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Archive for August 6th, 2014

Intralinks Survey Shows Deal Valuation Is Biggest Challenge in APAC M&A

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Results combine with Intralinks Deal Flow Indicator to provide unique insight into global M&A

SINGAPORE/PRNewswire/ — A new survey from Intralinks® Holdings, Inc. (NYSE: IL) has confirmed that APAC M&A professionals feel asset valuation will be the greatest pain point on successfully completing deals over the coming 12 months.

To view the multimedia page, please go to: http://en.prnasia.com/pr/2014/07/30/140431112.shtml

Asia-Pacific Intralinks DFI percentage change

 

Global Intralinks DFI Index

 

ralinks DFI volume share - top eight industries

 

Intralinks Deal Flow Indicator

The results were published as part of the Intralinks Global Sentiment Survey, a poll of more than 1,000 M&A professionals worldwide conducted in June 2014 that gauges dealmakers sentiments and views on the current state of the M&A market. Respondents said they believe deal valuation represents a greater challenge to the deal process than other factors such as shareholder activism against underperforming companies, or political interference.

“If we look at the varying valuations impacting current deals in APAC, the challenge around deal valuation for dealmakers is evident. A few prime examples include Singaporean agribusiness firm Wilmar’s current bid to takeover Australian food processor Goodman Fielder, and the recent takeover bids for premium Australian department storeDavid Jones,” said Matt Porzio, vice president of M&A strategy and product marketing at Intralinks.

The survey also revealed that on a global level, 67 per cent of dealmakers indicated they are optimistic about the current deal environment in comparison to the previous six months, while for APAC in particular a slightly lower 65 per cent of dealmakers claimed they are positive about the current deal landscape. Interestingly, the Intralinks Global Sentiment Survey also uncovered that 80 per cent of dealmakers in APAC predict that deal volume will increase over the next six months (compared with 77 per cent globally), and 68 per cent said they do not expect a change in political interference in M&A activity over the next 12 months.

“The global M&A market is continuing to exhibit higher levels of activity than in 2013, maintaining optimism among dealmakers,” added Mr. Porzio.

Furthermore, Global Sentiment Survey results for APAC show:

  • 63 per cent of dealmakers expect to participate in more M&A deals than six months ago;
  • 56 per cent expect shareholder activism will continue to increase;
  • Industry with the most M&A activity according to dealmakers is energy and power.

In addition, Intralinks today released the latest Intralinks Deal Flow Indicator™ (DFI), a unique predictor of future mergers and acquisitions (M&A) activity. Combined with the Global Sentiment Survey, the research provides unparalleled insight into global M&A deal volumes and market trends through Q4 2014.

The Intralinks DFI forecasts changes in the volume of global M&A deals that are expected to be announced in the next six months. The latest data, compiled through the end of June 2014, shows 16 per cent quarter-on-quarter (QoQ) and 12 per cent year-on-year (YoY) increases in early-stage global M&A activity, with particularly strong performances inEurope, Middle East and Africa (EMEA) and North America.

Overall, this quarter’s results point to sustained momentum in M&A activity through the end of 2014, building on the strong levels of M&A activity seen in the last year. Based on the results of the Intralinks DFI so far this year and its strong correlation to the volume of future announced deals, Intralinks is predicting that global announced M&A volumes for 2014 as a whole will, for the first time since 2010, show an annual increase of between six and 10 per cent compared to 2013.

Deal activity levels in the APAC region however remain volatile, down 15 per cent YoY and QoQ. While Japan is quite strong, China, one of the largest investors in the region, continues its economic realignment which is decelerating overseas acquisitions, and is having a notable affect in Australia and beyond.

“A good lending environment with high quality assets and companies for sale are driving this growth. Deal volume continues to go up and we expect to see a good number of high profile deal announcements through the end of 2014, especially in sectors like manufacturing and telecommunications, media and entertainment,” said Mr. Porzio.

Intralinks DFI Highlights — Outlook for Q4 2014
The Intralinks DFI tracks global M&A sell-side mandates and deals reaching due diligence prior to public announcement, providing a predictor of future global M&A activity levels. The Intralinks DFI is based on Intralinks’ insight into a significant percentage of early-stage M&A transactions. Independent research shows that the Intralinks DFI is a reliable predictor of future changes in the number of announced M&A transactions, with percentage changes in the Intralinks DFI typically being reflected in announced deal volumes approximately six months later. Highlights from the latest Intralinks DFI include:

North America
The level of North American early-stage M&A activity grew 17 percent YoY, sustaining the momentum in this market from 2013. Deal volume was up 22 percent QoQ, reflecting some seasonal variation, and the fact that some companies worked to complete deals while interest rates remain low and confidence in an economic recovery in the United States continues to increase.

