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EAST RUTHERFORD, US: Cambrex Corporation announces its fourth quarter and full year results for the period ended December 31, 2010. The company has also appointed Shawn Cavanagh as Chief Operating Officer in January 2011. Moreover, Cambrex Zenara began supplying product for the launch of smoking cessation gum in India and received a Certificate of Good Manufacturing Practice (GMP) for its Hyderabad, India facility, following a successful audit, allowing shipment to all EU countries. Cambrex even signed an agreement with a Chinese partner to develop several new generic products in 2011, and Cavanagh will support the company to accelerate new product and strategic growth plans.
Highlights of full year:
Fourth Quarter 2010 results
The fourth quarter 2010 sales of $ 63.5 million were 8.2 per cent higher than the fourth quarter 2009, indicating a sales increase of 9.2 per cent. Operating profit increased to $ 8.4 million in the fourth quarter 2010 from $ 3.7 million in the fourth quarter 2009. Income from continuing operations for the fourth quarter 2010 was $ 5.2 million or $ 0.18 per share compared to a loss of $ 2.8 million or $ 0.09 per share in the fourth quarter 2009.
Research and Development (R&D) expenses increased to $ 2.4 million in the fourth quarter 2010 from $ 2 million in the fourth quarter 2009 primarily due to the March 2010 acquisition of IEP, reduced utilization of certain R&D personnel on revenue-generating custom development projects and the development of new products and technology platforms.
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