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CAMBREX CORPORATION REPORTS FIRST QUARTER 1993 RESULTS

 EAST RUTHERFORD, N.J., April 20 /PRNewswire/ -- Cambrex Corporation (AMEX: CBM), today reported net income of $1.8 million for the first quarter ended March 31, 1993, an increase of 38 percent over $1.3 million for the first quarter 1992.
 On a per share basis (fully diluted), the company reported net income equal to 34 cents per share compared with 27 cents for the first quarter of 1992.
 Net revenues increased to $47.7 million from $40.7 million in the corresponding period of a year ago. The $7.0 million of increased sales included sales of $7.1 million from the company's Zeeland, Mich. facility, which was acquired March 31, 1992. Sales increased in all market categories except coatings products which declined $0.4 million.
 Operating profit increased 36 percent to $3.6 million in the first quarter of 1993 versus $2.6 million in the first quarter of 1992. The increase was primarily attributable to the increased sales volume.
 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 March 31 1993 1992
 Net revenues $47,648 $40,657
 Operating profit 3,570 2,625
 Net income 1,794 1,304
 Earnings per share data (primary):
 Net income 0.35 0.27
 Average shares outstanding 5,169 4,808
 Earnings per share data (fully diluted):
 Net income 0.34 0.27
 Average shares outstanding 5,486 5,074
 CAMBREX CORPORATION
 Statement of Profit and Loss
 For the quarter ended March 31, 1993
 ($000's)
 Actual Prior
 Percent of Percent of
 Amount sales Amount sales
 Gross sales $48,904 102.6 $42,052 103.4
 Commissions, freight, etc. 1,021 2.1 1,173 2.9
 Sales returns and allowances 300 0.6 222 0.5
 Net sales 47,583 99.9 40,657 100.0
 Other revenue 65 0.1 0 0.0
 Net revenue 47,648 100.0 40,657 100.0
 Cost of sales 35,729 75.0 30,815 75.8
 Gross profit 11,919 25.0 9,842 24.2
 Operating expenses
 Marketing/sales 1,529 3.2 1,261 3.1
 Research & development 1,359 2.9 752 1.8
 Administrative expense 5,205 10.9 4,927 12.1
 Amortization 256 0.5 277 0.7
 Total operating expenses 8,349 17.5 7,217 17.8
 Operating profit 3,570 7.5 2,625 6.5
 Other expenses
 Interest-other 379 0.8 353 0.9
 Other expense/(income) 229 0.5 116 0.3
 Total other expenses 608 1.3 469 1.2
 Profit before tax 2,962 6.2 2,156 5.3
 Provision for income taxes 1,168 2.5 852 2.1
 Net income 1,794 3.8 1,304 3.2
 CAMBREX CORPORATION
 Consolidated Balance Sheet
 As of March 31, 1993
 (Dollars in thousands)
 Actual Prior
 Assets
 Current assets
 Cash $ 603 $ 2,106
 Trade receivables, net 27,525 27,232
 Other receivables 679 996
 Inventories 32,982 26,295
 Prepaid expenses 3,030 2,111
 Deferred tax asset 1,616 0
 Total current assets 66,435 58,740
 P,P & E at cost 132,478 121,176
 Less: Accumulated depreciation 48,506 38,354
 Net P,P & E at cost 83,972 82,822
 Investments 518 521
 Other assets 3,953 1,561
 Intangibles 16,809 16,783
 Less: Accumulation amortization 11,491 10,545
 Intangibles - net 5,318 6,238
 Total assets 160,196 149,882
 Liabilities and Equity
 Current liabilities
 Trade accounts payable 9,115 8,931
 Accrued liabilities 9,182 7,066
 State and federal income taxes 4,436 2,700
 Long-term debt -- current portion 1,621 0
 Total current liabilities 24,354 18,697
 Long-term debt
 Bank loans 29,900 34,194
 Notes payable 15,155 16,986
 Total long-term debt 45,055 51,180
 Deferred tax provision 5,006 3,317
 Other liabilities 8,508 6,647
 Total liabilities 82,923 79,841
 Shareholders' equity
 Common stock, $0.10 P.V. 574 567
 Paid-in-surplus 56,922 55,483
 Retained earnings 19,777 13,991
 Total shareholders' equity 77,273 70,041
 Total liabilities and equity 160,196 149,882
 -0- 4/20/93
 /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

LR-OS -- NY057 -- 8054 04/20/93 12:08 EDT
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Date:Apr 20, 1993
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