Exhibit 99.1

 

For Release on Monday, February 11, 2008 at 9 a.m. EST

 

AMRI Announces Fourth Quarter and Full Year 2007 Results

Posts Full Year Adjusted EPS Growth of 40%

Announces $20 Million Share Repurchase Program

 

Albany, NY (February 11, 2008)

— AMRI (NASDAQ: AMRI) today reported financial and operating results for the fourth quarter and full year ending December 31, 2007.

 

Financial highlights include:

 

·      Continued strong growth in Development/Small Scale business segment revenue, up 22% in fourth quarter, and 26% for the full year

·      Full year adjusted operating income increased over 100% to $11.6 million from $5.7 million in 2006

·      Full year adjusted net income of $9.1 million for 2007, up from $6.5 million in 2006

·      Full year cash flow from operations improved by $20 million to $31.7 million

 

Fourth Quarter Results

 

Total revenue for the fourth quarter of 2007 was $47.2 million, an increase of 1% compared to total revenue of $46.6 million in the fourth quarter of 2006.

 

Total contract and milestone revenue for the fourth quarter was $41.1 million, an increase of 2% compared to total contract and milestone revenue of $40.3 million in the fourth quarter of 2006.

 

Total contract revenue for the fourth quarter of 2007 was $40.6 million, an increase of 1% compared to total contract revenue of $40.3 million in 2006.  Total contract revenue encompasses revenue from AMRI’s Discovery Services, Development and Small Scale Manufacturing, and Large Scale Manufacturing business components.

 

·      Development/Small Scale Manufacturing — contract revenue for the fourth quarter was $11.4 million, an increase of 22% from $9.3 million in 2006

·      Discovery Services — contract revenue for the fourth quarter of 2007 was $11.5 million, a decrease of 6% from $12.2 million in 2006

·      Large Scale Manufacturing — contract revenue for the fourth quarter of 2007 was $17.7 million, a decrease of 6% from $18.8 million in 2006

 

Milestone revenue resulting from a collaborative research agreement was $0.5 million in the fourth quarter.

 

Recurring royalties from Allegra® in the fourth quarter of 2007 were $6.1 million, a decrease of 4% compared to recurring royalties of $6.3 million in 2006.  AMRI earns royalties from worldwide sales of the non-sedating antihistamine Allegra® (Telfast® outside the United States), as well as the authorized generic, for patents relating to the active ingredient in Allegra®.

 

The net loss under U.S. Generally Accepted Accounting Principles (U.S. GAAP) in the fourth quarter of 2007 was $0.8 million or ($0.03) per basic and diluted share, compared to a net loss of $0.8 million or ($0.02) per basic and diluted share in the fourth quarter of 2006.  During the fourth quarter of 2006, AMRI initiated the restructuring of its Large Scale Manufacturing facility in Rensselaer, NY in order to improve profitability.  AMRI recorded a charge of $1.6 million, net of taxes, or ($0.05) per diluted share, related to this restructuring initiative.  In addition, during the fourth quarter of 2006, AMRI entered into a letter of intent to sell its real estate assets in Mount Prospect, IL for approximately $1.5 million.  As a result, AMRI recorded an additional impairment charge of approximately $306,000, net of taxes, or ($0.01) per diluted share, in the fourth quarter of 2006 to reduce the carrying amount of these assets.  Also, during the fourth quarter of 2006 AMRI recognized a real property tax adjustment resulting from a prior year tax audit settlement in the amount of $390,000 or ($0.01) per diluted share. Excluding the Large Scale restructuring, the Mount Prospect impairment and real property tax adjustment charges described above, net income in the fourth quarter of 2006 was $1.5 million, or $0.05 per diluted share.  There were no similar material pro forma adjustments in the fourth quarter of 2007.  For a reconciliation of net income (loss) and earnings (loss) per diluted share as reported to adjusted net income and earnings per diluted share for the 2007 and 2006 reporting periods, please see Table 1 at the end of this press release.

 

 


The following information was filed by Albany Molecular Research Inc (AMRI) on Monday, February 11, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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