies . . . . . . . . . 5,572 2,903 ------- ------- $70,942 $61,979 ======= =======
(3) Earnings Per Common Share The calculation of primary earnings per common share is based on the weighted average number of common shares and common share equivalents outstanding during the applicable period. - 6 - 7 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) 4) Acquisitions On October 12, 1994, the Company completed the acquisition of the stock of Nobel's Pharma Chemistry Business ("Nobel/Profarmaco") from Akzo Nobel for approximately $126,000. The business consists of Nobel Chemicals AB in Karlskoga, Sweden, Profarmaco Nobel S.r.l. in Milan, Italy, and sales companies in Germany, England and the United States. Nobel/Profarmaco manufactures fine chemical intermediates and bulk active ingredients for pharmaceutical products. The transaction was accounted for as a purchase and was financed with the Company's new credit agreement, and resulted in goodwill of $45,756 which is being amortized on a straight line basis over 17.5 years. On January 31, 1994, the Company completed the acquisition of the assets of Hexcel Corporation's fine chemicals business located in Middlesbrough, England, for approximately $7,400 and the assumption of certain current liabilities in the amount of $2,100. The business, now known as Seal Sands Chemicals Ltd. ("Seal Sands"), manufactures chemical intermediates used in the pharmaceutical, photographic, water treatment, health care, and plastics industries. On May 27, 1994, the Company purchased the Topanol product line from Zeneca Limited to complement the Seal Sands operations for $4,600. These transactions were accounted for as purchases and were financed with the Company's credit agreement, and resulted in goodwill of $1,881 for Seal Sands and $504 for Topanol which are being amortized on a straight line basis over 17.5 years and 5 years, respectively. Unaudited pro forma results as if the Nobel/Profarmaco and Seal Sands acquisitions and the Topanol product line purchase had occurred at January 1 of 1994 are presented below. The pro forma financial information is not necessarily indicative of results of operations that would have occurred had the combinations been in effect at the beginning of the periods nor of future results of operations of the combined companies.
Three months ended Six months ended June 30, 1994 June 30, 1994 ------------------ ---------------- Net revenues . . . . . . . . . . $85,972 $164,767 Net income . . . . . . . . . . . 4,294 7,336 Earnings per share: Primary . . . . . . . . . . 0.76 1.30 Fully diluted . . . . . . . 0.76 1.30
- 7 - 8 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) 5) Short-term Debt Short-term debt at June 30, 1995 and December 31, 1994 consists of the following:
June 30, December 31, 1995 1994 -------- ------------ One year term loan . . . . . . . . . . . . . . . . . . . . $50,000 $50,000 Export financing facility, Italy . . . . . . . . . . . . . 2,226 2,368 ------- ------- Total $52,226 $52,368 ======= =======
6) Long-term Debt Long-term debt at June 30, 1995 and December 31, 1994 consists of the following:
June 30, December 31, 1995 1994 -------- ------------ Bank credit facilities . . . . . . . . . . . . . . . . . $130,943 $118,648 Capital lease . . . . . . . . . . . . . . . . . . . . . 41 57 Notes payable . . . . . . . . . . . . . . . . . . . . . 1,283 1,291 -------- -------- Subtotal . . . . . . . . . . . . . . . . . . . 132,267 119,996 Less: current portion . . . . . . . . . . . . . . . . . 4,108 4,021 -------- -------- Total . . . . . . . . . . . . . . . . . . . . $128,159 $115,975 ======== ========
The Company met all the bank covenants for the first six months of 1995. 7) Postemployment Benefits Statement of Financial Accounting Standard No. 112 "Employers' Accounting for Postemployment Benefits" (SFAS 112) requires the recognition on an accrual basis of all types of postemployment benefits provided to former or inactive employees subsequent to employment but before retirement. The Company currently provides limited benefits in this regard. The Company adopted SFAS 112 effective January 1, 1994. The net effect upon 1994 and first six months of 1995 pretax operating results was immaterial. (8) Contingencies Refer to Form 10-K for the fiscal year ended December 31, 1994, for disclosure of existing contingencies related to environmental issues. - 8 - 9 CAMBREX CORPORATION AND SUBSIDIARIES MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER-SHARE AMOUNTS) RESULTS OF OPERATIONS Results in the second quarter of 1995 were significantly better than the second quarter of 1994 due to the Nobel/Profarmaco acquisition completed in October 1994, and to the improvements in the base business. The impact of these is shown in the table below: Second Quarter 1995 Results (unaudited)
