-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, G2Sjuu5DaI/7Ai4lVz6TZWhZ7tF8NN3ogM4kGe13cd+/qF7Lp3TmV91STdJ9/c0I 5Ecwe/TWTk76HYkcvOu03A== 0000950123-95-003341.txt : 19951119 0000950123-95-003341.hdr.sgml : 19951119 ACCESSION NUMBER: 0000950123-95-003341 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951114 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: 95591835 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 FORM 10-Q 1 CONFORMED 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 September 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 November 1, 1995, there were 7,442,816 shares outstanding of the registrant's Common Stock, $.10 par value. 2 CAMBREX CORPORATION AND SUBSIDIARIES Form 10-Q For The Quarter Ended September 30, 1995 Table of Contents
Page No. -------- Part I Financial information Condensed consolidated balance sheets as of September 30, 1995 and December 31, 1994 3 Condensed consolidated income statements for the three months and nine months ended September 30, 1995 and 1994 4 Condensed consolidated statements of cash flows for the nine months ended September 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 - 11 Part II Other information Item 4. Matters Submitted to a Vote of Securities Holders 12 Item 6. Exhibits and Reports on Form 8-K 12 Signatures 13 Exhibit 11 - Computation of Earnings Per Share 14 Exhibit 27 - Financial Data Schedule 15
3 Part 1 - FINANCIAL INFORMATION CAMBREX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands)
September 30, December 31, 1995 1994 -------- -------- ASSETS Current assets: Cash and cash equivalents . . . . . . . . . . . . . $ 7,154 $ 9,087 Trade and other receivables, less allowances for doubtful accounts of $1,700 and $1,288 at respective dates . . . . . . . . . . . . . 57,929 52,854 Inventories . . . . . . . . . . . . . . . . . . . . . 73,908 61,979 Deferred tax asset . . . . . . . . . . . . . . . . 1,183 1,089 Other current assets . . . . . . . . . . . . . . . 5,232 5,689 -------- -------- Total current assets . . . . . . . . . . . . . 145,406 130,698 Property, plant and equipment, net . . . . . . . . . . 190,283 172,282 Intangible assets, net . . . . . . . . . . . . . . . . 55,969 56,991 Other noncurrent assets . . . . . . . . . . . . . . . . 986 506 -------- -------- Total assets . . . . . . . . . . . . . . . . . $392,644 $360,477 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable and accrued liabilities . . . . . $ 51,924 $ 48,402 Income taxes payable . . . . . . . . . . . . . . . 5,417 5,982 Short-term debt . . . . . . . . . . . . . . . . . . 3,479 52,368 Current portion of long-term debt . . . . . . . . . 4,110 4,021 -------- -------- Total current liabilities . . . . . . . . . . 64,930 110,773 Long-term debt . . . . . . . . . . . . . . . . . . . . 111,517 115,975 Deferred taxes . . . . . . . . . . . . . . . . . . . . 13,893 14,258 Other noncurrent liabilities . . . . . . . . . . . . . 18,996 17,505 -------- -------- Total liabilities . . . . . . . . . . . . . . 209,336 258,511 -------- -------- Stockholders' equity: Common stock . . . . . . . . . . . . . . . . . . . 815 607 Additional paid-in capital . . . . . . . . . . . . 140,209 73,673 Retained earnings . . . . . . . . . . . . . . . . . 49,525 35,935 Treasury stock, at cost; 724,764 and 756,806 shares at respective dates . . . . . . . . . . . (9,280) (9,690) Cumulative translation adjustment . . . . . . . . . 2,039 1,441 -------- -------- Total stockholders' equity . . . . . . . . . . 183,308 101,966 -------- -------- Total liabilities and stockholders' equity . . $392,644 $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 Nine months ended September 30, September 30, -------------------- --------------------- 1995 1994 1995 1994 ---- ---- ---- ---- Net revenues . . . . . . . . . . . . . . . . . . $87,385 $57,608 $268,989 $166,879 Operating expenses: Cost of goods sold . . . . . . . . . . . . . 62,337 44,343 194,375 127,618 Selling, general and administrative expenses . . . . . . . . . . . . . . . . . 11,757 7,559 35,177 21,773 Research and development . . . . . . . . . . 1,765 1,211 5,511 3,612 ------- ------- -------- -------- Total operating expenses . . . . . . . . . 75,859 53,113 235,063 153,003 ------- ------- -------- -------- Operating profit . . . . . . . . . . . . . . . . 11,526 4,495 33,926 13,876 Other (income) expenses: Interest expense - net . . . . . . . . . . . 2,531 496 9,262 1,529 Other - net . . . . . . . . . . . . . . . . . 1,185 121 1,583 74 ------- ------- -------- -------- Income before income taxes . . . . . . . . . . . 7,810 3,878 23,081 12,273 Provision for income taxes . . . . . . . . . . . 2,804 1,438 8,574 4,325 ------- ------- -------- -------- Net income . . . . . . . . . . . . . . . . . . $ 5,006 $ 2,440 $ 14,507 $ 7,948 ======= ======= ======== ======== Weighted average shares outstanding: Primary . . . . . . . . . . . . . . . . 7,344 5,679 6,333 5,655 Fully diluted . . . . . . . . . . . . . 7,345 5,711 6,365 5,693 Net income per share: Primary . . . . . . . . . . . . . . . . $ 0.68 $ 0.43 $ 2.29 $ 1.41 ======= ======= ======== ======== Fully diluted . . . . . . . . . . . . . $ 0.68 $ 0.43 $ 2.28 $ 1.40 ======= ======= ======== ========
