ALBANY, N.Y., Feb. 21, 2017 /PRNewswire/ -- AMRI (NASDAQ:
AMRI) today reported financial and operating results for the fourth
quarter and full year ended December 31,
2016 and provided an outlook for 2017.
Highlights:
- Fourth quarter total revenue of $191.3
million, up 51% from 2015
- Full year total revenue of $570.5
million, up 42% from 2015
- Fourth quarter reported basic and diluted EPS $(0.37); non-GAAP diluted EPS of $0.34
- Full year reported basic and diluted EPS $(1.83); non-GAAP diluted EPS of $0.95
- Fourth quarter reported net loss of $15.4 million; non-GAAP net income of
$14.8 million
- Full year reported net loss of $70.2
million; non-GAAP net income of $37.1
million
- Fourth quarter adjusted EBITDA of $36.7
million, up 38% from 2015
- Full year adjusted EBITDA of $102.0
million, up 36% from 2015
Non-GAAP net income, non-GAAP diluted EPS and adjusted EBITDA
are non-GAAP financial measures. For a discussion of these measures
and reconciliations to U.S. GAAP measures, see "Non-GAAP Financial
Measures" and Tables 1, 2 and 3.
"We had a number of successes in 2016 that give us confidence in
our growth trajectory for 2017 and beyond," said William S. Marth, president and chief executive
officer, AMRI. "Through key acquisitions and organic initiatives,
we have scaled our business and strengthened our service offerings
in complex science, expanded our global footprint and commercial
portfolio of APIs to more than 240, and increased our capacity to
address the growing demand for pharmaceutical outsourcing.
Marth continued, "Our strategic vision has been to build a
preeminent global contract development and manufacturing
organization (CDMO) with a complete suite of services to meet the
needs of both large pharmaceutical and smaller biotechnology
companies. Specialized services, such as extractables and
leachables testing, complement our key product offerings and
expertise with sterile products, steroids, controlled substances,
high potency compounds, monobactams and hormones. We believe we are
well-positioned to capture significant business as more companies
outsource their contract research, testing and manufacturing
services."
Fourth Quarter 2016 Results
Total revenue for the fourth quarter of 2016 was $191.3 million, an increase of 51% compared to
total revenue of $126.4 million in
the fourth quarter of 2015.
Total contract revenue for the fourth quarter of 2016 was
$189.5 million, an increase of 54%
compared to contract revenue of $123.0
million in the fourth quarter of 2015. Contract margins
reported under GAAP were 20% in the fourth quarter of 2016,
compared with 25% for the fourth quarter of 2015. Non-GAAP contract
gross margins were 30% for the fourth quarter of 2016, unchanged
from the fourth quarter of 2015. Non-GAAP contract gross margins
reflect growth within our Discovery and Development Services (DDS)
business, offset by the addition of Euticals to our Active
Pharmaceutical Ingredients (API) business and a decline in our Drug
Product (DP) margins.
Recurring royalty revenue in the fourth quarter of 2016 was
$1.9 million, down from $3.4 million in the fourth quarter of 2015, due
primarily to a decline of royalties from the net sales of certain
amphetamine salts sold by Teva Pharmaceuticals, partially offset by
the addition of royalties resulting from our partner's sales of
nitroprusside.
Reported research and development expense in the fourth quarter
of 2016 was $4.8 million, up from
$2.7 million in the fourth quarter
2015. Non-GAAP research and development expense in the fourth
quarter of 2016 was $4.9 million, up
from $2.2 million in the fourth
quarter 2015, reflecting increased investment in collaboration
agreements and our API portfolio.
Reported selling, general and administrative (SG&A) expense
in the fourth quarter of 2016 was $32.3
million, up 46% from $22.2
million in the fourth quarter of 2015. Non-GAAP SG&A
expense in the fourth quarter of 2016 was $24.8 million, up 52% from $16.3 million in the fourth quarter of 2015, due
largely to additional SG&A from acquired businesses and
investments we have made in key support functions.
Reported net loss was $(15.4)
million, or $(0.37) per basic
and diluted share, in the fourth quarter of 2016, compared to net
income of $1.8 million, or
$0.05 per basic and diluted share in
the fourth quarter of 2015, due primarily to increased operating
expenses associated with the expanded business. Non-GAAP net income
in the fourth quarter of 2016 was $14.8
million, or $0.34 per diluted
share, compared to non-GAAP net income of $14.1 million or $0.40 per diluted share in 2015.
Adjusted EBITDA in the fourth quarter of 2016 was $36.7 million, an increase of 38% from
$26.7 million in the fourth quarter
2015.
For a reconciliation of non-GAAP financial measures to U.S. GAAP
financial measures for the 2016 and 2015 reporting periods, please
see Tables 1-3 at the end of this press release.
Full Year 2016 Results
Total revenue for the year ended December
31, 2016 was $570.5 million,
an increase of 42% compared to total revenue of $402.4 million for the twelve-month period ended
December 31, 2015.
Contract revenue for the year ended December 31, 2016 was $560.4 million, an increase of 46% compared to
contract revenue of $384.7 million
for the year ended December 31, 2015
due primarily to the acquisitions of Euticals and Gadea
Pharmaceuticals (Gadea).
Contract gross margins reported under GAAP were 22% for the
twelve-month period ended December 31,
2016, compared to 23% in 2015. Non-GAAP contract gross
margins were 30% for the twelve month period ended December 31, 2016, compared with 26% for the
twelve month period ended December 31,
2015.
