<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
/X/ QUARTERLY REPORT PURSUANT UNDER SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
for the quarterly period ended March 31, 1995
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
for the transition period from ___________________ to __________________
Commission file number 1-10638
CAMBREX CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 22-2476135
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
ONE MEADOWLANDS PLAZA, EAST RUTHERFORD, NEW JERSEY 07073
(Address of principal executive offices)
(201) 804-3000
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding twelve months (or for such shorter period that
the registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
--- ---
APPLICABLE ONLY TO CORPORATE ISSUERS
As of May 1, 1995, there were 5,510,562 shares outstanding of the
registrant's Common Stock, $.10 par value.
Page 1 of 16
<PAGE> 2
CAMBREX CORPORATION AND SUBSIDIARIES
Form 10-Q
For The Quarter Ended March 31, 1995
Table of Contents
<TABLE>
<CAPTION>
Page No.
--------
<S> <C>
Part I Financial information
Condensed consolidated balance sheets as of
March 31, 1995 and December 31, 1994 3
Condensed consolidated income statements
for the three months ended March 31, 1995 and 1994 4
Condensed consolidated statements of
cash flows for the three months ended
March 31, 1995 and 1994 5
Notes to condensed consolidated financial
statements 6 - 8
Management's Discussion and Analysis of
Financial Condition and Results of Operations 9 - 12
Part II Other information
Item 4. Matters Submitted to a Vote of Securities
Holders 13
Item 6. Exhibits and Reports on Form 8-K 13
Signatures 14
Exhibit 11 - Computation of Earnings Per Share 15
Exhibit 27 - Financial Data Schedule 16
</TABLE>
<PAGE> 3
Part 1 - FINANCIAL INFORMATION
CAMBREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
<TABLE>
<CAPTION>
March 31, December 31,
1995 1994
--------- ------------
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . $ 13,411 $ 9,087
Trade and other receivables, less allowances
for doubtful accounts of $1,495 and $1,288
at respective dates . . . . . . . . . . . . . . 59,168 52,854
Inventories . . . . . . . . . . . . . . . . . . . . 64,302 61,979
Deferred tax asset . . . . . . . . . . . . . . . . 1,183 1,089
Other current assets . . . . . . . . . . . . . . . 4,461 5,689
--------- ---------
Total current assets . . . . . . . . . . . . . . 142,525 130,698
Property, plant and equipment, net . . . . . . . . . 173,249 172,282
Intangible assets, net . . . . . . . . . . . . . . . 53,424 56,991
Other noncurrent assets . . . . . . . . . . . . . . . 724 506
--------- ---------
Total assets . . . . . . . . . . . . . . . . . . $ 369,922 $ 360,477
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued liabilities . . . . . $ 48,759 $ 48,402
Income taxes payable . . . . . . . . . . . . . . . 5,432 5,982
Short-term debt . . . . . . . . . . . . . . . . . . 52,115 52,368
Current portion of long-term debt . . . . . . . . . 4,101 4,021
--------- ---------
Total current liabilities . . . . . . . . . . . 110,407 110,773
Long-term debt . . . . . . . . . . . . . . . . . . . 122,759 115,975
Deferred taxes . . . . . . . . . . . . . . . . . . . 13,987 14,258
Other noncurrent liabilities . . . . . . . . . . . . 17,998 17,505
--------- ---------
Total liabilities . . . . . . . . . . . . . . . 265,151 258,511
--------- ---------
Stockholders' equity:
Common stock . . . . . . . . . . . . . . . . . . . 623 607
Additional paid-in capital . . . . . . . . . . . . 74,862 73,673
Retained earnings . . . . . . . . . . . . . . . . . 40,058 35,935
Treasury stock, at cost; 744,735 and 756,806
shares at respective dates . . . . . . . . . . . (9,535) (9,690)
Cumulative translation adjustment . . . . . . . . . (1,237) 1,441
--------- ---------
Total stockholders' equity . . . . . . . . . . . 104,771 101,966
--------- ---------
Total liabilities and stockholders' equity . . .