See accompanying notes to condensed consolidated financial statements. - 4 - 5 CAMBREX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands)
Nine months ended September 30, --------------------- 1995 1994 --------- -------- Cash flows from operations . . . . . . . . . . . . . . . . . $ 34,347 $ 17,849 Changes in assets and liabilities: Receivables . . . . . . . . . . . . . . . . . . . . . . . (4,458) (6,043) Inventories . . . . . . . . . . . . . . . . . . . . . . . (10,570) 1,155 Other current assets . . . . . . . . . . . . . . . . . . 55 238 Accounts payable and accrued liabilities . . . . . . . . 3,665 4,091 Income taxes payable . . . . . . . . . . . . . . . . . . (697) 71 Other noncurrent assets and liabilities . . . . . . . . . (290) 3,175 --------- -------- Net cash provided from operations . . . . . . . . . 22,052 20,536 --------- -------- Cash flows from investing activities: Capital expenditures . . . . . . . . . . . . . . . . . . (31,438) (11,842) Acquisition of businesses . . . . . . . . . . . . . . . . - (11,840) Other investing activities . . . . . . . . . . . . . . . (2,018) - --------- -------- Net cash (used in) investing activities . . . . . . (33,456) (23,682) --------- -------- Cash flows from financing activities: Dividends . . . . . . . . . . . . . . . . . . . . . . . . (918) (783) Increase in short-term debt . . . . . . . . . . . . . . . 1,111 Long-term debt activity (including current portion): Borrowings . . . . . . . . . . . . . . . . . . . . . 60,209 44,714 Repayments . . . . . . . . . . . . . . . . . . . . . (114,601) (42,679) Proceeds from the issuance of common stock . . . . . . . 66,082 285 Proceeds from the sale of treasury stock . . . . . . . . 1,072 1,085 --------- -------- Net cash provided from financing activities . . . . 12,955 2,622 --------- -------- Effect of exchange rate changes on cash . . . . . . . . . . . (3,484) 411 --------- -------- Net increase in cash . . . . . . . . . . . . . . . . . . . . (1,933) (113) Cash at beginning of period . . . . . . . . . . . . . . . . . 9,087 161 --------- -------- Cash at end of period . . . . . . . . . . . . . . . . . . . . $ 7,154 $ 48 ========= ======== Supplemental disclosure: Interest paid . . . . . . . . . . . . . . . . . . . . . . $ 10,026 $ 2,757 Income taxes paid . . . . . . . . . . . . . . . . . . . . $ 5,205 $ 3,038 Depreciation expense . . . . . . . . . . . . . . . . . . $ 15,973 $ 9,300
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 nine months ended September 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 September 30, 1995 and December 31, 1994 consist of the following:
September 30, December 31, 1995 1994 ------- ------- Finished goods . . . . . . . . . . . . . $29,972 $31,473 Raw materials . . . . . . . . . . . . . 38,374 27,603 Fuel oil and supplies . . . . . . . . . 5,562 2,903 ------- ------- $73,908 $61,979 ======= =======
(3) Earnings Per Common Share The calculation of primary and fully diluted 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 Nine months ended September 30, 1994 September 30, 1994 ------------------ ------------------ Net revenues . . . . . . . . . . . $ 85,356 $250,124 Net income . . . . . . . . . . . . 3,354 10,691 Earnings per share: Primary . . . . . . . . . . . 0.59 1.89 Fully diluted . . . . . . . . 0.59 1.88
- 7 - 8 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) 5) Short-term Debt Short-term debt at September 30, 1995 and December 31, 1994 consists of the following:
September 30, December 31, 1995 1994 ---- ---- One year term loan . . . . . . . . . . . . . . . $ - $50,000 Export financing facility, Italy . . . . . . . . 3,479 2,368 ------ ------- Total $3,479 $52,368 ====== =======
6) Long-term Debt Long-term debt at September 30, 1995 and December 31, 1994 consists of the following:
September 30, December 31, 1995 1994 ---- ---- Bank credit facilities . . . . . . . . . . . . . $114,385 $118,648 Capital lease . . . . . . . . . . . . . . . . . 31 57 Notes payable . . . . . . . . . . . . . . . . . 1,211 1,291 -------- ------- Subtotal . . . . . . . . . . . . . . . 115,627 119,996 Less: current portion . . . . . . . . . . . . . 4,110 4,021 -------- ------- Total . . . . . . . . . . . . . . . . $111,517 $115,975 ======== =======
