11. Cash, cash equivalents, and restricted cash, net of debt, was $20.5 million at December 31, 2012, compared to $14.4 million at December 31, 2011. The increase since 2011 was primarily due to cash provided by operations of $15.3 million and debt proceeds net of principal payments of $2.2 million, partially offset by capital expenditures of $9.9 million. Total common shares outstanding, net of treasury shares, were 30,914,890 at December 31, 2012.
2013 Financial Guidance AMRI Chief Financial Officer and Treasurer Michael Nolan provided guidance for the first quarter and full year 2013. "In the first quarter, we expect contract revenue to range from $40.5 million to $43.5 million with contract margin to approximate 12% at the mid-point, and adjusted earnings per share of between $0.08 and $0.12. For the full year 2013, we expect contract revenue to range from $205 million to $213 million, an increase of up to 12% versus 2012, with contract margin to approximate 15% at the mid-point and adjusted earnings per share of between $0.34 and $0.52."
Mr. Nolan added, "As evidenced by today's financial update, AMRI continues to benefit from the continued focus on key priorities, including improving operating margins excluding royalties and milestones, leveraging our global assets through our integrated and flexible business models, and our strategic relationships with customers."
2012 Full Year Highlights During 2012, AMRI had many noteworthy accomplishments including the following:
Announced the extension of a commercial supply relationship with GE Healthcare for Aminobisamide Hydrochloride (ABA). Under the terms of the agreement, which positions AMRI as a strategic supplier to GE Healthcare, AMRI continues to be the primary supplier of ABA, an intermediate material used in diagnostic imaging agents.
Announced a multi-year supply agreement with Shire US Manufacturing Inc., which extends a previously existing ag
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