0001437749-15-019421.txt : 20151103 0001437749-15-019421.hdr.sgml : 20151103 20151103073035 ACCESSION NUMBER: 0001437749-15-019421 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20151103 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20151103 DATE AS OF CHANGE: 20151103 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAMBREX CORP CENTRAL INDEX KEY: 0000820081 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 222476135 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10638 FILM NUMBER: 151192177 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 8-K 1 cbm20151102_8k.htm FORM 8-K cbm20151102_8k.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) 

  

November 3, 2015

 

 

 

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

 

 

 

 

Check the appropriate box if the Form 8K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2 below):

 

[ ] 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))

 

 
 
 

 

CAMBREX CORPORATION

Form 8-K

Current Report

 

 

 

 

Section 2 – Financial Information

Item 2.02.     Results of Operations and Financial Condition

 

On November 3, 2015, Cambrex Corporation issued a press release announcing its financial results for the third quarter 2015. The Press Release is attached to this Form 8-K as Exhibit 99.1.

 

Such information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any registration statement or other document under the Securities Act of 1933.

 

Item 9.01 - Financial Statements and Exhibits

 

(d)     Exhibits

 

(99.1)     Press release issued by Cambrex Corporation dated November 3, 2015.

 

Such information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any registration statement or other document under the Securities Act of 1933.

 

 
 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on behalf by the undersigned hereunto duly authorized.

 

 

 

  

CAMBREX CORPORATION

 

 

  

 

 

 

 

 

 

  

 

 

 

 

Date:

November 3, 2015

  

 

By: 

/s/ Samantha Hanley

 

 

 

  

 

Name:

Samantha Hanley

 

 

 

  

 

Title:

Vice President and General Counsel

 

 

 
 
 

 

Exhibit 99.1 – Cambrex Corporation Press Release dated November 3, 2015

 EX-99.1 2 ex99-1.htm EXHIBIT 99.1 ex99-1.htm

Exhibit 99.1

 

 

 

 

 

Date:

November 3, 2015

Contact:

Gregory P. Sargen

Executive Vice President & CFO

Phone:

 201-804-3055

Email:

gregory.sargen@cambrex.com    
Release: Immediate

 

  

CAMBREX REPORTS THIRD QUARTER 2015 FINANCIAL RESULTS

 

- Sales increased 14% (19% excluding foreign exchange) and EBITDA increased 31% vs. prior year quarter -

 

- Profit guidance increased for 2015 -

 

- Conference call at 8:30 a.m. ET on November 3, 2015 -

 

East Rutherford, NJ – November 3, 2015 – Cambrex Corporation (NYSE: CBM) reports results for the third quarter ended September 30, 2015.

 

Highlights

 

-

Sales increased 14% compared to the third quarter of 2014, and increased 19% excluding foreign exchange impact.

 

 

-

EBITDA increased 31% to $23.7 million compared to the third quarter of last year.

 

 

-

GAAP diluted EPS from continuing operations was $0.36 versus $0.28 in the third quarter last year and Adjusted diluted EPS was $0.40 compared to $0.28 in the same quarter last year.

 

 

-

Net cash improved $44.7 million through the first nine months of 2015 to $30.2 million compared to debt, net of cash, of $14.5 million at December 31, 2014.

 

 

-

The Company increased guidance for full year 2015 Adjusted EBITDA to be $122 million - $126 million, a 49% to 54% increase over 2014. Adjusted diluted EPS from continuing operations is now expected to be $2.11 - $2.19 per share, a 59% to 65% increase over 2014. See Financial Expectations section below.

 

     “We are very pleased with our third quarter and year to date results and we also expect a strong fourth quarter to close out 2015. Expectations of continued strong profit margins led us to increase full year expectations for Adjusted EBITDA by $4 million at the midpoint,” commented Steven M. Klosk, President and Chief Executive Officer of Cambrex. “All of our product groups continue to perform well. Consistent with the first half of the year, we saw strong demand for certain larger products within our Innovator and Controlled Substances product categories. We now expect full year sales of Controlled Substances to increase by low double digit percentages compared to last year, versus our previous expectation of a high single digit increase.   We are also pleased that we have renewed a five year supply agreement with Gilead for our largest product.

 

 

Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073

Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com

 

 
1
 

 

 

 

“The expansion project at our Charles City, Iowa facility remains on schedule and we look forward to bringing this significant additional capacity on line towards the end of the first quarter of 2016. We continue to make additional facility upgrades and capacity expansions at our Swedish and Italian sites to meet anticipated demand for 2016 and beyond.”

