Cambrex, a provider of products and services to accelerate the development and commercialization of small molecule therapeutics, has reported increase in net income to $4.7m in the first quarter of 2009, compared to $4.2m a year ago.
Cambrex posted a decrease of 2.8% in sales for the first quarter 2009 to $60m. Excluding the impact of foreign currency, sales for the first quarter 2009 increased 8.7% compared to the same period of 2008. Sales were unfavorably impacted due to exchange rates reflecting a stronger US dollar by 11.5%.
Operating profit increased to $8.3m in the first quarter 2009, compared to $7.5m in the first quarter 2008.
The company expects sales, net of the impact of foreign currency, to increase between 2% and 6% in 2009 compared to 2008. Considering the current macro-economic environment, the company continues to believe that there is a high level of uncertainty regarding sales and profit forecasts for 2009, especially as it pertains to the company’s custom development sales to support customers’ clinical trials.
Steven M. Klosk, president and chief executive officer of Cambrex, said: We are pleased with the volume growth in the first quarter and we continue to benefit from our operating cost reduction activities. Our cash flow, excluding certain items, was positive for the quarter and we are taking further actions to improve our management of working capital. We are focused on developing our growing portfolio of products and establishing new customer relationships in support of our controlled substances and drug delivery initiatives.”