Date of Report (Date of earliest event reported)
|
November 1, 2013
|
|
CAMBREX CORPORATION
|
(Exact name of Registrant as specified in its charter)
|
DELAWARE
|
1-10638
|
22-2476135
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
ONE MEADOWLANDS PLAZA, EAST RUTHERFORD, NEW JERSEY
|
07073
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Registrant's telephone number, including area code:
|
(201) 804-3000
|
|
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(d) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition |
(c) | Exhibits |
(99.1) | Press release issued by Cambrex Corporation dated November 1, 2013. |
|
|
|
CAMBREX CORPORATION
|
||
|
|
|
|
|
|
Date:
|
November 1, 2013
|
|
By:
|
/s/William M. Haskel
|
|
|
|
|
Name: William M. Haskel
|
||
|
|
|
Title: Senior Vice President
|
Date: | November 1, 2013 |
Contact: | Gregory P. Sargen |
Phone: | 201-804-3055 |
Email: | gregory.sargen@cambrex.com |
Release: | Immediate |
- | Third quarter sales increased to $78.0 million from $59.8 million in the third quarter of 2012. |
- | Third quarter EBITDA increased to $17.0 million compared to $9.6 million in the same period last year (see table at the end of this release). |
- | Debt, net of cash was $76.0 million at the end of the third quarter, an increase of $8.5 million during the quarter. |
- | 2013 full year sales and EBITDA guidance ranges tightened, increased lower end of ranges (see Financial Expectations section below). |
|
2013
|
2012
|
||||||||||||||
|
% of
|
% of
|
||||||||||||||
|
Amount
|
Sales
|
Amount
|
Sales
|
||||||||||||
|
||||||||||||||||
Gross Sales
|
$
|
77,992
|
$
|
59,841
|
||||||||||||
Commissions, Allowances and Rebates
|
547
|
456
|
||||||||||||||
Net Sales
|
77,445
|
59,385
|
||||||||||||||
|
||||||||||||||||
Other
|
7
|
(175
|
)
|
|||||||||||||
|
||||||||||||||||
Net Revenues
|
77,452
|
59,210
|
||||||||||||||
|
||||||||||||||||
Cost of Goods Sold
|
52,486
|
67.3
|
%
|
40,679
|
68.0
|
%
|
||||||||||
|
||||||||||||||||
Gross Profit
|
24,966
|
32.0
|
%
|
18,531
|
31.0
|
%
|
||||||||||
|
||||||||||||||||
Operating Expenses
|
||||||||||||||||
Selling, General and Administrative Expenses
|
11,128
|
14.3
|
%
|
11,910
|
19.9
|
%
|
||||||||||
Research and Development Expenses
|
2,588
|
3.3
|
%
|
2,347
|
3.9
|
%
|
||||||||||
Total Operating Expenses
|
13,716
|
17.6
|
%
|
14,257
|
23.8
|
%
|
||||||||||
|
||||||||||||||||
Operating Profit
|
11,250
|
14.4
|
%
|
4,274
|
7.1
|
%
|
||||||||||
|
||||||||||||||||
Other Expenses:
|
||||||||||||||||
Interest Expense, net
|
664
|
576
|
||||||||||||||
Other Expenses, net
|
5
|
72
|
||||||||||||||
Equity in Losses of Partially-Owned Affiliates
|
508
|
630
|
||||||||||||||
|
||||||||||||||||
Income Before Income Taxes
|
10,073
|
12.9
|
%
|
2,996
|
5.0
|
%
|
||||||||||
|
||||||||||||||||
Provision for Income Taxes