The Company met all the bank covenants for the first nine months of 1995. 7) Stockholders' Equity On July 24, 1995, the Company completed a public offering of 1,725,000 shares of newly issued common stock at a price of $38.75 per share. The total proceeds to the Company, net of underwriting discounts and commissions, amounted to $63,497. Proceeds were used to reduce outstanding debt existing under the Company's bank credit agreement. 8) 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 nine months of 1995 pretax operating results was immaterial. 9) 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 third quarter of 1995 were better than the third quarter of 1994 due to the Nobel/Profarmaco acquisition completed in October 1994, and to improvements in the base business. The impact of these is shown in the table below: Third Quarter 1995 Results (unaudited)
Three Months Ended September 30, ---------------------------------------- Nobel/ Base Total Profarmaco Business 1995 1995 1995 1994 ---- ---- ---- ---- Net revenues . . . . . . . . . . . . . . $87,385 $29,774 $57,611 $57,608 ------- ------- ------- ------- Operating expenses Cost of goods sold . . . . . . . . . . 62,337 19,364 42,973 44,343 Selling, general and administrative . . . . . . . . . . 11,757 3,417 8,340 7,559 Research and development . . . . . . . 1,765 603 1,162 1,211 Total operating expenses . . . . . . . . 75,859 23,384 52,475 53,113 ------- ------- ------- ------- Operating profit . . . . . . . . . . . . 11,526 6,390 5,136 4,495 Other (income) expenses: Interest income . . . . . . . . . . . (252) (231) (21) (21) Interest expense . . . . . . . . . . . 2,783 1,921 862 517 Other - net . . . . . . . . . . . . . 1,185 1,123 62 121 ------- ------- ------- ------- Income before income taxes . . . . . . . 7,810 3,577 4,233 3,878 Provision for income taxes . . . . . . . 2,804 1,287 1,517 1,438 ------- ------- ------- ------- Net income . . . . . . . . . . . . . . . $ 5,006 $ 2,290 $ 2,716 $ 2,440 ======= ======= ======= =======
Net revenues for the third quarter 1995 increased 52% to $87,385 from $57,608 reported in the third quarter 1994. The $29,777 increase was due to the acquisitions of Nobel Chemicals AB in Sweden and Profarmaco S.r.l. in Italy. The table below shows the contribution of the Nobel/Profarmaco acquisition to the product categories and changes in the base business. Increased base business sales in health and pharmaceuticals offset the decrease in performance chemicals of the base business. - 9 - 10
Three Months Ended September 30, ---------------------------------------- Nobel/ Base Total Profarmaco Business 1995 1995 1995 1994 ---- ---- ---- ---- Health & pharmaceuticals . . . . . . $37,891 $21,328 $16,563 $15,167 Specialty & fine chemicals . . . . . 26,377 8,873 17,504 17,607 Agricultural intermediates & additives . . . . . . . . . . . . 13,819 288 13,531 13,593 Performance chemicals . . . . . . . 7,770 - 7,770 8,523 Coatings . . . . . . . . . . . . . . 4,281 - 4,281 4,450 ------- ------- ------- ------- Total gross revenues . . . . . $90,138 $30,489 $59,649 $59,340 ======= ======= ======= ======= Total net revenues . . . . . . $87,385 $29,774 $57,611 $57,608 ======= ======= ======= =======
Health and Pharmaceuticals' revenues increased $22,724 with Nobel and Profarmaco contributing sales of $21,328. Revenues from the base business increased $1,396 (9%); allowing for the $1,200 in lost sales from the divestures of the hydrogels and Wickhen cosmetic lines which occurred late in 1994, revenues would have increased by 17%. The improvement was due to sales increases in: two intermediates used for dextromethorphan, an over-the-counter cough suppressant; pyridine derivatives, used in the cosmetic and toiletry industries; and bulk Vitamin B3 and its intermediates. Specialty and Fine Chemicals' revenues increased $8,770 (50%) over 1994. The acquisition of Nobel Chemicals accounted for all of this increase. In the base business, lower sales of photographic products, catalysts and a product used as an antioxidant for polymers were offset by increases in sales of another product used as an antioxidant for polymers, a monomer for engineering plastics and x-ray contrast drug intermediates. Agricultural Intermediates and Additives' revenues increased $226 (2%) from 1994's third quarter. The increase was mainly due to increased shipments of pyridine derivatives used in herbicides. Sales of animal feed additives remained at 1994 levels. Performance Chemicals' revenues decreased $753 (9%) from 1994. The key decreases were in encapsulants for the telephone industry and in fiber optic gels. Coatings' revenues decreased $169 (4%) from 1994. Decreases occurred in our castor based products. Export Sales from the