Recurring royalty revenue for the twelve month period ended
December 31, 2016 was $10.0 million, a decrease of 43% from
$17.6 million in 2015, due to the
expiration of Allegra (fexofenadine) royalties in the second
quarter of 2015. Recurring royalty revenue for the twelve-month
period ended December 31, 2016
includes $6.4 million from the net
sales of mixed amphetamine salts, royalties from an API sourced
from our business in Spain and
royalties from net sales of nitroprusside.
Reported net loss was $(70.2)
million, or $(1.83) per basic
and diluted share for the twelve-month period ended December 31, 2016, compared to a reported net
loss of $(2.3) million, or
$(0.07) per basic and diluted share
for the twelve-month period ended December
31, 2015, due primarily to increased operating expenses
associated with the expanded business. Non-GAAP net income for the
twelve-month period ended December 31,
2016 was $37.1 million or
$0.95 per diluted share, compared to
non-GAAP net income of $33.0 million,
or $0.96 per diluted share, for the
twelve-month period ended December 31,
2015. Non-GAAP net income for 2016 reflects the contribution
from recently acquired businesses, offset by a $7.6 million decline in royalty income.
Adjusted EBITDA for the twelve-month period ended December 31, 2016 was $102.0 million, an increase of $26.8 million or 36%, compared to the
twelve-month period ended December
31, 2015.
The fourth quarter and full year 2016 reported GAAP net loss and
non-GAAP net income, reported basic and diluted EPS and non-GAAP
EPS results reported herein are based on an estimated tax provision
that may be subject to adjustment as the Company completes the
preparation of its 2016 consolidated financial statements. Any
changes to the results reported herein will be set forth in the
Company's Annual Report on Form 10-K.
At December 31, 2016, AMRI had
cash, cash equivalents and restricted cash of $50.8 million, compared to $45.0 million at September
30, 2016 and $52.3 million at
December 31, 2015, respectively.
Segment Results
Active
Pharmaceutical Ingredients (API)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
December
31,
|
(Unaudited; $ in
thousands)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
API Contract
Revenue
|
|
$
128,120
|
|
$
70,867
|
|
$
337,835
|
|
$
204,868
|
API Royalty
Revenue
|
|
1,239
|
|
3,380
|
|
9,391
|
|
12,077
|
API Total Revenue
|
|
$
129,359
|
|
$
74,247
|
|
$
347,226
|
|
$
216,945
|
|
|
|
|
|
|
|
|
|
Cost of Contract
Revenue
|
|
$
107,640
|
|
$
54,243
|
|
$
272,867
|
|
$
154,670
|
|
|
|
|
|
|
|
|
|
Contract Gross
Profit
|
|
$
20,479
|
|
$
16,624
|
|
$
64,967
|
|
$
50,198
|
Contract Gross
Margin
|
|
16.0%
|
|
23.5%
|
|
19.2%
|
|
24.5%
|
|
|
|
|
|
|
|
|
|
Non-GAAP Contract
Gross Profit (1)
|
|
$
39,954
|
|
$
21,739
|
|
$
105,191
|
|
$
59,200
|
Non-GAAP Contract
Gross Margin (1)
|
|
31.2%
|
|
30.7%
|
|
31.1%
|
|
28.9%
|
|
|
|
|
|
|
|
|
|
Gross Profit
(2)
|
|
$
21,719
|
|
$
20,004
|
|
$
74,358
|
|
$
62,275
|
Gross Margin
(2)
|
|
16.8%
|
|
26.9%
|
|
21.4%
|
|
28.7%
|
|
|
|
|
|
|
|
|
|
Non-GAAP Gross Profit
(1) (2)
|
|
$
41,194
|
|
$
25,119
|
|
$
114,582
|
|
$
71,277
|
Non-GAAP Gross Margin
(1) (2)
|
|
31.8%
|
|
33.8%
|
|
33.0%
|
|
32.9%
|
|
|
|
|
|
|
|
|
|
(1) Refer to Table 1
included in this release for the reconciliation of U.S. GAAP to
non-GAAP measures.
|
|
|
|
|
|
|
|
|
|
(2) Includes
royalties
|
API contract revenue for the fourth quarter of 2016 increased
81% compared to the fourth quarter of 2015 primarily due to
$69 million of incremental revenue
from the acquisition of Euticals, partially offset by lower revenue
at our Rensselaer, N.Y.
facility.
API reported contract gross margin for the fourth quarter of
2016, decreased 8 percentage points compared to the fourth quarter
of 2015, inclusive of the impact of acquisition accounting
associated with Euticals. API non-GAAP contract gross margin for
the fourth quarter of 2016 increased slightly from the fourth
quarter of 2015, reflecting an enhanced product mix and operational
enhancements.
API royalty revenue in the fourth quarter of 2016 declined
$2.1 million from 2015, reflecting
lower royalties from the net sales of mixed amphetamine salts.
For the twelve-month period ended December 31, 2016, API contract revenue increased
$133.0 million or 65% from the year
ended December 31, 2015, due
primarily to $156.2 million of
incremental revenue from the acquisitions of Gadea and Euticals,
partially offset by lower organic revenue associated with the
timing of product transfers from the Holywell, UK site closure.
API reported contract gross margin for the twelve-month period
ended December 31, 2016 decreased 5
percentage points compared to the twelve-month period ended
December 31, 2015, inclusive of the
impact of acquisition accounting adjustments associated with the
acquisitions of Gadea and Euticals. API non-GAAP contract gross
margin for the twelve-month period ended December 31, 2016 increased 2 percentage points
compared to the twelve-month period ended December 31, 2015, driven by the margins realized
on Gadea and legacy AMRI revenues.
