CAMBREX REPORTS REVISED THIRD QUARTER 1991 EARNINGS
CAMBREX REPORTS REVISED THIRD QUARTER 1991 EARNINGS EAST RUTHERFORD, N.J., Nov. 20 /PRNewswire/ -- Cambrex Corporation
(AMEX: CBM), a manufacturer and marketer of fine and specialty chemicals and chemical intermediates, revised its third quarter results reported on Oct. 29, 1991 to include the previously announced $4.0 million charge against earnings.
As described in its announcement of third quarter 1991 earnings, results of physical inventory counts conducted during early October indicated that the company may be required to record a reserve of $4.0 million due to the revaluation of certain obsolete and off-specification inventory and its related disposal costs and excess material usage during the year. Based on advice received from its independent accountants, the company is including the charge in its third quarter results. The company is continuing to expend significant efforts to reconcile results of the physical inventory, and based on the final results of the review, this expense may be adjusted in future quarters. The impact on net income for the third quarter and the nine months ended Sept. 30, 1991 was $2.4 million (52 cents per share) for the above charge, net of related tax benefits. The revised results for the quarter ended Sept. 30, 1991 were a net loss of $1,608,400 (35 cents per share, fully diluted) compared with net income of $513,300 (11 cents per share, fully diluted) reported in the third quarter of 1990. For the nine months ended Sept. 30, 1991, the company reported a loss of $391,200 (8 cents per share, fully diluted), versus income of $4,039,700 in 1990 (83 cents per share, fully diluted). Cambrex Corporation manufactures a broad line of specialty chemicals and commodity chemical intermediates. The chemical families of castor 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 chemical intermediates, and specialty and fine chemicals. CAMBREX CORPORATION (In thousands, except earnings per share) Quarter ended Sept. 30; 1991 1990 Net revenues $40,187.5 $31,722.1 Operating profit (loss) (1,660.0) 1,217.1 Net income (loss) (1,608.4) 513.3 Earnings per share data (primary): Net income (loss) (0.35) 0.11 Average shares outstanding 4,653.4 4,643.2 Earnings per share data (fully diluted): Net income (loss) (0.35) 0.11 Average shares outstanding 4,653.4 4,889.5 Nine months ended Sept. 30; 1991 1990 Net revenues $106,578.0 $103,136.1 Operating profit 1,892.2 5,313.1 Gain on sale of assets (before income taxes) -- 3,070.0 Net income (loss) (391.2) 4,039.7 Earnings per share data (primary): Net income (loss) (0.08) 0.83 Average shares outstanding 4,653.4 4,878.4 Earnings per share data (fully diluted): Net income (loss) (0.08) 0.82 Average shares outstanding 4,653.4 5,126.9 -0- 11/20/91 /CONTACT: Peter Tracey, vice president and chief financial officer of Cambrex, 201-804-3010/ (CBM) CO: Cambrex Corporation ST: New Jersey IN: MTC SU: ERN FC-OS -- NY015 -- 5350 11/20/91 10:43 EST
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|Date:||Nov 20, 1991|
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