Printer Friendly

CAMBREX CORPORATION REPORTS IMPROVED EARNINGS FOR FOURTH QUARTER AND YEAR

 EAST RUTHERFORD, N.J., Jan. 26 /PRNewswire/ -- Cambrex Corporation (AMEX: CBM) today reported net income of $1.1 million for the fourth quarter ended Dec. 31, 1992, compared with $0.4 million for the same period 1991. For 1992, net income was $6.2 million compared with $31,300 for the prior year. The results in 1991 included non-operating pretax income of $2.8 million from the revision of an accrual for estimated costs associated with the sale of certain businesses in the previous year.
 On a per share basis (fully diluted), the net income for the fourth quarter 1992 equaled 22 cents per share compared with 9 cents for the same quarter of 1991. The net income for 1992 equaled $1.23 per share compared with 1 cent per share last year.
 Net revenues in the quarter increased to $42.7 million from $37.9 million in the corresponding period a year ago. The $5.0 million of increased sales included sales of $7.9 million from the company's Zeeland, Mich., facility, which was acquired on March 31, 1992. Sales increased in all market categories except coatings products which declined $1.8 million due to discontinued rheologicals and mercury biocides products, and agricultural intermediates and additives which declined $0.9 million due to switch in production from feed grade Vitamin B3 to USP Vitamin B3 for the health and pharmaceutical market.
 Net revenues for 1992 increased to $179.5 million from $144.5 million in 1991. The $35.0 million of increased sales included sales of $36.5 million from the company's acquisition activity in 1991 and 1992. The sales increases occurred in all market categories other than coatings products which declined $8.6 million.
 Operating profit for the fourth quarter 1992 increased to $2.8 million versus a $1.6 million loss in the fourth quarter of 1991. The fourth quarter 1991 operating loss included a $3.2 million provision for future environmental costs.
 Operating profit for the full year was $13.8 million compared to $303,000 in 1991. The operating profit for 1992 included a provision of $1.8 million for future environmental costs. As of Dec. 31, 1992, the company has accruals totaling $8.7 million relating to these costs. In addition, 1992 results included bonus payments to management and to all other employees of approximately $3 million in recognition of the substantial improvement in income. The 1991 operating income was after the $3.2 million environmental provision described above and a $4.0 million charge for revaluation of inventory included in the third quarter 1991 results.
 The company will adopt Statement of Financial Accounting Standard (SFAS) No. 106 "Employers' Accounting for Post Retirement Benefits Other Than Pensions" effective Jan. 1, 1993. The accumulated post retirement benefit obligation (APBO) as of that date is $1.8 million and will be amortized over 20 years. The total effect of SFAS No. 106 upon 1993 operating results, including the amortization of the APBO, will result in a cost of $0.3 million, which will approximate the benefits paid.
 The company will also adopt SFAS No. 109 "Accounting for Income Taxes" effective Jan. 1, 1993. The effect of adoption of SFAS No. 109 upon 1993 results will not be material.
 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 and products made in liquid ammonia solvent are the basis for compounds in the company's five product categories: Performance Chemicals, Coatings, Health and Pharmaceuticals, Agricultural Intermediates and Additives, and Specialty and Fine Chemicals.
 CAMBREX CORPORATION
 Financial Summary
 (In thousands, except earnings per share)
 Quarter ended Dec. 31 1992 1991
 Net revenues $ 42,749.0 $ 37,921.6
 Operating profit 2,833.6 (1,588.7)
 Net income $ 1,124.3 $ 422.5
 Earnings per share data (primary):
 Net income $0.23 $0.09
 Average shares outstanding 4,958.0 4,749.9
 Earnings per share data (fully diluted):
 Net income $0.22 $0.09
 Average shares outstanding 5,314.1 4,763.8
 12 months ended Dec. 31 1992 1991
 Net revenues $179,451.9 $144,499.6
 Operating profit 13,788.9 303.5
 Net income $ 6,229.8 $ 31.3
 Earnings per share data (primary):
 Net income $1.27 $0.01
 Average shares outstanding 4,888.0 4,704.0
 Earnings per share data (fully diluted):
 Net income $1.23 $0.01
 Average shares outstanding 5,241.5 4,738.0
 CAMBREX CORPORATION
 Statement of Profit and Loss
 for the Quarter Ended Dec. 31, 1992
 ($000's)
 Actual Prior
 Pct. of Pct. of
 Amount Sales Amount Sales
 Gross sales $43,949.0 102.8 $39,244.0 103.5
 Commissions, freight, etc. 1,099.0 2.6 1,216.0 3.2
 Sales returns & allowances 219.0 0.5 183.0 0.5
 Net sales 42,631.0 99.7 37,845.0 99.8
 Other revenue 118.0 0.3 77.0 0.2
 Net revenue 42,749.0 100.0 37,922.0 100.0
 Cost of sales 31,901.0 74.6 30,179.0 79.6
 Gross profit 10,848.0 25.4 7,743.0 20.4
 Operating expenses:
 Marketing/sales 1,594.0 3.7 1,430.0 3.8
 Research & development 995.0 2.3 714.0 1.9
 Administrative expense 5,425.0 12.7 7,188.0 19.0
 Total operating expenses 8,014.0 18.7 9,332.0 24.6
 Operating profit 2,834.0 6.6 (1,589.0) -4.2
 Other expenses:
 Interest - other 607.0 1.4 602.0 1.6
 Other expense/(income) 365.0 0.9 (2,889.0) -7.6
 Total other expenses 972.0 2.3 (2,287.0) -6.0
 Profit before tax 1,862.0 4.4 698.0 1.8
 Provision for income taxes 738.0 1.7 275.0 0.7
 Net income $ 1,124.0 2.6 $ 423.0 1.1
 CAMBREX CORPORATION
 Statement of Profit and Loss
 for the Year Ended Dec. 31, 1992
 ($000's)
 Actual Prior
 Pct. of Pct. of
 Amount Sales Amount Sales
 Gross sales $184,878.0 103.0 $150,296.0 104.0
 Commissions, freight, etc. 4,762.0 2.7 5,446.0 3.8
 Sales returns & allowances 1,071.0 0.6 467.0 0.3
 Net sales 179,045.0 99.8 144,383.0 99.9
 Other revenue 407.0 0.2 117.0 0.1
 Net revenue 179,452.0 100.0 144,500.0 100.0
 Cost of sales 133,416.0 74.3 118,174.0 81.8
 Gross profit 46,036.0 25.7 26,326.0 18.2
 Operating expenses:
 Marketing/sales 5,716.0 3.2 4,982.0 3.4
 Research & development 3,615.0 2.0 3,280.0 2.3
 Administrative expense 22,916.0 12.8 17,760.0 12.3
 Total operating expenses 32,247.0 18.0 26,022.0 18.0
 Operating profit 13,789.0 7.7 304.0 0.2
 Other expenses:
 Interest - other 2,437.0 1.4 2,531.0 1.8
 Other expense/(income) 1,054.0 0.6 (2,279.0) -1.6
 Total other expenses 3,491.0 1.9 252.0 0.2
 Profit before tax 10,298.0 5.7 52.0 0.0
 Provision for income taxes 4,068.0 2.3 21.0 0.0
 Net income $ 6,230.0 3.5 $ 31.0 0.0
 CAMBREX CORPORATION
 Consolidated Balance Sheet
 as of Dec. 31, 1992
 ($000's)
 Actual Prior
 ASSETS
 Current assets:
 Cash $ 563.7 $ 112.9
 Trade receivables, net 26,703.9 22,925.0
 Other receivables 1,082.6 1,070.3
 Inventories 28,157.5 22,372.2
 Prepaid expenses 2,144.1 1,741.2
 Total current assets 58,651.8 48,221.6
 P, P & E at cost 129,566.2 92,765.0
 Less: accum. depreciation 45,745.3 36,395.9
 Net P, P & E at cost 83,820.9 56,369.1
 Investments 515.8 515.8
 Other assets 201.8 12.4
 Intangibles 16,782.7 15,558.9
 Less: accum. amortization 11,272.2 9,075.0
 Intangibles - net 5,510.5 6,483.9
 Total assets $148,700.8 $111,602.8
 LIABILITIES AND EQUITY
 Current liabilities:
 Trade accounts payable $ 10,060.1 $ 8,899.0
 Accrued liabilities 7,413.3 2,645.2
 State & federal income taxes 3,607.4 1,849.9
 Long-term debt - current portion -- 3,468.8
 Total current liabilities 21,080.8 16,862.9
 Long-term debt:
 Bank loans 24,500.0 18,500.0
 Notes payable 8,139.7 520.9
 Total long-term debt 32,639.7 19,020.9
 Deferred tax provision 3,320.9 3,319.9
 Other liabilities 16,482.1 3,682.5
 Total liabilities 73,523.5 42,886.2
 SHAREHOLDERS' EQUITY
 Common stock, $0.10 par value 570.6 565.6
 Paid-in surplus 56,404.1 55,228.5
 Retained earnings 18,202.6 12,922.5
 Total shareholders' equity 75,177.3 68,716.6
 Total liabilities & equity $148,700.8 $111,602.8
 -0- 1/26/93
 /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