Drug Discovery
Services (DDS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
December
31,
|
(Unaudited; $ in
thousands)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
DDS Contract Revenue
(1)
|
|
$
26,984
|
|
$
22,325
|
|
$
104,472
|
|
$
83,059
|
Cost of Contract
Revenue (1)
|
|
16,652
|
|
16,045
|
|
70,430
|
|
61,180
|
Contract Gross
Profit
|
|
$
10,332
|
|
$
6,280
|
|
$
34,042
|
|
$
21,879
|
Contract Gross
Margin
|
|
38.3%
|
|
28.1%
|
|
32.6%
|
|
26.3%
|
|
|
|
|
|
|
|
|
|
Non-GAAP Contract
Gross Profit (2)
|
|
$
10,468
|
|
$
6,736
|
|
$
35,974
|
|
$
23,497
|
Non-GAAP Contract
Gross Margin(2)
|
|
38.8%
|
|
30.2%
|
|
34.4%
|
|
28.3%
|
|
|
|
|
|
|
|
|
|
(1) A portion of the
2015 amounts were reclassified from DDS to DP to better align
business activities within our reporting segments.
|
|
(2) Refer to Table 1
included in this release for the reconciliation of U.S. GAAP to
non-GAAP measures.
|
DDS contract revenue for the fourth quarter of 2016 increased
21% compared to the fourth quarter of 2015, due primarily to
incremental revenue of $4.3 million
from the acquisition of Whitehouse Laboratories and Euticals, and
organic growth in the underlying business.
DDS reported contract gross margin increased 10 percentage
points in the fourth quarter of 2016 as compared to the fourth
quarter of 2015. DDS non-GAAP contract gross margin increased 9
percentage points for the fourth quarter of 2016 as compared to the
fourth quarter of 2015, driven by the margins realized on
Whitehouse Laboratories' revenue and greater efficiencies in our
discovery services.
For the twelve-month period ended December 31, 2016, DDS contract revenue increased
26% from the 2015 period due primarily to the acquisition of
Whitehouse Laboratories and Euticals, and organic growth in the
underlying business.
DDS reported contract gross margin for the twelve-month period
ended December 31, 2016 increased 6
percentage points compared with the twelve-month period ended
December 31, 2015. DDS non-GAAP
contract gross margin for the twelve-month period ended
December 31, 2016 increased 6
percentage points from the twelve-month period ended December 31, 2015, driven by the margins realized
on Whitehouse Laboratories' revenues and operational
efficiencies.
Drug Product
(DP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
December
31,
|
(Unaudited; $ in
thousands)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
DP Contract Revenue
(1)
|
|
$
23,705
|
|
$
29,841
|
|
$
98,377
|
|
$
96,810
|
DP Royalty
Revenue
|
|
$
629
|
|
$
-
|
|
$
629
|
|
$
-
|
|
|
$
24,335
|
|
$
29,841
|
|
$
99,006
|
|
$
96,810
|
|
|
|
|
|
|
|
|
|
Cost of Contract
Revenue (1)
|
|
19,643
|
|
22,228
|
|
76,343
|
|
79,677
|
|
|
|
|
|
|
|
|
|
Contract Gross
Profit
|
|
$
4,062
|
|
$
7,613
|
|
$
22,033
|
|
$
17,133
|
Contract Gross
Margin
|
|
17.1%
|
|
25.5%
|
|
22.4%
|
|
17.7%
|
|
|
|
|
|
|
|
|
|
Non-GAAP Contract
Gross Profit (2)
|
|
$
4,173
|
|
$
8,185
|
|
$
22,701
|
|
$
18,506
|
Non-GAAP Contract
Gross Margin (2)
|
|
17.6%
|
|
27.4%
|
|
23.1%
|
|
19.1%
|
|
|
|
|
|
|
|
|
|
Gross Profit
(3)
|
|
$
4,692
|
|
$
7,613
|
|
$
22,663
|
|
$
17,133
|
Gross Margin
(3)
|
|
19.3%
|
|
25.5%
|
|
22.9%
|
|
17.7%
|
|
|
|
|
|
|
|
|
|
Non-GAAP Gross Profit
(2) (3)
|
|
$
4,802
|
|
$
8,185
|
|
$
23,330
|
|
$
18,506
|
Non-GAAP Gross Margin
(2) (3)
|
|
19.7%
|
|
27.4%
|
|
23.6%
|
|
19.1%
|
|
|
|
|
|
|
|
|
|
(1) A portion of the
2015 amounts were reclassified from DDS to DP to better align
business activities within our reporting segments.
|
|
|
|
|
|
|
|
|
|
(2) Refer to Table 1
included in this release for the reconciliation of U.S. GAAP to
non-GAAP measures.
|
|
|
|
|
|
|
|
|
|
(3) Includes
royalties
|
DP contract revenue for the fourth quarter of 2016 decreased 21%
compared to the fourth quarter 2015, primarily due to lower
production volume at our Albuquerque,
N.M. commercial manufacturing facility.
DP reported contract gross margin for the fourth quarter 2016
decreased 8 percentage points compared to the fourth quarter of
2015. DP non-GAAP contract gross margin for the fourth quarter of
2016 decreased 9 percentage points compared to the fourth quarter
of 2015, primarily due to lower volumes at our Albuquerque, N.M. facility.
DP contract revenue for the twelve-month period ended
December 31, 2016 increased 2%
compared to the twelve-month period ended December 31, 2015, primarily due to the addition
of Gadea.
DP reported contract gross margin for the twelve-month period
ended December 31, 2016 increased 5
percentage points compared to the twelve-month period ended
December 31, 2015. DP non-GAAP
contract gross margin for the twelve-month period ended
December 31, 2016 increased 4
percentage points compared to the twelve-month period ended
December 31, 2015, driven by enhanced
operating efficiencies at our Albuquerque, N.M. commercial manufacturing
facility.