EMEA
Europe continues to perform very strongly and consistently, with a 17 percent YoY increase, paired with a 17 percent increase QoQ. Even countries that were written off recently as poor environments for investments, such as Spain,Portugal and France, are making a comeback. Germany continues to be especially strong and is seen as a safe haven for investments. For the last four quarters EMEA has shown strong performance, and we anticipate this will continue through 2014.

Latin America

Latin America remains weaker than North America and EMEA, but is poised for growth. Although early stage M&A activity was down seven percent YoY, there was a healthy increase of 20 per cent QoQ. This surge was led by Brazil, which alone saw a 26 per cent increase QoQ, which we expect will be reflected in deal announcements later this year. Contrary to these findings, however, Intralinks’ Global Sentiment Survey showed that dealmakers in Latin Americacontinue to express reduced optimism about prospects for the region, including for Brazil, for the remainder of 2014.

For further information, contact:

DEC Public Relations on behalf of Intralinks
Sarah Buchanan | Anna Frilingos | Sarah Bullen
+61-2-8014-5033 | Intralinks@decpr.com.au

About Intralinks Dealspace™

Intralinks is a leading supplier of solutions for managing strategic transactions. Intralinks Dealspace, the market leading virtual data room (VDR), gives M&A professionals a complete solution to manage the full lifecycle of a deal. Intralinks Dealspace supports every step of the deal process, enabling deal teams to securely exchange data with buyers, sellers and advisors, helping speed strategic transactions such as mergers, acquisitions, divestitures, capital raises and corporate restructurings.

For more information about the Intralinks DFI, please visit http://www.intralinks.com/knowledge/intralinks-deal-flow-indicator.

About the Intralinks Deal Flow Indicator
The Intralinks Deal Flow Indicator provides Intralinks’ perspective on the level of M&A due diligence activity taking place during any given period of time. The statistics contained in the Intralinks DFI represent the volume of VDRs opened, or proposed to be opened, through Intralinks or other providers for the purpose of conducting due diligence on proposed transactions including asset sales, divestitures, private placements, financings, capital raises, joint ventures and partnerships. These statistics are not adjusted for changes in Intralinks’ share of the VDR market or changes in market demand for VDR services. These statistics may not correlate to the volume of completed transactions that may be reported by market data providers and should not be construed to represent the volume of transactions that will ultimately be consummated during any period of time. Indications of future completed deal activity derived from the DFI are based on assumed rates of deals going from due diligence stage to completion. In addition, the statistics provided by market data providers may be compiled with a different set of transaction types than those set forth above.

THIS PRESS RELEASE AND THE INTRALINKS DFI (COLLECTIVELY THE “MATERIALS”) ARE PROVIDED “AS IS” FOR INFORMATIONAL PURPOSES ONLY. INTRALINKS MAKES NO GUARANTEE, REPRESENTATION OR WARRANTY OF ANY KIND REGARDING THE TIMELINESS, ACCURACY OR COMPLETENESS OF THE CONTENT OF THE MATERIALS. THESE MATERIALS ARE BASED ON INTRALINKS’ OBSERVATIONS AND SUBJECTIVE INTERPRETATIONS OF DUE DILIGENCE ACTIVITY TAKING PLACE, OR PROPOSED TO TAKE PLACE, ON INTRALINKS’ OR OTHER PROVIDERS’ VDR PLATFORMS FOR A LIMITED SET OF TRANSACTION TYPES. THESE MATERIALS ARE NOT INTENDED TO BE AN INDICATOR OF INTRALINKS’ BUSINESS PERFORMANCE OR OPERATING RESULTS FOR ANY PRIOR, CURRENT OR FUTURE PERIOD, NOR ARE THESE MATERIALS INTENDED TO PROMISE, GUARANTEE OR ASSURE FUTURE LEVELS OF COMPLETED DEAL ACTIVITY. THESE MATERIALS ARE NOT INTENDED TO CONVEY INVESTMENT ADVICE OR SOLICIT INVESTMENTS OF ANY KIND WHATSOEVER.

THE INTRALINKS DFI MAY BE USED SOLELY FOR PERSONAL, NON-COMMERCIAL USE. THE CONTENTS OF THE INTRALINKS DFI MAY NOT BE REPRODUCED, DISTRIBUTED OR PUBLISHED WITHOUT THE EXPRESS WRITTEN PERMISSION OF INTRALINKS. FOR PERMISSION TO REPUBLISH DEAL FLOW INDICATOR CONTENT, PLEASE CONTACT info@intralinks.com.