$ 369,922 $ 360,477
========= =========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
- 3 -
<PAGE> 4
CAMBREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED INCOME STATEMENTS
(unaudited)
(in thousands, except per-share amounts)
<TABLE>
<CAPTION>
Three months ended
March 31,
--------------------------
1995 1994
---- ----
<S> <C> <C>
Net revenues . . . . . . . . . . . . . . . . . . $ 93,389 $ 51,047
Operating expenses:
Cost of goods sold . . . . . . . . . . . . . . 68,904 39,644
Selling, general and administrative
expenses . . . . . . . . . . . . . . . . . . 12,167 6,276
Research and development . . . . . . . . . . . 1,842 1,213
--------- ---------
Total operating expenses . . . . . . . . . . 82,913 47,133
--------- ---------
Operating profit . . . . . . . . . . . . . . . . 10,476 3,914
Other (income) expenses:
Interest expense - net . . . . . . . . . . . . 3,443 363
Other - net . . . . . . . . . . . . . . . . . . (170) 172
--------- ---------
Income before income taxes . . . . . . . . . . . 7,203 3,379
Provision for income taxes . . . . . . . . . . .
2,809 1,251
--------- ---------
Net income . . . . . . . . . . . . . . . . . . $ 4,394 $ 2,128
========= =========
Weighted average shares outstanding:
Primary . . . . . . . . . . . . . . . . 5,792 5,638
Fully diluted . . . . . . . . . . . . . 5,839 5,638
Net income per share:
Primary . . . . . . . . . . . . . . . . $ 0.76 $ 0.38
========= =========
Fully diluted . . . . . . . . . . . . . $ 0.75 $ 0.38
========= =========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
- 4 -
<PAGE> 5
CAMBREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
<TABLE>
<CAPTION>
Three months ended
March 31,
-------------------------
1995 1994
-------- --------
<S> <C> <C>
Cash flows from operations . . . . . . . . . . . . . . . . $ 10,791 $ 5,261
Changes in assets and liabilities:
Receivables . . . . . . . . . . . . . . . . . . . . . . . (6,608) (3,203)
Inventories . . . . . . . . . . . . . . . . . . . . . . . (2,625) (780)
Other current assets . . . . . . . . . . . . . . . . . . 1,124 (14)
Accounts payable and accrued liabilities . . . . . . . . 637 (1,649)
Income taxes payable . . . . . . . . . . . . . . . . . . 2,714 188
Other noncurrent assets and liabilities . . . . . . . . . (2,113) 2,155
-------- --------
Net cash provided from operations . . . . . . . . . . 3,920 1,958
-------- --------
Cash flows from investing activities:
Capital expenditures . . . . . . . . . . . . . . . . . . (8,131) (3,861)
Acquisition of businesses . . . . . . . . . . . . . . . . 0 (7,255)
-------- --------
Net cash (used in) investing activities . . . . . . . (8,131) (11,116)
-------- --------
Cash flows from financing activities:
Dividends . . . . . . . . . . . . . . . . . . . . . . . . (271) (260)
Increase in short-term debt . . . . . . . . . . . . . . . (144) 0
Long-term debt activity (including current portion):
Borrowings . . . . . . . . . . . . . . . . . . . . . . 16,625 22,797
Repayments . . . . . . . . . . . . . . . . . . . . . . (9,700) (13,300)
Proceeds from the issuance of common stock . . . . . . . 1,017 45
Proceeds from the sale of treasury stock . . . . . . . . 343 352
-------- --------
Net cash provided from financing activities . . . . . . 7,870 9,634
-------- --------
Effect of exchange rate changes on cash . . . . . . . . . . 665 0
-------- --------
Net increase in cash . . . . . . . . . . . . . . . . . . . 4,324 476
Cash at beginning of period . . . . . . . . . . . . . . . . 9,087 161
-------- --------
Cash at end of period . . . . . . . . . . . . . . . . . . . $ 13,411 $ 637
======== ========
Supplemental disclosure:
Interest paid . . . . . . . . . . . . . . . . . . . . . . $ 3,535 $ 502
Income taxes paid . . . . . . . . . . . . . . . . . . . . $ 19 $ 1,033
Depreciation expense . . . . . . . . . . . . . . . . . . $ 5,211 $ 2,824
</TABLE>
See accompanying notes to condensed consolidated financial statements.