Fine Chemicals
(FC)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
December
31,
|
(Unaudited; $ in
thousands)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
FC Contract
Revenue
|
|
$
10,644
|
|
$
-
|
|
$
19,745
|
|
$
-
|
Cost of Contract
Revenue
|
|
8,650
|
|
-
|
|
18,008
|
|
-
|
Contract Gross
Profit
|
|
$
1,994
|
|
-
|
|
$
1,736
|
|
-
|
Contract Gross
Margin
|
|
18.7%
|
|
-
|
|
8.8%
|
|
-
|
|
|
|
|
|
|
|
|
|
Non-GAAP Contract
Gross Profit (1)
|
|
$
2,554
|
|
-
|
|
$
4,940
|
|
-
|
Non-GAAP Contract
Gross Margin (1)
|
|
24.0%
|
|
-
|
|
25.0%
|
|
-
|
|
|
|
|
|
|
|
|
|
(1) Refer to Table 1
included in this release for the reconciliation of U.S. GAAP to
non-GAAP measures.
|
Fine Chemicals (FC) is a new reporting segment for AMRI
resulting from the acquisition of Euticals. Consequently, there are
no comparative prior period amounts. Non-GAAP contract gross profit
and margin reflect the impact of acquisition accounting associated
with the acquisition of Euticals.
Financial Outlook
AMRI's guidance takes into account a number of factors,
including expected financial results for 2017, anticipated tax
rates, foreign currency fluctuations and shares outstanding.
2017 Guidance
Total
Revenue $710
to $740 million
Add: Negative effect of foreign
exchange
(1%)
Revenue growth, reported at the mid
point
28%
Less: Contributions from acquisitions
(1) (15%
to 16%)
Revenue growth, organic
(2)
7%
DDS Contract revenue growth,
organic
12%
API Contract revenue growth,
organic 8%
DP Contract revenue growth,
organic
8%
FC Contract revenue growth,
organic (28%)
GAAP contract margin 26% Non-GAAP contract margin
(3) ~29%
GAAP R&D expense, as a percent of
revenue
2%
Non-GAAP R&D expense, as a percent of
revenue
2%
GAAP SG&A, as a percent of
revenue
18%
Non-GAAP SG&A, as a percent of revenue
(3)
15%
GAAP Net
loss
($12) to ($7) million
Non-GAAP Net income
(3) $47
to $52 million
Adjusted EBITDA
(3)
$135 to $145 million
Adjusted EBITDA, as a percent of revenue
(3)
19% to 20%
GAAP diluted
EPS
($0.28) to ($0.16)
Non-GAAP diluted EPS (3)
(4) $1.08
to $1.20
Capital
expenditures $35
to $40 million
Footnotes to Guidance Table
(1) Reflects the acquisition of Euticals which was completed in
July 2016.
(2) Organic revenue growth is defined as reported revenue growth
adjusted for acquisitions and foreign currency translation.
(3) Refer to Table 4 included in this release for reconciliation of
forward-looking non-GAAP financial measures to forward looking GAAP
financial measures.
(4) Assumes tax rate of approximately 28% and 44 million shares
outstanding.
Fourth Quarter and Full Year 2016 Results Conference
Call
AMRI will host a conference call and webcast today
at 8:30 a.m. ET to discuss fourth quarter and full year
2016 results, as well as guidance for 2017. The conference
call can be accessed by dialing (866) 208-5728 (domestic calls) or
(224) 633-1279 (international calls) at 8:20
a.m. ET and entering passcode 61743127. The webcast and
supplementing slides can be accessed on the company's website at
www.amriglobal.com.
A replay of the conference call can be accessed for 24 hours at
(855) 859-2056 (domestic calls) or (404)
537-3406 (international calls) and entering passcode 75749093.
Replays of the webcast can also be accessed for up to 90 days after
the call via the investor area of the company's website at
http://ir.amriglobal.com.
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 Discovery and Development Services (DDS), Active
Pharmaceutical Ingredients (API), Drug Product (DP), and Fine
Chemicals (FC). For more information about AMRI, please visit our
website at www.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. These
forward-looking statements include, but are not limited to, all of
the estimates under "Financial Outlook" and statements regarding,
among other things, the performance of the Company's
previously acquired businesses, the strength of the Company's
commercial operations and prospects, projections regarding future
revenues and financial performance, and the Company's momentum and
long-term growth. The words "outlook", "guidance", "anticipates",
"believes", "expects", "may", "plans", "predicts", "will",
"potential", "goal" and similar expressions are intended to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Readers
should not place undue reliance on these 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, the ability of the
Company to successfully integrate its acquired businesses and
achieve the expected financial results; ongoing headwinds in the
U.S. and other world economies which could lead to overall softness
in the markets the Company serves; difficulty in raising new
capital to support the Company's business, including financing our
debt obligations, capital expenditures and acquisitions; trends in
pharmaceutical and biotechnology companies' outsourcing of
manufacturing services and chemical research and development,
including softness in these markets; the success of the sales of
the 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 historically 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 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 impact of foreign currency
fluctuations; and the Company's ability to take advantage of
proprietary technology and expand the scientific tools available to
it; as well as those risks discussed in the Company's Annual Report
on Form 10-K for the year ended December 31,
2015 as filed with the Securities and Exchange Commission
(SEC) on March 30, 2016, subsequent
Quarterly Reports filed with the SEC and the Company's other SEC
filings. The financial guidance offered by senior management with
respect to 2017 represents a point-in-time estimate and is 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 Financial Measures
To supplement our
financial results prepared in accordance with U.S. GAAP, we have
presented non-GAAP measures of contract gross profit, contract
gross margin, gross profit, gross margin, net income, and earnings
per diluted share, adjusted to exclude certain charges (and gains
when applicable) that relate to specific events or transactions,
such as impairment charges, restructuring charges, executive
transition costs, business acquisition costs, realized and
unrealized gains and losses on foreign currency transactions
related to business acquisitions, non-recurring professional fees,
ERP implementation costs, insurance recoveries on business
interruption events, and gains on sales of facilities in the 2016
and 2015 periods presented. Management typically excludes these
amounts when evaluating our operating performance and believes that
the resulting non-GAAP measures provide investors with a consistent
basis for comparison across periods and, therefore, are useful to
investors in assessing our operating performance.