 

Basis of Reporting

The Company has provided a reconciliation of GAAP amounts to adjusted (i.e. Non-GAAP) amounts at the end of this press release. Cambrex management believes that the adjusted amounts provide useful information to investors due to the magnitude and nature of certain expenses recorded in the GAAP amounts.

 

Third Quarter 2015 Operating Results – Continuing Operations

Sales were $92.4 million, compared to $81.1 million in the same period last year, representing a 14% increase. Foreign exchange unfavorably impacted reported sales growth by 5%. The sales increase primarily reflects higher volumes of certain branded active pharmaceutical ingredients (APIs) sold to innovator customers, higher volumes of controlled substances and to a lesser extent, higher pricing on certain products.

 

Gross margins increased to 39% from 35% compared to the same period last year. Foreign currency favorably impacted margins four percentage points in the third quarter of 2015. Excluding foreign currency, gross margins were impacted by higher production costs, mostly offset by higher plant utilization.

 

Selling, general and administrative expenses were $14.0 million compared to $12.5 million in the same period last year. The increase was mainly due to higher sales and marketing expenses, personnel costs, costs related to the implementation of a new enterprise resource planning (ERP) system, recruiting, and pension expense. This increase was partially offset by a favorable impact from foreign exchange.

 

Operating profit increased to $18.0 million from $12.0 million in the same period last year. The increase in operating profit was primarily the result of higher gross profit, partially offset by higher operating expenses. EBITDA was $23.7 million compared to $18.1 million in the same period last year.

 

Income tax expense was $5.3 million resulting in an effective tax rate of 31%, compared to $2.5 million in the same period last year. Excluding the impact of the reversal of a deferred tax valuation allowance, the effective tax rate for the same period last year was 29%. The slight increase was mainly due to 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

 

 
2
 

 

 

Income from continuing operations was $11.9 million or $0.36 per share compared to $8.9 million or $0.28 per share in the same period last year. Adjusted income from continuing operations was $13.1 million or $0.40 per share, compared to $8.8 million or $0.28 per share, respectively, in the same period last year (see table at the end of this release).

 

Capital expenditures and depreciation were $14.5 million and $5.4 million, respectively, compared to $7.2 million and $5.9 million, respectively, in the same period last year.

 

Subsequent Event

As described more fully in the Subsequent Event footnote within the Company’s recently filed third quarter 2015 Form 10-Q, a decision was made to explore options for the sale or closure of its Zenara business located in Hyderabad, India.  This action will result in fourth quarter 2015 income statement charges.

 

Financial Expectations – Continuing Operations

The following table shows the Company’s current expectations for its full year 2015 financial performance versus its expectations from the previous quarter:

 

 

   

Current Expectations

  

Previous Expectations

         

Gross sales increase

  

20% - 24%

  

20% - 24%

         

Adjusted EBITDA

  

$122 - $126 million

  

$117 - $123 million

         

Adjusted income from continuing operations per share

  

$2.11 - $2.19

  

$1.97 - $2.09

         

Reduction of debt, net of cash

  

$15 - $20 million

  

$10 - $15 million

         

Capital expenditures

  

$70 - $75 million

  

$80 - $85 million

         

Depreciation

  

$22 - $24 million

  

$22 - $24 million

         

Effective tax rate

  

32% - 35%

  

33% - 36%

 

These financial expectations are for continuing operations and exclude the impact of any potential acquisitions, restructuring activities, outcomes of tax disputes and charges related to any future sale or closure of the Company’s Zenara business located in Hyderabad, India. Sales expectations exclude the impact of foreign exchange. EBITDA and Adjusted income from continuing operations per share are computed on a basis consistent with the reconciliation of the third quarter 2015 results in the tables at the end of this release. The tax rate and amount of cash taxes paid will be sensitive to the Company’s geographic mix of income.

 

The financial information contained in this press release is unaudited.

 

 

Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073

Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com

 

 
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Conference Call and Webcast

A conference call to discuss the Company’s third quarter 2015 results will begin at 8:30 a.m. Eastern Time on November 3, 2015 and can be accessed by calling 1-800-723-6604 for domestic and +1-785-830-7977 for international. Please use the passcode 6843322 and call approximately 10 minutes prior to the start time. A webcast will be available in the Investors section on the Cambrex website located at www.cambrex.com. A telephone replay of the conference call will be available through November 10, 2015 by calling 1-888-203-1112 for domestic and +1-719-457-0820 for international. Please use the passcode 6843322 to access the replay.

