AMRI

1Q Revenues: $53.7 million (-6%)

1Q Loss: $3.8 million (loss of $1.5 million in 1Q11)

Comments: Contract revenue was virtually flat at $42.7 million. Discovery Services dropped 8% to $9.7 million, Development/Small Scale Manufacturing fell 7% to $9.8 million, and Large Scale Manufacturing rose 6% to $23.2 million. Royalties from Allegra fell 21% to $11.0 million, due to a less severe allergy season in Japan. The company took $3.9 million in impairment charges during the quarter, mainly due to the closure of AMRI's facility in Budapest. Chairman, president and chief executive officer Thomas D'Ambra remarked, "Although we remain cautiously optimistic, going forward we believe we will see added cost benefits for actions taken in the first quarter, as well as benefit from ongoing growth initiatives to expand our presence with new and existing customers within the second half of 2012." The company projects that contract revenues will rise 10% for the year.