Our U.S. GAAP measures are also adjusted to exclude certain
non-cash charges (and gains when applicable) such as non-cash debt
interest and amortization charges, share-based compensation
expense, acquisition accounting inventory adjustments, and
acquisition accounting depreciation and amortization for the
periods presented for 2016 and 2015. Management typically excludes
the amounts described above when evaluating our operating
performance and believes that the resulting non-GAAP measures are
useful to investors in assessing our operating performance.
We have also presented the non-GAAP measure of adjusted EBITDA,
which in addition to the items excluded above, further excludes the
impact of interest income and expense, depreciation and
amortization expense, and income tax expense or benefit.
We believe presentation of our non-GAAP measures enhances an
overall understanding of our historical financial performance
because we believe these measures 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 the related GAAP
measures. Reconciliations of these non-GAAP measures to the most
directly comparable GAAP financial measures are set forth in Tables
1-3.
A reconciliation of forward-looking non-GAAP financial measures
to the most directly comparable GAAP reported financial measures
has been included in Table 4.
Albany Molecular
Research, Inc.
Condensed
Consolidated Statements of Operations (unaudited)
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
(Dollars in
thousands, except for per share data)
|
|
|
December 31,
2016
|
|
|
December 31,
2015
|
|
|
December 31,
2016
|
|
December 31,
2015
|
|
|
|
|
|
|
|
|
|
Contract
revenue
|
|
$
|
189,454
|
|
$
|
123,032
|
|
$
|
560,430
|
|
$
|
384,738
|
Recurring
royalties
|
|
|
1,868
|
|
|
3,380
|
|
|
10,020
|
|
|
17,618
|
Total
revenue
|
|
|
191,322
|
|
|
126,412
|
|
|
570,450
|
|
|
402,356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of contract
revenue
|
|
|
152,586
|
|
|
92,516
|
|
|
437,649
|
|
|
295,527
|
Technology incentive
award
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
554
|
Research and
development
|
|
|
4,757
|
|
|
2,696
|
|
|
16,046
|
|
|
5,474
|
Selling, general and
administrative
|
|
|
32,308
|
|
|
22,183
|
|
|
122,136
|
|
|
77,394
|
Restructuring and
other charges
|
|
|
4,158
|
|
|
2,160
|
|
|
10,252
|
|
|
5,988
|
Impairment
charges
|
|
|
2,925
|
|
|
615
|
|
|
3,126
|
|
|
3,770
|
Total operating
expenses
|
|
|
196,734
|
|
|
120,170
|
|
|
589,209
|
|
|
388,707
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from
operations
|
|
|
(5,412)
|
|
|
6,242
|
|
|
(18,759)
|
|
|
13,649
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
(13,009)
|
|
|
(6,806)
|
|
|
(39,923)
|
|
|
(19,338)
|
Other income
(expense), net
|
|
|
5,930
|
|
|
319
|
|
|
(1,276)
|
|
|
2,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
|
|
(12,492)
|
|
|
(245)
|
|
|
(59,959)
|
|
|
(3,469)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
|
|
2,920
|
|
|
(2,030)
|
|
|
10,212
|
|
|
(1,168)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
$
|
(15,412)
|
|
$
|
1,785
|
|
$
|
(70,171)
|
|
$
|
(2,301)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss) income
per share
|
|
$
|
(0.37)
|
|
$
|
0.05
|
|
$
|
(1.83)
|
|
$
|
(0.07)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted (loss) income
per share
|
|
$
|
(0.37)
|
|
$
|
0.05
|
|
$
|
(1.83)
|
|
$
|
(0.07)
|
Table 1: Reconciliation of three and twelve-months ended
December 31, 2016 and 2015 reported
contract gross profit and contract gross margin to non-GAAP
contract gross profit and non-GAAP contract gross margin:
Non-GAAP
Measures
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
(Dollars in
thousands)
|
|
December
31,
|
|
December
31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
Consolidated Contract
Revenue, as reported
|
|
$
189,454
|
|
$
123,032
|
|
$
560,430
|
|
$
384,738
|
Consolidated Cost of
Contract Revenue, as reported
|
|
152,586
|
|
92,516
|
|
437,649
|
|
295,527
|
Consolidated Contract
Gross Profit, as reported
|
|
36,868
|
|
30,516
|
|
122,781
|
|
89,211
|
|
|
|
|
|
|
|
|
|
add: Share-based
compensation expense
|
|
239
|
|
213
|
|
1,159
|
|
936
|
add: Acquisition
accounting inventory adjustments
|
|
13,766
|
|
5,026
|
|
33,347
|
|
8,107
|
