EAST RUTHERFORD, N.J.,
Aug. 1, 2014 /PRNewswire/ -- Cambrex
Corporation (NYSE: CBM) reports results for the second quarter
ended June 30, 2014.
Highlights
- Second quarter sales increased 59% to $98.0 million from $61.6
million in the same period last year.
- Second quarter EBITDA increased 86% to $21.2 million compared to $11.4 million in the same period last year (see
table at the end of this release).
- Full year 2014 sales guidance increased, excluding the impact
of foreign currency, to between 13% and 16% over 2013, and full
year EBITDA guidance increased to between $74 and $78 million (see Financial Expectations
below).
- Remaining 49% of Zenara Pharma ("Zenara") purchased by the
Company for $2.7 million.
"I am extremely pleased with our strong second quarter and first
half financial results and look forward to an even stronger second
half of the year," commented Steven M.
Klosk, President and Chief Executive Officer of
Cambrex. "Our recent and ongoing investments in both capital
improvements and personnel have allowed us to significantly
increase our volumes. We are focused on maintaining a high
level of customer service and plant efficiency while we continue to
expand capacity and improve our capabilities. During the
first half of the year, we also made significant progress in
strengthening relationships with certain key customers, winning
strategic supplier status with a large pharmaceutical customer and
putting Cambrex in a position to win future projects with
another.
"We are also pleased to have purchased the remaining shares in
Zenara Pharma during the second quarter. While it will take
some time, we believe Zenara's capabilities will complement our
strong position in the API market."
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. 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.
Second Quarter 2014 Operating Results – Continuing
Operations
Sales were $98.0 million for the
quarter, compared to $61.6 million in
the same period last year, representing a 59.0% increase, including
the favorable impact of foreign exchange of 1.0%. The Company
recorded sales increases in all of its product categories, with
strong growth in certain branded APIs, controlled substances and
generic APIs. Pricing was lower by approximately 1.8%
compared to the second quarter last year.
Gross margins increased to 34.1% from 31.2% compared to the same
period last year. This increase was primarily due to
favorable product mix partially offset by lower pricing and higher
production costs.
Selling, general and administrative expenses were $14.6 million compared to $10.6 million in the same period last year.
The increase was mainly due to higher personnel expenses as well as
higher spending on costs related to the transaction to purchase the
remaining shares in Zenara and expenses related to due diligence on
various acquisition opportunities.
Research and development expenses were $3.6 million compared to $2.8 million in the same period last year.
Operating profit increased to $15.2
million from $5.9 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 $21.2 million compared to $11.4 million in the same period last
year.
Net interest expense was flat at $0.5
million for both the second quarters of 2014 and 2013.
Equity in losses of partially-owned affiliates, primarily
representing Zenara's results, was $4.3
million compared to $0.7
million in the same period last year. The second
quarter of 2014 included a loss of $4.1
million related to the purchase of the remaining 49% of
Zenara. The loss was primarily due to the write-off of $4.4 million of cumulative translation
adjustments previously recorded within the Stockholder's Equity
section of the Company's balance sheet. Zenara's revenues,
operating profit and EBITDA after the purchase of the shares in May
are included in the Company's consolidated results, and were not
material. Zenara's results prior to the purchase of the
remaining shares are included in equity in losses of
partially-owned affiliates.
The provision for income taxes in the quarter was a benefit of
$9.4 million and included a benefit
of $14.2 million for a partial
reversal of a valuation allowance against certain U.S. tax
assets. Excluding the impact of this benefit and the impact
on pre-tax income related to the purchase of the remaining Zenara
shares, the effective tax rate would have been 32.7% during the
quarter compared to an effective tax rate of 32.8% in the same
period last year.
Income from continuing operations was $19.8 million or $0.63 per share compared to $3.1 million or $0.10 per share in the same period last year.
Adjusted income from continuing operations was $11.0 million or $0.35 per share, compared to $4.1 million or $0.13, respectively in 2013 (see table at the end
of this release).
Capital expenditures and depreciation were $6.0 million and $5.9
million, respectively, compared to $13.1 million and $5.5
million in the same period last year.