Three Months Ended June 30, --------------------------------------------------------- Nobel/ Base Total Profarmaco Business 1995 1995 1995 1994 ------- ---------- -------- ------- Net revenues . . . . . . . . . . . . . . $88,215 $27,793 $60,422 $58,224 ------- ------- ------- ------- Operating expenses Cost of goods sold . . . . . . . . . . 63,134 18,871 44,263 43,631 Selling, general and administrative . . . . . . . . . . 11,253 2,980 8,273 7,938 Research and development . . . . . . . 1,904 744 1,160 1,188 ------- ------- ------- ------- Total operating expenses . . . . . . . . 76,291 22,595 53,696 52,757 ------- ------- ------- ------- Operating profit . . . . . . . . . . . . 11,924 5,198 6,726 5,467 Other (income) expenses: Interest income . . . . . . . . . . . (194) (174) (20) - Interest expense . . . . . . . . . . . 3,482 2,747 735 670 Other - net . . . . . . . . . . . . . 568 515 53 (219) ------- ------- ------- ------- Income before income taxes . . . . . . . 8,068 2,110 5,958 5,016 Provision for income taxes . . . . . . . 2,961 805 2,156 1,636 ------- ------- ------- ------- Net income . . . . . . . . . . . . . . . 5,107 1,305 3,802 3,380 ======= ======= ======= =======
Net revenues for the second quarter 1995 increased 52% to $88,215 from $58,224 reported in the second quarter 1994. The $29,991 increase was primarily due to the acquisitions of Nobel Chemicals in Sweden and Profarmaco in Italy, and to increased sales in the health and pharmaceuticals, and specialty and fine chemicals categories of the base business. The table below shows the contribution of the Nobel/Profarmaco acquisition to the product categories and changes in the base business. - 9 - 10
Three Months Ended June 30, --------------------------------------------------------- Nobel/ Base Total Profarmaco Business 1995 1995 1995 1994 ------- ---------- -------- ------- Health & pharmaceuticals . . . . . . . $40,950 $25,402 $15,548 $14,372 Specialty & fine chemicals . . . . . . 21,896 2,637 19,259 16,603 Agricultural intermediates & additives . . . . . . . . . . . . . 15,296 399 14,897 16,745 Performance chemicals . . . . . . . . 8,621 - 8,621 8,147 Coatings . . . . . . . . . . . . . . . 4,235 - 4,235 4,975 ------- ------- ------- ------- Total gross revenues . . . . . . $90,998 $28,438 $62,560 $60,842 ======= ======= ======= ======= Total net revenues . . . . . . . $88,215 $27,793 $60,422 $58,224 ======= ======= ======= =======
Health and Pharmaceuticals' revenues increased $26,578 with Nobel and Profarmaco contributing sales of $25,402. Revenues from the base business increased $1,176 (8%) mainly due to increased sales of two intermediates used for dextromethorphan, an over-the-counter cough suppressant, and from bulk Vitamin B3 and its intermediates. These increases more than offset the $1,400 lost sales from the hydrogels and Wickhen cosmetic lines which were divested late in 1994. Specialty and Fine Chemicals' revenues increased $5,293 (32%) over 1994. The acquisition of Nobel Chemicals accounted for $2,637 of this increase. Revenues from the base business increased $2,656 (16%) from second quarter 1994. This was due to an increase in several fine chemical products including sales of cross-linking agents to improve the performance of polycarbonate resins, a product used as a polymer antioxidant, and pyridine derivatives used in various fine chemical intermediates. Agricultural Intermediates and Additives' revenues decreased $1,449 (9%) from 1994's second quarter. The decrease was mainly due to reduced shipments of animal feed additives used to improve weight gain and fight disease in poultry. The reduction in shipments was due to (1) high 1994 shipments to compensate for first quarter 1994 downtime associated with installing a new filter system and (2) fewer orders in 1995 due to the customer's inventory levels. This decrease was partially offset by increased sales of pyridine and its derivatives used in herbicides. Performance Chemicals' revenues increased $474 (6%) from 1994. The key increases were in the fiber optic gel and biomedical applications. Coatings' revenues decreased $740 (15%) from 1994. Decreases occurred in all products in this category. Export Sales from the U.S. were $13,886 in the second quarter 1995 versus $10,709 in the second quarter 1994 mainly due to the increased shipments of pyridine derivatives. International sales from all European operations totaled $34,533 versus $3,964 in the second quarter 1994 due to the acquisition of Nobel/Profarmaco in October 1994. - 10 - 11 Gross profit in the second quarter 1995 of $25,081 (28.4%) compared to $14,593 (25.1%) in the second quarter 1994. The acquisition of Nobel/Profarmaco contributed $8,922 to the increased gross profit. The base business had an increase of $1,566. The gross profit percentage of the base business increased to 26.8% versus 25.1% in 1994. The key to the improved gross margin was improved pricing. This improvement was partially offset by increased raw material costs. Raw materials