EX-99.1 2 y68161exv99w1.txt PRESS RELEASE EXHIBIT 99.1 - Cambrex Corporation Press Release dated October 28, 2004 (CAMBREX LOGO) Date: October 28, 2004 Contact: Luke M. Beshar Anne-Marie Hess Executive 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 THIRD QUARTER 2004 RESULTS EAST RUTHERFORD, NJ - OCTOBER 28, 2004 - Cambrex Corporation (NYSE: CBM) reported today third quarter 2004 pro forma net income from continuing operations of $4.5 million or $0.17 per share, excluding a goodwill impairment charge of $48.7 million (or $1.86 per share) related to the Biopharma segment. Including the impairment charge (discussed further in the Impairment section below), the Company recorded a third quarter 2004 GAAP loss from continuing operations of $44.2 million or $1.69 per share. In the third quarter 2003, the Company reported pro forma net income from continuing operations of $4.9 million or $0.19 per share, excluding $19.8 million (or $0.77 per share) of special tax related charges. Including the special tax related charges, the Company recorded a third quarter 2003 GAAP loss from continuing operations of $14.9 million or $0.58 per share. A reconciliation of GAAP and pro forma results for continuing operations in the periods reported is presented at the end of this release. All amounts that follow in the attached financial statements and tables are pro forma results from continuing operations unless otherwise noted. In the third quarter 2004, the Company generated $17.5 million cash from operations that was used to decrease debt, net of cash-on-hand, by $8.6 million with $9.6 million invested in capital expenditures. Worldwide sales from continuing operations for the third quarter 2004 grew 4.3% to $99.3 million from $95.2 million in the third quarter 2003 reflecting increased sales in both the Bioproducts and Biopharma segments but partially offset by lower sales in the Human Health segment. Third quarter 2004 sales from continuing operations were favorably impacted by 3.7% due to foreign currency versus the third quarter 2003. Gross margins for the third quarter 2004 increased to 40.2% from 38.9% in the third quarter 2003 due to higher margins in Biopharma and Bioproducts segments partially offset by lower margins Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073 Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com (CAMBREX LOGO) in the Human Health segment. Foreign currency unfavorably impacted third quarter 2004 gross margin by approximately 1.0 percentage point. Prior to the goodwill impairment, the third quarter 2004 tax rate was approximately 36% which is higher than the first six months of 2004 due to the geographic mix of income in the current quarter. See the guidance section below for further discussion on taxes. 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. During the third quarter 2004, approximately $0.2 million (or $0.01 per share) was recorded primarily for certain environmental expenses arising from Rutherford Chemicals sites. BIOPRODUCTS The Bioproducts segment includes Cells and Media, Endotoxin Detection and Electrophoresis, Chromatography and Other product categories. Bioproducts sales in the third quarter 2004 increased 14.7% to $34.0 million, including a 3.4% favorable impact from foreign currency, from $29.6 million in the third quarter 2003. The increased sales for the quarter reflect stronger demand for endotoxin detection and cell culture products and new cell therapy projects. Third quarter 2004 gross margin increased to 56.1% from 48.7% in the third quarter 2003 primarily due to favorable volume and pricing and lower bad debt reserves. Foreign currency favorably impacted gross margin by approximately 0.6 percentage points in the third quarter 2004. BIOPHARMA The Biopharma segment consists of the Company's contract biopharmaceutical process development and manufacturing business. The favorable impact of the recent reorganization of our selling efforts contributed to Biopharma sales in the third quarter 2004 increasing 31.0% to $11.4 million from $8.7 million in the third quarter 2003. This increase reflects expanding volumes from newly acquired projects. Third quarter 2004 gross margin increased to 18.1% from 9.6% in the third quarter 2003 due to higher volumes and a favorable mix of projects. Foreign currency had no impact on Biopharma sales or gross margin in the third quarter 2004. Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073 Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com (CAMBREX LOGO) HUMAN HEALTH The Human Health segment consists of small molecule Active Pharmaceutical Ingredients (APIs), Advanced Intermediates, Imaging Chemicals, and Fine Custom Chemicals derived from organic chemistry. Human Health sales in the third quarter 2004 decreased 5.2% to $53.9 million, including 4.4% favorable impact due to foreign currency, from $56.9 million in the third quarter 2003. Gross sales of generic APIs, pharmaceutical advanced intermediates, and fine custom chemicals were lower, partially offset by increased sales of certain branded APIs. New products, such as Memantine and certain other cardiovascular and central nervous system APIs, showed continued growth in the third quarter. Third quarter 2004 gross margin declined to 34.8% from 38.2% in the third quarter 2003 primarily due to lower pricing and the negative impact of foreign currency partially offset by favorable product mix. Foreign currency negatively impacted gross margin by approximately 2.3 percentage points in the third quarter 2004. "We are pleased with the double-digit revenue growth in the Bioproducts and Biopharma segments which resulted from our expanded commercial development efforts," commented John R. Leone, President and CEO. "In addition, the recently announced Epoch and Johns Hopkins licenses, Genolife acquisition and Ortec marketing agreement will allow us to use our technology and expertise to develop and integrate products and services that help get therapeutics to market faster." THIRD QUARTER 2004 OPERATING AND INTEREST EXPENSES FOR CONTINUING OPERATIONS Third quarter 2004 marketing, sales, administrative and amortization expenses increased to $25.6 million (25.8% of sales) from $23.0 million (24.1% of sales) in the third quarter 2003, primarily due to increased Bioproducts and Human Health sales and marketing expenses and approximately $0.6 million impact from foreign currency. Third quarter 2004 research and development expenses increased to $4.5 million (4.5% of sales) from $4.1 million (4.3% of sales) in the third quarter 2003 primarily due to increases in new product development spending and approximately $0.1 million impact from foreign currency. Third quarter 2004 net interest expense declined to $2.9 million compared to $3.3 million in the third quarter 2003. The average interest rate increased to 5.5% in the third quarter 2004 from 5.4% in the third quarter 2003 but was offset by lower outstanding borrowings. Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073 Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com (CAMBREX LOGO) IMPAIRMENT As discussed in the September 28, 2004 conference call, the recent sales and earnings weakness in the Biopharma segment required that the Company reassess the goodwill related to the segment. The Company has completed the reassessment. John Leone, President and CEO, explained, "Although sales of the Biopharma segment are showing improvement, the sales attributed to the Baltimore site have been unable to offset the volume reduction resulting from the loss of the TKT business. This required us to reduce the goodwill associated with the Baltimore facility to reflect the more conservative assessment of its long-term profitability versus prior projections." The result is a $48.7 million goodwill impairment for the Baltimore site. "Looking to the future," John Leone continued, "The contract biopharmaceutical development and manufacturing market is expected to show continuing growth with over 300 biotech drugs in development. As a result of favorable market conditions and the Company's reputation for expertise, service and regulatory compliance, we believe that the Biopharmaceutical market which we service from both the Hopkinton, Massachusetts and Baltimore, Maryland locations will continue to offer opportunities for future revenue and gross profit growth." GUIDANCE The Company continues to expect full year 2004 diluted earnings per share for continuing operations to be in the range of $0.90 to $1.00, excluding the impairment charge described above. The Company targets sales growth of 10-15% in the Bioproducts segment, 4-8% in the Human Health segment, and 6-10% in the Biopharma segment. For the year 2004, capital expenditures, depreciation and amortization for continuing operations are expected to be approximately $46.0 million, $38.0 million, and $1.8 million respectively. The Company expects the full year 2004 effective tax rate to be approximately 35% prior to the goodwill impairment; however, the