Albany Molecular Research Inc., a scientific services provider, yesterday reported financial and operating results for the first quarter ended March 31, 2011.
Total revenue for the first quarter of 2011 was $56.9 million, an increase of 15 percent compared to total revenue of $49.3 million reported in the first quarter of 2010.
The company recognized recurring royalties of $14 million in the first quarter of 2011, a 34 percent increase from royalties of $10.4 million in the first quarter of 2010. The company earns royalties from worldwide sales of the non-sedating antihistamine Allegra® (Telfast® outside the United States), as well as certain generic forms of Allegra, and for patents relating to the active ingredient in Allegra.
The company reported an adjusted net loss of $0.5 million, or $(0.02) per basic and diluted share. Net loss under U.S. GAAP was $1.5 million, or $(0.05) per basic and diluted share, in the first quarter of 2011, compared to a net income of $0.1 million, or $0.00 per basic and diluted share, for the first quarter of 2010.
“We are pleased to announce significant revenue growth for the first quarter of 2011, led by our development and large scale API manufacturing operations. We continue to experience increasing demand for services in our locations outside of the United States, particularly in India and Singapore. On the discovery services front, marketing of our integrated drug discovery services is gaining momentum substantiated by an increasing number of customer RFPs with an emphasis on biology and early stage discovery capabilities,” Albany Molecular chairman, president and CEO Thomas E. D’Ambra stated in the press release.
At March 31, 2011, Albany Resources had cash, cash equivalents and marketable securities of $29.0 million, compared to $41.5 million at December 31, 2010. Total debt at March 31, 2011, was $13.2 million, unchanged from December 31, 2010.
Albany Resources Chief Financial Officer Mark T. Frost provided contract revenue guidance for the second quarter and full year 2011.
“Our book to bill ratio improved from 2010, rising to a level of 1.80 for first quarter 2011. We remain optimistic based on this improvement and review of our backlog that AMRI will deliver solid revenue growth in 2011. In the second quarter, we expect contract revenue to range from $43 million to $46 million, an increase of up to 13% versus 2010. For the full year 2011, we continue to expect contract revenue to range from $179 million to $187 million, an increase of up to 15% versus 2010,” Frost stated.
For more information visit www.amriglobal.com