add: Acquisition
accounting depreciation
|
|
6,276
|
|
615
|
|
11,785
|
|
2,661
|
add: Business
acquisition costs
|
|
-
|
|
289
|
|
-
|
|
289
|
Non-GAAP Consolidated
Contract Gross Profit
|
|
$
57,150
|
|
$
36,659
|
|
$
169,073
|
|
$
101,204
|
Consolidated Contract
Gross Margin, as reported
|
|
19.5%
|
|
24.8%
|
|
21.9%
|
|
23.2%
|
Non-GAAP Consolidated
Contract Gross Margin
|
|
30.2%
|
|
29.8%
|
|
30.2%
|
|
26.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DDS Segment Contract
Revenue, as reported
|
|
$
26,984
|
|
$
22,325
|
|
$
104,472
|
|
$
83,059
|
DDS Segment Cost of
Contract Revenue, as reported
|
|
16,652
|
|
16,045
|
|
70,430
|
|
61,180
|
DDS Segment Contract
Gross Profit, as reported
|
|
10,332
|
|
6,280
|
|
34,042
|
|
21,879
|
|
|
|
|
|
|
|
|
|
add: Share-based
compensation expense
|
|
130
|
|
146
|
|
882
|
|
595
|
add: Acquisition
accounting inventory adjustments
|
|
(253)
|
|
-
|
|
(54)
|
|
-
|
add: Acquisition
accounting depreciation
|
|
259
|
|
310
|
|
1,104
|
|
1,023
|
Non-GAAP DDS Segment
Contract Gross Profit
|
|
$
10,468
|
|
$
6,736
|
|
$
35,974
|
|
$
23,497
|
DDS Segment Contract
Gross Margin, as reported
|
|
38.3%
|
|
28.1%
|
|
32.6%
|
|
26.3%
|
Non-GAAP DDS Segment
Contract Gross Margin
|
|
38.8%
|
|
30.2%
|
|
34.4%
|
|
28.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
API Segment Contract
Revenue, as reported
|
|
$
128,120
|
|
$
70,867
|
|
$
337,835
|
|
$
204,868
|
API Segment Cost of
Contract Revenue, as reported
|
|
107,640
|
|
54,243
|
|
272,867
|
|
154,670
|
API Segment Contract
Gross Profit, as reported
|
|
20,479
|
|
16,624
|
|
64,967
|
|
50,198
|
|
|
|
|
|
|
|
|
|
add: Share-based
compensation expense
|
|
62
|
|
41
|
|
231
|
|
230
|
add: Acquisition
accounting inventory adjustments
|
|
14,090
|
|
5,026
|
|
31,111
|
|
8,107
|
add: Acquisition
accounting depreciation
|
|
5,323
|
|
48
|
|
8,882
|
|
665
|
Non-GAAP API Segment
Contract Gross Profit
|
|
$
39,954
|
|
$
21,739
|
|
$
105,191
|
|
$
59,200
|
API Segment Contract
Gross Margin, as reported
|
|
16.0%
|
|
23.5%
|
|
19.2%
|
|
24.5%
|
Non-GAAP API Segment
Contract Gross Margin
|
|
31.2%
|
|
30.7%
|
|
31.1%
|
|
28.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DP Segment Contract
Revenue, as reported
|
|
$
23,705
|
|
$
29,841
|
|
$
98,377
|
|
$
96,810
|
DP Segment Cost of
Contract Revenue, as reported
|
|
19,643
|
|
22,228
|
|
76,343
|
|
79,677
|
DP Segment Contract
Gross Profit, as reported
|
|
4,062
|
|
7,613
|
|
22,033
|
|
17,133
|
|
|
|
|
|
|
|
|
|
add: Share-based
compensation expense
|
|
47
|
|
26
|
|
122
|
|
111
|
add: Acquisition
accounting depreciation
|
|
63
|
|
257
|
|
545
|
|
973
|
add: Business
acqusition costs
|
|
-
|
|
289
|
|
-
|
|
289
|
Non-GAAP DP Segment
Contract Gross Profit
|
|
$
4,173
|
|
$
8,185
|
|
$
22,701
|
|
$
18,506
|
DP Segment Contract
Gross Margin, as reported
|
|
17.1%
|
|
25.5%
|
|
22.4%
|
|
17.7%
|
Non-GAAP DP Segment
Contract Gross Margin
|
|
17.6%
|
|
27.4%
|
|
23.1%
|
|
19.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FC Segment Contract
Revenue, as reported
|
|
$
10,644
|
|
$
-
|
|
$
19,745
|
|
$
-
|
FC Segment Cost of
Contract Revenue, as reported
|
|
8,650
|
|
-
|
|
18,008
|
|
-
|
FC Segment Contract
Gross Profit, as reported
|
|
1,994
|
|
-
|
|
1,736
|
|
-
|
|
|
|
|
|
|
|
|
|
add: Acquisition
accounting inventory adjustments
|
|
(71)
|
|
-
|
|
2,290
|
|
-
|
add: Acquisition
accounting depreciation
|
|
630
|
|
-
|
|
913
|
|
-
|
Non-GAAP FC Segment
Contract Gross Profit
|
|
$
2,554
|
|
$
-
|
|
$
4,940
|
|
$
-
|
FC Segment Contract
Gross Margin, as reported
|
|
18.7%
|
|
-
|
|
8.8%
|
|
-
|
Non-GAAP FC Segment
Contract Gross Margin
|
|
24.0%
|
|
-
|
|
25.0%
|
|
-
|
Table 2: Reconciliation of non-GAAP measures for the three and
twelve months ended December 31, 2016
and 2015:
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
Consolidated net
(loss) income, as reported
|
|
$
(15,412)
|
|
$
1,785
|
|
$
(70,171)
|
|
$
(2,301)
|
Share-based
compensation expense
|
|
2,066
|
|
1,555
|
|
8,430
|
|
6,371
|
Acquisition
accounting inventory adjustments
|
|
13,766
|
|
5,026
|
|
33,347
|
|
8,107
|
Acquisition
accounting depreciation and amortization
|
|
8,884
|
|
2,337
|
|
21,038
|
|
7,094
|
Intellectual property
impairment
|
|
-
|
|
-
|
|
201
|