Forward Looking Statements
The forward-looking statements contained in this press release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are express or implied statements that are not based on historical information and include, among other things, statements concerning Intralinks’ plans, intentions, expectations, projections, hopes, beliefs, objectives, goals and strategies. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control and could cause actual results to differ materially from those contemplated in these forward-looking statements. Accordingly, there can be no assurance that the results or commitments expressed, projected or implied by any forward-looking statements will be achieved, and readers are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements in this press release speak only as of the date hereof. As such, Intralinks undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For a detailed list of the factors and risks that could affect Intralinks’ financial results, please refer to Intralinks public filings with the Securities and Exchange Commission from time to time, including its Annual Report on Form 10-K for the year-ended December 31, 2013 and subsequent quarterly reports. Intralinks undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.

Trademarks and Copyright
“Intralinks” and Intralinks’ stylized logo are the registered trademarks of Intralinks, Inc. “Intralinks Dealspace” is a trademark of Intralinks, Inc. © 2014 Intralinks, Inc. All rights reserved.

Video – http://photos.prnasia.com/prnh/20140730/8521404021-a
Photo – http://photos.prnasia.com/prnh/20140730/8521404021-b
Photo – http://photos.prnasia.com/prnh/20140730/8521404021-c
Photo – http://photos.prnasia.com/prnh/20140730/8521404021-d
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Written by asiafreshnews

August 6, 2014 at 4:36 pm

AMRI Announces Second Quarter 2014 Results

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— Adjusted Diluted EPS of $0.22, up 100%
— Total Revenue of $68.2 million, including Contract Revenue of $61.5 Million, up 15%
— Company Increases 2014 Adjusted EPS Guidance to $0.87 – $0.92 to Reflect Addition of OsoBio and Strengthening Contract Business

ALBANY, New York /PRNewswire/ — AMRI (NASDAQ: AMRI) today reported financial and operating results for the second quarter ended June 30, 2014.

Highlights:

  • Second quarter contract revenue of $61.5 million, up 21% from 2013
  • Second quarter adjusted diluted EPS of $0.22 vs. $0.11 in 2013
  • Expanded second quarter contract margins to 27% from 16% in 2013
  • Acquired Oso Biopharmaceuticals Manufacturing in July 2014, expanding contract manufacturing capabilities to include commercial scale, complex injectable drug product

Updated Financial Guidance 2014:

  • Full year contract revenue guidance increased to between $275 and $283 million, an increase of 33% at the midpoint
  • Royalty revenue guidance of $25 million
  • Adjusted EBITDA between $59 and $63 million, up 24% at the midpoint
  • Adjusted diluted EPS range between $0.87 and $0.92, compared to $0.70 in 2013, an increase of 28% at the midpoint, despite a $10 to $12 million decrease in estimated royalties from Allegra
  • Operating cash flow of $27 to $30 million

Adjusted diluted EPS and adjusted EBITDA are non-GAAP measures, which exclude certain items detailed later in this press release under the heading “Non-GAAP Adjustment Items.”  Reconciliations of these non-GAAP measures to GAAP measures are included in Tables 1 and 2 at the end of this press release.

“We are very pleased with our results this quarter, highlighted by a 34% growth in our large scale manufacturing business and the addition of Cedarburg Pharmaceuticals,” said William S. Marth, AMRI’s president and chief executive officer. “Importantly, contract margins improved across our entire operations as a result of increased capacity utilization and the addition of the higher margin Cedarburg Pharmaceuticals business.”

“We continue to see growth in our pipeline of discovery and development programs, notably the expansion of our innovative Insourcing chemistry program, together with the addition of new development and supply programs in our API and Drug Product divisions,” continued Mr. Marth. “Based on anticipated continued growth of our business and the recent addition of OsoBio, we are raising our outlook for 2014 with contract revenue growth of 33% and adjusted diluted EPS growth of 29% at the midpoint.”

Second Quarter 2014 Results

Total revenue for the second quarter of 2014 was $68.2 million, an increase of 15% compared to total revenue of$59.3 million reported in the second quarter of 2013.

Total contract revenue for the second quarter of 2014 was $61.5 million, an increase of 21% compared to contract revenue of $50.8 million reported in the second quarter of 2013. Contract margins were 26.7% for the second quarter of 2014, compared with 16.4% for the second quarter of 2013, driven by increased capacity utilization and the addition of Cedarburg Pharmaceuticals.

Royalty revenue in the second quarter of 2014 was $6.7 million, a decrease of 21% from $8.5 million in the second quarter of 2013. Royalty revenue for the second quarter of 2014 includes royalties from the Allegra® products as well as $2.5 million from the net sales of certain amphetamine salts sold by Actavis.

