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Cambrex Reports Fourth Quarter and Full Year 2009 Results
Date:2/10/2010

er costs related to the development of new products and technologies.

Operating Profit increased to $3.7 million in the fourth quarter 2009 from $1.8 million in the fourth quarter 2008.  Excluding Restructuring Expenses and Strategic Alternative Costs of $3.3 million recorded in 2008, Operating Profit decreased $1.4 million quarter over quarter.  EBITDA was $9.4 million, or 16.0% of sales, compared to Adjusted EBITDA of $10.5 million, or 16.0% of sales last year.

The Provision for Income Taxes totaled $5.7 million in the fourth quarter 2009 compared to $1.1 million in the fourth quarter 2008.  Provision for Income Taxes includes a $5.3 million expense in the fourth quarter 2009 related to an ongoing audit of a European subsidiary.  The Company's effective tax rates have been and are expected to remain highly sensitive to the geographic mix of income due to the Company's inability to recognize tax benefits where there has been a recent history of losses, primarily in the U.S.

Net Loss for the fourth quarter 2009 was $2.8 million or $0.09 per share compared to $1.0 million or $0.03 per share in the fourth quarter 2008.  

Capital expenditures and depreciation for the fourth quarter 2009 were $2.9 million and $5.7 million compared to $7.3 million and $4.9 million in the fourth quarter 2008, respectively.  The decrease in capital expenditures is largely due to fourth quarter 2008 spending o
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SOURCE Cambrex Corporation
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