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Cambrex Corp. (CBM) filed Quarterly Report for the period ended 2011-03-31.
Cambrex Corp. has a market cap of $137.6 million; its shares were traded at around $4.68 with a P/E ratio of 12 and P/S ratio of 0.6.
This is the annual revenues and earnings per share of CBM over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of CBM.
Highlight of Business Operations:
Equity in losses of partially-owned affiliate of $364, including amortization expense of $282, in the first quarter of 2011 represents the Company s portion of Zenara Pharma s net loss.
In 2009, a subsidiary of the Company was examined by a European tax authority, who challenged the business purpose of the deductibility of certain intercompany transactions from 2003. In the fourth quarter of 2009, the tax authorities notified the Company that they disagreed with the Company s responses to their formal assessments. In the first quarter of 2010, the Company filed an appeal to litigate the matter. The Company was notified in April that the first court date related to this matter is scheduled for June 2011. Since any ruling reached by the court will likely be appealed, the final date of resolution and outcome of this matter is uncertain at this time. However, it is possible that factors such as new developments, judgments, or settlements may require the Company to increase its reserve for unrecognized tax benefits by up to $8,500 or decrease its reserve by $5,700, including interest and penalties. If the court rules against the Company in the subsequent court proceedings, a payment of between $6,000 and $9,000 including interest and penalties will be due immediately while the case is appealed. The Company has analyzed these issues in accordance with guidance on uncertain tax positions and believes at this time that its reserves are adequate, and intends to vigorously defend itself.
Income from continuing operations in the first quarter of 2011 was $2,855, or $0.10 per diluted share, versus $1,683, or $0.06 per diluted share in the same period a year ago.
Cash and cash equivalents increased $5,728 in the first three months of 2011. During the first three months of 2011, cash provided by operations was $3,771 versus cash used in operations of $1,625 in the same period a year ago. Cash flows provided by operations in the first three months of 2011 compared to the first three months of 2010 was favorably impacted by greater cash collections of accounts receivable partially offset by higher pension contributions of $3,225.
Cash flows in the first three months of 2011 related to capital expenditures were $1,690 compared to $2,716 in 2010. The majority of the funds in 2011 and 2010 were used for capital improvements to existing facilities.
Cash flows provided by financing activities in the first three months of 2011 were $1,671 compared to $3,259 in the same period a year ago. Cash inflows in 2011 and 2010 related to net borrowings from the Company s credit facility.
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