The Business Review -- An arbitration ruling against Albany Molecular Research Inc. drove a net loss in the third quarter, according to a Tuesday earnings report by the drug R&D company.
AMRI (Nasdaq: AMRI) reported a net loss of $9.9 million, or 33 cents per diluted share. That compares with net income of $400,000, or 1 cent per diluted share, in the third quarter of 2009.
AMRI had $50.6 million of revenue in the quarter, a 6 percent increase over the same time in 2009. The gain was led by growth in contract revenue; AMRI receives royalties for the prescription antihistamine Allegra.
President and CEO Thomas D’Ambra said the earnings reflect growing demand overseas and flat or declining domestic activity. In May, AMRI announced it was going to start adding jobs overseas while closing a local lab and cutting 50 area jobs (out of a 700-person local work force).
D’Ambra said AMRI is fighting the arbitration ruling, related to the cancelation of a purchase agreement.