|
3,799
|
975
|
||||||||||||||
|
||||||||||||||||
Income from Continuing Operations
|
$
|
6,274
|
8.0
|
%
|
$
|
2,021
|
3.4
|
%
|
||||||||
|
||||||||||||||||
Loss from Discontinued Operations, Net of Tax
|
(2,700
|
)
|
(332
|
)
|
||||||||||||
|
||||||||||||||||
Net Income
|
$
|
3,574
|
4.6
|
%
|
$
|
1,689
|
2.8
|
%
|
||||||||
|
||||||||||||||||
Basic Earnings/(Loss) per Share of Common Stock:
|
||||||||||||||||
Income from Continuing Operations
|
$
|
0.21
|
$
|
0.07
|
||||||||||||
Loss from Discontinued Operations, Net of Tax
|
$
|
(0.09
|
)
|
$
|
(0.01
|
)
|
||||||||||
Net Income
|
$
|
0.12
|
$
|
0.06
|
||||||||||||
|
||||||||||||||||
Diluted Earnings/(Loss) per Share of Common Stock:
|
||||||||||||||||
Income from Continuing Operations
|
$
|
0.20
|
$
|
0.07
|
||||||||||||
Loss from Discontinued Operations, Net of Tax
|
$
|
(0.08
|
)
|
$
|
(0.01
|
)
|
||||||||||
Net Income
|
$
|
0.12
|
$
|
0.06
|
||||||||||||
|
||||||||||||||||
Weighted Average Shares Outstanding
|
||||||||||||||||
Basic
|
30,184
|
29,711
|
||||||||||||||
Diluted
|
31,052
|
30,587
|
|
2013
|
2012
|
||||||||||||||
|
% of
|
% of
|
||||||||||||||
|
Amount
|
Sales
|
Amount
|
Sales
|
||||||||||||
|
||||||||||||||||
Gross Sales
|
$
|
214,201
|
$
|
207,542
|
||||||||||||
Commissions, Allowances and Rebates
|
775
|
1,772
|
||||||||||||||
Net Sales
|
213,426
|
205,770
|
||||||||||||||
|
||||||||||||||||
Other
|
1,714
|
801
|
||||||||||||||
|
||||||||||||||||
Net Revenues
|
215,140
|
206,571
|
||||||||||||||
|
||||||||||||||||
Cost of Goods Sold
|
146,174
|
68.2
|
%
|
137,167
|
66.1
|
%
|
||||||||||
|
||||||||||||||||
Gross Profit
|
68,966
|
32.2
|
%
|
69,404
|
33.4
|
%
|
||||||||||
|
||||||||||||||||
Operating Expenses
|
||||||||||||||||
Selling, General and Administrative Expenses
|
32,854
|
15.3
|
%
|
33,829
|
16.3
|
%
|
||||||||||
Research and Development Expenses
|
7,547
|
3.5
|
%
|
7,297
|
3.5
|
%
|
||||||||||
Total Operating Expenses
|
40,401
|
18.9
|
%
|
41,126
|
19.8
|
%
|
||||||||||
|
||||||||||||||||
Gain on Sale of Asset
|
4,680
|
2.2
|
%
|
-
|
-
|
|||||||||||
|
||||||||||||||||
Operating Profit
|
33,245
|
15.5
|
%
|
28,278
|
13.6
|
%
|
||||||||||
|
||||||||||||||||
Other Expenses:
|
||||||||||||||||
Interest Expense, net
|
1,647
|
1,905
|
||||||||||||||
Other Expenses, net
|
11
|
96
|
||||||||||||||
Equity in Losses of Partially-Owned Affiliates
|
1,657
|
1,221
|
||||||||||||||
|
||||||||||||||||
Income Before Income Taxes
|
29,930
|
14.0
|
%
|
25,056
|
12.1
|
%
|
||||||||||
|
||||||||||||||||
Provision for Income Taxes
|
9,095
|
6,069
|
||||||||||||||
|
||||||||||||||||
Income from Continuing Operations
|
$
|
20,835
|
9.7
|
%
|
$
|
18,987
|
9.1
|
%
|
||||||||
|
||||||||||||||||
Loss from Discontinued Operations, Net of Tax
|
(3,819
|
)
|
(332
|
)
|
||||||||||||
|
||||||||||||||||
Net Income
|
$
|
17,016
|