Financial Expectations – Continuing Operations
The following table shows the Company's current expectations for
its full year 2014 financial performance versus its expectations
from the previous quarter:
|
|
Current
Expectations
|
|
Previous
Expectations
|
|
|
|
|
|
Gross sales
increase
|
|
13% - 16%
|
|
8% - 12%
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$74 - $78
million
|
|
$70 - $76
Million
|
|
|
|
|
|
Adjusted income from
continuing
operations per share
|
|
$1.07 -
$1.15
|
|
$0.99 -
$1.10
|
|
|
|
|
|
Reduction of debt,
net of cash
|
|
$25 - $30
million
|
|
$25 - $30
million
|
|
|
|
|
|
Capital
expenditures
|
|
$35 - $39
million
|
|
$35 - $39
million
|
|
|
|
|
|
Depreciation
|
|
$25 - $27
million
|
|
$25 - $27
million
|
|
|
|
|
|
Effective tax
rate
|
|
33% - 36%
|
|
33% - 37%
|
Consistent with prior guidance for the full year 2014, these
financial expectations are for continuing operations and exclude
the impact of any potential acquisitions, restructuring activities
and outcomes of tax disputes and do not reflect Zenara's
results. Sales expectations exclude the impact of foreign
currency. Adjusted EBITDA and Adjusted income from continuing
operations per share are computed on a basis consistent with
results in the tables at the end of this release.
We continue to expect Zenara to generate low single digit
millions in revenues and a small EBITDA loss in 2014. As
described earlier in this release, the Company purchased all
previously unowned shares in Zenara Pharma and as such, has
consolidated Zenara's results from the purchase date of
May 23, 2014 in its second quarter
2014 results and will do so for all future periods.
The Company expects to reduce the valuation allowance against
certain U.S. tax assets by approximately $17.5 million for the full year 2014, which would
reduce tax expense accordingly. The valuation allowance released
for the second quarter and year to date periods was $14.2 million and $14.4
million, respectively. The actual amount of the
reduction in the valuation allowance may be higher or lower
depending on the amount and type of U.S. income during the rest of
the year. The full year effective tax rate included in the table
above excludes this benefit and the impact of the purchase of the
remaining Zenara shares. The Company expects to pay only a
small amount of cash taxes in the U.S. during the year. The tax
rate and amount of cash taxes paid will be sensitive to the
geographic mix of income, and quarterly effective tax rates may be
volatile.
The financial information contained in this press release is
unaudited, subject to revision and should not be considered final
until the Company's second quarter 2014 Form 10-Q is filed with the
SEC.
Conference Call and Webcast
A conference call to discuss the Company's second quarter 2014
results will begin at 8:30 a.m. Eastern
Time on Friday, August 1,
2014. Those wishing to participate should call 1-888-417-8465
for domestic and +719-457-1512 for international. Please use
the passcode 1762072 and call approximately 10 minutes prior to
start time. A webcast will be available on the Investors
section on the Cambrex website located at www.cambrex.com. A
telephone replay of the conference call will be available through
Friday, August 8, 2014 by calling
1-888-203-1112 for domestic and +1-719-457-0820 for
international. Please use the passcode 1762072 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," 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 "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, 2013, 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,
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, changes in foreign exchange rates,
uncollectible receivables, the timing of orders, 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.
