ALBANY MOLECULAR RESEARCH INC
CIK:0001065087|SEC Filings
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
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| Contract revenue | $ 170,720 | $ 116,457 | [1] | $ 330,945 | $ 219,295 | [1] | ||||
| Recurring royalties | 2,212 | 4,353 | 5,809 | 7,094 | ||||||
| Total revenue | 172,932 | 120,810 | 336,754 | 226,389 | ||||||
| Cost of contract revenue | 131,715 | 82,214 | 254,493 | 161,577 | ||||||
| Research and development | 3,463 | 3,479 | 6,836 | 6,647 | ||||||
| Selling, general and administrative | 38,645 | 27,924 | 72,075 | 52,525 | ||||||
| Restructuring and other charges | 153 | 526 | 2,311 | 3,126 | ||||||
| Impairment charges | 512 | 201 | 512 | 201 | ||||||
| Total operating expenses | 174,488 | 114,344 | 336,227 | 224,076 | ||||||
| (Loss) income from operations | (1,556) | 6,466 | [2] | 527 | 2,313 | [2] | ||||
| Interest expense, net | (12,710) | (7,064) | (25,540) | (14,200) | ||||||
| Other expense, net | (633) | (5,661) | (1,425) | (6,657) | ||||||
| Loss before income tax (benefit) expense | (14,899) | (6,259) | (26,438) | (18,544) | ||||||
| Income tax (benefit) expense | (4,652) | 15,008 | (5,501) | 12,791 | ||||||
| Net loss | $ (10,247) | $ (21,267) | $ (20,937) | $ (31,335) | ||||||
| Basic and diluted loss per share | $ (0.24) | $ (0.61) | $ (0.49) | $ (0.90) | ||||||
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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2017 |
Dec. 31, 2016 |
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|---|---|---|---|---|---|
| Current assets: | |||||
| Cash and cash equivalents | $ 42,227 | $ 52,000 | |||
| Restricted cash | 300 | 236 | |||
| Accounts receivable, net | 139,342 | 144,795 | |||
| Royalty income receivable | 2,755 | 3,486 | |||
| Inventory | 186,409 | 167,111 | [1] | ||
| Prepaid expenses and other current assets | 26,138 | 22,109 | |||
| Income taxes receivable | 5,532 | 2,026 | |||
| Property and equipment held for sale | 1,209 | 1,148 | |||
| Total current assets | 403,912 | 392,911 | |||
| Property and equipment, net | 362,036 | 364,806 | |||
| Notes hedges | 64,677 | 51,003 | |||
| Goodwill | 238,702 | 231,256 | |||
| Intangible assets and patents, net | 168,382 | 165,174 | |||
| Deferred income taxes | 563 | 504 | |||
| Other assets | 4,102 | 3,994 | |||
| Total assets | 1,242,374 | 1,209,648 | |||
| Current liabilities: | |||||
| Accounts payable and accrued expenses | 116,919 | 122,210 | |||
| Deferred revenue | 20,188 | 13,370 | |||
| Income taxes payable | 2,222 | 2,826 | |||
| Accrued pension benefits | 958 | 680 | |||
| Short-term borrowings | 20,810 | 22,515 | |||
| Current installments of long-term debt | 431,562 | 13,917 | |||
| Total current liabilities | 592,659 | 175,518 | |||
| Long-term liabilities: | |||||
| Long-term debt, excluding current installments, net | 195,591 | 604,476 | |||
| Notes conversion derivative | 64,677 | 51,003 | |||
| Income taxes payable | 3,068 | 3,769 | |||
| Pension and postretirement benefits | 18,412 | 18,615 | |||
| Deferred income taxes | 34,782 | 40,058 | |||
| Other long-term liabilities | 16,162 | 17,227 | |||
| Total liabilities | 925,351 | 910,666 | |||
| Commitments and contingencies | |||||
| Stockholders' equity: | |||||
| Preferred stock, $0.01 par value, authorized 2,000 shares, none issued or outstanding | 0 | 0 | |||
| Common stock, $0.01 par value, authorized 100,000 shares, 48,643 shares issued as of June 30, 2017 and 48,465 shares issued as of December 31, 2016 | 486 | 485 | |||
| Additional paid-in capital | 407,884 | 400,496 | |||
| (Accumulated deficit) retained earnings | (13,777) | 7,160 | |||
| Accumulated other comprehensive loss, net | (6,190) | (39,730) | |||
| Stockholders' Equity before Treasury Stock, Total | 388,403 | 368,411 | |||
| Less, treasury shares at cost, 5,680 shares as of June 30, 2017 and 5,573 shares as of December 31, 2016 | (71,380) | (69,429) | |||
| Total stockholders’ equity | 317,023 | 298,982 | |||
| Total liabilities and stockholders’ equity | $ 1,242,374 | $ 1,209,648 | |||
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