 

About Cambrex

Cambrex Corporation is an innovative life sciences company that provides products, services and technologies to accelerate the development and commercialization of small molecule therapeutics.  The Company offers Active Pharmaceutical Ingredients (“APIs”), advanced intermediates and enhanced drug delivery products for branded and generic pharmaceuticals. Development and manufacturing capabilities include enzymatic biotransformations, high potency APIs, high energy chemical synthesis, controlled substances and formulation of finished dosage form products.  For more information, please visit www.cambrex.com.

 

Forward Looking Statements

This document contains “forward-looking statements,” including statements or tables regarding expected performance, especially those set forth under the heading “Financial Expectations – Continuing Operations,” “Highlights” and those attributed to our President and Chief Executive Officer in this document. These and other forward looking statements may be identified by the fact that they use words such as “guidance,” “expects,” “anticipates,” “intends,” “estimates,” “believes” or similar expressions. Any 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. The factors described in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the period ended December 31, 2014, captioned “Risk Factors,” or otherwise described in the Company’s filings with the SEC provide examples of such risks and uncertainties that may cause the Company’s actual results to differ materially from the expectations the Company describes in its forward-looking statements, including, but not limited to, pharmaceutical outsourcing trends, competitive pricing or product developments, market acceptance and adoption rate of our customers’ products, government legislation and regulations (including those pertaining to environmental issues), tax rate, interest rate, technology, manufacturing and legal issues, including the outcome of outstanding litigation, environmental matters, changes in foreign exchange rates, uncollectible receivables, the timing of orders or shipments and the Company’s ability to meet its production plan and customer delivery schedules, expected timing of completion of capacity expansions, loss on disposition of assets, cancellations or delays in renewal of contracts, lack of suitable raw materials, the Company’s ability to receive regulatory approvals for its products and continued demand in the U.S. for late stage clinical products or the successful outcome of the Company’s investment in new products.

 

 

Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073

Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com

 

 
4
 

 

 

For further details and a discussion of these and other risks and uncertainties, investors are encouraged to review the Cambrex Annual Report on Form 10-K for the fiscal year ended December 31, 2014, including the Forward-Looking Statement sections therein, and other filings with the SEC. The Company cautions investors and potential investors not to place significant reliance on the forward-looking statements contained in this press release and to give careful consideration to the risks and uncertainties listed above and contained in our SEC filings. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements.

 

Use of Non-GAAP Financial Measures

EBITDA, Adjusted EBITDA and Adjusted Income from Continuing Operations are non-GAAP financial measures. The Company defines EBITDA as operating profit plus depreciation and amortization expense and Adjusted EBITDA excludes the impact of any potential acquisitions, restructuring activities and charges related to any future sale or closure of the Company’s Zenara business located in Hyderabad, India. Adjusted Income from Continuing Operations is calculated in a manner consistent with that shown in the table at the end of this release. Other companies may have different definitions of EBITDA and Adjusted Income from Continuing Operations, therefore, these measures may not be comparable with non-GAAP financial measures provided by other companies. EBITDA and Adjusted Income from Continuing Operations should not be considered alternatives to measurements required by U.S. GAAP, such as net income or operating profit, and should not be considered a measure of Cambrex’s liquidity. Cambrex uses EBITDA and Adjusted Income from Continuing Operations among several other metrics to assess and analyze its operational results and trends. Cambrex also believes EBITDA and Adjusted Income from Continuing Operations are useful to investors because they are common operating performance metrics as well as metrics routinely used to assess potential enterprise value. Cambrex has provided a reconciliation of U.S. GAAP amounts to non-GAAP amounts at the end of this press release.