|
-
|
Income tax effects of
Non-GAAP adjustments
|
|
(2,084)
|
|
(5,180)
|
|
(12,365)
|
|
(13,785)
|
Non-recurring income
tax adjustments
|
|
-
|
|
-
|
|
8,467
|
|
-
|
Non-cash interest and
amortization charges
|
|
5,067
|
|
2,712
|
|
15,972
|
|
8,932
|
Foreign exchange loss
on business acquisition
|
|
-
|
|
-
|
|
7,180
|
|
-
|
Gain on sale of
Syracuse facility
|
|
-
|
|
-
|
|
(158)
|
|
-
|
Insurance
recovery
|
|
(7,385)
|
|
-
|
|
(7,385)
|
|
(600)
|
Restructuring and
other charges
|
|
7,094
|
|
2,775
|
|
13,188
|
|
9,758
|
Business acquistion
costs
|
|
1,304
|
|
2,362
|
|
13,559
|
|
5,664
|
Executive transition
charges
|
|
-
|
|
7
|
|
7
|
|
1,412
|
ERP implementation
costs
|
|
1,012
|
|
660
|
|
4,661
|
|
1,425
|
Non-recurring
professional fees
|
|
130
|
|
66
|
|
730
|
|
892
|
Legal
settlement
|
|
406
|
|
-
|
|
406
|
|
-
|
Non-GAAP net
income
|
|
$
14,848
|
|
$
14,105
|
|
$
37,106
|
|
$
32,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Basic
(loss) earnings per share, as reported
|
|
$
(0.37)
|
|
$
0.05
|
|
$
(1.83)
|
|
$
(0.07)
|
Effects of Non-GAAP
adjustments
|
|
0.72
|
|
0.36
|
|
2.80
|
|
1.06
|
Non-GAAP Basic
earnings per share
|
|
$
0.35
|
|
$
0.41
|
|
$
0.97
|
|
$
0.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Diluted
(loss) earnings per share, as reported
|
|
$
(0.37)
|
|
$
0.05
|
|
$
(1.83)
|
|
$
(0.07)
|
Effects of Non-GAAP
adjustments
|
|
0.71
|
|
0.35
|
|
2.78
|
|
1.03
|
Non-GAAP Diluted
earnings per share
|
|
$
0.34
|
|
$
0.40
|
|
$
0.95
|
|
$
0.96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Cost of
Contract Revenue, as reported
|
|
$
152,586
|
|
$
92,516
|
|
$
437,649
|
|
$
295,527
|
Share-based
compensation expense
|
|
(239)
|
|
(213)
|
|
(1,159)
|
|
(936)
|
Acquisition
accounting inventory adjustments
|
|
(13,766)
|
|
(5,026)
|
|
(33,347)
|
|
(8,107)
|
Acquisition
accounting depreciation and amortization
|
|
(6,276)
|
|
(615)
|
|
(11,785)
|
|
(2,661)
|
Business acquisition
costs
|
|
-
|
|
(289)
|
|
-
|
|
(289)
|
Non-GAAP Cost of
Contract Revenue
|
|
$
132,304
|
|
$
86,373
|
|
$
391,357
|
|
$
283,534
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Research
and Development, as reported
|
|
$
4,757
|
|
$
2,696
|
|
$
16,046
|
|
$
5,474
|
Acquisition
accounting depreciation and amortization
|
|
173
|
|
-
|
|
64
|
|
-
|
Non-GAAP Research and
development
|
|
$
4,930
|
|
$
2,696
|
|
$
16,110
|
|
$
5,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Selling,
general and administrative, as reported
|
|
$
32,308
|
|
$
22,183
|
|
$
122,136
|
|
$
77,394
|
Acquisition
accounting depreciation and amortization
|
|
(2,780)
|
|
(1,722)
|
|
(9,316)
|
|
(4,433)
|
Share-based
compensation expense
|
|
(1,827)
|
|
(1,342)
|
|
(7,271)
|
|
(5,435)
|
Business acquistion
costs
|
|
(1,306)
|
|
(2,073)
|
|
(13,561)
|
|
(5,375)
|
Executive transition
charges
|
|
-
|
|
(7)
|
|
(7)
|
|
(1,412)
|
ERP implementation
costs
|
|
(1,012)
|
|
(660)
|
|
(4,661)
|
|
(1,425)
|
Non-recurring
professional fees
|
|
(130)
|
|
(66)
|
|
(730)
|
|
(892)
|
Legal
settlement
|
|
(406)
|
|
-
|
|
(406)
|
|
-
|
Non-GAAP Selling,
general and administrative
|
|
$
24,847
|
|
$
16,313
|
|
$
86,184
|
|
$
58,422
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Interest
expense, as reported
|
|
$
(13,009)
|
|
$
(6,806)
|
|
$
(39,923)
|
|
$
(19,338)
|
Non-cash interest and
amortization charges
|
|
5,067
|
|
2,712
|
|
15,972
|
|
8,932
|
Non-GAAP Interest
expense
|
|
$
(7,943)
|
|
$
(4,094)
|
|
$
(23,952)
|
|
$
(10,406)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Other
income (expense), as reported
|
|
$
5,930
|
|
$
319
|
|
$
(1,276)
|
|
$
2,220
|
Foreign exchange loss
on business acquisition
|
|
-
|
|
-
|
|
7,180
|
|
-
|
Gain on sale of
Syracuse facility
|
|
-
|
|
-
|
|
(158)
|
|
-
|
Insurance
recovery
|
|
(7,385)
|
|
-
|
|
(7,385)
|
|
(600)
|
Non-GAAP Other
(expense) income
|
|
$
(1,455)
|
|
$
319
|
|
$
(1,640)
|
|
$
1,620
|
Table 3: Reconciliation of the three and twelve months ended
December 31, 2016 and 2015 reported
net (loss) income to adjusted EBITDA:
|
|
Three months
ended
|
|
Three months
ended
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
|
December 31, 2016
|
|
December 31, 2015
|
|
December 31, 2016
|
|
December 31, 2015
|
Net (loss) income, as
reported
|
|
$