full year and quarterly effective tax rates will continue to be highly sensitive to changes in the geographic mix of income. CONFERENCE CALL AND WEBCAST The Conference Call to discuss third quarter 2004 earnings will begin at 8:30 a.m. Eastern Time on Friday, October 29, 2004 and last approximately 45 minutes. Those wishing to participate should call 1-888-634-4003 for Domestic, and +1-706-634-6653 for International. Please use the conference ID 1133658 and call approximately 10 minutes before the start time. The Conference Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073 Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com (CAMBREX LOGO) 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. A replay of the Conference Call will be available approximately two hours after the completion of the call through the end of business day, Friday, November 5, 2004 by calling 1-800-642-1687 for Domestic, and +1-706-645-9291 for International. Please use the conference ID 1133658 to access the replay. 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 words such as "expects", "anticipates", "intends", "estimates", "believes" or similar expressions are used 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, 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 and uncertainties, investors are cautioned to review the Cambrex Annual Report on Form 10-K, including the Forward-Looking Statement section therein, 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 Gross Sales & Gross Profit by Segment Quarters Ended September 30, 2004 and 2003 (in thousands)
Third Quarter 2004 Third Quarter 2003 ----------------------------------- ---------------------------------- Gross Gross Gross Gross Sales Profit GP% Sales Profit GP% ----------- ---------- ------ --------- ---------- ------ Bioproducts $ 33,958 $ 19,040 56.1% $ 29,607 $ 14,419 48.7% Biopharma 11,375 2,060 18.1% 8,680 837 9.6% Human Health $ 53,917 $ 18,782 34.8% $ 56,892 $ 21,742 38.2% ----------- ---------- --------- ---------- Total $ 99,250 $ 39,882 40.2% $ 95,179 $ 36,998 38.9% =========== ========== ========= ==========
Gross Sales Comparison --------------------------------------------------- 2004 2003 Gross Gross Change Change Sales Sales $ % --------------------------------------------------- Bioproducts $ 33,958 $ 29,607 $ 4,351 14.7% Biopharma 11,375 8,680 2,695 31.0% Human Health 53,917 56,892 (2,975) -5.2% ----------- -------- -------- Total $ 99,250 $ 95,179 $ 4,071 4.3% =========== ======== ========
Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073 Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com (CAMBREX LOGO) CAMBREX CORPORATION Financial Summary - Proforma * Quarters Ended September 30, 2004 and 2003 (in thousands, except earnings per share)
2004 2003 ---- ---- Gross Sales $ 99,250 $ 95,179 Operating Profit $ 9,725 $ 9,979 Income Before Tax $ 7,080 $ 6,808 Income From Continuing Operations $ 4,525 $ 4,879 Loss From Discontinued Operations $ (236) $(54,611) Net Income / (Loss) $ 4,289 $(49,732) Earnings per share data (basic): Income From Continuing Operations $ 0.17 $ 0.19 Loss From Discontinued Operations $ (0.01) $ (2.12) -------- -------- Net Income/ (Loss) $ 0.16 $ (1.93) Average Shares Outstanding 26,109 25,721 Earnings per share data (diluted): Income From Continuing Operations $ 0.17 $ 0.19 Loss From Discontinued Operations $ (0.01) $ (2.10) -------- -------- Net Income/ (Loss) $ 0.16 $ (1.91) Average Shares Outstanding 26,352 25,999
Financial Summary - GAAP Quarters Ended September 30, 2004 and 2003 (in thousands, except earnings per share)
2004 2003 ---- ---- Gross Sales $ 99,250 $ 95,179 Operating (Loss) /Profit $(38,995) $ 9,979 (Loss) /Income Before Tax $(41,640) $ 6,808 Loss From Continuing Operations $(44,195) $(14,901) Loss From Discontinued Operations $ (236) $(54,611) Net Loss $(44,431) $(69,512) Earnings per share data (basic): Loss From Continuing Operations $ (1.69) $ (0.58) Loss From Discontinued Operations $ (0.01) $ (2.12) -------- -------- Net Loss $ (1.70) $ (2.70) Average Shares Outstanding 26,109 25,721 Earnings per share data (diluted): Loss From Continuing Operations $ (1.69) $ (0.58) Loss From Discontinued Operations $ (0.01) $ (2.12) -------- -------- Net Loss $ (1.70) $ (2.70) Average Shares Outstanding 26,109 25,721
* Refer to the Proforma to GAAP Reconciliation. 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 Proforma to GAAP Reconciliation For the Three Months ended September 30, 2004 and 2003
