EX-99.1 3 y93478exv99w1.txt PRESS RELEASE [CAMBREX LOGO] Date: January 22, 2004 Contact: Luke M. Beshar Anne-Marie Hess Sr. Vice President & CFO Director, Investor Relations Phone: 201-804-3010 201-804-3062 Email: luke.beshar@cambrex.com annemarie.hess@cambrex.com Release: Immediate CAMBREX ANNOUNCES FOURTH QUARTER AND FULL YEAR 2003 RESULTS AND PROVIDES 2004 GUIDANCE FOURTH QUARTER 2003 HIGHLIGHTS - The Company reports fourth quarter 2003 income from continuing operations of $6.1 million or $0.23 diluted earnings per share. - The Company begins to report continuing operations in three business segments: Human Health, BioProducts, and BioPharma effective in the fourth quarter 2003. - Cambrex provides earnings guidance for 2004 of $1.10 - $1.30 per diluted share. - Total debt, net of cash on hand, decreased $65 million during the fourth quarter 2003 including net proceeds from the sale on Rutherford of approximately $51 million. - Management is in the process of determining the appropriate carrying value of a $5 million equity investment in an emerging biotechnology company. This process could result in the write-down of some or all of the carrying value of the investment. The accompanying financial information does not reflect any adjustment related to this matter. Please see "Carrying Value of Equity Investment" section below. EAST RUTHERFORD, NJ - JANUARY 22, 2004 - Cambrex Corporation (NYSE: CBM) today reported fourth quarter 2003 income from continuing operations of $6.1 million or $0.23 diluted earnings per share, including approximately $0.03 benefit primarily from the tax impact of a favorable geographic shift in income. Full year 2003 income from continuing operations was $7.2 million or $0.28 per diluted share, including approximately $0.46 per share unfavorable impact for tax related charges and $0.28 unfavorable impact from the previously announced settlement with Mylan Laboratories. Fourth quarter and full year 2003 income from continuing operations includes effective tax rates of 18% and 73% respectively. See below for further discussion on tax matters. Income from continuing operations in the fourth quarter 2002 was $9.4 million, or $0.36 diluted earnings per share, including special pre-tax charges of $1.7 million, or $0.04 diluted earnings per Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073 Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com [CAMBREX LOGO] share, consisting of a $0.85 million charge for environmental costs associated with a 2001 facility closure and a $0.85 million provision for severance costs. Full year 2002 income from continuing operations was $42.8 million or $1.61 diluted earnings per share including the items mentioned in the fourth quarter 2002 and a $3.1 million or $0.08 diluted earnings per share impairment related to a prior equity investment. The Company has begun to report results in three segments: Human Health (formerly Human Health and All Other), BioProducts and BioPharma (previously combined as Biosciences) effective in the fourth quarter 2003. Please see "New Reporting Segments" section below for further discussion. Worldwide sales from continuing operations for the fourth quarter 2003 grew 2.3% to $102.1 million from $99.8 million in the fourth quarter 2002. The results reflect increased sales in the Human Health and BioProducts segments partially offset by lower sales in the BioPharma segment. Fourth quarter 2003 sales for continuing operations were favorably impacted 6.5% due to foreign currency. Gross margins from continuing operations for the fourth quarter 2003 declined to 39.1% from 44.5% in the fourth quarter 2002 due to lower margins in all segments. Foreign currency unfavorably impacted fourth quarter 2003 gross margin by 1.8 percentage points. "Our biggest challenge remains in the BioPharma segment where restoring revenue and production volumes continues to be a top priority. We have added commercial development personnel in the US and Europe to accelerate our efforts in both Pharma and BioPharma," commented James A. Mack, Chairman, President, and CEO. "We believe the combination of positive life sciences market fundamentals and the results of