Net income under U.S. GAAP was $3.7 million, or $0.11 per diluted share, in the second quarter of 2014, compared to a U.S. GAAP net loss of $(2.5) million, or $(0.08) per basic and diluted share for the second quarter of 2013. Net income on an adjusted basis in the second quarter of 2014 was $7.1 million or $0.22 per diluted share, compared to adjusted net income of $3.6 million or $0.11 per diluted share.  Net income on an adjusted basis excludes the following items that are included under U.S. GAAP:  the impact of restructuring charges, executive transition costs, convertible debt interest and amortization charges, business acquisition costs, litigation settlement charges, write-offs of deferred financing costs,  non-cash long-lived asset impairment charges, losses on disposals of assets related to restructuring activities, insurance demutualization gains, depreciation and amortization of purchase accounting adjustments, non-recurring income tax adjustments, and postretirement benefit plan settlement gains.

Year to Date

Total revenue for the six-month period ended June 30, 2014 was $127.5 million, an increase of 7% compared to total revenue of $118.7 million for the same period in 2013.

Total contract revenue for the first six months of 2014 was $112.5 million, an increase of 16% compared to contract revenue of $97.3 million for the same period in 2013.

Royalty revenue for the first six months of 2014 was $15.0 million, a decrease of 30% from $21.4 million in 2013. Royalty revenue for the six-month period ended June 30, 2014 includes royalties from the Allegra® products as well as $4.8 million from the net sales of certain amphetamine salts sold by Actavis.

Net income under U.S. GAAP for the first half of 2014 was $7.2 million, or $0.22 per diluted share, compared to U.S. GAAP net income of $3.8 million, or $0.12 per diluted share for the first half of 2013. Net income on an adjusted basis in the first half of 2014 was $12.2 million or $0.37 per diluted share, compared to adjusted net income of $10.6 million or $0.34 per share in 2013. For a reconciliation of U.S. GAAP net income (loss) and earnings (loss) per diluted share as reported to adjusted net income (loss) and earnings (loss) per diluted share for the 2014 and 2013 reporting periods, please see Table 1 at the end of this press release. During the second quarter of 2014 we identified certain tax liabilities that should have been recorded as tax expense in various immaterial amounts during the periods from 2007 through 2013. Financial results for the three and six months ended June 30, 2013 have been updated from previously reported amounts to reflect the immaterial prior period income tax adjustments.

Segment Results

Discovery Services and Development/Small Scale Manufacturing

Discovery Services and Development/Small Scale Manufacturing (DDS) contract revenue for the second quarter of 2014 was $19.5 million, consistent with the second quarter of 2013 as decreases in Discovery Services were offset by increases in Development/Small Scale Manufacturing. DDS contract margins were 19.1% for the second quarter of 2014, compared with 13.1% for the second quarter of 2013, driven by a stronger mix of business and the benefit of cost reduction initiatives in both Discovery Services and Development/ Small Scale Manufacturing.

DDS contract revenue for the first half of 2014 was $39.0 million, a decrease of 2% from the first half of 2013 as decreases in Discovery Services were largely offset by increases in Development/Small Scale Manufacturing. DDS contract margins were 17.8% for the first half of 2014, compared with 14.9% for the first half of 2013.

Large Scale Manufacturing
Large Scale Manufacturing (LSM) contract revenue for the second quarter of 2014 was $42.0 million, an increase of 34% from $31.3 million in 2013.  LSM contract revenue for the second quarter of 2014 includes $5.5 million of revenues from the Cedarburg Pharmaceuticals business that was acquired in April 2014. LSM adjusted contract margins were 30.5% in the second quarter of 2014, compared with 18.4% for the second quarter of 2013, driven by increased capacity utilization and improved mix including the Cedarburg business.

LSM contract revenue for the first half of 2014 was $73.5 million, an increase of 27% from $57.7 million in 2013.  LSM adjusted contract margins were 25.9% in the first half of 2014, compared with 19.2% for the first half of 2013.

Liquidity and Capital Resources

At June 30, 2014, AMRI had cash, cash equivalents and restricted cash of $136.9 million, compared to $171.0 million at March 31, 2014. The decrease in cash and cash equivalents for the quarter ended June 30, 2014 was primarily due to the use of $38.7 million to acquire Cedarburg Pharmaceuticals, $4.8 million in debt payments, and $3.5 million of capital expenditures, offset by cash flow from operations of $12.4 million. Total common shares outstanding, net of treasury shares, were 32,419,424 at June 30, 2014.  Since the close of the second quarter we subsequently used $109.3 million of cash to acquire the Oso Biopharmaceuticals Manufacturing business.

Second Quarter Results Conference Call

The conference call can be accessed by dialing 888-438-5525 (domestic calls) or 719-325-2354 (international calls) at 9:50 a.m. ET and entering passcode 9752010. The audio webcast will be available live via the Internet and can be accessed on the company’s website at www.amriglobal.com.