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, 2013, 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 is a non-GAAP financial measure, which the Company
defines as operating profit plus depreciation and amortization
expense. Other companies may have a different definition of
EBITDA and, therefore, EBITDA may not be comparable with non-GAAP
financial measures provided by other companies. EBITDA should
not be considered an alternative 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 as one of several metrics to assess and analyze its
operational results and trends. Cambrex also believes EBITDA
as well as 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
|
Statements of Profit
and Loss
|
For the Quarters
Ended June 30, 2014 and 2013
|
(in thousands, except
per-share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
Amount
|
|
Sales
|
|
|
Amount
|
|
Sales
|
|
|
|
|
|
|
|
|
|
|
Gross
Sales
|
$
|
97,972
|
|
|
|
$
|
61,628
|
|
|
Commissions, Allowances and
Rebates
|
|
625
|
|
|
|
|
65
|
|
|
Net Sales
|
|
97,347
|
|
|
|
|
61,563
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Revenue
|
|
546
|
|
|
|
|
1,240
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Revenues
|
|
97,893
|
|
|
|
|
62,803
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold
|
|
64,478
|
|
65.8%
|
|
|
43,552
|
|
70.7%
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
33,415
|
|
34.1%
|
|
|
19,251
|
|
31.2%
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
Selling, General and
Administrative Expenses
|
|
14,560
|
|
14.9%
|
|
|
10,622
|
|
17.2%
|
Research and Development
Expenses
|
|
3,631
|
|
3.7%
|
|
|
2,765
|
|
4.5%
|
Total Operating
Expenses
|
|
18,191
|
|
18.6%
|
|
|
13,387
|
|
21.7%
|
|
|
|
|
|
|
|
|
|
|
Operating
Profit
|
|
15,224
|
|
15.5%
|
|
|
5,864
|
|
9.5%
|
|
|
|
|
|
|
|
|
|
|
Other
Expenses/(Income):
|
|
|
|
|
|
|
|
|
|
Interest Expense,
Net
|
|
543
|
|
|
|
|
488
|
|
|
Other (Income)/Expenses,
Net
|
|
(3)
|
|
|
|
|
38
|
|
|
Equity in Losses of
Partially-Owned Affiliates
|
|
4,272
|
|
|
|
|
668
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income
Taxes
|
|
10,412
|
|
10.6%
|
|
|
4,670
|
|
7.6%
|
|
|
|
|
|
|
|
|
|
|
(Benefit)/Provision for
Income Taxes
|
|
(9,415)
|
|
|
|
|
1,534
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
Continuing Operations
|
$
|
19,827
|
|
20.2%
|
|
$
|
3,136
|
|
5.1%
|
|
|
|
|
|
|
|
|
|
|
Loss from
Discontinued Operations, Net of Tax
|
|
(160)
|
|
|
|
|
(862)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
$
|
19,667
|
|
20.1%
|
|
$
|
2,274
|
|
3.7%
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings/(Loss)
per Share of Common Stock:
|
|
|
|
|
|
|
|
|
|
Income
from Continuing Operations
|
|
$ 0.65
|
|
|
|
|
$ 0.10
|
|
|
Loss
from Discontinued Operations, Net of Tax
|
|
$ (0.01)
|
|
|
|
|
$ (0.03)
|
|
|
Net
Income
|
|
$ 0.64
|
|
|
|
|
$ 0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
Earnings/(Loss) per Share of Common Stock:
|
|
|
|
|
|
|
|
|
|
Income
from Continuing Operations
|
|
$ 0.63
|
|
|
|
|
$ 0.10
|
|
|
Loss
from Discontinued Operations, Net of Tax
|
|
$ 0.00
|
|
|
|
|
$ (0.03)
|
|
|
Net
Income
|
|
$ 0.63
|
|
|
|
|
$ 0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
|
30,647
|
|
|
|
|
30,089
|
|
|
Diluted
|
|
31,428
|
|
|
|
|
30,956
|
|
|
CAMBREX
CORPORATION
|
Statements of Profit
and Loss
|
For the Six Months
Ended June 30, 2014 and 2013
