- Net Revenue increased 13% and EBITDA increased
16% vs. prior year quarter -
Cambrex Corporation (NYSE:CBM), a leading manufacturer of small
molecule innovator and generic Active Pharmaceutical Ingredients
(APIs), reports results for the second quarter 2017.
Highlights
- Net Revenue increased 13% to $134.6 million compared to $118.6
million in the same quarter last year. Excluding the impact
of foreign exchange, net revenue increased 15%.
- GAAP Diluted EPS from continuing operations increased 19% to
$0.75 from $0.63 in the same quarter last year. Adjusted
Diluted EPS increased 12% to $0.76 compared to $0.68 in the same
quarter last year.
- EBITDA increased 16% to $42.2 million compared to the same
quarter last year (see table at the end of this press
release).
- Net cash was $94.2 million at the end of the quarter, a
decrease of $5.0 million during the quarter.
- The Company increased its financial guidance for full year
Adjusted EBITDA, Adjusted income from continuing operations per
share and free cash flow. The Company now expects Adjusted EBITDA
to be between $171 and $177 million, an 11% to 15% increase
compared to 2016 and Adjusted income from continuing operations to
be between $3.00 - $3.12 per share. 2017 free cash flow is now
expected to be between $55 and $65 million (see Financial
Expectations – Continuing Operations section below for related
explanations and additional financial guidance).
“We are very pleased with our second quarter and year-to-date
results. Sales growth has been in line with our outlook going into
the year and we have a high level of visibility for the remainder
of the year. We continued to execute well, delivering strong
margins in the quarter and year to date. Accordingly, we are
increasing our profit and cash flow guidance for the full year,”
commented Steven M. Klosk, President and Chief Executive Officer of
Cambrex.
“Overall industry trends remain positive and we are adding
technical resources and laboratory capacity at three of our sites
to ensure we continue to be well positioned to meet demand for
clinical phase development projects. We will be starting
construction of a new High Potency facility at our Charles City
plant during the third quarter. We are making this investment to
address a growing demand in the market for manufacturing capacity
that is capable of handling highly potent products. We expect the
new facility to be ready for production in early 2019.”
Basis of
Reporting
The Company has provided a reconciliation of GAAP amounts to
adjusted (i.e. Non-GAAP) amounts at the end of this press
release. Cambrex management believes that the adjusted
amounts provide useful information to investors due to the
magnitude and nature of certain expenses recorded in the GAAP
amounts.
Second Quarter 2017 Operating
Results – Continuing Operations
Net revenue was $134.6 million, an increase of $15.9 million, or
13%, compared to the second quarter of 2016. Excluding a 2%
unfavorable impact of foreign exchange compared to the second
quarter of 2016, net revenue increased 15%. The increase primarily
reflects higher volumes partially offset by lower pricing.
The increase in volumes was driven primarily by growth in innovator
products and controlled substances, as well as the addition of
Cambrex High Point.
Gross margin increased to 43% from 41% compared to the same
quarter last year. The increase was primarily driven by high
capacity utilization and manufacturing efficiency improvements
partially offset by unfavorable product mix and lower pricing.
Foreign exchange had a 1% favorable impact on gross margins.
Selling, general and administrative expenses were $18.5 million,
compared to $13.6 million in the same quarter last year. The
increase was mainly due to higher personnel related expenses, the
addition of Cambrex High Point and higher expenses related to the
evaluation of acquisition opportunities.
Research and development expenses were $4.5 million, compared to
$4.1 million in the same quarter last year.
Operating profit increased to $34.6 million from $30.8 million
in the same quarter last year. The increase was primarily the
result of higher gross profits in 2017 partially offset by higher
operating expenses as described above. Adjusted EBITDA was
$42.2 million compared to $36.7 million in the same quarter last
year (see table at the end of this press release).
Income tax expense was $9.2 million resulting in an effective
tax rate of 27% compared to $9.8 million and an effective tax rate
of 32% in the same quarter last year. Excluding the favorable
impact of immediately recognizing certain effects of share-based
compensation as required by a recently adopted accounting standard,
the effective tax rate in the current period would have been
32%.
Income from continuing operations was $25.1 million or $0.75 per
share compared to $20.8 million or $0.63 per share in the same
quarter last year. Adjusted income from continuing operations
was $25.4 million or $0.76 per share, compared to $22.3 million or
$0.68 per share in the same quarter last year (see table at the end
of this press release).
Capital expenditures and depreciation were $14.1 million and
$7.1 million, respectively, compared to $9.9 million and $5.5
million, respectively, in the same quarter last year.
Net cash was $94.2 million at the end of the second quarter, a
decrease of $5.0 million during the quarter.
Financial Expectations –
Continuing Operations
The following table shows the Company’s current expectations for
its full year 2017 financial performance versus its expectations
from the previous quarter:
|
|
|
Current Expectations |
|
Previous Expectations |
|
|
|
|
|
Net revenue
increase |
|
7% -
11% |
|
7% -
11% |
|
|
|
|
|
Adjusted EBITDA |
|
$171 -
$177 million |
|
$168 -
$174 million |
|
|
|
|
|
Adjusted income from
continuing operations per share |
|
$3.00
- $3.12 |
|
$2.94
- $3.06 |
|
|
|
|
|
Free cash flow |
|
$55 -
$65 million |
|
$50 -
$60 million |
|
|
|
|
|
Capital
expenditures |
|
$70 -
$75 million |
|
$70 -
$75 million |
|
|
|
|
|
Depreciation and
amortization |
|
$32 -
$34 million |
|
$32 -
$34 million |
|
|
|
|
|
Adjusted effective tax
rate |
|
31% -
33% |
|
31% -
33% |
|
|
|
|
|
Consistent with the Company’s usual guidance practices, these
financial expectations are for continuing operations and exclude
the impact of any potential acquisitions, divestitures,
restructuring activities and outcomes of tax disputes. Net
revenue expectations exclude the impact of foreign exchange.
The adjusted effective tax rate excludes the application of a
recently adopted accounting standard which changed the accounting
treatment of certain share-based payments.
EBITDA, Adjusted EBITDA and Adjusted income from continuing
operations per share for 2017 will be computed on a basis
consistent with the reconciliation of the second quarter 2017
financial results in the tables at the end of this press release.
Free cash flow is defined as the change in debt, net of cash during
the year. Adjusted effective tax rate excludes certain
effects of share-based payments that were possibly deferred under
the previous guidance. The tax rate will be sensitive to the
Company’s geographic mix of income, changes in the tax codes within
the countries in which the Company operates and the effects of
certain share-based payments.
The financial information contained in this press release is
unaudited, subject to revision and should not be considered final
until the Company’s Form 10-Q for second quarter 2017 is filed with
the SEC.
Conference Call and
Webcast
A conference call to discuss the Company’s second quarter 2017
results will begin at 8:30 a.m. Eastern Time on August 4, 2017 and
can be accessed by calling 1-866-548-4713 for domestic and
+1-323-794-2093 for international. Please use the passcode
3908726 and call approximately 10 minutes prior to the start
time. A webcast will be available in the Investors section on
the Cambrex website located at www.cambrex.com. A telephone
replay of the conference call will be available through August 11,
2017 by calling 1-888-203-1112 for domestic and +1-719-457-0820 for
international. Please use the passcode 3908726 to access the
replay.
About
Cambrex
Cambrex Corporation is an innovative life sciences company that
provides products, services and technologies to accelerate the
development and commercialization of small molecule
therapeutics. The Company offers Active Pharmaceutical
Ingredients (APIs), advanced intermediates and enhanced drug
delivery products for branded and generic pharmaceuticals.
Development and manufacturing capabilities include enzymatic
biotransformations, high potency APIs, high energy chemical
synthesis and controlled substances. For more information,
please visit www.cambrex.com.
Forward-Looking
Statements
This document contains “forward-looking statements,” including
statements or tables regarding expected performance, especially
those set forth under the heading “Financial Expectations –
Continuing Operations,” “Highlights” and those attributed to the
President and Chief Executive Officer in this document. These
and other forward-looking statements may be identified by the fact
that they use words such as “guidance,” “expects,” “anticipates,”
“intends,” “estimates,” “believes” or similar expressions.
Any forward-looking statements contained herein are based on
current plans and expectations and involve risks and uncertainties
that could cause actual outcomes and results to differ materially
from current expectations. The factors described in Item 1A
of Part I of the Company’s Annual Report on Form 10-K for the
period ended December 31, 2016, captioned “Risk Factors,” or
otherwise described in the Company’s filings with the SEC provide
examples of such risks and uncertainties that may cause the
Company’s actual results to differ materially from the expectations
the Company describes in its forward-looking statements, including,
but not limited to, pharmaceutical outsourcing trends, competitive
pricing or product developments, market acceptance and adoption
rate of its customers’ products, government legislation and
regulations (including those pertaining to environmental issues),
tax rate, interest rate, technology, manufacturing and legal
issues, including the outcome of outstanding litigation,
environmental matters, changes in foreign exchange rates,
uncollectible receivables, the timing of orders or shipments and
the Company’s ability to meet its production plan and customer
delivery schedules, expected timing of completion of capacity
expansions, our ability to successfully integrate acquired
businesses, loss on disposition of assets, the Company’s ability to
obtain regulatory approval for the sale of Zenara, cancellations or
delays in renewal of contracts, lack of suitable raw materials, the
Company’s ability to receive regulatory approvals for its products,
continued demand in the U.S. for late stage clinical products and
the successful outcome of the Company’s investment in new
products.
For further details and a discussion of these and other risks
and uncertainties, investors are encouraged to review the Cambrex
Annual Report on Form 10-K for the fiscal year ended December 31,
2016, including the Forward-Looking Statement sections therein, and
other filings with the SEC. The Company cautions investors
and potential investors not to place significant reliance on the
forward-looking statements contained in this press release and to
give careful consideration to the risks and uncertainties listed
above and contained in the Company’s SEC filings. The
forward-looking statements in this press release speak only as of
the date of this document, and the Company undertakes no obligation
to update or revise any of these statements.
Use of Non-GAAP Financial
Measures
EBITDA, Adjusted EBITDA, Adjusted effective tax rate and
Adjusted income from continuing operations are non-GAAP financial
measures. The Company defines EBITDA as operating profit plus
depreciation and amortization expense and Adjusted EBITDA excludes
the impact of any potential acquisitions, restructuring activities
and any charges related to the sale of the Company’s Zenara
business. Adjusted effective tax rate excludes certain
effects of share-based payments that were possibly deferred under
the previous guidance. Adjusted income from continuing operations
is calculated in a manner consistent with that shown in the table
at the end of this press release. Other companies may have
different definitions of EBITDA, Adjusted EBITDA, Adjusted
effective tax rate and Adjusted income from continuing
operations. Therefore, these measures may not be comparable
with non-GAAP financial measures provided by other companies.
EBITDA, Adjusted EBITDA, Adjusted effective tax rate and Adjusted
income from continuing operations should not be considered
alternatives to measurements required by U.S. GAAP, such as net
income or operating profit, and should not be considered a measure
of Cambrex’s liquidity. Cambrex uses EBITDA, Adjusted EBITDA,
Adjusted effective tax rate and Adjusted income from continuing
operations among several other metrics to assess and analyze its
operational results and trends. Cambrex also believes EBITDA,
Adjusted EBITDA, Adjusted effective tax rate and Adjusted income
from continuing operations are useful to investors because they are
common operating performance metrics as well as metrics routinely
used to assess potential enterprise value. Cambrex has
provided a reconciliation of U.S. GAAP amounts to non-GAAP amounts
at the end of this press release.
|
CAMBREX CORPORATION |
Statements of Profit and Loss |
For the Quarters Ended June 30, 2017 and 2016 |
(in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
2016 |
|
|
|
|
% of |
|
|
|
|
% of |
|
|
Amount |
|
Net Revenue |
|
|
Amount |
|
Net Revenue |
|
|
|
|
|
|
|
|
|
|
Gross Sales |
$ |
134,487 |
|
|
|
|
$ |
119,054 |
|
|
|
Commissions, Allowances and Rebates |
|
649 |
|
|
|
|
|
833 |
|
|
|
Net Sales |
|
133,838 |
|
|
|
|
|
118,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Revenues, Net |
|
716 |
|
|
|
|
|
417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue |
|
134,554 |
|
|
|
|
|
118,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
Goods Sold |
|
77,052 |
|
|
57.3 |
% |
|
|
70,081 |
|
|
59.1 |
% |
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
57,502 |
|
|
42.7 |
% |
|
|
48,557 |
|
|
40.9 |
% |
|
|
|
|
|
|
|
|
|
|
Operating
Expenses: |
|
|
|
|
|
|
|
|
|
Selling,
General and Administrative Expenses |
|
18,480 |
|
|
13.7 |
% |
|
|
13,607 |
|
|
11.5 |
% |
Research
and Development Expenses |
|
4,467 |
|
|
3.3 |
% |
|
|
4,125 |
|
|
3.5 |
% |
Total Operating
Expenses |
|
22,947 |
|
|
17.1 |
% |
|
|
17,732 |
|
|
14.9 |
% |
|
|
|
|
|
|
|
|
|
|
Operating Profit |
|
34,555 |
|
|
25.7 |
% |
|
|
30,825 |
|
|
26.0 |
% |
|
|
|
|
|
|
|
|
|
|
Other
Expenses/(Income): |
|
|
|
|
|
|
|
|
|
Interest
Expense, Net |
|
388 |
|
|
|
|
|
46 |
|
|
|
Other
(Income)/Expenses, Net |
|
(131 |
) |
|
|
|
|
180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income
Taxes |
|
34,298 |
|
|
25.5 |
% |
|
|
30,599 |
|
|
25.8 |
% |
|
|
|
|
|
|
|
|
|
|
Provision
for Income Taxes |
|
9,174 |
|
|
|
|
|
9,789 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Continuing
Operations |
$ |
25,124 |
|
|
18.7 |
% |
|
$ |
20,810 |
|
|
17.5 |
% |
|
|
|
|
|
|
|
|
|
|
Loss from Discontinued
Operations, Net of Tax |
|
(94 |
) |
|
|
|
|
(316 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
25,030 |
|
|
18.6 |
% |
|
$ |
20,494 |
|
|
17.3 |
% |
|
|
|
|
|
|
|
|
|
|
Basic Earnings/(Loss)
per Share of Common Stock: |
|
|
|
|
|
|
|
|
|
Income
from Continuing Operations |
$ |
0.77 |
|
|
|
|
$ |
0.65 |
|
|
|
Loss from
Discontinued Operations, Net of Tax |
$ |
(0.00 |
) |
|
|
|
$ |
(0.01 |
) |
|
|
Net
Income |
$ |
0.77 |
|
|
|
|
$ |
0.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings/(Loss)
per Share of Common Stock: |
|
|
|
|
|
|
|
|
|
Income
from Continuing Operations |
$ |
0.75 |
|
|
|
|
$ |
0.63 |
|
|
|
Loss from
Discontinued Operations, Net of Tax |
$ |
(0.00 |
) |
|
|
|
$ |
(0.01 |
) |
|
|
Net
Income |
$ |
0.75 |
|
|
|
|
$ |
0.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares
Outstanding |
|
|
|
|
|
|
|
|
|
Basic |
|
32,629 |
|
|
|
|
|
32,063 |
|
|
|
Diluted |
|
33,469 |
|
|
|
|
|
32,926 |
|
|
|
CAMBREX CORPORATION |
Statements of Profit and Loss |
For the Six Months Ended June 30, 2017 and 2016 |
(in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
2016 |
|
|
|
|
% of |
|
|
|
|
% of |
|
|
Amount |
|
Net Revenue |
|
|
Amount |
|
Net Revenue |
|
|
|
|
|
|
|
|
|
|
Gross Sales |
$ |
238,198 |
|
|
|
|
$ |
212,989 |
|
|
|
Commissions, Allowances and Rebates |
|
1,243 |
|
|
|
|
|
1,336 |
|
|
|
Net Sales |
|
236,955 |
|
|
|
|
|
211,653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Revenues, Net |
|
2,605 |
|
|
|
|
|
1,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue |
|
239,560 |
|
|
|
|
|
213,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
Goods Sold |
|
135,233 |
|
|
56.5 |
% |
|
|
125,923 |
|
|
59.0 |
% |
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
104,327 |
|
|
43.5 |
% |
|
|
87,456 |
|
|
41.0 |
% |
|
|
|
|
|
|
|
|
|
|
Operating
Expenses: |
|
|
|
|
|
|
|
|
|
Selling,
General and Administrative Expenses |
|
34,234 |
|
|
14.3 |
% |
|
|
27,652 |
|
|
13.0 |
% |
Research
and Development Expenses |
|
8,357 |
|
|
3.5 |
% |
|
|
7,603 |
|
|
3.6 |
% |
Total Operating
Expenses |
|
42,591 |
|
|
17.8 |
% |
|
|
35,255 |
|
|
16.5 |
% |
|
|
|
|
|
|
|
|
|
|
Operating Profit |
|
61,736 |
|
|
25.8 |
% |
|
|
52,201 |
|
|
24.5 |
% |
|
|
|
|
|
|
|
|
|
|
Other
Expenses/(Income): |
|
|
|
|
|
|
|
|
|
Interest
Expense/(Income), Net |
|
654 |
|
|
|
|
|
(9 |
) |
|
|
Other
(Income)/Expense, Net |
|
(143 |
) |
|
|
|
|
214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income
Taxes |
|
61,225 |
|
|
25.6 |
% |
|
|
51,996 |
|
|
24.4 |
% |
|
|
|
|
|
|
|
|
|
|
Provision
for Income Taxes |
|
14,986 |
|
|
|
|
|
16,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Continuing
Operations |
$ |
46,239 |
|
|
19.3 |
% |
|
$ |
35,655 |
|
|
16.7 |
% |
|
|
|
|
|
|
|
|
|
|
Loss from Discontinued
Operations, Net of Tax |
|
(1,344 |
) |
|
|
|
|
(579 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
44,895 |
|
|
18.7 |
% |
|
$ |
35,076 |
|
|
16.4 |
% |
|
|
|
|
|
|
|
|
|
|
Basic Earnings/(Loss)
per Share of Common Stock: |
|
|
|
|
|
|
|
|
|
Income
from Continuing Operations |
$ |
1.42 |
|
|
|
|
$ |
1.12 |
|
|
|
Loss from
Discontinued Operations, Net of Tax |
$ |
(0.04 |
) |
|
|
|
$ |
(0.02 |
) |
|
|
Net
Income |
$ |
1.38 |
|
|
|
|
$ |
1.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings/(Loss)
per Share of Common Stock: |
|
|
|
|
|
|
|
|
|
Income
from Continuing Operations |
$ |
1.38 |
|
|
|
|
$ |
1.09 |
|
|
|
Loss from
Discontinued Operations, Net of Tax |
$ |
(0.04 |
) |
|
|
|
$ |
(0.02 |
) |
|
|
Net
Income |
$ |
1.34 |
|
|
|
|
$ |
1.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares
Outstanding |
|
|
|
|
|
|
|
|
|
Basic |
|
32,542 |
|
|
|
|
|
31,975 |
|
|
|
Diluted |
|
33,416 |
|
|
|
|
|
32,848 |
|
|
|
CAMBREX CORPORATION |
Consolidated Balance Sheets |
As of June 30, 2017 and December 31, 2016 |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30, |
|
|
December 31, |
|
Assets |
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents |
$ |
94,177 |
|
$ |
74,141 |
|
Trade Receivables,
Net |
|
99,064 |
|
|
110,622 |
|
Other Receivables |
|
9,001 |
|
|
6,748 |
|
Inventories, Net |
|
156,576 |
|
|
123,184 |
|
Prepaid Expenses and
Other Current Assets |
|
7,421 |
|
|
7,960 |
|
Total
Current Assets |
|
366,239 |
|
|
322,655 |
|
|
|
|
|
|
|
|
Property, Plant and
Equipment, Net |
|
237,796 |
|
|
217,092 |
|
Goodwill |
|
42,304 |
|
|
40,323 |
|
Intangible Assets,
Net |
|
14,590 |
|
|
14,800 |
|
Deferred Income
Taxes |
|
8,611 |
|
|
13,061 |
|
Other Non-Current
Assets |
|
3,541 |
|
|
3,934 |
|
|
|
|
|
|
|
|
Total
Assets |
$ |
673,081 |
|
$ |
611,865 |
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts Payable |
$ |
39,129 |
|
$ |
42,873 |
|
Deferred Revenue and
Advance Payments |
|
7,766 |
|
|
7,506 |
|
Taxes Payable |
|
4,206 |
|
|
9,469 |
|
Accrued Expenses and
Other Current Liabilities |
|
37,254 |
|
|
35,614 |
|
Total
Current Liabilities |
|
88,355 |
|
|
95,462 |
|
|
|
|
|
|
|
|
Advance Payments |
|
39,000 |
|
|
39,000 |
|
Deferred Income
Taxes |
|
7,443 |
|
|
6,921 |
|
Accrued Pension
Benefits |
|
43,934 |
|
|
43,109 |
|
Other Non-Current
Liabilities |