- 5 -
<PAGE> 6
CAMBREX CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(in thousands, except per-share amounts)
(1) Basis of Presentation
Unless otherwise indicated by the context, "Cambrex" or the "Company"
means Cambrex Corporation and subsidiaries.
The accompanying unaudited Condensed Consolidated Financial Statements
have been prepared from the records of the Company. In the opinion of
management, the financial statements include all adjustments, consisting of
only normal recurring accruals, necessary for a fair presentation of financial
position and results of operations in conformity with generally accepted
accounting principles. These interim financial statements should be read in
conjunction with the financial statements for the year ended December 31, 1994.
The results of operations for the three months ended March 31, 1995
are not necessarily indicative of the results to be expected for the full year.
(2) Inventories
Inventories are stated at the lower of cost, determined on a first-in,
first-out basis, or market and include material, labor, and overhead.
Inventories at March 31, 1995 and December 31, 1994 consist of the following:
<TABLE>
<CAPTION>
March 31, December 31,
1995 1994
---------- ----------
<S> <C> <C>
Finished goods . . . . . . . . . . . . . $28,908 $31,473
Raw materials . . . . . . . . . . . . . 30,082 27,603
Fuel oil and supplies . . . . . . . . . 5,312 2,903
------- -------
$64,302 $61,979
======= =======
</TABLE>
(3) Earnings Per Common Share
The calculation of primary earnings per common share is based on the
weighted average number of common shares and common share equivalents
outstanding during the applicable period.
- 6 -
<PAGE> 7
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
4) Acquisitions
On October 12, 1994, the Company completed the acquisition of the
stock of Nobel's Pharma Chemistry Business ("Nobel/Profarmaco") from Akzo Nobel
for approximately $126,000. The business consists of Nobel Chemicals AB in
Karlskoga, Sweden, Profarmaco Nobel S.r.l. in Milan, Italy, and sales companies
in Germany, England and the United States. Nobel/Profarmaco manufactures fine
chemical intermediates and bulk active ingredients for pharmaceutical products.
The transaction was accounted for as a purchase and was financed with the
Company's new credit agreement, and resulted in goodwill of $45,756 which is
being amortized on a straight line basis over 17.5 years.
On January 31, 1994, the Company completed the acquisition of the
assets of Hexcel Corporation's fine chemicals business located in
Middlesbrough, England, for approximately $7,400 and the assumption of certain
current liabilities in the amount of $2,100. The business, now known as Seal
Sands Chemicals Ltd. ("Seal Sands"), manufactures chemical intermediates used
in the pharmaceutical, photographic, water treatment, health care, and plastics
industries. On May 27, 1994, the Company purchased the Topanol product line
from Zeneca Limited to complement the Seal Sands operations for $4,600. These
transactions were accounted for as purchases and were financed with the
Company's credit agreement, and resulted in goodwill of $1,881 for Seal Sands
and $504 for Topanol which are being amortized on a straight line basis over
17.5 years and 5 years, respectively.
Unaudited pro forma results as if the Nobel/Profarmaco and Seal Sands
acquisitions and the Topanol product line purchase had occurred at January 1 of
1994 are presented below. The pro forma financial information is not
necessarily indicative of results of operations that would have occurred had
the combinations been in effect at the beginning of the periods nor of future
results of operations of the combined companies.
