AMRI revenue up 11 percent
Revenue and cash were up at Albany Molecular Research, Inc. in the first quarter of the year.
The Albany-based global company saw revenue of $59.4 million in the first three months of the year, up 11 percent from last year, according to a recent filing with the U.S. Securities and Exchange Commission.
AMRI is a contract research and manufacturing organization with locations in the U.S. and abroad. It provides drug discovery and scientific services, technologies and products to the pharmaceutical and biotechnology industries.
Total contract revenue increased 9 percent in the first quarter, from $42.7 million last year to $46.5 million this year. This revenue comes from three divisions — discovery services, development/small scale manufacturing, and large scale manufacturing. Of these, development/small scale manufacturing contract revenue was the only to decrease in the first quarter, dropping 7 percent from $9.8 million in 2012 to $9.1 million in 2013.
"We are pleased to report first quarter results for 2013 that reflect contract margin improvements driven by the performance in our Discovery and Large Scale Manufacturing businesses," said AMRI Chairman, President and CEO Thomas D’Ambra in the SEC filing. "Our overall performance for the first quarter of 2013 reaffirms the consistent and positive direction of our company."
At the end of the first quarter, AMRI had cash, cash equivalents and restricted cash of $33.9 million, compared to $28.5 million at the end of 2012. Total debt remains at $8 million.
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