Replay of the conference call can be accessed by dialing 888-203-1112 (domestic calls) or 719-457-0820 (international calls) and entering passcode 9752010 from Tuesday, August 5, 2014 at 2:00 p.m. ET toWednesday, August 6, 2014 at 2:00 p.m. ET.  Replay of the audio webcast can also be accessed for up to 90 days after the call via the investor area of the company’s website at www.amriglobal.com/investor_relations/.

About AMRI

Albany Molecular Research Inc. (AMRI) is a global contract research and manufacturing organization that has been working with the Life Sciences industry to improve patient outcomes and the quality of life for more than two decades. With locations in North America, Europe and Asia, our key business segments include Large Scale Manufacturing (LSM) and Discovery and Development Solutions (DDS). The LSM segment includes Active Pharmaceutical Ingredients (API) and Drug Product Manufacturing, which supports the commercial cGMP manufacturing of complex APIs, starting materials, clinical formulation development and aseptic fill and finish. Our DDS segment provides comprehensive services from hit identification to IND, including expertise with diverse chemistry, library design and synthesis, in vitro biology and pharmacology, drug metabolism and pharmacokinetics, as well as natural products. For more information about AMRI, please visit our website atwww.amriglobal.com or follow us on Twitter (@amriglobal).

Forward-looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include, but are not limited to, statements regarding the company’s estimates of revenue, contract revenue, adjusted EBITDA adjusted diluted earnings per share for the full year 2014, statements made by the company’s Chief Executive Officer, including statements under the caption “Updated Financial Guidance,” statements regarding the strength of the company’s business and prospects, statements regarding the impact of recent acquisition activity, and statements concerning the company’s momentum and long-term growth, including expected results for 2014. Readers should not place undue reliance on our forward-looking statements. The company’s actual results may differ materially from such forward-looking statements as a result of numerous factors, some of which the company may not be able to predict and may not be within the company’s control. Factors that could cause such differences include, but are not limited to, trends in pharmaceutical and biotechnology companies’ outsourcing of chemical research and development, including softness in these markets; sales of Allegra® and the impact of the “at-risk” launch of generic Allegra®, the OTC conversion of Allegra® and the generic and OTC sales of Allegra in Japan on the company’s receipt of significant royalties under the Allegra® license agreement; the success of the sales of other products for which the company receives royalties; the risk that the company will not be able to replicate either in the short or long term the revenue stream that has been derived from the royalties payable under the Allegra® license agreements; the risk that clients may terminate or reduce demand under any strategic or multi-year deal; the company’s ability to enforce its intellectual property and technology rights; the company’s ability to obtain financing sufficient to meet its business needs; the company’s ability to successfully comply with heightened FDA scrutiny on aseptic fill/finish operations; the results of further FDA inspections; the company’s ability to effectively maintain compliance with applicable FDA and DEA regulations; the company’s ability to integrate past or future acquisitions, including Cedarburg Pharmaceuticals and Oso Biopharmaceuticals Manufacturing , and make such acquisitions accretive to the company’s business model, the company’s ability to take advantage of proprietary technology and expand the scientific tools available to it, the ability of the company’s strategic investments and acquisitions to perform as expected, as well as those risks discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2013 as filed with the Securities and Exchange Commission on March 17, 2014, and the company’s other SEC filings. Revenue, contract revenue, adjusted diluted EPS, adjusted EBITDA and other financial guidance offered by senior management today represent a point-in-time estimate and are based on information as of the date of this press release. Senior management has made numerous assumptions in providing this guidance which, while believed to be reasonable, may not prove to be accurate. Numerous factors, including those noted above, may cause actual results to differ materially from the guidance provided. The company expressly disclaims any current intention or obligation to update the guidance provided or any other forward-looking statement in this press release to reflect future events or changes in facts assumed for purposes of providing this guidance or otherwise affecting the forward-looking statements contained in this press release.

Non-GAAP Adjustment Items

To supplement our financial results prepared in accordance with U.S. GAAP, we have presented non-GAAP measures of income (loss) from operations, net income (loss) and income (loss) per diluted share, as adjusted to exclude certain restructuring charges, executive transition costs, convertible debt interest and amortization charges, business acquisition costs, litigation settlement charges, write-offs of deferred financing costs,  non-cash long-lived asset impairment charges, losses on disposals of assets related to restructuring activities, insurance demutualization gains, depreciation and amortization of purchase accounting adjustments, non-recurring income tax adjustments, and postretirement benefit plan settlement gains in the 2014 and 2013 periods.  We have also presented non-GAAP measures of adjusted EBITDA, which in addition to the items excluded above, further excluded the impact of interest income and expense, depreciation and amortization expense, and income tax expense or benefit.  Exclusion of these non-recurring items allow comparisons of operating results that are consistent over time.  We believe presentation of these non-GAAP measures enhances an overall understanding of our historical financial performance because we believe they are an indication of the performance of our base business. Management uses these non-GAAP measures as a basis for evaluating our financial performance as well as for budgeting and forecasting of future periods. For these reasons, we believe they can be useful to investors. The presentation of this additional information should not be considered in isolation or as a substitute for income (loss) from operations, net income (loss) or income (loss) per diluted share prepared in accordance with U.S. GAAP.  Reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures are set forth in Tables 1 and 2.  Our projected 2014 adjusted EPS and EBITDA, however, are only provided on an adjusted basis.  It is not feasible to provide GAAP EPS guidance because the items excluded are difficult to predict and estimate and are primarily dependent on future events.