our strategic initiatives will yield revenue and earnings growth in 2004." As previously reported, on November 10, 2003 the Company closed on the sale of its Rutherford Chemicals business. This business has been treated as a discontinued operation for all periods presented. Following the close on Rutherford Chemicals, the Company refined its calculation of the net book value of assets disposed and reduced the estimated loss on the sale of Rutherford Chemicals by $2.2 million to $52.8 million. The Company will adjust the third quarter and year-to- date September 30, 2003 results from discontinued operations in the Company's 2003 Form 10-K. All amounts in the accompanying financial schedules represent continuing operations unless otherwise indicated. Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073 Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com [CAMBREX LOGO] HUMAN HEALTH SEGMENT The Human Health segment consists of active pharmaceutical ingredients (APIs), advanced intermediates, and other fine custom chemicals derived from organic chemistry previously reported in the All Other segment. Human Health sales in the fourth quarter 2003 increased 6.2% to $59.5 million, including 8.6% favorable impact due to foreign currency, from $56.1 million in the fourth quarter 2002. The increased sales for the quarter reflect increased custom development activity in the US, higher shipments of certain central nervous system APIs, crop protection and feed additive products, and cardiovascular and diuretic APIs, partly offset by reduced shipments of a gastrointestinal API, lower sales of an anti-parasitic API, and lower sales of intermediates used in an end-stage kidney disease API and an antihistamine API due to order timing. Fourth quarter 2003 gross margin declined to 35.7% from 37.3% in the fourth quarter 2002 primarily due to price reductions of certain generic APIs and other fine chemicals, including a volume-based rebate adjustment, partially offset by increased production volumes and favorable generic product mix. Foreign currency unfavorably impacted Human Health gross margin by 3.2 percentage points in the quarter. BIOPRODUCTS The BioProducts segment includes Cells & Media, Electrophoresis & Chromatography, and Endotoxin Detection product categories. BioProducts sales in the fourth quarter 2003 increased 12.2% to $29.9 million, including a 5.1% favorable impact from foreign currency, from $26.7 million in the fourth quarter 2002. The increased sales for the quarter reflect higher sales in virtually all product categories, primarily cells and media products due to higher demand, increased pricing and new product launches in Europe. Fourth quarter 2003 gross margins declined to 50.3% from 56.8% in the fourth quarter 2002 primarily due to certain 2002 favorable inventory adjustments which did not repeat in 2003, additional bad debt reserves and unfavorable product mix, partly offset by favorable production volume, pricing, cost reduction activities and reduced inventory discards. Foreign currency favorably impacted gross margin by 0.5 percentage points in the quarter. Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073 Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com [CAMBREX LOGO] BIOPHARMA The BioPharma segment consists of the Company's contract biopharmaceutical process development and manufacturing business. BioPharma sales in the fourth quarter 2003 decreased to $12.6 million from $17.1 million in the fourth quarter 2002 reflecting lower suite utilization partially offset by increased process development revenues. Gross margin declined to 29.1% from 48.8% due to reduced suite utilization. Foreign currency had no impact on BioPharma sales or gross margin in the fourth quarter 2003. FOURTH QUARTER 2003 OPERATING, INTEREST AND INCOME TAX EXPENSES FOR CONTINUING OPERATIONS Fourth quarter 2003 marketing, sales, administrative and amortization expenses increased to $24.1 million (23.6% of sales), including $1.1 million of unfavorable impact from foreign currency, from $23.3 million (23.3% of sales) in the fourth quarter 2002. Operating expenses were unfavorably impacted by the vesting of a previously issued