- Gross Sales increased 14% in the fourth quarter and 13% for the full year 2016 -
- 2017 Net Revenues expected to grow between 7% and 11% -
- Conference call at 8:30 a.m. ET on February 3, 2017 -
EAST RUTHERFORD, N.J., Feb. 03, 2017 (GLOBE NEWSWIRE) -- Cambrex Corporation (NYSE:CBM), a leading manufacturer of small molecule innovator and generic Active Pharmaceutical Ingredients (APIs), reports results for the fourth quarter and full year ended December 31, 2016.
Highlights
- Gross Sales increased 14% to $178.7 million compared to $156.9 million in the same quarter last year. Full year 2016 sales increased 13% to $491.5 million, compared to $433.9 million in the full year 2015.
- GAAP Diluted EPS from continuing operations increased 117% to $1.15 from $0.53 in the same quarter last year. Adjusted Diluted EPS increased 22% to $1.23 compared to $1.01 in the same quarter last year.
- Adjusted EBITDA increased 23% to $64.4 million compared to $52.4 million in the same quarter last year (see table at the end of this release). Full year Adjusted EBITDA increased 20% to $154.2 million.
- Net cash was $74.1 million at the end of the year, a decrease of $16.6 million during the quarter and an increase of $60.2 million for the full year. Excluding the acquisition of PharmaCore, net cash would have increased $84.5 million during 2016.
- The Company expects full year 2017 Net Revenues, excluding the impact of foreign currency, to increase between 7% and 11%. Adjusted EBITDA is expected to be between $168 and $174 million, 9% to 13% higher than 2016. (see Financial Expectations – Continuing Operations section below for related explanations and additional financial guidance).