 

 

Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073

Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com

 

 
5
 

 

 

 

CAMBREX CORPORATION

Statements of Profit and Loss

For the Quarters Ended September 30, 2015 and 2014

(in thousands, except per-share data)

 

   

2015

    

2014

  
           

% of

            

% of

  
   

Amount

    

Sales

    

Amount

    

Sales

  
                                 

Gross Sales

   $ 92,350             $ 81,145          

Commissions, Allowances and Rebates

     615               504          

Net Sales

     91,735               80,641          
                                 

Other Revenue

     1,244               659          
                                 

Net Revenues

     92,979               81,300          
                                 

Cost of Goods Sold

     57,299       62.0 %     52,894       65.2 %
                                 

Gross Profit

     35,680       38.6 %     28,406       35.0 %
                                 

Operating Expenses:

                                

Selling, General and Administrative Expenses

     13,989       15.1 %     12,541       15.5 %

Research and Development Expenses

     3,672       4.0 %     3,839       4.7 %

Total Operating Expenses

     17,661       19.1 %     16,380       20.2 %
                                 

Operating Profit

     18,019       19.5 %     12,026       14.8 %
                                 

Other Expenses:

                                

Interest Expense, Net

     517               570          

Other Expenses, Net

     296               37          
                                 

Income Before Income Taxes

     17,206       18.6 %     11,419       14.1 %
                                 

Provision for Income Taxes

     5,330               2,537          
                                 

Income from Continuing Operations

   $ 11,876       12.9 %   $ 8,882       10.9 %
                                 

Loss from Discontinued Operations, Net of Tax

     (129 )             (113 )        
                                 

Net Income

   $ 11,747       12.7 %   $ 8,769       10.8 %
                                 

Basic Earnings/(Loss) per Share of Common Stock*:

                                

Income from Continuing Operations

   $ 0.38             $ 0.29          

Loss from Discontinued Operations, Net of Tax

   $ (0.00 )           $ (0.00 )        

Net Income

   $ 0.37             $ 0.28          
                                 

Diluted Earnings/(Loss) per Share of Common Stock*:

                                

Income from Continuing Operations

   $ 0.36             $ 0.28          

Loss from Discontinued Operations, Net of Tax

   $ (0.00 )           $ (0.00 )        

Net Income

   $ 0.36             $ 0.28          
                                 

Weighted Average Shares Outstanding

                                

Basic

     31,471               30,801          

Diluted

     32,593               31,599          

 

* The sum of the individual per share amounts may not add due to rounding.

 

 

Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073

Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com

 

 
6
 

 

 

 

CAMBREX CORPORATION

Statements of Profit and Loss

For the Nine Months Ended September 30, 2015 and 2014

(in thousands, except per-share data)

 

   

2015

    

2014

  
           

% of

            

% of

  
   

Amount

    

Sales

    

Amount

    

Sales

  
                                 

Gross Sales

   $ 276,913             $ 245,309          

Commissions, Allowances and Rebates

     1,431               1,678          

Net Sales

     275,482               243,631          
                                 

Other Revenue

     1,657               1,667          
                                 

Net Revenues

     277,139               245,298          
                                 

Cost of Goods Sold

     166,435       60.1 %     166,899       68.0 %
                                 

Gross Profit

     110,704       40.0 %     78,399       32.0 %
                                 

Operating Expenses:

                                

Selling, General and Administrative Expenses

     41,818       15.1 %     38,734       15.8 %

Research and Development Expenses

     9,030       3.3 %     9,945       4.1 %

Total Operating Expenses

     50,848       18.4 %     48,679       19.8 %
                                 

Operating Profit

     59,856       21.6 %     29,720       12.1 %
                                 

Other Expenses:

                                

Interest Expense, Net

     1,467               1,635          

Equity in Losses of Partially-Owned Affiliates

     -               4,618          

Other Expenses, Net

     126               16          
                                 

Income Before Income Taxes

     58,263       21.0 %     23,451       9.6 %
                                 

Provision/(Benefit) for Income Taxes

     18,569               (6,424 )        
                                 

Income from Continuing Operations

   $ 39,694       14.3 %   $ 29,875       12.2 %
                                 

Loss from Discontinued Operations, Net of Tax

     (291 )             (457 )        
                                 

Net Income

   $ 39,403       14.2 %   $ 29,418       12.0 %
                                 

Basic Earnings/(Loss) per Share of Common Stock*:

                                

Income from Continuing Operations

   $ 1.27             $ 0.97          

Loss from Discontinued Operations, Net of Tax

   $ (0.01 )           $ (0.01 )        

Net Income

   $ 1.26             $ 0.96          
                                 

Diluted Earnings/(Loss) per Share of Common Stock*:

                                

Income from Continuing Operations

   $ 1.22             $ 0.95          

Loss from Discontinued Operations, Net of Tax

   $ (0.01 )           $ (0.01 )        

Net Income

   $ 1.22             $ 0.93          
                                 

Weighted Average Shares Outstanding

                                

Basic

     31,339               30,665          

Diluted

     32,428               31,486          

 

* The sum of the individual per share amounts may not add due to rounding.