GK-TS -- NY069 -- 9140 01/26/93 14:12 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 26, 1993
Words:1583
Previous Article:FMC INCOME FROM CONTINUING OPERATIONS UP 11 PERCENT FROM 1991
Next Article:TIME WARNER ANNOUNCES DEBENTURE OFFERING
Topics:


Related Articles
CAMBREX REPORTS REVISED THIRD QUARTER 1991 EARNINGS
CAMBREX REPORTS EARNINGS FOR FOURTH QUARTER AND YEAR
CAMBREX REPORTS IMPROVED SECOND QUARTER 1992 EARNINGS
CAMBREX CORPORATION REPORTS INCREASED EARNINGS FOR FOURTH QUARTER AND YEAR
CAMBREX CORPORATION REPORTS INCREASED NET INCOME FOR FOURTH QUARTER AND YEAR
CAMBREX CORPORATION REPORTS CONTINUED IMPROVEMENT TO FIRST QUARTER NET INCOME
CAMBREX CORPORATION REPORTS IMPROVEMENT IN SECOND QUARTER NET INCOME
Cambrex Corporation Reports Continued Improvement In Third Quarter Net Income
Cambrex Corporation Announces Increases in Net Income For its Fourth Quarter and Total 1996.
Cambrex Corporation Reports Increased Net Income in the First Quarter

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters