- Net Revenue increased 13% and EBITDA increased
29% 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 third quarter 2017.
Highlights
- Net Revenue increased 13% to $112.6 million compared to $99.4
million in the same quarter last year. Excluding the impact
of foreign exchange, net revenue increased 12%.
- GAAP Diluted EPS from continuing operations increased 24% to
$0.52 from $0.42 in the same quarter last year. Adjusted
Diluted EPS increased 20% to $0.55 compared to $0.46 in the same
quarter last year.
- EBITDA increased 29% to $33.3 million compared to the same
quarter last year (see table at the end of this press
release).
- Net cash was $118.4 million at the end of the quarter, an
increase of $24.2 million during the quarter.
- The Company continued to execute on its strategic growth plan,
investing in new manufacturing capacity and analytical laboratory
space at its facilities in Charles City, High Point, Karlskoga, and
Milan.
- The Company continues to expect full year 2017 Net Revenue,
excluding the impact of foreign currency, to increase between 7%
and 11% compared to 2016, 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.
- The Company now expects 2017 free cash flow to be between $60
and $70 million, an increase of $5 million from the mid-point and
capital expenditures to be between $65 and $70 million, a reduction
of $5 million from the mid-point (see Financial Expectations –
Continuing Operations section below for related explanations and
additional financial guidance).
“We are pleased with our financial performance in the third
quarter, and when combined with an expected strong fourth quarter,
we are positioned to finish 2017 within our financial expectations.
Continued strong performance at our manufacturing facilities
resulted in higher profit margins in the quarter and year-to-date,”
commented Steven M. Klosk, President and Chief Executive Officer of
Cambrex.
“We recently completed the installation of new, large scale
manufacturing capacity at our Karlskoga and Charles City
facilities. Construction of the new High Potency facility at
our Charles City plant has begun, and the recently announced
investment in R&D and manufacturing capabilities to support the
development of generic APIs at our Milan facility should be
completed by the end of this year. In addition, we are adding
pilot plant capacity and new analytical laboratories at our High
Point location. These investments will enable Cambrex to increase
its capabilities and ensure our facilities continue to address
favorable industry trends and the evolving demands of our
customers.”
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.
Third Quarter 2017 Operating
Results – Continuing Operations
Net revenue was $112.6 million, an increase of $13.2 million, or
13%, compared to the third quarter of 2016. Excluding a 1%
favorable impact of foreign exchange compared to the third quarter
of 2016, net revenue increased 12%. The increase primarily reflects
higher volumes partially offset by lower pricing. The
increase in volumes was driven primarily by growth in all product
categories, as well as the addition of Cambrex High Point.
Gross margin increased to 42% from 38% compared to the same quarter
last year. The increase was primarily driven by high capacity
utilization, manufacturing efficiency improvements and favorable
product mix, partially offset by lower pricing.
Selling, general and administrative expenses were $17.6 million,
compared to $15.0 million in the same quarter last year. The
increase was mainly due to the addition of Cambrex High Point,
higher personnel related expenses, and higher expenses related to
the evaluation of acquisition opportunities.
Research and development expenses were $4.2 million, compared to
$3.2 million in the same quarter last year. The increase was mainly
driven by costs to develop new generic drug products.
Operating profit increased to $25.1 million from $19.5 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
$33.3 million compared to $25.9 million in the same quarter last
year (see table at the end of this press release).
Income tax expense was $7.5 million resulting in an effective tax
rate of 30% compared to $5.4 million and an effective tax rate of
28% 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
33%.
Income from continuing operations was $17.3 million or $0.52 per
share compared to $13.7 million or $0.42 per share in the same
quarter last year. Adjusted income from continuing operations
was $18.5 million or $0.55 per share, compared to $15.1 million or
$0.46 per share in the same quarter last year (see table at the end
of this press release).
Capital expenditures and depreciation were $14.9 million and
$7.7 million, respectively, compared to $11.7 million and $6.2
million, respectively, in the same quarter last year.
Net cash was $118.4 million at the end of the third quarter, an
increase of $24.2 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 previous
expectations:
|
|
|
Current Expectations |
|
Previous Expectations |
|
|
|
|
Net revenue
increase |
|
7% -
11% |
|
7% -
11% |
|
|
|
|
|
Adjusted EBITDA |
|
$171 -
$177 million |
|
$171 -
$177 million |
|
|
|
|
|
Adjusted income from
continuing operations per share |
|
$3.00
- $3.12 |
|
$3.00
- $3.12 |
|
|
|
|
|
Free cash flow |
|
$60 -
$70 million |
|
$55 -
$65 million |
|
|
|
|
|
Capital
expenditures |
|
$65 -
$70 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.
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 third 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 third quarter 2017 is filed with
the SEC.
Conference Call and
Webcast
A conference call to discuss the Company’s third quarter 2017
results will begin at 8:30 a.m. Eastern Time on November 7, 2017
and can be accessed by calling 1-866-548-4713 for domestic and
+1-323-794-2093 for international. Please use the passcode
1511082 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 November
14, 2017 by calling 1-888-203-1112 for domestic and +1-719-457-0820
for international. Please use the passcode 1511082 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, 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 September 30, 2017 and
2016 |
(in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
2016 |
|
|
|
|
% of |
|
|
|
|
% of |
|
|
Amount |
|
Net Revenue |
|
|
Amount |
|
Net Revenue |
|
|
|
|
|
|
|
|
|
|
Gross Sales |
$ |
112,233 |
|
|
|
|
$ |
99,867 |
|
|
|
Commissions,
Allowances and Rebates |
|
225 |
|
|
|
|
|
565 |
|
|
|
Net Sales |
|
112,008 |
|
|
|
|
|
99,302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Revenues,
Net |
|
611 |
|
|
|
|
|
97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue |
|
112,619 |
|
|
|
|
|
99,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
|
65,730 |
|
|
58.4 |
% |
|
|
61,797 |
|
|
62.2 |
% |
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
46,889 |
|
|
41.6 |
% |
|
|
37,602 |
|
|
37.8 |
% |
|
|
|
|
|
|
|
|
|
|
Operating
Expenses: |
|
|
|
|
|
|
|
|
|
Selling, General
and Administrative Expenses |
|
17,551 |
|
|
15.6 |
% |
|
|
14,950 |
|
|
15.0 |
% |
Research and
Development Expenses |
|
4,233 |
|
|
3.8 |
% |
|
|
3,193 |
|
|
3.2 |
% |
Total Operating
Expenses |
|
21,784 |
|
|
19.3 |
% |
|
|
18,143 |
|
|
18.3 |
% |
|
|
|
|
|
|
|
|
|
|
Operating Profit |
|
25,105 |
|
|
22.3 |
% |
|
|
19,459 |
|
|
19.6 |
% |
|
|
|
|
|
|
|
|
|
|
Other
Expenses/(Income): |
|
|
|
|
|
|
|
|
|
Interest
Expense, Net |
|
337 |
|
|
|
|
|
366 |
|
|
|
Other Income,
Net |
|
(6 |
) |
|
|
|
|
(71 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income
Taxes |
|
24,774 |
|
|
22.0 |
% |
|
|
19,164 |
|
|
19.3 |
% |
|
|
|
|
|
|
|
|
|
|
Provision for
Income Taxes |
|
7,498 |
|
|
|
|
|
5,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Continuing
Operations |
$ |
17,276 |
|
|
15.3 |
% |
|
$ |
13,721 |
|
|
13.8 |
% |
|
|
|
|
|
|
|
|
|
|
Income/(Loss) from
Discontinued Operations, Net of Tax |
|
20 |
|
|
|
|
|
(4,503 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
17,296 |
|
|
15.4 |
% |
|
$ |
9,218 |
|
|
9.3 |
% |
|
|
|
|
|
|
|
|
|
|
Basic Earnings/(Loss)
per Share of Common Stock: |
|
|
|
|
|
|
|
|
|
Income from
Continuing Operations |
$ |
0.53 |
|
|
|
|
$ |
0.43 |
|
|
|
Income/(Loss)
from Discontinued Operations, Net of Tax |
$ |
0.00 |
|
|
|
|
$ |
(0.14 |
) |
|
|
Net Income |
$ |
0.53 |
|
|
|
|
$ |
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings/(Loss)
per Share of Common Stock: |
|
|
|
|
|
|
|
|
|
Income from
Continuing Operations |
$ |
0.52 |
|
|
|
|
$ |
0.42 |
|
|
|
Income/(Loss)
from Discontinued Operations, Net of Tax |
$ |
0.00 |
|
|
|
|
$ |
(0.14 |
) |
|
|
Net Income |
$ |
0.52 |
|
|
|
|
$ |
0.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares
Outstanding |
|
|
|
|
|
|
|
|
|
Basic |
|
32,749 |
|
|
|
|
|
32,149 |
|
|
|
Diluted |
|
33,512 |
|
|
|
|
|
32,999 |
|
|
|
CAMBREX CORPORATION |
Statements of Profit and Loss |
For the Nine Months Ended September 30, 2017 and
2016 |
(in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
2016 |
|
|
|
|
% of |
|
|
|
|
% of |
|
|
Amount |
|
Net Revenue |
|
|
Amount |
|
Net Revenue |
|
|
|
|
|
|
|
|
|
|
Gross Sales |
$ |
350,431 |
|
|
|
|
$ |
312,856 |
|
|
|
Commissions,
Allowances and Rebates |
|
1,468 |
|
|
|
|
|
1,901 |
|
|
|
Net Sales |
|
348,963 |
|
|
|
|
|
310,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Revenues,
Net |
|
3,216 |
|
|
|
|
|
1,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue |
|
352,179 |
|
|
|
|
|
312,778 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
|
200,963 |
|
|
57.1 |
% |
|
|
187,720 |
|
|
60.0 |
% |
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
151,216 |
|
|
42.9 |
% |
|
|
125,058 |
|
|
40.0 |
% |
|
|
|
|
|
|
|
|
|
|
Operating
Expenses: |
|
|
|
|
|
|
|
|
|
Selling, General
and Administrative Expenses |
|
51,785 |
|
|
14.7 |
% |
|
|
42,602 |
|
|
13.6 |
% |
Research and
Development Expenses |
|
12,590 |
|
|
3.6 |
% |
|
|
10,796 |
|
|
3.5 |
% |
Total Operating
Expenses |
|
64,375 |
|
|
18.3 |
% |
|
|
53,398 |
|
|
17.1 |
% |
|
|
|
|
|
|
|
|
|
|
Operating Profit |
|
86,841 |
|
|
24.7 |
% |
|
|
71,660 |
|
|
22.9 |
% |
|
|
|
|
|
|
|
|
|
|
Other
Expenses/(Income): |
|
|
|
|
|
|
|
|
|
Interest
Expense, Net |
|
991 |
|
|
|
|
|
357 |
|
|
|
Other
(Income)/Expense, Net |
|
(149 |
) |
|
|
|
|
143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income
Taxes |
|
85,999 |
|
|
24.4 |
% |
|
|
71,160 |
|
|
22.8 |
% |
|
|
|
|
|
|
|
|
|
|
Provision for
Income Taxes |
|
22,484 |
|
|
|
|
|
21,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Continuing
Operations |
$ |
63,515 |
|
|
18.0 |
% |
|
$ |
49,376 |
|
|
15.8 |
% |
|
|
|
|
|
|
|
|
|
|
Loss from Discontinued
Operations, Net of Tax |
|
(1,324 |
) |
|
|
|
|
(5,082 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
62,191 |
|
|
17.7 |
% |
|
$ |
44,294 |
|
|
14.2 |
% |
|
|
|
|
|
|
|
|
|
|
Basic Earnings/(Loss)
per Share of Common Stock: |
|
|
|
|
|
|
|
|
|
Income from
Continuing Operations |
$ |
1.95 |
|
|
|
|
$ |
1.54 |
|
|
|
Loss from
Discontinued Operations, Net of Tax |
$ |
(0.04 |
) |
|
|
|
$ |
(0.16 |
) |
|
|
Net Income |
$ |
1.91 |
|
|
|
|
$ |
1.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings/(Loss)
per Share of Common Stock: |
|
|
|
|
|
|
|
|
|
Income from
Continuing Operations |
$ |
1.90 |
|
|
|
|
$ |
1.50 |
|
|
|
Loss from
Discontinued Operations, Net of Tax |
$ |
(0.04 |
) |
|
|
|
$ |
(0.15 |
) |
|
|
Net Income |
$ |
1.86 |
|
|
|
|
$ |
1.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares
Outstanding |
|
|
|
|
|
|
|
|
|
Basic |
|
32,612 |
|
|
|
|
|
32,034 |
|
|
|
Diluted |
|
33,451 |
|
|
|
|
|
32,905 |
|
|
|
CAMBREX CORPORATION |
Consolidated Balance Sheets |
As of September 30, 2017 and December 31, 2016 |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
Assets |
|
2017 |
|
|
2016 |
|
|
|
|
|
|
Cash and Cash
Equivalents |
$ |
118,403 |
|
$ |
74,141 |
Trade Receivables,
Net |
|
81,776 |
|
|
110,622 |
Other Receivables |
|
7,901 |
|
|
6,748 |
Inventories, Net |
|
164,913 |
|
|
123,184 |
Prepaid Expenses and
Other Current Assets |
|
5,089 |
|
|
7,960 |
Total Current
Assets |
|
378,082 |
|
|
322,655 |
|
|
|
|
|
|
Property, Plant and
Equipment, Net |
|
248,945 |
|
|
217,092 |
Goodwill |
|
43,200 |
|
|
40,323 |
Intangible Assets,
Net |
|
14,229 |
|
|
14,800 |
Deferred Income
Taxes |
|
10,512 |
|
|
13,061 |
Other Non-Current
Assets |
|
3,383 |
|
|
3,934 |
|
|
|
|
|
|
Total
Assets |
$ |
698,351 |
|
$ |
611,865 |
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
Accounts Payable |
$ |
39,874 |
|
$ |
42,873 |
Deferred Revenue and
Advance Payments |
|
8,024 |
|
|
7,506 |
Taxes Payable |
|
463 |
|
|
9,469 |
Accrued Expenses and
Other Current Liabilities |
|
35,856 |
|
|
35,614 |
Total Current
Liabilities |
|
84,217 |
|
|
95,462 |
|
|
|
|
|
|
Advance Payments |
|
39,000 |
|
|
39,000 |
Deferred Income
Taxes |
|
9,103 |
|
|
6,921 |
Accrued Pension
Benefits |
|
44,267 |
|
|
43,109 |
Other Non-Current
Liabilities |
|
23,887 |
|
|
21,946 |
|
|
|
|
|
|
Total
Liabilities |
$ |
200,474 |
|
$ |
206,438 |
|
|
|
|
|
|
Stockholders’
Equity |
$ |
497,877 |
|
$ |
405,427 |
|
|
|
|
|
|
Total
Liabilities and Stockholders’ Equity |
$ |
698,351 |
|
$ |
611,865 |
|
|
|
|
|
|
CAMBREX CORPORATION |
Reconciliation of GAAP to non-GAAP Results |
For the Quarters and Nine Months Ended September 30,
2017 and 2016 |
(in thousands) |