<TABLE>
<CAPTION>
Quarter ended
March 31, 1994
--------------
<S> <C>
Net revenues . . . . . . . . . . . . . . . . . . . . . . . $78,795
Net income . . . . . . . . . . . . . . . . . . . . . . . . 3,042
Earnings per share:
Primary . . . . . . . . . . . . . . . . . . . . . . . 0.54
Fully diluted . . . . . . . . . . . . . . . . . . . . 0.54
</TABLE>
- 7 -
<PAGE> 8
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
5) Short-term Debt
Short-term debt at March 31, 1995 and December 31, 1994 consists of
the following:
<TABLE>
<CAPTION>
March 31, December 31,
1995 1994
---- ----
<S> <C> <C>
One year term loan . . . . . . . . . . . . . . . . . . . . $50,000 $50,000
Export financing facility, Italy . . . . . . . . . . . . . 2,115 2,368
------- -------
Total $52,115 $52,368
======= =======
</TABLE>
6) Long-term Debt
Long-term debt at March 31, 1995 and December 31, 1994 consists of the
following:
<TABLE>
<CAPTION>
March 31, December 31,
1995 1994
---- ----
<S> <C> <C>
Bank credit facilities . . . . . . . . . . . . . . . . . $125,574 $118,648
Capital lease . . . . . . . . . . . . . . . . . . . . . 57 57
Notes payable . . . . . . . . . . . . . . . . . . . . . 1,229 1,291
-------- --------
Subtotal . . . . . . . . . . . . . . . . . . . 126,860 119,996
Less: current portion . . . . . . . . . . . . . . . . . 4,101 4,021
-------- --------
Total . . . . . . . . . . . . . . . . . . . . $122,759 $115,975
======== ========
</TABLE>
The Company met all the bank covenants for the first quarter of 1995.
7) Postemployment Benefits
Statement of Financial Accounting Standard No. 112 "Employers'
Accounting for Postemployment Benefits" (SFAS 112) requires the recognition on
an accrual basis of all types of postemployment benefits provided to former or
inactive employees subsequent to employment but before retirement. The Company
currently provides limited benefits in this regard. The Company adopted
SFAS112 effective January 1, 1994. The net effect upon 1994 and first quarter
1995 pretax operating results was immaterial.
(8) Contingencies
Refer to Form 10-K for the fiscal year ended December 31, 1994, for
disclosure of existing contingencies related to environmental issues.
- 8 -
<PAGE> 9
CAMBREX CORPORATION AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER-SHARE AMOUNTS)
RESULTS OF OPERATIONS
Results in the first quarter of 1995 were significantly better than the first
quarter of 1994 due to the acquisition completed in October 1994, and to the
improvements in the base business. The impact of these is shown in the table
below:
First Quarter 1995 Results
(unaudited)
<TABLE>
<CAPTION>
Three Months Ended March 31,
---------------------------------------------------------
Nobel/ Base
Total Profarmaco Business
1995 1995 1995 1994
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net revenues . . . . . . . . . . . . . . $93,389 $35,866 $57,523 $51,047
------- ------- ------- -------
Operating expenses
Cost of goods sold . . . . . . . . . . 68,904 25,613 43,291 39,644
Selling, general and
administrative . . . . . . . . . . 12,167 3,820 8,347 6,276
Research and development . . . . . . . 1,842 724 1,118 1,213
------- ------- ------- -------
Total operating expenses . . . . . . . . 82,913 30,157 52,756 47,133
------- ------- ------- -------
Operating profit . . . . . . . . . . . . 10,476 5,709 4,767 3,914
Other (income) expenses:
Interest income . . . . . . . . . . . (177) (166) (11) -
Interest expense . . . . . . . . . . . 3,620 3,059 561 363
Other - net . . . . . . . . . . . . . (170) (200) 30 172
------- ------ ------- -------
Income before income taxes . . . . . . . 7,203 3,016 4,187 3,379
Provision for income taxes . . . . . . . 2,809 1,296 1,513 1,251
------- ------- ------- -------
Net income . . . . . . . . . . . . . . . 4,394 1,720 2,674 2,128
======= ======= ======= =======
</TABLE>
Net revenues for the first quarter 1995 increased 83% to $93,389 from $51,047
reported in the first quarter 1994. The $42,342 increase was due to the
acquisitions of Nobel Chemicals in Sweden and Profarmaco in Italy, and to
increased sales in the specialty and fine chemicals and agricultural
intermediates and additives categories. The table below shows the contribution
of the Nobel/Profarmaco acquisition to the product categories and changes in
the base business.