(15,412)
|
|
$
1,785
|
|
$
(70,171)
|
|
$
(2,301)
|
Income tax expense
(benefit)
|
|
2,920
|
|
(2,030)
|
|
10,212
|
|
(1,168)
|
Interest expense,
net
|
|
13,009
|
|
6,806
|
|
39,923
|
|
19,338
|
Depreciation and
amortization
|
|
17,774
|
|
8,421
|
|
47,865
|
|
27,091
|
EBITDA
|
|
18,292
|
|
14,982
|
|
27,829
|
|
42,960
|
Impairment
charges
|
|
2,925
|
|
615
|
|
3,126
|
|
3,770
|
Restructuring and
other charges
|
|
4,158
|
|
1,382
|
|
10,252
|
|
5,210
|
Executive transition
costs
|
|
-
|
|
7
|
|
7
|
|
1,412
|
Business acquisition
costs
|
|
1,304
|
|
2,362
|
|
13,559
|
|
5,664
|
Purchase accounting
inventory adjustments
|
|
13,766
|
|
5,026
|
|
33,347
|
|
8,107
|
ERP Implementation
costs
|
|
1,012
|
|
660
|
|
4,661
|
|
1,425
|
Non-recurring
professional fees
|
|
130
|
|
66
|
|
730
|
|
892
|
Share-based
compensation expense
|
|
2,066
|
|
1,555
|
|
8,430
|
|
6,371
|
Insurance
recovery
|
|
(7,385)
|
|
-
|
|
(7,385)
|
|
(600)
|
Gain on sale of
facility
|
|
-
|
|
-
|
|
(158)
|
|
-
|
Foreign exchange loss
on acquisition
|
|
-
|
|
-
|
|
7,180
|
|
-
|
Legal
settlement
|
|
406
|
|
-
|
|
406
|
|
-
|
Adjusted
EBITDA
|
|
$
36,675
|
|
$
26,655
|
|
$
101,985
|
|
$
75,211
|
Table 4: Reconciliation of forward-looking non-GAAP
financial measures to forward looking GAAP financial
measures:
When planning, forecasting and analyzing future periods, the
Company does so primarily on a non-GAAP basis without preparing a
GAAP analysis as that would require estimates for various
reconciling items that would be difficult to predict with
reasonable accuracy. For example, it is difficult for the
Company to anticipate the need for, or magnitude of, any presently
unforeseen one-time restructuring expense or business acquisition
costs. As a result, the Company has prepared the below
reconciliation using estimates of reconciling items that are
currently expected to be excluded from the non-GAAP financial
measures in future periods. The Company is unable to include
all reconciling items at this time without unreasonable effort due
to the unavailability of the information needed to calculate
reconciling items and due to variability, complexity and limited
visibility to events or conditions in future periods.
Reconciliation of
GAAP net loss and GAAP diluted loss per share to non-GAAP net
income and non-GAAP diluted earnings per share (Dollars in
millions)
|
|
Low
|
|
High
|
GAAP net
loss
|
$
(12)
|
|
$
(7)
|
Reconciling items
(a)
|
$
(59)
|
|
$
(59)
|
Non-GAAP net
income
|
$
47
|
|
$
52
|
|
|
|
|
GAAP diluted loss per
share
|
$
(0.28)
|
|
$
(0.16)
|
Non-GAAP diluted
earnings per share
|
$
1.08
|
|
$
1.20
|
|
|
|
|
(a) Reconciling items
primarily include restructuring costs, acquisition accounting
depreciation and amortization, share-based compensation, non-cash
debt interest and amortization charges and the tax effect for such
items.
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP net loss to Adjusted EBITDA (Dollars in
millions)
|
|
Low
|
|
High
|
GAAP net
loss
|
$
(12)
|
|
$
(7)
|
Income tax (benefit)
expense
|
$
12
|
|
$
13
|
Interest expense,
net
|
$
48
|
|
$
48
|
Depreciation and
amortization
|
$
62
|
|
$
66
|
EBITDA
|
$
110
|
|
$
121
|
Reconciling items
(b)
|
$
24
|
|
$
24
|
Adjusted
EBITDA
|
$
135
|
|
$
145
|
|
|
|
|
(b) Reconciling items
primarily include restructuring costs, share-based compensation
charges and the tax effect of all non-gaap reconciling
items.
|
|
|
|
|
Reconciliation of
GAAP contract gross margin to non-GAAP contract gross
margin
|
|
|
|
|
GAAP contract gross
margin
|
26%
|
|
|
Add: acquisition
accounting depreciation and share-based compensation
|
3%
|
|
|
Non-GAAP contract
gross margin
|
29%
|
|
|
|
|
|
|
Reconciliation of
GAAP SG&A as a percentage of contract revenue to non-GAAP
SG&A as a percentage of contract revenue
|
|
|
|
|
GAAP Selling, General
and Administrative Expense
|
18%
|
|
|
Reconciling items
(c)
|
(3%)
|
|
|
Non-GAAP Selling,
General, and Administrative Expense
|
15%
|
|
|
|
|
|
|
(c) Reconciling items
primarily include acquisition accounting depreciation and
amortization and share-based compensation.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/amri-announces-fourth-quarter-and-full-year-2016-results-and-provides-2017-outlook-300410594.html
SOURCE AMRI