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CAMBREX CORPORATION REPORTS INCREASED EARNINGS

 EAST RUTHERFORD, N.J., Oct. 19 /PRNewswire/ -- Cambrex Corporation (AMEX: CBM) today reported an increase of 5 percent in net income in the third quarter over last year. Net income was $2.2 million for the quarter ended Sept. 30, 1993, vs. $2.1 million a year ago. For the nine-month period, net income was $6.4 million compared with $5.1 million in 1992, up 25 percent.
 On a fully diluted basis, the company's net income was 41 cents per share, the same as the third quarter of 1992. The net income for the first nine months of 1993 equaled $1.20 per share compared with $1.01 for the first nine months of 1992.
 Net revenues for the quarter increased 3 percent to $48.1 million from $46.9 million in the corresponding period a year ago. The $1.2 million of improved sales included sales increases in the specialty and fine chemicals and performance categories, and a decrease in health and pharmaceuticals and agricultural intermediates.
 Net revenues for the first nine months of 1993 increased to $148.5 million from $136.7 million in the corresponding period of a year ago. Gross margin has increased from 25.7 percent last year to 26.6 percent this year. This 0.9 percent improvement has been due to improved product mix and manufacturing cost reductions. This improvement was offset by previously discussed increases in R&D, aimed at developing new products and processes.
 Cambrex Corporation manufactures specialty and fine chemicals. The company's five major product categories are: health and pharmaceutical, agricultural intermediates and additives, specialty and fine chemicals, performance chemicals, and coatings.
 CAMBREX CORPORATION
 Financial Summary
 (In thousands, except earnings per share)
 Quarter ended Sept. 30 1993 1992
 Net revenues $48,065 $46,854
 Operating profit 4,423 4,625
 Net income 2,194 2,092
 Earnings per share data (primary):
 Net income $0.42 $0.43
 Average shares outstanding 5,273 4,911
 Earnings per share data (fully diluted):
 Net income $0.41 $0.41
 Average shares outstanding 5,482 5,266
 Nine months ended Sept. 30 1993 1992
 Net revenues $148,493 $136,703
 Operating profit 13,051 10,955
 Net income 6,415 5,106
 Earnings per share data (primary):
 Net income $1.23 $1.05
 Average shares outstanding 5,208 4,863
 Earnings per share data (fully diluted):
 Net income $1.20 $1.01
 Average shares outstanding 5,473 5,206
 Statement of Profit and Loss
 ($000s)
 Quarter ended Sept. 30, 1993 Actual Prior
 Pct. of Pct. of
 Amount Sales Amount Sales
 Gross sales 49,556 103.1 48,350 103.2
 Commissions, freight, etc. 931 1.9 1,340 2.9
 Sales returns & allowances 667 1.4 351 0.7
 Net sales 47,958 99.8 46,659 99.6
 Other revenue 107 0.2 195 0.4
 Net revenue 48,065 100.0 46,854 100.0
 Cost of sales 34,654 72.1 33,829 72.2
 Gross profit 13,411 27.9 13,025 27.8
 Operating expenses:
 Marketing/sales 1,545 3.2 1,377 2.9
 Research & development 1,535 3.2 924 2.0
 Administrative expense 5,492 11.4 5,865 12.5
 Amortization 416 0.9 234 0.5
 Total operating expenses 8,988 18.7 8,400 17.9
 Operating profit 4,423 9.2 4,625 9.9
 Other expenses:
 Interest - other 729 1.5 701 1.5
 Other expense/(income) 75 0.2 466 1.0
 Total other expenses 804 1.7 1,167 2.5
 Profit before tax 3,619 7.5 3,458 7.4
 Provision for income taxes 1,425 3.0 1,366 2.9
 Net income 2,194 4.6 2,092 4.5
 Nine months ended Sept. 30, 1993 Actual Prior
 Pct. of Pct. of
 Amount Sales Amount Sales
 Gross sales 152,670 102.8 140,929 103.1
 Commissions, freight, etc. 3,098 2.1 3,664 2.7
 Sales returns & allowances 1,309 0.9 852 0.6
 Net sales 148,263 99.8 136,413 99.8
 Other revenue 230 0.2 290 0.2
 Net revenue 148,493 100.0 136,703 100.0
 Cost of sales 108,954 73.4 101,514 74.3
 Gross profit 39,539 26.6 35,189 25.7
 Operating expenses:
 Marketing/sales 4,646 3.1 4,122 3.0
 Research & development 4,358 2.9 2,620 1.9
 Administrative expense 16,515 11.1 16,705 12.2
 Amortization 969 0.7 787 0.6
 Total operating expenses 26,488 17.8 24,234 17.7
 Operating profit 13,051 8.8 10,955 8.0
 Other expenses:
 Interest - other 2,133 1.4 1,830 1.3
 Other expense/(income) 248 0.2 689 0.5
 Total other expenses 2,381 1.6 2,519 1.8
 Profit before tax 10,670 7.2 8,436 6.2
 Provision for income taxes 4,255 2.9 3,330 2.4
 Net income 6,415 4.3 5,106 3.7
 Consolidated Balance Sheet
 ($000s)
 As Of Sept. 30, 1993 Actual Prior
 Assets
 Current assets
 Cash 156 939
 Short-term investments 802 --
 Trade receivables, net 25,937 27,820
 Other receivables 521 1,550
 Inventories 33,096 25,346
 Prepaid expenses 3,149 2,196
 Deferred tax asset 1,436 --
 Total current assets 65,097 57,851
 P,P&E at cost 141,272 125,108
 Less: accum. depreciation 53,874 43,467
 Net P,P&E at cost 87,398 81,641
 Investments 503 521
 Other assets -- 393
 Intangibles 19,528 16,783
 Less: accum. amortization 11,868 10,999
 Intangibles - net 7,660 5,784
 Total assets 160,658 146,190
 Liabilities and equity
 Current liabilities
 Trade accounts payable 11,682 8,931
 Accrued liabilities 7,088 15,851
 St. & fed. income taxes 3,197 3,895
 Long-term debt-curr. portion 3,589 682
 Total current liabilities 25,556 29,359
 Long-term debt
 Bank loans 24,000 20,000
 Other long-term debt 11,019 16,029
 Total long-term debt 35,019 36,029
 Deferred tax provision 5,818 3,333
 Other liabilities 8,058 3,578
 Total liabilities 74,451 72,299
 Shareholders' equity
 Common stock, $0.10 P.V. 601 567
 Paid-in-surplus 61,712 56,007
 Retained earnings 23,894 17,317
 Total shareholders' equity 86,207 73,891
 Total liabilities & equity 160,658 146,190
 -0- 10/19/93
 /CONTACT: Peter Tracey, VP and CFO of Cambrex, 201-804-3010/
 (CBM)


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

LG-TS -- NY046 -- 4038 10/19/93 13:57 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
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