Three Months ended ------------------------------------------------------------------- 2004 2003 --------------------------------- ------------------------------- Net (Loss) Net (Loss) Income EPS Income EPS ------------- ------------ -------------- ----------- Loss From Continuing Operations - As Reported $ (44,195) $ (1.69) $(14,901) $ (0.58) Goodwill Impairment 48,720 1.86 - - Tax Valuation Allowance - - 19,780 0.77 ------------- ------------ -------------- ----------- Income from Continuing Operations - Proforma $ 4,525 $ 0.17 $ 4,879 $ 0.19 ============= ============ ============== ===========
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 - Proforma * For the Quarters Ended September 30, 2004 and 2003 (in thousands)
2004 2003 ----------------------------- -------------------------------- % of % of Amount Sales Amount Sales ----------------------------- -------------------------------- Gross Sales $ 99,250 100.0% $ 95,179 100.0% Commissions and Allowances 620 0.6% 691 0.7% --------- ---------- Net Sales 98,630 99.4% 94,488 99.3% Other Revenues 1,706 1.7% 1,891 2.0% --------- ---------- Net Revenue 100,336 101.1% 96,379 101.3% Cost of Sales 60,454 60.9% 59,381 62.4% --------- ---------- Gross Profit 39,882 40.2% 36,998 38.9% Operating Expenses Marketing/Sales Expenses 7,555 7.6% 6,153 6.5% Research & Development Expenses 4,512 4.5% 4,061 4.3% Administrative Expenses 17,632 17.8% 16,406 17.2% Amortization 458 0.5% 399 0.4% --------- ---------- Total Operating Expenses 30,157 30.4% 27,019 28.4% --------- ---------- Operating Profit 9,725 9.8% 9,979 10.5% Other Expenses Interest - Other 2,854 2.8% 3,251 3.4% Other Expenses, net (209) -0.2% (80) -0.1% --------- ---------- Total Other Expenses 2,645 2.6% 3,171 3.3% --------- ---------- Income Before Taxes 7,080 7.2% 6,808 7.2% Provision for Income Taxes 2,555 2.6% 1,929 2.0% --------- ---------- Income from Continuing Operations $ 4,525 4.6% $ 4,879 5.2% DISCONTINUED OPERATIONS Loss From Discontinued Operations (236) (1,777) Loss on Disposal of Discontinued Operations - (53,098) Income Tax Benefit - (264) --------- ---------- Loss From Discontinued Operations (236) (54,611) Net Income /(Loss) $ 4,289 $ (49,732) ========= ========== Basic Earnings per Share Income From Continuing Operations $ 0.17 $ 0.19 Loss From Discontinued Operations $ (0.01) $ (2.12) --------- ---------- Net Income /(Loss) $ 0.16 $ (1.93) Diluted Earnings per Share Income From Continuing Operations $ 0.17 $ 0.19 Loss From Discontinued Operations $ (0.01) $ (2.10) --------- ---------- Net Income /(Loss) $ 0.16 $ (1.91)
* Refer to the Proforma to GAAP Reconciliation. 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 - GAAP For the Quarters Ended September 30, 2004 and 2003 (in thousands)
2004 2003 ---------------------- ----------------------- % of % of Amount Sales Amount Sales ---------------------- ----------------------- Gross Sales $ 99,250 100.0% $ 95,179 100.0% Commissions and Allowances 620 0.6% 691 0.7% ---------- ---------- Net Sales 98,630 99.4% 94,488 99.3% Other Revenues 1,706 1.7% 1,891 2.0% ---------- ---------- Net Revenue 100,336 101.1% 96,379 101.3% Cost of Sales 60,454 60.9% 59,381 62.4% ---------- ---------- Gross Profit 39,882 40.2% 36,998 38.9% Operating Expenses Marketing/Sales Expenses 7,555 7.6% 6,153 6.5% Research & Development Expenses 4,512 4.5% 4,061 4.3% Administrative Expenses 17,632 17.8% 16,406 17.2% Goodwill Impairment 48,720 49.1% - 0.0% Amortization 458 0.5% 399 0.4% ---------- ---------- Total Operating Expenses 78,877 79.5% 27,019 28.4% ---------- ---------- Operating (Loss) /Profit (38,995) -39.3% 9,979 10.5% Other Expenses Interest - Other 2,854 2.8% 3,251 3.4% Other Expenses, net (209) -0.2% (80) -0.1% ---------- ---------- Total Other Expenses 2,645 2.6% 3,171 3.3% ---------- ---------- (Loss) /Income Before Taxes (41,640) -41.9% 6,808 7.2% Provision for Income Taxes 2,555 2.6% 21,709 22.8% ---------- ---------- Loss from Continuing Operations $ (44,195) -44.5% $ (14,901) -15.6% DISCONTINUED OPERATIONS Loss From Discontinued Operations (236) (1,777) Loss on Disposal of Discontinued Operations - (53,098) Income Tax Benefit - (264) ---------- ---------- Loss From Discontinued Operations (236) (54,611) ---------- ---------- Net Loss $ (44,431) $ (69,512) ========== ========== Basic Earnings per Share Loss From Continuing Operations $ (1.69) $ (0.58) Loss From Discontinued Operations $ (0.01) $ (2.12) ---------- ---------- Net Loss $ (1.70) $ (2.70) Diluted Earnings per Share Loss From Continuing Operations $ (1.69) $ (0.58) Loss From Discontinued Operations $ (0.01) $ (2.12) ---------- ---------- Net Loss $ (1.70) $ (2.70)