stock appreciation right in the fourth quarter 2003 and higher pension costs, but benefited from 2002 branding costs that did not recur in 2003. Fourth quarter 2003 research and development expenses increased to $4.5 million (4.4% of sales) from $4.1 million (4.1% of sales) in the fourth quarter 2002. The increase mainly reflects additional investment in new generic product technologies at the Cambrex Center of Technical Excellence and the impact of currency exchange. Fourth quarter 2003 net interest expense increased to $3.5 million from $2.6 million in the fourth quarter 2002. Interest expense increased due to a higher average rate partly offset by a lower average outstanding balance. The average interest rate was 5.9% in the fourth quarter 2003 versus 4.3% in the fourth quarter 2002. The fourth quarter and full year 2003 effective tax rate was 18% and 73%, respectively. The fourth quarter 2003 effective tax rate was positively impacted by a favorable shift in geographic income and better than forecasted benefits from the implementation of certain tax strategies. As previously reported, the recording of a deferred tax asset valuation allowance related to the Company's domestic operations adversely impacted the full year effective tax rate. Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073 Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com [CAMBREX LOGO] NEW REPORTING SEGMENTS The Company has begun to report results in three segments: Human Health (formerly Human Health and All Other), BioProducts and BioPharma (previously combined as Biosciences). The BioProducts segment consists of the Cells and Media, Endotoxin Detection and Electrophoresis and Chromatography product categories. The BioPharma business represents the Company's two contract biopharmaceutical manufacturing facilities acquired during 2001. The Company has also revised its methodology of allocating corporate costs to the segments to more accurately reflect segment expenses. The new methodology has no impact on consolidated operating profit but does transfer certain costs from corporate general administrative expenses to the operating segments. This methodology was applied to all prior and current period results presented for comparative purposes. CARRYING VALUE OF EQUITY INVESTMENT The Company has a $5 million investment in a privately-owned, emerging biotechnology company. In the process of preparing the Company's year-end 2003 financial statements, certain information came to management's attention that resulted in its inability to determine the appropriate carrying value of this investment prior to the date of this release. Management will continue to research this matter and will communicate the amount and timing of potential adjustments, if any, as soon as this information is available. The accompanying financial information does not reflect any adjustment related to this matter. GUIDANCE The Company expects full year 2004 diluted earnings per share for continuing operations to be in the range of $1.10 to $1.30 and the Company targets sales growth of 5-10% in the Human Health segment, 10-15% in the BioProducts segment, and 20-30% in the BioPharma segment. 2004 capital expenditures, depreciation and amortization for continuing operations are expected to be approximately $45.0 million, $40.0 million, and $1.5 million respectively. The Company expects the full year 2004 effective tax rate to be approximately 32%. The Company's tax rate will continue to be sensitive to changes in the geographic mix of income. Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073 Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com [CAMBREX LOGO] During January 2004, Cambrex entered into an agreement to terminate a BioProducts contract for the receipt of a lump sum payment of $3.0 million that is included in the above guidance. This contract had been expected to generate approximately $0.6 million of operating profit in 2004 and would have otherwise expired in 2005. CONFERENCE CALL The Conference Call to discuss fourth quarter 2004 earnings will begin at 8:30 a.m. Eastern Time on Friday, January 23, 2004 and last approximately 45 minutes. Those wishing