 

Albany Molecular Research, Inc.
Condensed Consolidated Statements of Operations (unaudited)

Three Months Ended

Six Months Ended

(Dollars in thousands, except for per share data)

June 30, 2014

June 30, 2013

June 30, 2014

June 30, 2013

Contract revenue

$ 61,474

$ 50,764

$ 112,512

$ 97,257

Recurring royalties

6,705

8,528

14,988

21,441

          Total revenue

68,179

59,292

127,500

118,698

Cost of contract revenue

45,038

42,450

86,648

80,272

Technology incentive award

424

569

1,017

1,683

Research and development

128

171

207

276

Selling, general and administrative

12,747

12,454

23,376

22,003

Postretirement benefit plan settlement gain

(1,285)

Restructuring charges

1,042

4,953

1,272

5,832

Property and equipment impairment charges

3,718

906

3,718

1,440

          Total operating expenses

63,097

61,503

114,953

111,506

Income (loss) from operations

5,082

(2,211)

12,547

7,192

Interest expense, net

(3,065)

(137)

(5,681)

(274)

Other (expense) income, net

(192)

377

(232)

884

Income (loss) before income taxes

1,825

(1,971)

6,634

7,802

Income tax (benefit) expense

(1,899)

504

(590)

4,000

Net income (loss)

$ 3,724

$ ( 2,475)

$ 7,224

$ 3,802

Basic income (loss) per share

$ 0.12

$ (0.08)

$ 0.23

$ 0.12

Diluted income (loss) per share

$ 0.11

$ (0.08)

$ 0.22

$ 0.12

 

Albany Molecular Research, Inc.
Selected Consolidated Balance Sheet Data
(unaudited)

(Dollars in thousands)

June 30,
2014

December 31,
2013

Cash and cash equivalents……………………..

$        130,417

$            175,928

Restricted cash……………………………..

6,467

714

Accounts receivable, net. …………………….

58,480

52,216

Royalty income receivable…………………….

6,541

7,523

Inventory………………………………….

44,277

31,991

Total current assets………………………….

260,818

279,019

Restricted cash…………………………………………

3,810

Property and equipment, net…………………..

131,619

127,775

Total assets………………………………..

520,150

445,268

Total current liabilities……………………….

50,168

48,849

Long‑term debt, excluding current installments, net of unamortized
discount…….

122,154

123,135

Total liabilities……………………………..

266,877

204,511

Total stockholders’ equity…………………….

253,273

240,757

Total liabilities and stockholders’ equity………….

520,150

445,268

 

Table 1:  Reconciliation of three and six months ended June 30, 2014 and 2013 reported income (loss) from operations, net income (loss) and earnings (loss) per diluted share to adjusted income from operations, adjusted net income and adjusted earnings per share:

(Dollars in thousands, except for per share data)
Non-GAAP Measures

Second Quarter

Second Quarter

YTD

YTD

2014

2013

June 30, 2014

June 30, 2013

Income (loss) from operations, as reported

$              5,082

$              (2,211)

$           12,547

$           7,192

Impairment charges

3,718

906

3,718

1,440

Restructuring charges

1,042

4,953

1,272

5,832

Executive transition costs

(14)

386

626

386

Business acquisition costs

1,346

1,668

Purchase accounting depreciation and amortization

275

275

Postretirement benefit plan settlement gain

(1,285)

Litigation settlement

1,920

1,920

Income from operations, as adjusted

$               11,449

$                 5,954

$         18,821

$         16,770

Net income (loss), as reported

$              3,724

$              (2,475)

$         7,224

$         3,802

Adjustments, net of tax:

Impairment charges

2,417

906

2,417

1,253

Restructuring charges

653

3,553

850

4,182

Executive transition costs

(9)

251

407

251

Business acquisition costs

875

1,084

Purchase accounting depreciation and amortization

179

179

Postretirement benefit plan settlement gain

(835)

Convertible debt interest and amortization charges

1,641

3,257

Write-off of deferred financing costs

286

286

Non-recurring income tax adjustments

(2,715)

