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CAMBREX REPORTS EARNINGS FOR FOURTH QUARTER AND YEAR

 CAMBREX REPORTS EARNINGS FOR FOURTH QUARTER AND YEAR
 EAST RUTHERFORD, N.J., Feb. 4 /PRNewswire/ -- Cambrex Corporation


(AMEX: CBM), a manufacturer and marketer of fine and speciality chemicals and chemical intermediates, today reported increased earnings for the fourth quarter and the ear ended Dec. 31, 1991, compared to last year.
 Net income in the fourth quarter of 1991 was $422,500 (9 cents per share, fully diluted) compared with a $9.1 million net loss ($1.96 per share, fully diluted) reported in the fourth quarter 1990. The prior year's fourth quarter results included a restructuring charge of $9.4 million, pretax.
 Net revenues in the fourth quarter of 1991 were $37.9 million, up 24 percent compared to the corresponding period of 1990. Revenues, excluding those generated by the company's new acquisition, increased 4 percent from the fourth quarter of 1990, with health and cosmetic, agricultural and speciality and fine chemicals products all showing continued strength. Urethane and coatings products were down due to continued poor economic conditions in the housing and automotive markets, with the added decline in the fourth quarter of construction activity affecting the telecommunications business.
 During the quarter, the company recorded a charge against operations of $3.2 million for previously disclosed environmental matters, resulting in an operating loss of $1.6 million. Excluding the environmental charge, operating profit would have been $1.6 million vs. as operating loss of $907,000, excluding restructuring, in the fourth quarter of 1990. The improvement is attributable to strict cost controls, including personnel reductions, the effects of restructuring, and the contribution of Salsbury Chemicals that was acquired mid-year.
 In 1990, coincident with the sale of certain technology and product lines to Huls America, the company set up a reserve for the writedown of equipment at its Carlstadt facility. During this quarter, management concluded that the reserve was no longer necessary since production has continued at that facility, and new products are being introduced to utilize its remaining capacity. Therefore, the reserve was reversed and other income of $2.8 million recorded.
 For the year ended Dec. 31, 1991, the company reported net income of $31,300 (1 cent per share) compared with a net loss of $5.1 million ($1.05 per share) in 1990. Included in 1991's results is an addition to inventory reserves of $4 million reported in the third quarter. Without this charge, net income for the year would have been $2.5 million (52 cents per share.)
 Cambrex Corporation manufactures a broad line of speciality chemicals and commodity chemical intermediates. The chemical families of castor oil, pyridine, organometallics, succinic anhydrides, organobromines, and ammonia reaction chemistry are used by the company to produce compounds for its five product categories: urethane systems and additives, coatings, health and cosmetic products, agricultural intermediates, and specialty and fine chemicals.
 CAMBREX CORPORATION
 (In thousands - except per-share data)
 Quarters ended Dec. 31 1991 1990
 Net revenues $37,921.6 $30,491.6
 Operating (loss) (1,588.7) (10,333.9)
 Net income (loss) 422.5 (9,114.5)
 Earnings per share data (primary):
 Net income (loss) $0.09 $(1.96)
 Average shares outstanding 4,749.9 4,643.2
 Earnings per share (fully diluted):
 Net income (loss) $0.09 $(1.96)
 Average shares outstanding 4,763.8 4,643.2
 Years ended Dec. 31 1991 1990
 Net revenues $144,409.6 $133,627.7
 Operating profit (loss) 303.5 (5,020.8)
 Gain on sale of assets
 (before income taxes) -- 3,070.0
 Net income (loss) 31.3 (5,074.8)
 Earnings per share data (primary):
 Net income (loss) $0.01 $(1.05)
 Average shares outstanding 4,704.0 4,817.6
 Earnings per share (fully diluted):
 Net income (loss) $0.01 $(1.05)
 Average shares outstanding 4,738.0 4,817.6
 -0- 2/4/92
 /CONTACT: Peter Tracey, vice president and chief financial officer of Cambrex, 201-804-3010/
 (CBM) CO: Cambrex Corporation ST: New Jersey IN: CHM SU: ERN


CK-SM -- NY027 -- 6635 02/04/92 11:11 EST
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Publication:PR Newswire
Date:Feb 4, 1992
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