U.S. were $14,487 in the third quarter 1995 versus $12,333 in the third quarter 1994. Increases occurred at most of our U.S. operating locations. International sales from all European operations totaled $35,756 versus $4,314 in the third quarter 1994 due to the acquisition of Nobel/Profarmaco in October 1994. - 10 - 11 Gross profit in the third quarter 1995 of $25,048 (28.7%) compared to $13,265 (23%) in the third quarter 1994, with the acquisition of Nobel/Profarmaco contributing $10,410 to the increase, and the base business increasing by $1,373. The gross profit percentage of the base business increased to 25.4% versus 23.0% in 1994. The improved gross margin was due to pricing increases, continued efforts to reduce costs, and an improved sales mix caused by divesting low margin products. Selling, general and administrative expenses as a percentage of net revenues was 15.5% versus 15.2% in the third quarter 1994. The marketing, administrative, and research expenses as a percentage of net revenues decreased but were offset by increased amortization costs associated with the acquisition of Nobel/Profarmaco. Net interest expense of $2,531 in the third quarter 1995 increased $2,035 over 1994. This increase was due to the additional borrowings for acquisitions and an increase in the interest rate of approximately 2-1/2%. The provision for income taxes for the third quarter 1995 resulted in an effective tax rate of 36% vs. 37% in 1994. This decreased tax rate more accurately reflects the updated estimate of the 1995 tax rate of 37%. The Company's third quarter net income increased 105% to $5,006 compared with a net income of $2,440 in the third quarter 1994. LIQUIDITY AND CAPITAL RESOURCES Net cash flow from operations was $22,052 for the first nine months of 1995 compared with $20,536 in 1994. The significant increases in net income, depreciation and amortization were partially offset by increases in inventories. Capital expenditures were $31,400 in the first nine months 1995 as compared to $11,800 in the first nine 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) construction of a facility at Nobel Chemicals in Karlskoga, Sweden to increase capacity for pharmaceutical intermediates. On July 24, 1995, the Company completed a public offering of 1,725,000 shares of newly issued common stock at a price of $38.75 per share. The total proceeds to the Company, net of underwriting discounts and commissions, amounted to $63,497. Proceeds were used to reduce outstanding debt existing under the Company's bank credit agreement. The Company has undrawn borrowing capacity of approximately $71,000 under the Credit Agreement as of September 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 third quarter 1995, the Company paid cash dividends of $0.05 per share. - 11 - 12 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.
b) The registrant filed the following reports on Form 8-K during the third quarter of 1995.
Date of Report Description -------------- ----------- July 17, 1995 Amendment No. 2 to Form 8-K dated October 26, 1994. July 17, 1995 Press release discussing the Company's financial results for the second quarter of 1995.
- 12 - 13 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: November 13,1995 ---------------- - 13 - 14 EXHIBIT INDEX Exhibit No. Description ----------- ------------ 11 Statement of computation of per share earnings. 27 Financial Data Schedule. EX-11 2 STATEMENT OF COMPUTATION OF PER SHARE EARNINGS. 1 EXHIBIT 11 CAMBREX CORPORATION AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE (in thousands)
Three months ended Nine months ended September 30, September 30, ------------------ ----------------- 1995 1994 1995 1994 ---- ---- ---- ---- Income applicable to common shares: Primary earnings . . . . . . . . . . . $5,006 $2,440 $14,507 $ 7,948 ====== ====== ======= ======= Fully diluted earnings . . . . . . . . $5,006 $2,440 $14,507 $ 7,948 ====== ====== ======= ======= Weighted average number of common shares and common share equivalents outstanding during the period: Common Stock . . . . . . . . . . . 6,994 5,255 5,988 5,231 Stock Options . . . . . . . . . . 350 424 345 424 ------ ------ ------- ------- Shares outstanding - primary . . . . . 7,344 5,679 6,333 5,655 Additional stock options . . . . . 1 32 32 38 ------ ------ ------- ------- Shares outstanding - fully diluted . . 7,345 5,711 6,365 5,693 ====== ====== ======= =======
- 14 - EX-27 3 FINANCIAL DATA SCHEDULE
5 1000 9-MOS DEC-31-1995 SEP-30-1995 7,154 0 53,888 1,700 73,908 145,406 275,268 84,985 392,644 64,930 111,517 815 0 0 182,493 392,644 268,989 268,989 194,375 194,375 0 0 2,783 23,081 8,574 14,507 0 0 0 14,507 2.29 2.28
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