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CAMBREX CORPORATION REPORTS 42 PERCENT INCREASE IN EARNINGS

 EAST RUTHERFORD, N.J., July 20 /PRNewswire/ -- Cambrex Corporation (AMEX: CBM), today reported an increase of 42 percent in net income over last year and a 7 percent increase in sales. Net income was $2.4 million for the quarter ended June 30, 1993, versus $1.7 million a year ago. For the six-month period, net income was $4.2 million compared with $3.0 in the first half of 1992.
 On a per share basis (fully diluted), the company's net income was 45 cents per share compared with 34 cents for the second quarter of 1992. The net income for the first six months of 1993 equaled 79 cents per share compared with 61 cents for the first half of 1992.
 Net revenues for the quarter increased 7 percent to $52.8 million from $49.2 million in the corresponding period of a year ago. The $3.6 million of improved sales included sales increases in the specialty and fine chemicals and performance categories partially offset by a decrease in agricultural intermediates.
 Net revenue for the first six months of 1993 increased to $100.4 million from $89.8 million in the corresponding period of a year ago. Gross margin increased from 24.9 percent last year to 26.9 percent this quarter. This 2 percent improvement was due to improved product mix and manufacturing cost reductions.
 Cambrex Corporation manufactures a broad line of specialty chemicals, fine chemicals and commodity chemical intermediates. The chemical families of castor oil, pyridine, organometallics, alkenyl succinic anhydrides, organobromines, nitroaromatics, aryl sulfonates, products made in liquid ammonia solvent, quaternary ammonium compounds, chemical resolving agents and aromatic amines are the basis for compounds in the company's five product categories: Health and Pharmaceuticals, Agricultural Intermediates and Additives, Specialty and Fine Chemicals, Performance Chemicals, and Coatings.
 CAMBREX CORPORATION
 Financial Summary
 (In thousands, except earnings per share)
 Quarter ended June 30 1993 1992
 Net revenues $52,779 $49,192
 Operating profit 5,059 3,708
 Net income 2,427 1,709
 Earnings per share data (primary):
 Net income $ 0.47 $ 0.35
 Average shares outstanding 5,191 4,860
 Earnings per share data (fully diluted):
 Net income $ 0.45 $ 0.34
 Average shares outstanding 5,466 5,190
 Six months ended June 30 1993 1992
 Net revenues $100,427 $ 89,849
 Operating profit 8,628 6,333
 Net income 4,221 3,013
 Earnings per share data (primary):
 Net income 0.82 0.62
 Average shares outstanding 5,174 4,837
 Earnings per share data (fully diluted):
 Net income 0.79 0.61
 Average shares outstanding 5,468 5,142
 CAMBREX CORPORATION
 Statement of Profit and Loss
 (Dollars in thousands)
 Quarter ended June 30 1993
 ACTUAL PRIOR
 Amount Percent Amount Percent
 of Sales of Sales
 Gross sales $54,211 102.7 $50,528 102.7
 Commissions, freight, etc. 1,147 2.2 1,151 2.3
 Sales returns and allowances 342 0.6 280 0.6
 Net sales 52,722 99.9 49,097 99.8
 Other revenue 57 0.1 95 0.2
 Net revenue 52,779 100.0 49,192 100.0
 Cost of sales 38,569 73.1 36,945 75.1
 Gross profit 14,210 26.9 12,247 24.9
 Operating expenses
 Marketing/sales 1,573 3.0 1,487 3.0
 Research and development 1,464 2.8 949 1.9
 Administrative expense 5,817 11.0 5,827 11.8
 Amortization 297 0.6 276 0.6
 Total operating expenses 9,151 17.3 8,539 17.4
 Operating profit 5,059 9.6 3,708 7.5
 Other expenses
 Interest - other 727 1.4 774 1.6
 Other expense/(income) 243 0.5 109 0.2
 Total other expenses 970 1.8 883 1.8
 Profit before tax 4,089 7.7 2,825 5.7
 Provision for income taxes 1,662 3.1 1,116 2.3
 Net income 2,427 4.6 1,709 3.5
 Six months ended June 30 1993
 ACTUAL PRIOR
 Amount Percent Amount Percent
 of Sales of Sales
 Gross sales $103,114 102.7 $92,579 103.0
 Commissions, freight, etc. 2,168 2.2 2,324 2.6
 Sales returns and allowances 641 0.6 502 0.6
 Net sales 100,305 99.9 89,753 99.9
 Other revenue 122 0.1 96 0.1
 Net revenue 100,427 100.0 89,849 100.0
 Cost of sales 74,299 74.0 67,683 75.3
 Gross profit 26,128 26.0 22,166 24.7
 Operating expenses
 Marketing/sales 3,102 3.1 2,745 3.1
 Research and development 2,823 2.8 1,696 1.9
 Administrative expense 11,022 11.0 10,839 12.1
 Amortization 553 0.6 553 0.6
 Total operating expenses 17,500 17.4 15,833 17.6
 Operating profit 8,628 8.6 6,333 7.0
 Other expenses
 Interest - other 1,404 1.4 1,128 1.3
 Other expense/(income) 173 0.2 224 0.2
 Total other expenses 1,577 1.6 1,352 1.5
 Profit before tax 7,051 7.0 4,981 5.5
 Provision for income taxes 2,830 2.8 1,968 2.2
 Net income 4,221 4.2 3,013 3.4
 CAMBREX CORPORATION
 Consolidated Balance Sheet
 (Dollars in thousands)
 As of June 30, 1993 ACTUAL PRIOR
 Assets:
 Current assets;
 Cash $ 942 $ 1,062
 Trade receivables, net 30,128 30,712
 Other receivables 764 918
 Inventories 33,439 24,373
 Prepaid expenses 2,897 1,426
 Deferred tax asset 1,466 --
 Total current assets $69,636 $58,491
 P,P & E at Cost $135,777 $123,066
 Less: Accumulative depreciation 51,079 40,930
 Net P,P & E at Cost 84,698 82,136
 Investments 503 521
 Other assets 4,033 336
 Intangibles 17,105 16,783
 Less: Accumulative amortization 11,724 10,792
 Intangibles - net 5,381 5,991
 Total assets 164,251 147,475
 Liabilities and Equity:
 Current liabilities;
 Trade accounts payable $ 12,472 $ 9,916
 Accrued liabilities 8,790 13,706
 State and federal income taxes 4,535 3,359
 Long-term debt-current portion 2,573 745
 Total current liabilities 28,370 27,726
 Long-term Debt
 Bank loans 28,000 24,900
 Notes payable 15,054 16,130
 Total long-term debt 43,054 41,030
 Deferred tax provision 4,323 3,317
 Other liabilities 8,707 3,603
 Total liabilities 84,454 75,676
 Shareholders' Equity
 Common stock, $0.10 P.V. 574 567
 Paid-in-surplus 57,279 55,769
 Retained earnings 21,944 15,463
 Total shareholders' equity 79,797 71,799
 Total liabilities & equity 164,251 147,475
 -0- 7/20/93
 /CONTACT: Peter Tracey, vice president and chief financial officer of Cambrex Corporation, 201-804-3010/
 (CBM)


CO: Cambrex Corporation ST: New Jersey IN: CHM SU: ERN

WB-OS -- NY034 -- 6787 07/20/93 11:56 EDT
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Date:Jul 20, 1993
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