46

(2,715)

92

Litigation settlement

1,248

1,248

Insurance demutualization gain

(252)

Loss on disposal of assets

63

63

Net income (loss), as adjusted

$                 7,051

$                 3,592

$         12,154

$         10,639

Income (loss) per diluted share, as reported

$                0.11

$                (0.08)

$            0.22

$            0.12

Adjustments, net of tax:

Impairment charges

0.07

0.03

0.07

0.04

Restructuring charges

0.02

0.11

0.03

0.14

Executive transition costs

0.01

0.01

0.01

Business acquisition costs

0.03

0.03

Purchase accounting depreciation and amortization

0.01

0.01

Postretirement benefit plan settlement gain

(0.03)

Convertible debt interest and amortization charges

0.05

0.10

Write-off of deferred financing costs

0.01

0.01

Non-recurring income tax adjustments

(0.08)

(0.08)

Litigation settlement

0.04

0.04

Insurance demutualization gain

(0.01)

Loss on disposal of assets

Earnings per diluted share, as adjusted

$                0.22

$                0.11

$             0.37

$             0.34

 

Table 2:  Reconciliation of three and six months ended June 30, 2014 and 2013 reported income (loss) from operations to adjusted EBITDA:

 

QTD

QTD

YTD

YTD

June 30,
2014

June 30,
2013

June 30,
2014

June 30,
2013

Income (loss) from operations, as reported

$ 5,082

$ (2,211)

$ 12,547

$ 7,192

Impairment charges

3,718

906

3,718

1,440

Restructuring charges

1,042

4,953

1,272

5,832

Executive transition costs

(14)

386

626

386

Business acquisition costs

1,346

1,668

Postretirement benefit plan settlement gain

(1,285)

Litigation settlement

1,920

1,920

Income from operations, as adjusted

11,174

5,954

18,546

16,770

Add: Non-operating (expense) income net, as reported

(192)

377

(232)

844

Deduct: insurance demutualization gain

(388)

Add: Loss on disposal of assets

97

97

Add: Depreciation and amortization

4,263

3,949

8,024

8,012

Adjusted EBITDA

15,245

10,377

26,338

25,335

 

Source: AMRI

Related stocks: NASDAQ-NMS:AMRI

Written by asiafreshnews

August 6, 2014 at 1:09 pm

Posted in Uncategorized

Target Cruise Executives and Tourism Stakeholders at the FCCA Trade Show

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PEMBROKE PINES, Fla. /PRNewswire/ — The 2014 FCCA Trade Show, the Caribbean’s largest cruise and tourism trade show, will offer exhibitors an invaluable opportunity to target an influential audience of about 1,000 cruise tourism stakeholders and over 100 executives, presidents and CEOs from FCCA Member Lines.

Booth space is limited and selling quickly, so time is of the essence to secure a front and center position to capture the attention of important decision makers focused on sourcing new business and expanding existing business.

Exhibitors are guaranteed exposure through numerous events hosted at the Trade Show: a cruise executive preview before the official opening; an exclusive cocktail reception for cruise executives and Platinum Members; the Conference’s Wednesday night social function; and daily coffee breaks.

Plus traffic will be driven by the Trade Show’s location, with all attendees entering and passing through to access meetings, workshops, business sessions and registration of the FCCA Cruise Conference. There will even be a business center staged in the Trade Show to further incentivize Conference delegates and cruise executives to frequent the Trade Show.

Any booth will put an exhibitor’s product, company or destination on the mind of pivotal tourism stakeholders and cruise executives that decide where ships call and what is sold onboard. However, specialized pavilions will increase attention and allow a destination or large company to showcase their numerous offerings. Follow the lead of top FCCA destination partners that realized the advantages and booked their pavilions: Colombia, theDominican Republic, Mexico, Puerto Rico and the U.S. Virgin Islands.

This is your chance to ensure exposure to some of the cruise industry’s most important decision makers; don’t miss out. If you want to increase your cruise tourism business, book your booth and plane ticket for St. Maartenfrom October 6 – 10.

To learn more about and/or register for the FCCA Conference & Trade Show, visithttps://www.regonline.com/fccastmaarten.

To secure a booth or pavilion, contact Adam Ceserano via e-mail (Registration@F-CCA.com) or phone (954-441-8881).

Source: Florida-Caribbean Cruise Association (FCCA)

Written by asiafreshnews

August 6, 2014 at 1:04 pm

Posted in Uncategorized

Future Cities Asia: Harnessing Technology to Transform Urban Infrastructure

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-Meet with Mayors, Vice Mayors, CIOs, CTOs, CSOs, Architects, Town Planners and many more…

HONG KONG  /PRNewswire/ — Future Cities Asia, Asia’s premier smart cities event will examine how harnessing technology can transform urban infrastructure. It is an initiative that will explore topics such as Smart Governance and Funding, Smart Energy, Smart Buildings, Smart Mobility, Smart Technology, Smart Infrastructure, Smart Healthcare, Smart Citizen and Smart Resilience for future cities.