|
(in thousands, except
per-share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
Amount
|
|
Sales
|
|
|
Amount
|
|
Sales
|
|
|
|
|
|
|
|
|
|
|
Gross
Sales
|
$
|
164,164
|
|
|
|
$
|
136,209
|
|
|
Commissions, Allowances and
Rebates
|
|
1,174
|
|
|
|
|
228
|
|
|
Net Sales
|
|
162,990
|
|
|
|
|
135,981
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
1,008
|
|
|
|
|
1,707
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Revenues
|
|
163,998
|
|
|
|
|
137,688
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold
|
|
114,005
|
|
69.4%
|
|
|
93,688
|
|
68.8%
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
49,993
|
|
30.5%
|
|
|
44,000
|
|
32.3%
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
Selling, General and
Administrative Expenses
|
|
26,193
|
|
16.0%
|
|
|
21,726
|
|
16.0%
|
Research and Development
Expenses
|
|
6,106
|
|
3.7%
|
|
|
4,959
|
|
3.6%
|
Total Operating
Expenses
|
|
32,299
|
|
19.7%
|
|
|
26,685
|
|
19.6%
|
|
|
|
|
|
|
|
|
|
|
Gain on Sale of
Asset
|
|
-
|
|
0.0%
|
|
|
4,680
|
|
3.4%
|
|
|
|
|
|
|
|
|
|
|
Operating
Profit
|
|
17,694
|
|
10.8%
|
|
|
21,995
|
|
16.1%
|
|
|
|
|
|
|
|
|
|
|
Other
Expenses:
|
|
|
|
|
|
|
|
|
|
Interest Expense,
net
|
|
1,065
|
|
|
|
|
983
|
|
|
Other (Income)/Expense,
net
|
|
(21)
|
|
|
|
|
6
|
|
|
Equity in Losses of
Partially-Owned Affiliates
|
|
4,618
|
|
|
|
|
1,149
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income
Taxes
|
|
12,032
|
|
7.3%
|
|
|
19,857
|
|
14.6%
|
|
|
|
|
|
|
|
|
|
|
(Benefit)/Provision for
Income Taxes
|
|
(8,961)
|
|
|
|
|
5,296
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
Continuing Operations
|
$
|
20,993
|
|
12.8%
|
|
$
|
14,561
|
|
10.7%
|
|
|
|
|
|
|
|
|
|
|
Loss from
Discontinued Operations, Net of Tax
|
|
(344)
|
|
|
|
|
(1,119)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
$
|
20,649
|
|
12.6%
|
|
$
|
13,442
|
|
9.9%
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings/(Loss)
per Share of Common Stock:
|
|
|
|
|
|
|
|
|
|
Income
from Continuing Operations
|
|
$ 0.69
|
|
|
|
|
$ 0.48
|
|
|
Loss
from Discontinued Operations, Net of Tax
|
|
$ (0.02)
|
|
|
|
|
$ (0.03)
|
|
|
Net
Income
|
|
$ 0.67
|
|
|
|
|
$ 0.45
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
Earnings/(Loss) per Share of Common Stock:
|
|
|
|
|
|
|
|
|
Income
from Continuing Operations
|
|
$ 0.67
|
|
|
|
|
$ 0.47
|
|
|
Loss
from Discontinued Operations, Net of Tax
|
|
$ (0.01)
|
|
|
|
|
$ (0.03)
|
|
|
Net
Income
|
|
$ 0.66
|
|
|
|
|
$ 0.44
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
|
30,596
|
|
|
|
|
30,029
|
|
|
Diluted
|
|
31,398
|
|
|
|
|
30,870
|
|
|
CAMBREX
CORPORATION
|
Consolidated Balance
Sheets
|
As of June 30, 2014
and December 31, 2013
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
December
31,
|
Assets
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
Cash and Cash
Equivalents
|
$
|
19,450
|
|
$
|
22,745
|
Trade Receivables,
net
|
|
69,751
|
|
|
71,276
|
Other
Receivables
|
|
11,551
|
|
|
12,943
|
Inventories,
net
|
|
103,006
|
|
|
89,965
|
Prepaid Expenses and
Other Current Assets
|
|
9,224
|
|
|
5,631
|
Total Current
Assets
|
|
212,982
|
|
|
202,560
|
|
|
|
|
|
|
Property, Plant and
Equipment, net
|
|
170,164
|
|
|
171,966
|
Goodwill
|
|
47,811
|
|
|
38,670
|
Intangible Assets,
net
|
|
8,566
|
|
|
4,011
|
Investments in and
Advances to Partially-Owned Affiliates
|
|
787
|
|
|