 

 

Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073

Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com

 

 
7
 

 

 

 

CAMBREX CORPORATION

Consolidated Balance Sheets

As of September 30, 2015 and December 31, 2014

(in thousands)

 

   

September 30,

    

December 31,

  
   

2015

    

2014

  
Assets                
                 

Cash and Cash Equivalents

   $ 60,182     $ 45,518  

Trade Receivables, Net

     38,820       77,124  

Other Receivables

     7,404       10,610  

Inventories, Net

     130,851       85,630  

Prepaid Expenses and Other Current Assets

     8,745       8,688  

Total Current Assets

     246,002       227,570  
                 

Property, Plant and Equipment, Net

     180,598       163,567  

Goodwill

     41,448       43,912  

Intangible Assets, Net

     10,097       8,902  

Deferred Income Taxes

     28,376       38,424  

Other Non-Current Assets

     3,162       4,697  
                 

Total Assets

   $ 509,683     $ 487,072  
                 

Liabilities and Stockholders' Equity

                
                 

Accounts Payable

   $ 52,717     $ 43,670  

Deferred Revenue

     28,900       14,095  

Accrued Expenses and Other Current Liabilities

     41,688       41,014  

Total Current Liabilities

     123,305       98,779  
                 

Long-Term Debt

     30,000       60,000  

Deferred Income Taxes

     9,042       10,545  

Accrued Pension Benefits

     47,052       50,949  

Other Non-Current Liabilities

     13,843       15,573  
                 

Total Liabilities

   $ 223,242     $ 235,846  
                 

Stockholders’ Equity

   $ 286,441     $ 251,226  
                 

Total Liabilities and Stockholders’ Equity

   $ 509,683     $ 487,072  

 

 

Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073

Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com

 

 
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CAMBREX CORPORATION

Reconciliation of GAAP to non-GAAP Results

For the Quarters and Nine Months Ended September 30, 2015 and 2014

(in thousands)

 

    Third Quarter 2015     Third Quarter 2014  
                 

Operating Profit

   $ 18,019     $ 12,026  
                 

Depreciation and Amortization

     5,634       6,066  
                 

EBITDA

   $ 23,653     $ 18,092  

 

 

 

    Nine Months 2015     Nine Months 2014  
                 

Operating Profit

   $ 59,856     $ 29,720  
                 

Depreciation and Amortization

     16,319       17,915  
                 

EBITDA

   $ 76,175     $ 47,635  

 

 

Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073

Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com 

 

 
9
 

 

 

 

CAMBREX CORPORATION

Reconciliation of GAAP to non-GAAP Results

For the Quarters and Nine Months Ended September 30, 2015 and 2014

(in thousands)

 

    Third Quarter 2015     Third Quarter 2014  
           

Diluted EPS

            

Diluted EPS

  

Income from Continuing Operations

   $ 11,876     $ 0.36     $ 8,882     $ 0.28  
                                 

Stock-Based Compensation, Net of Tax 1

     932       0.03       609       0.02  

Amortization of Purchased Intangibles

     245       0.01       182       0.01  

Release of Valuation Allowance on Tax Assets

     -       -       (824 )     (0.03 )
                                 

Adjusted Income from Continuing Operations 2

   $ 13,053     $ 0.40     $ 8,849     $ 0.28  

 

 

 

    Nine Months 2015     Nine Months 2014  
           

Diluted EPS

            

Diluted EPS

  

Income from Continuing Operations

   $ 39,694     $ 1.22     $ 29,875     $ 0.95  
                                 

Stock-Based Compensation, Net of Tax 1

     2,494       0.08       2,273       0.07  

Amortization of Purchased Intangibles

     580       0.02       687       0.02  

Loss on Acquisition of Zenara Shares

     -       -       4,122       0.13  

Release of Valuation Allowance on Tax Assets

     -       -       (15,183 )     (0.48 )
                                 

Adjusted Income from Continuing Operations 2

   $ 42,768     $ 1.32     $ 21,774     $ 0.69  

 

 

1 Tax rate estimated at 35% for stock-based compensation.

2 Diluted earnings per share for adjusted income from continuing operations is based on the weighted number of diluted shares outstanding for the quarter and year. As such, the sum of the quarters may not necessarily equal the full year. In addition, the sum of the line items may not equal due to rounding.

 

 

# # #

 

 

Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073

Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com

10

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