ALBANY, N.Y., May 10, 2016 /PRNewswire/ -- AMRI (NASDAQ: AMRI)
clarified its 2016 revenue guidance, following the company's first
quarter earnings conference call held earlier this morning.
The company expects approximately 50% of its 2016 revenue to be
realized in the first half of the year and the corresponding 50% in
the second half of the year, respectively.
The company continues to expect approximately 40% of its 2016
adjusted earnings per share to be realized in the first half of the
year, and the corresponding 60% in the second half of the year,
respectively.
About AMRI
Albany Molecular Research
Inc. (AMRI) is a global contract research and manufacturing
organization that has been working with the Life Sciences industry
to improve patient outcomes and the quality of life for more than
two decades. With locations in North
America, Europe and Asia, our key business segments
include Discovery and Development Services (DDS), Active
Pharmaceutical Ingredients (API), and Drug Product Manufacturing
(DPM). Our DDS segment provides comprehensive services from hit
identification to IND, including expertise with diverse chemistry,
library design and synthesis, in vitro biology and pharmacology,
drug metabolism and pharmacokinetics, as well as natural products.
API supports the chemical development and cGMP manufacture of
complex API, including potent and cytotoxic compounds, controlled
substances, steroids, hormones, and sterile API. DPM supports
development through commercial scale production of complex
liquid-filled and lyophilized parenterals, sterile suspensions and
ophthalmic formulations
Forward-looking Statements
This press release
includes forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 that involve risks
and uncertainties. These statements include, but are not limited
to, statements regarding the acquisition of Euticals, the expected
timing for the closing of the transaction, the sufficiency of the
financing required to close the transaction and other matters
related to Euticals' business prospects and operations. Forward
looking statements also include the company's estimates of revenue,
contract revenue, adjusted EBITDA, adjusted diluted earnings per
share, and all information and other statements regarding the
estimates of results and financial outlook for 2016, statements
made by the company's Chief Executive Officer, and statements under
the caption "Financial Outlook", statements regarding the strength
of the company's business and prospects, statements regarding the
impact of recent acquisition activity, and statements concerning
the company's momentum and long-term growth, including expected
results for 2016. Readers should not place undue reliance on our
forward-looking statements. The company's actual results may differ
materially from such forward-looking statements as a result of
numerous factors, some of which the company may not be able to
predict and may not be within the company's control. Factors that
could cause such differences include, but are not limited to the
ability of AMRI to successfully finance and close the pending
Euticals acquisition and further to integrate the business into
AMRI and achieve the expected financial results, ongoing headwinds
in the U.S. economy which could lead to overall softness in the
markets we serve, difficulty in raising new capital to support our
business and a slowdown in our ability to grow inorganically;
trends in pharmaceutical and biotechnology companies' outsourcing
of manufacturing services and chemical research and development,
including softness in these markets; the success of the sales of
the products for which the company receives royalties; the risk
that the company will not be able to replicate either in the short
or long term the revenue stream that has been derived from the
royalties payable under the Allegra® license agreements; the risk
that clients may terminate or reduce demand under any strategic or
multi-year deal; the company's ability to enforce its intellectual
property and technology rights; the company's ability to obtain
financing sufficient to meet its business needs; the company's
ability to successfully comply with heightened FDA scrutiny on
aseptic fill/finish operations; the results of further FDA
inspections; the company's ability to effectively maintain
compliance with applicable FDA and DEA regulations; the company's
ability to integrate past or future acquisitions, including the
Aptuit West Lafayette (SSCI) and Glasgow operations, Gadea Groupo and
Whitehouse Laboratories, and make such acquisitions accretive to
the company's business model, the company's ability to take
advantage of proprietary technology and expand the scientific tools
available to it, the ability of the company's strategic investments
and acquisitions to perform as expected, as well as those risks
discussed in the company's Annual Report on Form 10-K for the year
ended December 31, 2015 as filed with
the Securities and Exchange Commission on March 30, 2016, and the company's other SEC
filings. Revenue, contract revenue, adjusted diluted EPS, adjusted
contract margin, adjusted EBITDA and other financial guidance
offered by senior management today with respect to 2016 represent a
point-in-time estimate and are based on information as of the date
of this press release. Senior management has made numerous
assumptions in providing this guidance which, while believed to be
reasonable, may not prove to be accurate. Numerous factors,
including those noted above, may cause actual results to differ
materially from the guidance provided. The company expressly
disclaims any current intention or obligation to update the
guidance provided or any other forward-looking statement in this
press release to reflect future events or changes in facts assumed
for purposes of providing this guidance or otherwise affecting the
forward-looking statements contained in this press release.
Non-GAAP Adjustment Items
To supplement our financial results prepared in accordance with
U.S. GAAP, we have presented non-GAAP measures of contract gross
profit, contract gross margin, income from operations, and net
income and income per diluted share as adjusted to exclude certain
impairment charges, restructuring charges, executive transition
costs, non-cash debt interest and amortization charges, business
acquisition costs, share-based compensation expense, non-recurring
professional fees, ERP implementation costs, purchase accounting
depreciation, amortization, and inventory adjustments in the 2016
and 2015 periods. We have also presented non-GAAP measures of
adjusted EBITDA, which in addition to the items excluded above,
further excluded the impact of interest income and expense,
depreciation and amortization expense, and income tax expense or
benefit. Exclusion of these non-recurring items allows comparisons
of operating results that are consistent over time. We believe
presentation of these non-GAAP measures enhances an overall
understanding of our historical financial performance because we
believe they are an indication of the performance of our base
business. Management uses these non-GAAP measures as a basis for
evaluating our financial performance as well as for budgeting and
forecasting of future periods. For these reasons, we believe they
can be useful to investors. The presentation of this additional
information should not be considered in isolation or as a
substitute for income (loss) from operations, net income (loss) or
income (loss) per diluted share, prepared in accordance with U.S.
GAAP. Reconciliations of these non-GAAP measures to the most
directly comparable GAAP financial measures are set forth in Tables
1-3.
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SOURCE AMRI