to participate should call 1-888-730-9134 for Domestic, and +1-773-756-4602 for International. Please use the password CAMBREX and call approximately 10 minutes before the start time. The Conference Call will also be webcast in the Investor Relations section of the Cambrex website located at www.cambrex.com. The webcast will be available for approximately thirty (30) days following the call. An instant replay of the Conference Call will be available approximately 1 hour after the completion of the call on Friday, January 23, 2004 through the end of business day, Friday, January 30, 2004 by calling 1-888-562-4201 for Domestic, and +1-402-530-7634 for International. FORWARD LOOKING STATEMENTS This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and Rule 3B-6 under The Exchange Act, including, without limitation, statements regarding expected performance, especially expectations with respect to sales, research and development expenditures, earnings per share, capital expenditures, acquisitions, divestitures, collaborations, or other expansion opportunities. These statements may be identified by the fact that they use words such as "expects", "anticipates", "intends", "estimates", "believes" or similar expressions in connection with any discussion of future financial and operating performance. The forward-looking statements contained herein are based on current plans and expectations and involve risks and uncertainties that could cause actual outcomes and results to differ materially from current expectations including but not limited to, global economic trends, pharmaceutical outsourcing trends, competitive pricing or product developments, government legislation and/or regulations (particularly environmental issues), tax rate, technology, manufacturing and legal issues, unfavorable results shipments, changes in foreign exchange rates, performance of minority investments, un-collectable receivables, loss on disposition of assets, cancellation or delays in renewal of contracts, and lack of suitable raw materials or packaging materials. For further details and a discussion of these and other risks Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073 Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com [CAMBREX LOGO] and uncertainties, investors are cautioned to review the Cambrex Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073 Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com [CAMBREX LOGO] CAMBREX CORPORATION Financial Summary Quarters Ended December 31, 2003 and 2002 (in thousands, except earnings per share)
2003 2002 ---- ---- Gross Sales.............................. $ 102,065 $ 99,775 Operating Profit......................... $ 11,314 $ 15,294 Income Before Tax........................ $ 7,429 $ 12,611 Income From Continuing Operations........ $ 6,070 $ 9,446 Loss From Discontinued Operations........ $ (1,032) $ (6,473) Net Income............................... $ 5,038 $ 2,973 Earnings per share data (basic): Income From Continuing Operations... $ 0.24 $ 0.36 Loss From Discontinued Operations... $ (0.04) $ (0.25) ----------- ---------- Net Income.......................... $ 0.20 $ 0.11 Average Shares Outstanding.......... 25,796 25,904 Earnings per share data (diluted): Income From Continuing Operations... $ 0.23 $ 0.36 Loss From Discontinued Operations... $ (0.04) $ (0.25) ----------- ---------- Net Income.......................... $ 0.19 $ 0.11 Average Shares Outstanding.......... 26,255 26,284
Years Ended December 31, 2003 and 2002 (in thousands, except earnings per share)
2003 2002 ---- ---- Gross Sales.............................. $ 405,591 $ 394,430 Operating Profit......................... $ 38,824 $ 71,924 Income Before Tax........................ $ 26,845 $ 57,115 Income From Continuing Operations........ $ 7,212 $ 42,779 Loss From Discontinued Operations........ $ (54,058) $ (6,546) Net (Loss)/Income........................ $ (46,846) $ 36,233 Earnings per share data (basic): Income From Continuing Operations... $ 0.28 $ 1.65 Loss From Discontinued Operations... $ (2.10) $ (0.25) ---------- ---------- Net (Loss)/Income................... $ (1.82) $ 1.40 Average Shares Outstanding.......... 25,775 25,954 Earnings per share data (diluted): Income From Continuing Operations... $ 0.28 $ 1.61 Loss From Discontinued Operations... $ (2.07) $ (0.24) ---------- ---------- Net (Loss)/Income................... $ (1.79) $ 1.37 Average Shares Outstanding.......... 26,174 26,520