- 9 -
<PAGE> 10
<TABLE>
<CAPTION>
Three Months Ended March 31,
---------------------------------------------------
Nobel/ Base
Total Profarmaco Business
1995 1995 1995 1994
---- ---- ---- ----
<S> <C> <C> <C> <C>
Health & pharmaceuticals . . . . . . . . . . . . $47,322 $32,682 $14,640 $14,238
Specialty & fine chemicals . . . . . . . . . . . 22,020 4,004 18,016 13,280
Agricultural intermediates &
additives . . . . . . . . . . . . . . . . . . . 15,306 - 15,306 13,914
Performance chemicals . . . . . . . . . . . . . 7,220 - 7,220 7,341
Coatings . . . . . . . . . . . . . . . . . . . . 4,210 - 4,210 4,014
------- ------- ------- -------
Total gross revenues . . . . . . . . . . . $96,078 $36,686 $59,392 $52,787
======= ======= ======= =======
Total net revenues . . . . . . . . . . . . $93,389 $35,866 $57,523 $51,047
======= ======= ======= =======
</TABLE>
Health and Pharmaceuticals' revenues increased $33,084 with Nobel and
Profarmaco contributing sales of $32,682. Revenues from the base business had
increases in a new intermediate for dextromephorphan, an over-the-counter cough
suppressant, and from a pharmaceutical used for ulcerative colitis. These
increases more than offset the $1,500 lost sales from hydrogels and Wickhen
cosmetic lines which totaled $1,500 in the first quarter 1994.
Specialty and Fine Chemicals' revenues increased $8,740 (66%) over 1994. The
acquisition of Nobel Chemicals accounted for $4,004 of this increase. Revenues
from the base business increased $4,736 (36%) from first quarter 1994. This
was due to an increase in several fine chemical products including sales of a
dye receptor in acrylic yarns, cross-linking agents to improve the performance
of polycarbonate resins, a polymer used in instant film, a tin based catalyst
used in silicone caulks and adhesives, and products used in soaps, lubricants
and flavors.
Agricultural Intermediates and Additives' revenues increased $1,392 (10%) from
1994. The increase was due to growth in our existing business, with no
contribution from the acquisitions compared to the first quarter 1994. The
sales of animal feed additives decreased slightly compared to the first quarter
1994. Sales of organo-arsenical feed additives used to control disease and to
enhance chicken growth and improve feed performance increased due to wider
market demand. This increase was offset by declines in sales of feed grade
Vitamin B3 and intermediates which decreased due to a decision to maintain
price increases at the expense of lower volume. The sales of products used in
the manufacture of herbicides and insecticides were up $1,561 from the first
quarter 1994. Sales of pyridine, the largest item in this group, were up 20%
from 1994, and sales of another pyridine compound used in the manufacture of a
herbicide increased from 1994 due to the customer's order pattern.
Performance Chemicals' and Coatings revenues were at the same level as 1994.
Export Sales from the U.S. were $7,564 in the first quarter 1995 versus $10,084
in the first quarter 1994 mainly due to the reduced shipments of feedgrade
Vitamin B3 and its intermediates. International sales from all European
operations totaled $41,769 versus $2,451 in the first quarter 1994 due to the
acquisitions of Nobel/Profarmaco and Seal Sands in 1994.
- 10 -
<PAGE> 11
Gross profit in the first quarter 1995 of $24,485 (26.2%) compared to $11,403
(22.3%) in the first quarter 1994. The acquisition of Nobel/Profarmaco
contributed $10,300 to the increased gross profit. The base business had an
increase of $2,800. The gross profit percentage of the base business increased
to 24.7% versus 22.3% in 1994. Improved pricing added approximately $2,400 to
the base business' gross profit; and sales volume increases added $700. Cost
decreased $1,700 due to improved plant efficiencies. The improvement in plant
efficiencies was due to a return to more normal weather conditions compared to
the extremely low temperatures encountered in the first quarter of 1994. Some
of this improvement was offset by approximately $2,000 in increased raw
material costs.
Raw materials used in pyridine products decreased in price in the first quarter
1995 versus the fourth quarter 1994 but are above the first quarter 1994
levels.
Selling, general and administrative expenses as a percentage of net revenues
was 15%, which was the same as the first quarter 1994. The marketing and
research and development expenses as a percentage of net revenues decreased
particularly in our agricultural intermediates and additives and performance
chemicals business areas due to continued effects of cost improvements. These
decreases were offset by increases in administrative expenses associated with
the acquisition of Nobel/Profarmaco.