used in pyridine products decreased in price in the second quarter 1995 versus the first quarter 1995 but remain above the second quarter 1994 levels. Selling, general and administrative expenses as a percentage of net revenues was 14.9% versus 15.7% in the second quarter 1994. The marketing and administrative expenses as a percentage of net revenues decreased particularly in our agricultural intermediates and additives and performance chemicals business areas due to continued effects of cost improvements. These decreases were partially offset by increases in administrative expenses associated with the acquisition of Nobel/Profarmaco. Net interest expense of $3,288 in the second quarter 1995 increased $2,618 over 1994. This increase was due to the additional borrowings for acquisitions and an increase in the interest rate of approximately 2%. The provision for income taxes for the second quarter 1995 resulted in an effective tax rate of 37% vs. 33% in 1994. This increase was due to higher effective tax rates attributable to the Company's Profarmaco operation in Italy and to a favorable adjustment of $250,000 made in the second quarter of 1994 in order to reflect the correct 1994 tax rate. The Company's net income increased 51% to $5,107 compared with a net income of $3,380 in the second quarter 1994. LIQUIDITY AND CAPITAL RESOURCES Net cash flow from operations was $3,486 for the first six months 1995 compared with $9,523 in 1994. The decrease in cash flow is primarily due to increases in accounts receivable and inventories, partially offset by increased net income, depreciation and amortization. Capital expenditures were $19,998 in the first six months 1995 as compared to $7,514 in the first six months 1994. The largest expenditures were for (1) continued construction of a new facility at the Salsbury site in Charles City, Iowa to increase production levels for several products; and (2) a facility at Nobel Chemicals in Karlskoga, Sweden to increase capacity for pharmaceutical intermediates. Capital expenditures are in line with the projected spending in 1995 of $35,000. - 11 - 12 The Company has undrawn borrowing capacity of approximately $42,000 under the Credit Agreement as of June 30, 1995, which can be used for general corporate purposes. Management is of the opinion that these amounts, together with other available sources of capital, are adequate for meeting the Company's anticipated financing and capital requirements. During the second quarter 1995, the Company paid cash dividends of $0.05 per share. SUBSEQUENT EVENT: On July 24, 1995, the Company completed a public offering of 1,725,000 shares @ $38.75 per share. The net proceeds received of $63,497 will be used to pay short-term indebtedness of $50,000 and $13,497 in long-term indebtedness. - 12 - 13 PART II - OTHER INFORMATION CAMBREX CORPORATION AND SUBSIDIARIES Item 4. Matters Submitted to a Vote of Securities Holders. Refer to Form 10-Q for the quarterly period ended March 31, 1995. Item 6. Exhibits and Reports on Form 8-K a) The exhibits filed as part of this report are listed below.
Exhibit No. Description ----------- ----------- 11 Statement of computation of per share earnings. 27 Financial Data Schedule.
- 13 - 14 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CAMBREX CORPORATION By /s/ Peter Tracey -------------------------------- Peter Tracey Vice President (On behalf of the Registrant and as the Registrant's Principal Financial Officer) Date: August 11,1995 - 14 - 15 EXHIBIT INDEX ------------- Exhibit No. Description ------- ----------- 11 Statement of computation of per share earnings. 27 Financial Data Schedule. EX-11 2 COMPUTATION OF EARNINGS PER SHARE 1 EXHIBIT 11 CAMBREX CORPORATION AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE (in thousands)
Three months ended Six months ended June 30, June 30, ---------------------- ----------------------- 1995 1994 1995 1994 ---- ---- ---- ---- Income applicable to common shares: Primary earnings . . . . . . . . . . . . . . $5,107 $3,380 $9,501 $5,508 ====== ====== ====== ====== Fully diluted earnings . . . . . . . . . . . $5,107 $3,380 $9,501 $5,508 ====== ====== ====== ====== Weighted average number of common shares and common share equivalents outstanding during the period: Common Stock . . . . . . . . . . . . . . 5,541 5,229 5,479 5,219 Stock Options . . . . . . . . . . . . . 322 419 352 424 ------ ------ ------ ------ Shares outstanding - primary . . . . . . . . 5,863 5,648 5,831 5,643 Additional stock options . . . . . . . . 2 - 17 - ------ ------ ------ ------ Shares outstanding - fully diluted . . . . . 5,865 5,648 5,848 5,643 ====== ====== ====== ======
- 15 - EX-27 3 FINANCIAL DATA SCHEDULE
5 6-MOS DEC-31-1995 JUN-30-1995 7,078 0 56,759 1,786 70,942 148,046 261,578 79,619 387,008 110,571 128,159 641 0 0 115,431 387,008 181,604 181,604 132,038 132,038 0 0 6,908 15,271 5,770 9,501 0 0 0 9,501 1.63 1.62