Future Cities Asia is taking place on the 13 – 15 October in Hong Kong which is already a highly sophisticated smart city and a gateway to Asia. Taking place at the Cyberport Conference and Exhibition Centre, the event will bring together over 200 senior level executives including government authorities, urban planners, investors, academics and the private sector from some of the worlds leading cities who will give direction to sustainable city development and is a must-attend for key stakeholders committed to creating smarter cities.

Future Cities Asia is being organized by Worldwide Business Research (WBR) the world’s biggest large-scale conference company in partnership with Cyberport and the Hong Kong University of Science and Technology.Danny Levy the Head of Asia Public Sector for WBR said, “We are delighted to be bringing Future Cities Asia 2014 to Hong Kong which is regularly voted Asia’s leading smart city. The 3 day event brings together over 50 speakers from some of the worlds leading future cities with the opportunity to see the latest innovations, technologies and solutions for the smart cities community during our industry leading exhibition.”

Future Cities Asia is being partnered by Microsoft, Bosch Software Innovations, Cyberport, Hong Kong University of Science and Technology, Tigerspike, CTTC HK, iOmniscient, Technology Quotient, The Future Cities Institute and EU Academic Programme.

More information: www.futurecitiesasia.com

About Worldwide Business Research (WBR)

WBR is the world’s biggest large-scale conference company and part of the PLS group, one of the world’s leading providers of strategic business intelligence with 16 offices worldwide. Our conference divisions consistently out-perform their industry sector competitors on the quality of the events we produce and the relationships we nurture with both delegates and sponsors. to learn more visit www.wbresearch.com, or call us at +6567229455.

Contact: Dhiraj Bhanushali
Tel. +6567229455
Email: Dhiraj.Bhanushali@iqpc.com.sg

Source: WBR Singapore

Written by asiafreshnews

August 6, 2014 at 11:03 am

Posted in Uncategorized

OneAsia Launches Business Continuity Services and New Data Centre in Chai Wan, Hong Kong

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-Adding Fifth New Facility to Its Footprint in Greater China Region

HONG KONG  /PRNewswire/ — OneAsia, the leading cloud solution and data center services provider in Asia today announced the launch of business continuity services as well as the opening of its fifth data centre in Chai Wan of Hong Kong.

The Chai Wan facility is the newest addition to OneAsia’s data centre services, it is designed for the business continuity of mission critical operations, and to cope with the rising demand for data centre as well as cloud services.  OneAsia currently operates five world-class data centres in the Greater China region.

Charles Lee, Founder & CEO of OneAsia said, “We conducted extensive site research to identify an existing building that is conveniently located in the city centre, allowing us to deliver professional business continuity services as well as data centre services.  Leveraging the best-in-class facilities and a strong professional team of OneAsia, our customers can achieve their goals without having to invest in equipment and resources dedicated for business continuity plan.”  OneAsia’s business continuity solution addresses all essential aspects of business continuity services including data centre, IT infrastructure, connectivity, business users working space, business continuity consultancy, tape vaulting to backup and recovery solutions.

The Chai Wan Data Centre offers customers the highest levels of security, protection and reliability:

  • N+1 redundancy on most of the infrastructure
  • Multiple levels of security
  • Carrier neutral connectivity
  • Shared conference rooms and working area
  • 24×7 monitoring and operational support

Charles added, “Not only equipped with the state-of-art infrastructure, but also our many years of owner-operator experience give us a winning combination of quality service and unmatched technical expertise that we provide to our customers.”

The first phase of Chai Wan facility can provide a total floor space of over 16,000 sq.ft. and the second phase of next year will expand to another 8,000 sq.ft.  It is located off the exit of Island Eastern Corridor Expressway and 3 minutes walk from Chai Wan MTR station.

About OneAsia

OneAsia offers a full range of cloud computing solutions and data centre services, from infrastructure, platform to application software, aiming to help clients to manage its IT budget and resources effectively in meeting core business needs.  OneAsia’s top-tier rated data centres are located across Asia to keep its customers connected from anywhere in the world with consistent levels of quality, security and services. OneAsia is at the forefront of the industry with extensive infrastructure coverage in Greater China, Singapore, Malaysia and Vietnam.

For more information, please visit www.oneAs1a.com.

For media enquiry, please contact:

Annie Loi
Email: annieloi@oneas1a.com
Tel: +85239793900

Source: OneAsia

Written by asiafreshnews

August 6, 2014 at 10:54 am

Posted in Uncategorized