|
|
|
|
|
|
|
|
Third Quarter 2017 |
|
|
Third Quarter 2016 |
|
|
|
|
|
|
|
Operating Profit |
$ |
25,105 |
|
|
$ |
19,459 |
|
|
|
|
|
|
|
|
Depreciation and Amortization |
|
8,196 |
|
|
|
6,443 |
|
|
|
|
|
|
|
|
EBITDA |
|
33,301 |
|
|
|
25,902 |
|
|
|
|
|
|
|
|
Restructuring Expenses |
|
- |
|
|
|
(47 |
) |
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
33,301 |
|
|
$ |
25,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months 2017 |
|
|
Nine Months 2016 |
|
|
|
|
|
|
|
Operating Profit |
$ |
86,841 |
|
|
$ |
71,660 |
|
|
|
|
|
|
|
|
Depreciation and Amortization |
|
23,023 |
|
|
|
17,717 |
|
|
|
|
|
|
|
|
EBITDA |
|
109,864 |
|
|
|
89,377 |
|
|
|
|
|
|
|
|
Restructuring Expenses |
|
- |
|
|
|
397 |
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
109,864 |
|
|
$ |
89,774 |
|
|
CAMBREX CORPORATION |
Reconciliation of GAAP to non-GAAP Results |
For the Quarters and Nine Months Ended September 30,
2017 and 2016 |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter 2017 |
|
Third Quarter 2016 |
|
|
|
|
|
DilutedEPS |
|
|
|
|
DilutedEPS |
|
Income from
Continuing Operations |
$ |
17,276 |
|
$ |
0.52 |
|
|
$ |
13,721 |
|
$ |
0.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-Based Compensation |
|
|
2,288 |
|
|
0.07 |
|
|
|
1,889 |
|
|
0.06 |
|
|
Stock-Based Compensation Tax 1. |
|
|
(800 |
) |
|
(0.02 |
) |
|
|
(660 |
) |
|
(0.02 |
) |
|
Impact of New Stock-Based Compensation Standard 2. |
|
(735 |
) |
|
(0.02 |
) |
|
|
- |
|
|
- |
|
|
Amortization of Purchased Intangibles |
|
477 |
|
|
0.01 |
|
|
|
227 |
|
|
0.01 |
|
|
Restructuring Expenses/(Benefit) |
|
|
- |
|
|
- |
|
|
|
(47 |
) |
|
(0.00 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Income from Continuing Operations 3. |
$ |
18,506 |
|
$ |
0.55 |
|
|
$ |
15,130 |
|
$ |
0.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months 2017 |
|
Nine Months 2016 |
|
|
|
|
|
DilutedEPS |
|
|
|
|
DilutedEPS |
|
Income from
Continuing Operations |
$ |
63,515 |
|
$ |
1.90 |
|
|
$ |
49,376 |
|
$ |
1.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-Based Compensation |
|
|
6,321 |
|
|
0.19 |
|
|
|
5,189 |
|
|
0.16 |
|
|
Stock-Based Compensation Tax 1. |
|
|
(2,212 |
) |
|
(0.07 |
) |
|
|
(1,816 |
) |
|
(0.06 |
) |
|
Impact of New Stock-Based Compensation Standard 2. |
|
(5,114 |
) |
|
(0.15 |
) |
|
|
- |
|
|
- |
|
|
Amortization of Purchased Intangibles |
|
1,375 |
|
|
0.04 |
|
|
|
614 |
|
|
0.02 |
|
|
Restructuring Expenses/(Benefit) |
|
|
- |
|
|
- |
|
|
|
397 |
|
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Income from Continuing Operations 3. |
$ |
63,885 |
|
$ |
1.91 |
|
|
$ |
53,760 |
|
$ |
1.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 VadakethExecutive Vice President & CFO Tel:
+201.804.3033 Email:
tom.vadaketh@cambrex.com
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