Note: All amounts in these financial statements and tables are for continuing operations unless otherwise indicated. Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073 Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com [CAMBREX LOGO] CAMBREX CORPORATION Gross Sales & Gross Profit by Segment Quarters Ended December 31, 2003 and 2002 (in thousands)
Fourth Quarter 2003 Fourth Quarter 2002 ------------------------------ -------------------------------- Gross Gross Gross Gross Sales Profit GP% Sales Profit GP% ----- ------ --- ----- ------ --- Human Health $ 59,519 $ 21,225 35.7% $ 56,053 $ 20,911 37.3% BioProducts 29,915 15,049 50.3% 26,668 15,160 56.8% BioPharma 12,631 3,671 29.1% 17,054 8,326 48.8% ---------- ---------- ----------- ----------- Total $ 102,065 $ 39,945 39.1% $ 99,775 $ 44,397 44.5% ========== ========== =========== ===========
Gross Sales Comparison ------------------------------------------------- 2003 2002 Gross Gross Change Change Sales Sales $ % ----- ----- ------ ------ Human Health $ 59,519 $ 56,053 $ 3,466 6.2% BioProducts 29,915 26,668 3,247 12.2% BioPharma 12,631 17,054 (4,423) -25.9% ---------- ---------- ---------- ------ Total $ 102,065 $ 99,775 $ 2,290 2.3% ========== ========== ========== ======
Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073 Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com [CAMBREX LOGO] CAMBREX CORPORATION Gross Sales & Gross Profit by Segment Years Ended December 31, 2003 and 2002 (in thousands)
Year-to-Date 2003 Year-to-Date 2002 ----------------------------- ----------------------------- Gross Gross Gross Gross Sales Profit GP% Sales Profit GP% ----- ------ --- ----- ------ --- Human Health $ 242,165 $ 90,521 37.4% $ 231,342 $ 94,055 40.7% BioProducts 119,298 60,056 50.3% 107,870 56,614 52.5% BioPharma 44,128 11,829 26.8% 55,218 27,049 49.0% --------- --------- --------- --------- Total $ 405,591 $ 162,406 40.0% $ 394,430 $ 177,718 45.1% ========= ========= ========= =========
Gross Sales Comparison ------------------------------------------ 2003 2002 Gross Gross Change Change Sales Sales $ % ----- ----- ------ ------ Human Health $ 242,165 $ 231,342 $ 10,823 4.7% BioProducts 119,298 107,870 11,428 10.6% BioPharma 44,128 55,218 (11,090) -20.1% --------- --------- --------- ---- Total $ 405,591 $ 394,430 $ 11,161 2.8% ========= ========= ========= ====
Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073 Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com [CAMBREX LOGO] CAMBREX CORPORATION Statement of Profit and Loss For the Quarters Ended December 31, 2003 and 2002 (in thousands)
2003 2002 ------------------- ------------------- % of % of Amount Sales Amount Sales ------ ----- ------ ----- Gross Sales $ 102,065 100.0% $ 99,775 100.0% Commissions and Allowances 889 0.9% 268 0.2% ---------- ---------- Net Sales 101,176 99.1% 99,507 99.8% Other Revenues 1,934 1.9% 2,733 2.7% ---------- ---------- Net Revenue 103,110 101.0% 102,240 102.5% Cost of Sales 63,165 61.9% 57,843 58.0% ---------- ---------- Gross Profit 39,945 39.1% 44,397 44.5% Operating Expenses Marketing/Sales Expenses 6,236 6.1% 6,637 6.7% Research & Development Expenses 4,547 4.4% 4,122 4.1% Administrative Expenses 17,365 17.0% 16,247 16.3% Asset Impairment and Other Charges - 0.0% 1,700 1.7% Amortization 483 0.5% 397 0.4% ---------- ---------- Total Operating Expenses 28,631 28.0% 29,103 29.2% ---------- ---------- Operating Profit 11,314 11.1% 15,294 15.3% Other Expenses Interest - Other 3,539 3.5% 2,591 2.6% Other Expenses 346 0.3% 92 0.1% ---------- ---------- Total Other Expenses 3,885 3.8% 2,683 2.7% ---------- ---------- Income Before Taxes 7,429 7.3% 12,611 12.6% Provision for Income Taxes 1,359 1.4% 3,165 3.1% ---------- ---------- Income from Continuing Operations $ 6,070 5.9% $ 9,446 9.5% DISCONTINUED OPERATIONS Loss From Discontinued Operations (927) (8,455) Income Tax Provision/(Benefit) 105 (1,982) ---------- ---------- Loss From Discontinued Operations (1,032) (6,473) ---------- ---------- Net Income $ 5,038 $ 2,973 ========== ========== Basic Earnings per Share Income From Continuing Operations $ 0.24 $ 0.36 Loss From Discontinued Operations $ (0.04) $ (0.25) ---------- ---------- Net Income $ 0.20 $ 0.11 Diluted Earnings per Share Income From Continuing Operations $ 0.23 $ 0.36 Loss From Discontinued Operations $ (0.04) $ (0.25) ---------- ---------- Net Income $ 0.19 $ 0.11
Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073 Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com [CAMBREX LOGO] CAMBREX CORPORATION Statement of Profit and Loss For the Years Ended December 31, 2003 and 2002 (in thousands)
2003 2002 -------------------- -------------------- % of % of Amount Sales Amount Sales -------------------- -------------------- Gross Sales $ 405,591 100.0% $ 394,430 100.0% Commissions and Allowances 3,780 0.9% 3,194 0.8% ---------- ---------- Net Sales 401,811 99.1% 391,236 99.2% Other Revenues 8,833 2.1% 7,830 2.0% ---------- ---------- Net Revenue 410,644 101.2% 399,066 101.2% Cost of Sales 248,238 61.2% 221,348 56.1% ---------- ---------- Gross Profit 162,406 40.0% 177,718 45.1% Operating Expenses Marketing/Sales Expenses 25,292 6.2% 23,336 5.9% Research & Development Expenses 17,123 4.2% 15,794 4.1% Administrative Expenses 68,199 16.8% 60,872 15.4% Asset Impairment and Other Charges - 0.0% 4,238 1.1% Legal Settlement 11,342 2.8% - 0.0% Amortization 1,626 0.4% 1,554 0.4% ---------- ---------- Total Operating Expenses 123,582 30.4% 105,794 26.9% ---------- ---------- Operating Profit 38,824 9.6% 71,924 18.2% Other Expenses Interest - Other 11,840 2.9% 11,264 2.8% Other Expenses 139 0.0% 3,545 0.9% ---------- ---------- Total Other Expenses 11,979 2.9% 14,809 3.7% ---------- ---------- Income Before Taxes 26,845 6.7% 57,115 14.5% Provision for Income Taxes 19,633 4.9% 14,336 3.7% ---------- ---------- Income From Continuing Operations $ 7,212 1.8% $ 42,779 10.8% DISCONTINUED OPERATIONS Loss From Discontinued Operations (1,243) (8,933) Loss on Disposal of Discontinued Operations (52,848) - Income Tax Benefit (33) (2,387) ---------- ---------- Loss From Discontinued Operations (54,058) (6,546) ---------- ---------- Net (Loss)/Income $ (46,846) $ 36,233 ========== ========== Basic Earnings per Share Income From Continuing Operations $ 0.28 $ 1.65 Loss From Discontinued Operations $ (2.10) $ (0.25) ---------- ---------- Net (Loss)/Income $ (1.82) $ 1.40 Diluted Earnings per Share Income From Continuing Operations $ 0.28 $ 1.61 Loss From Discontinued Operations $ (2.07) $ (0.24) ---------- ---------- Net (Loss)/Income $ (1.79) $ 1.37
Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073 Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com [CAMBREX LOGO] CAMBREX CORPORATION Consolidated Balance Sheet As of December 31, 2003 and 2002 (in thousands)
2003 2002 ---------- ---------- Current Assets Cash and Cash Equivalents $ 64,294 $ 33,296 Trade Receivables, net 58,324 58,132 Inventories, net 82,013 74,430 Deferred Tax Asset 4,651 35,612 Assets Held for Sale - Short-term - 57,838 Other Current Assets 16,294 16,450 ---------- ---------- Total Current Assets 225,576 275,758 Property, Plant and Equipment, Net 269,147 239,944 Goodwill and Other Intangibles 271,473 264,264 Assets Held for Sale - Long-term - 74,419 Other Assets 12,546 13,143 ---------- ---------- Total Assets $ 778,742 $ 867,528 ========== ========== Current Liabilities Trade Accounts Payable $ 35,326 $ 27,921 Accrued Liabilities 54,272 46,565 Liabilities Held for Sale - 16,684 Short-term Debt and Current Portion of Long-term Debt 1,376 2,364 ---------- ---------- Total Current Liabilities 90,974 93,534 Long-term Debt 212,369 267,434 Deferred Tax Liabilities 25,170 50,478 Other Liabilities 49,503 43,400 ---------- ---------- Total Liabilities $ 378,016 $ 454,846 Stockholders' Equity $ 400,726 $ 412,682 ---------- ---------- Total Liabilities and Stockholders' Equity $ 778,742 $ 867,528 ========== ==========
Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073 Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com