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 Nine Months Ended September 30, 2004 and 2003 (in thousands)
Nine Months 2004 Nine Months 2003 ---------------------------------- -------------------------------------- Gross Gross Gross Gross Sales Profit GP% Sales Profit GP% ----- ------ --- ----- ------ --- Bioproducts $ 102,190 $ 55,624 54.4% $ 89,383 $ 45,007 50.4% Biopharma 31,739 4,326 13.6% 31,497 8,158 25.9% Human Health 187,864 67,170 35.8% 182,646 69,296 37.9% ------- ------ ------- ------ Total $ 321,793 $ 127,120 39.5% $ 303,526 $ 122,461 40.3% ============= =========== =========== ===========
Gross Sales Comparison ---------------------- 2004 2003 Gross Gross Change Change Sales Sales $ % ----- ----- ------ ------ Bioproducts $ 102,190 89,383 $ 12,807 14.3% Biopharma 31,739 31,497 242 0.8% Human Health $ 187,864 $ 182,646 $ 5,218 2.9% ----------- ---------- --------- Total $ 321,793 $ 303,526 $ 18,267 6.0% =========== ========== =========
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 - GAAP For the Nine Months Ended September 30, 2004 and 2003 (in thousands)
2004 2003 ----------------------- ---------------------- % of % of Amount Sales Amount Sales ----------------------- ----------------------- Gross Sales $ 321,793 100.0% $ 303,526 100.0% Commissions and Allowances 2,278 0.7% 2,891 1.0% ----------- ---------- Net Sales 319,515 99.3% 300,635 99.0% Other Revenues 6,545 2.0% 6,899 2.3% ----------- ---------- Net Revenue 326,060 101.3% 307,534 101.3% Cost of Sales 198,940 61.8% 185,073 61.0% ----------- ---------- Gross Profit 127,120 39.5% 122,461 40.3% Operating Expenses Marketing/Sales Expenses 23,413 7.3% 19,058 6.3% Research & Development Expenses 13,899 4.3% 12,576 4.1% Administrative Expenses 53,070 16.5% 50,832 16.7% Goodwill Impairment 48,720 15.1% - 0.0% Legal Settlement - 0.0% 11,342 3.7% Other, net (1,863) -0.5% - 0.0% Amortization 1,380 0.4% 1,143 0.4% ----------- ---------- Total Operating Expenses 138,619 43.1% 94,951 31.2% ----------- ---------- Operating (Loss) /Profit (11,499) -3.6% 27,510 9.1% Other Expenses Interest - Other 8,471 2.6% 8,301 2.7% Other Expenses, net (61) 0.0% (207) 0.0% ----------- ---------- Total Other Expenses 8,410 2.6% 8,094 2.7% ----------- ---------- (Loss) /Income Before Taxes (19,909) -6.2% 19,416 6.4% Provision for Income Taxes 9,978 3.1% 25,241 8.3% ----------- ---------- Loss From Continuing Operations $ (29,887) -9.3% $ (5,825) -1.9% DISCONTINUED OPERATIONS Loss From Discontinued Operations (978) (317) Loss on Disposal of Discontinued Operations - (53,098) Income Tax Benefit - (138) ----------- ---------- Loss From Discontinued Operations (978) (53,277) ----------- ---------- Net Loss $ (30,865) $ (59,102) =========== ========== Basic Earnings per Share Loss From Continuing Operations $ (1.15) $ (0.23) Loss From Discontinued Operations $ (0.03) $ (2.06) ----------- ---------- Net Loss $ (1.18) $ (2.29) Diluted Earnings per Share Loss From Continuing Operations $ (1.15) $ (0.23) Loss From Discontinued Operations $ (0.03) $ (2.06) ----------- ---------- Net Loss $ (1.18) $ (2.29)
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 September 30, 2004 and December 31, 2003 (in thousands)
Current Assets 2004 2003 -------------- ---- ---- Cash and Cash Equivalents $ 83,761 $ 64,294 Trade Receivables, net 56,276 58,324 Inventories, net 88,222 82,013 Deferred Tax Asset 8,757 8,757 Other Current Assets 21,184 16,294 ---------- ----------- Total Current Assets 258,200 229,682 Property, Plant and Equipment, Net 265,261 269,147 Goodwill and Other Intangibles 222,344 272,133 Other Assets 6,714 7,541 ---------- ----------- Total Assets $ 752,519 $ 778,503 ========== =========== Current Liabilities ------------------- Trade Accounts Payable $ 31,416 $ 35,326 Accrued Liabilities 59,176 54,522 Short-term Debt and Current Portion of Long-term Debt 1,518 1,376 ---------- ----------- Total Current Liabilities 92,110 91,224 Long-term Debt 220,338 212,369 Deferred Tax Liabilities 28,998 29,196 Other Liabilities 45,410 49,084 ---------- ----------- Total Liabilities $ 386,856 $ 381,873 Stockholders' Equity $ 365,663 $ 396,630 ---------- ----------- Total Liabilities and Stockholders' Equity $ 752,519 $ 778,503 ========== ===========
### Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073 Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com