Net interest expense of $3,443 in the first quarter 1995 increased $3,080 over
1994. This increase was due to the additional borrowings for acquisitions and
an increase in the interest rate of approximately 2%.
The provision for income taxes for the first quarter 1995 resulted in an
effective tax rate of 39% vs. 37% in 1994. This increase was due to higher
effective tax rates attributable to the Company's Profarmaco operation in
Italy.
The Company's net income increased 106% to $4,394 compared with a net income of
$2,128 in the first quarter 1994.
LIQUIDITY AND CAPITAL RESOURCES
Net cash flow from operations was $3,920 for the first quarter 1995 compared
with $1,958 in the first quarter 1994. The increase in cash flow is primarily
due to increased earnings and additional depreciation and amortization.
Capital expenditures were $8,131 in the first quarter 1995 as compared to
$3,861 in the first quarter 1994. The largest expenditures were for (1)
continued construction of a new facility at the Salsbury site in Charles City,
Iowa to increase production levels for several products and to generate steam;
and (2) a facility at Nobel Chemicals in Karlskoga, Sweden to increase capacity
for pharmaceutical intermediates. Capital expenditures are in line with the
projected spending in 1995 of $33,000.
- 11 -
<PAGE> 12
The Company has undrawn borrowing capacity of approximately $46,500 under the
Credit Agreement as of March 31, 1995, which can be used for general corporate
purposes. Management is of the opinion that these amounts, together with other
available sources of capital, are adequate for meeting the Company's
anticipated financing and capital requirements.
During the first quarter 1995, the Company paid cash dividends of $0.05 per
share.
- 12 -
<PAGE> 13
PART II - OTHER INFORMATION
CAMBREX CORPORATION AND SUBSIDIARIES
Item 4. Matters Submitted to a Vote of Securities Holders.
At the annual meeting of stockholders held on April 27, 1995, Rosina B.
Dixon, M.D., Leon J. Hendrix, Jr., and Ilan Kaufthal were elected to
hold office as directors of the Company until the 1998 annual meeting
of stockholders.
In addition, the stockholders ratified the appointment of Coopers &
Lybrand as the Company's independent accountants for 1995. Of the
5,479,963 shares represented at the meeting, 4,123,936 votes were cast
in favor of the ratification of the appointment of Coopers & Lybrand as
auditors, 3,424 votes were cast against, and 1,826 abstained.
Item 6. Exhibits and Reports on Form 8-K
a) The exhibits filed as part of this report are listed below.
<TABLE>
<CAPTION>
Exhibit No. Description
----------- -----------
<S> <C>
11 Statement of computation of per share earnings.
27 Financial Data Schedule.
</TABLE>
- 13 -
<PAGE> 14
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CAMBREX CORPORATION
By /s/ Peter Tracey
---------------------------------------
Peter Tracey
Vice President
(On behalf of the Registrant and
as the Registrant's Principal Financial
Officer)
Date: May 12, 1995
- 14 -
<PAGE> 15
EXHIBIT INDEX
-------------
Exhibit No. Description
----------- -----------
Exhibit 11 Statement of computation of per share earnings.
Exhibit 27 Financial Data Schedule.
<PAGE> 1
EXHIBIT 11
CAMBREX CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(in thousands)
<TABLE>
<CAPTION>
Three months ended
March 31,
------------------
1995 1994
---- ----
<S> <C> <C>
Income applicable to common shares:
Primary earnings . . . . . . . . . . . . . . $4,394 $2,128
====== ======
Fully diluted earnings . . . . . . . . . . . $4,394 $2,128
====== ======
Weighted average number of common
shares and common share equivalents
outstanding during the period:
Common Stock . . . . . . . . . . . . . . . 5,416 5,208
Stock Options . . . . . . . . . . . . . . 376 430
------ ------
Shares outstanding - primary . . . . . . . . 5,792 5,638
Additional stock options . . . . . . . . 47 -
------ ------
Shares outstanding - fully diluted . . . . . 5,839 5,638
====== ======
</TABLE>
- 15 -
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
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0
0
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</TABLE>