|
23,787 |
|
|
21,946 |
|
|
|
|
|
|
|
|
Total
Liabilities |
$ |
202,519 |
|
$ |
206,438 |
|
|
|
|
|
|
|
|
Stockholders’ Equity |
$ |
470,562 |
|
$ |
405,427 |
|
|
|
|
|
|
|
|
Total
Liabilities and Stockholders’ Equity |
$ |
673,081 |
|
$ |
611,865 |
|
CAMBREX CORPORATION |
Reconciliation of GAAP to non-GAAP Results |
For the Quarters and Six Months Ended June 30, 2017 and
2016 |
(in thousands) |
|
|
|
|
|
|
|
|
Second Quarter 2017 |
|
|
Second Quarter 2016 |
|
|
|
|
|
|
|
Operating Profit |
$ |
34,555 |
|
|
$ |
30,825 |
|
|
|
|
|
|
|
Depreciation and Amortization |
|
7,642 |
|
|
|
5,696 |
|
|
|
|
|
|
|
EBITDA |
|
42,197 |
|
|
|
36,521 |
|
|
|
|
|
|
|
Restructuring Expenses |
|
- |
|
|
|
154 |
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
42,197 |
|
|
$ |
36,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months 2017 |
|
|
Six Months 2016 |
|
|
|
|
|
|
|
Operating Profit |
$ |
61,736 |
|
|
$ |
52,201 |
|
|
|
|
|
|
|
Depreciation and Amortization |
|
14,827 |
|
|
|
11,274 |
|
|
|
|
|
|
|
EBITDA |
|
76,563 |
|
|
|
63,475 |
|
|
|
|
|
|
|
Restructuring Expenses |
|
- |
|
|
|
444 |
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
76,563 |
|
|
$ |
63,919 |
CAMBREX CORPORATION |
Reconciliation of GAAP to non-GAAP Results |
For the Quarters and Six Months Ended June 30, 2017
and 2016 |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter 2017 |
|
Second Quarter 2016 |
|
|
|
|
|
Diluted EPS |
|
|
|
|
Diluted EPS |
|
Income from Continuing
Operations |
$ |
25,124 |
|
$ |
0.75 |
|
|
$ |
20,810 |
|
$ |
0.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-Based Compensation |
|
2,247 |
|
|
0.07 |
|
|
|
1,764 |
|
|
0.05 |
|
|
Stock-Based Compensation Tax 1. |
|
(787 |
) |
|
(0.02 |
) |
|
|
(618 |
) |
|
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact
of New Stock-Based Compensation Standard 2. |
|
(1,725 |
) |
|
(0.05 |
) |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
Purchased Intangibles |
|
500 |
|
|
0.01 |
|
|
|
211 |
|
|
0.01 |
|
|
Restructuring
Expenses |
|
- |
|
|
- |
|
|
|
154 |
|
|
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Income from Continuing Operations 3. |
$ |
25,359 |
|
$ |
0.76 |
|
|
$ |
22,321 |
|
$ |
0.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months 2017 |
|
Six Months 2016 |
|
|
|
|
|
Diluted EPS |
|
|
|
|
Diluted EPS |
|
Income from Continuing
Operations |
$ |
46,239 |
|
$ |
1.38 |
|
|
$ |
35,655 |
|
$ |
1.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-Based Compensation |
|
4,033 |
|
|
0.12 |
|
|
|
3,299 |
|
|
0.10 |
|
|
Stock-Based Compensation Tax 1. |
|
(1,412 |
) |
|
(0.04 |
) |
|
|
(1,155 |
) |
|
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact
of New Stock-Based Compensation Standard 2. |
|
(4,379 |
) |
|
(0.13 |
) |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
Purchased Intangibles |
|
898 |
|
|
0.03 |
|
|
|
387 |
|
|
0.01 |
|
|
Restructuring
Expenses |
|
- |
|
|
- |
|
|
|
444 |
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Income from Continuing Operations 3. |
$ |
45,379 |
|
$ |
1.36 |
|
|
$ |
38,630 |
|
$ |
1.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.
Tax rate estimated at 35% for stock-based compensation. |
2.
Represents a tax benefit resulting from the adoption of ASU
2016-09. |
3.
Diluted earnings per share for adjusted income from continuing
operations is based on the weighted number of diluted shares
outstanding for the quarter and year. As such, the sum of the
quarters may not necessarily equal the full year. In addition, the
sum of the line items may not equal due to rounding. |
Contact:
Tom Vadaketh
Executive Vice President & CFO
Tel: +201.804.3033
Email: tom.vadaketh@cambrex.com
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