7.9
|
%
|
$
|
18,655
|
9.0
|
%
|
||||||||
|
||||||||||||||||
Basic Earnings/(Loss) per Share of Common Stock:
|
||||||||||||||||
Income from Continuing Operations
|
$
|
0.69
|
$
|
0.64
|
||||||||||||
Loss from Discontinued Operations, Net of Tax
|
$
|
(0.12
|
)
|
$
|
(0.01
|
)
|
||||||||||
Net Income
|
$
|
0.57
|
$
|
0.63
|
||||||||||||
|
||||||||||||||||
Diluted Earnings/(Loss) per Share of Common Stock:
|
||||||||||||||||
Income from Continuing Operations
|
$
|
0.67
|
$
|
0.63
|
||||||||||||
Loss from Discontinued Operations, Net of Tax
|
$
|
(0.12
|
)
|
$
|
(0.01
|
)
|
||||||||||
Net Income
|
$
|
0.55
|
$
|
0.62
|
||||||||||||
|
||||||||||||||||
Weighted Average Shares Outstanding
|
||||||||||||||||
Basic
|
30,081
|
29,645
|
||||||||||||||
Diluted
|
30,938
|
30,140
|
|
September 30,
|
December 31,
|
||||||
Assets
|
2013
|
2012
|
||||||
|
||||||||
Cash and Cash Equivalents
|
$
|
25,092
|
$
|
23,551
|
||||
Trade Receivables, net
|
53,996
|
43,094
|
||||||
Inventories, net
|
101,407
|
71,221
|
||||||
Prepaid Expenses and Other Current Assets
|
18,179
|
6,104
|
||||||
Total Current Assets
|
198,674
|
143,970
|
||||||
|
||||||||
Property, Plant and Equipment, net
|
166,990
|
151,815
|
||||||
Goodwill
|
38,019
|
37,312
|
||||||
Intangible Assets, net
|
3,993
|
4,091
|
||||||
Investments in and Advances to Partially-Owned Affiliates
|
13,023
|
15,094
|
||||||
Deferred Income Taxes
|
37,079
|
39,262
|
||||||
Other Non-Current Assets
|
8,667
|
2,924
|
||||||
|
||||||||
Total Assets
|
$
|
466,445
|
$
|
394,468
|
||||
|
||||||||
Liabilities and Stockholders' Equity
|
||||||||
|
||||||||
Accounts Payable
|
$
|
32,044
|
$
|
27,612
|
||||
Deferred Revenue
|
11,541
|
11,570
|
||||||
Accrued Expenses and Other Current Liabilities
|
43,257
|
43,844
|
||||||
Total Current Liabilities
|
86,842
|
83,026
|
||||||
|
||||||||
Long-Term Debt
|
101,050
|
64,000
|
||||||
Deferred Income Taxes
|
19,458
|
18,577
|
||||||
Accrued Pension Benefits
|
54,382
|
55,373
|
||||||
Other Non-Current Liabilities
|
18,383
|
10,195
|
||||||
|
||||||||
Total Liabilities
|
$
|
280,115
|
$
|
231,171
|
||||
|
||||||||
Stockholders' Equity
|
$
|
186,330
|
$
|
163,297
|
||||
|
||||||||
Total Liabilities and Stockholders' Equity
|
$
|
466,445
|
$
|
394,468
|
|
Third Quarter 2013
|
Third Quarter 2012
|
||||||
|
||||||||
Operating Profit
|
$
|
11,250
|
$
|
4,274
|
||||
|
||||||||
Depreciation and Amortization
|
5,745
|
5,324
|
||||||
|
||||||||
EBITDA
|
$
|
16,995
|
$
|
9,598
|
|
Nine Months 2013
|
Nine Months 2012
|
||||||
|
||||||||
Operating Profit
|
$
|
33,245
|
$
|
28,278
|
||||
|
||||||||
Gain on Sale of Asset
|
(4,680
|
)
|
-
|
|||||
|
||||||||
Adjusted Operating Profit
|
28,565
|
28,278
|
||||||
|
||||||||
Depreciation and Amortization
|
16,631
|
16,134
|
||||||
|
||||||||
Adjusted EBITDA
|
$
|
45,196
|
$
|
44,412
|