13,364
|
Deferred Income
Taxes
|
|
30,102
|
|
|
19,799
|
Other Non-Current
Assets
|
|
5,658
|
|
|
7,667
|
|
|
|
|
|
|
Total
Assets
|
$
|
476,070
|
|
$
|
458,037
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
Payable
|
$
|
28,490
|
|
$
|
29,052
|
Deferred
Revenue
|
|
22,131
|
|
|
20,121
|
Accrued Expenses and
Other Current Liabilities
|
|
47,501
|
|
|
48,098
|
Total Current
Liabilities
|
|
98,122
|
|
|
97,271
|
|
|
|
|
|
|
Long-Term
Debt
|
|
74,000
|
|
|
79,250
|
Deferred Income
Taxes
|
|
13,353
|
|
|
12,835
|
Accrued Pension
Benefits
|
|
37,614
|
|
|
40,123
|
Other Non-Current
Liabilities
|
|
17,444
|
|
|
18,338
|
|
|
|
|
|
|
Total
Liabilities
|
$
|
240,533
|
|
$
|
247,817
|
|
|
|
|
|
|
Stockholders'
Equity
|
$
|
235,537
|
|
$
|
210,220
|
|
|
|
|
|
|
Total
Liabilities and Stockholders' Equity
|
$
|
476,070
|
|
$
|
458,037
|
CAMBREX
CORPORATION
|
Reconciliation of
GAAP to non-GAAP Results
|
For the Quarters
Ended June 30, 2014 and 2013
|
(in
thousands)
|
|
|
|
|
|
|
|
|
Second Quarter
2014
|
|
|
Second Quarter
2013
|
|
|
|
|
|
|
|
Operating
Profit
|
$
|
15,224
|
|
|
$
|
5,864
|
|
|
|
|
|
|
|
Depreciation and
Amortization
|
|
5,966
|
|
|
|
5,553
|
|
|
|
|
|
|
|
EBITDA
|
$
|
21,190
|
|
|
$
|
11,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
2014
|
|
|
Six Months
2013
|
|
|
|
|
|
|
|
Operating
Profit
|
$
|
17,694
|
|
|
$
|
21,995
|
|
|
|
|
|
|
|
Gain on Sale of
Asset
|
|
-
|
|
|
|
(4,680)
|
|
|
|
|
|
|
|
Adjusted Operating
Profit
|
|
17,694
|
|
|
|
17,315
|
|
|
|
|
|
|
|
Depreciation and
Amortization
|
|
11,849
|
|
|
|
10,886
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
29,543
|
|
|
$
|
28,201
|
CAMBREX
CORPORATION
|
Reconciliation of
GAAP to non-GAAP Results
|
For the Quarters
Ended June 30, 2014 and 2013
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter
2014
|
|
Second Quarter
2013
|
|
|
|
|
|
|
|
Diluted
EPS
|
|
|
|
|
Diluted
EPS
|
Income from
Continuing Operations
|
$
|
19,827
|
$
|
0.63
|
|
$
|
3,136
|
$
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-Based
Compensation, Net of Tax1
|
|
944
|
|
0.03
|
|
|
695
|
|
0.02
|
Loss on Acquisition
of Zenara Shares
|
|
4,122
|
|
0.13
|
|
|
-
|
|
-
|
Amortization of
Purchased Intangibles
|
|
231
|
|
0.01
|
|
|
301
|
|
0.01
|
Release of Valuation
Allowance
|
|
|
(14,161)
|
|
(0.45)
|
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Income from
Continuing Operations
|
$
|
10,963
|
$
|
0.35
|
|
$
|
4,132
|
$
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
2014
|
|
Six Months
2013
|
|
|
|
|
|
|
|
Diluted
EPS
|
|
|
|
|
Diluted
EPS
|
Income from
Continuing Operations
|
$
|
20,993
|
$
|
0.67
|
|
$
|
14,561
|
$
|
0.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-Based
Compensation, Net of Tax1
|
|
1,664
|
|
0.05
|
|
|
1,367
|
|
0.04
|
Loss on Acquisition
of Zenara Shares
|
|
4,122
|
|
0.13
|
|
|
-
|
|
-
|
Gain on Sale of
Asset
|
|
|
|
-
|
|
-
|
|
|
(3,173)
|
|
(0.10)
|
Amortization of
Purchased Intangibles
|
|
505
|
|
0.02
|
|
|
603
|
|
0.02
|
Release of Valuation
Allowance
|
|
|
(14,359)
|
|
(0.46)
|
|
|
-
|
|
-
|
Changes in Tax
Laws
|
|
|
|
-
|
|
-
|
|
|
(1,271)
|
|
(0.04)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Income from
Continuing Operations
|
$
|
12,925
|
$
|
0.41
|
|
$
|
12,087
|
$
|
0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Tax rate estimated at 35%
for stock-based compensation.
|
SOURCE Cambrex Corporation