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Cumberland Pharmaceuticals Reports First Quarter Financial Results
Net Revenue: For the three months ended March 31, 2013, net revenue was
Operating Expenses: Total operating expenses for the three months ended
Net Income: Net income attributable to common shareholders for the three months ended March 31, 2013, was
Balance Sheet: As of March 31, 2013, Cumberland had
"Our progress during the first quarter included top line results from three new Caldolor studies and new international partnerships for
Product Highlights
Acetadote®
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On
Caldolor®
In
The first of two registry studies was a phase IV multi-center, open-label surveillance clinical study to assess the safety and efficacy of ibuprofen administered intravenously over five to ten minutes to adult patients in the hospital setting with temperature fever ( > 101 degrees F) and/or pain (visual analog scale (VAS) assessment > 3). Eligible patients were enrolled to receive one of two dose strengths (400 mg for treatment of fever, 800 mg for treatment of pain) of intravenous ibuprofen for up to a 24- hour dosing period. One hundred fifty patients from 13 clinical sites were enrolled in this study. Intravenous ibuprofen reduced fever and pain and the shortened infusion time was well tolerated.
The second of two registry studies was a phase IV multi-center, open-label surveillance clinical study to assess the safety of ibuprofen administered intravenously over five to ten minutes to adult hospitalized patients undergoing surgical procedures. Eligible patients were enrolled to receive 800 mg intravenous ibuprofen administered at induction of anesthesia and could continue Caldolor therapy for up to 24 hours. Three hundred patients from 21clinical sites were enrolled in this study. The shortened infusion time was well tolerated.
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International Agreements
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Conference Call and Webcast
A conference call and live Internet webcast will be held on
About
About Acetadote
Acetadote, administered intravenously within 8 to 10 hours after ingestion of a potentially hepatotoxic quantity of acetaminophen, is indicated to prevent or lessen hepatic injury. Used in the emergency department, Acetadote is approved in
About Caldolor
Caldolor is indicated for the management of mild to moderate pain and management of moderate to severe pain as an adjunct to opioid analgesics, as well as the reduction of fever in adults. It was the first
About Kristalose
Kristalose is indicated for the treatment of acute and chronic constipation. It is a unique, proprietary, crystalline form of lactulose, with no restrictions on length of therapy or patient age. Initial dosing may produce flatulence and intestinal cramps, which are usually transient. Excessive dosage can lead to diarrhea with potential complications such as loss of fluids, hypokalemia and hypernatremia. Nausea and vomiting have been reported. Use with caution in diabetics. Kristalose is contraindicated in patients who require a low-galactose diet. Elderly, debilitated patients who receive lactulose for more than six months should have serum electrolytes (potassium, chloride, carbon dioxide) measured periodically. For full prescribing information, visit www.kristalose.com.
Forward-Looking Statements
This press release contains forward-looking statements, which are subject to certain risks and reflect Cumberland's current views on future events based on what it believes are reasonable assumptions. No assurance can be given that these events will occur. As with any business, all phases of Cumberland's operations are subject to factors outside of its control, and any one or combination of these factors could materially affect Cumberland's results of operations. These factors include market conditions, competition, an inability of manufacturers to produce Cumberland's products on a timely basis or failure of manufacturers to comply with regulations applicable to pharmaceutical manufacturers, maintaining an effective sales and marketing infrastructure and
other factors discussed in the Company's most recent Form 10-K and subsequent 10-Q's as filed with the
Condensed Consolidated Balance Sheets (Unaudited) | |||||||
March 31, 2013 |
| ||||||
ASSETS |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
$ |
51,209,544 |
$ |
54,349,381 |
|||
Marketable securities |
18,958,810 |
16,686,136 |
|||||
Accounts receivable, net of allowances |
5,967,631 |
6,017,201 |
|||||
Inventories |
5,992,031 |
6,218,355 |
|||||
Other current assets |
3,892,239 |
3,961,169 |
|||||
Total current assets |
86,020,255 |
87,232,242 |
|||||
Property and equipment, net |
1,153,426 |
1,188,914 |
|||||
Intangible assets, net |
10,403,974 |
9,476,798 |
|||||
Other assets |
700,095 |
695,777 |
|||||
Total assets |
$ |
98,277,750 |
$ |
98,593,731 |
|||
LIABILITIES AND EQUITY |
|||||||
Current liabilities: |
|||||||
Accounts payable |
$ |
3,427,256 |
$ |
2,790,554 |
|||
Other current liabilities |
4,808,531 |
5,264,806 |
|||||
Total current liabilities |
8,235,787 |
8,055,360 |
|||||
Revolving line of credit |
4,359,951 |
4,359,951 |
|||||
Other long-term liabilities |
652,371 |
611,933 |
|||||
Total liabilities |
13,248,109 |
13,027,244 |
|||||
Commitments and contingencies |
|||||||
Equity: |
|||||||
Shareholders' equity: |
|||||||
Common stock—no par value; 100,000,000 shares authorized; 18,549,749 and 18,937,107 shares issued and outstanding as of March 31, 2013 and December 31, 2012, respectively |
65,818,995 |
67,197,167 |
|||||
Retained earnings |
19,353,863 |
18,499,154 |
|||||
Total shareholders' equity |
85,172,858 |
85,696,321 |
|||||
Noncontrolling interests |
(143,217) |
(129,834) |
|||||
Total equity |
85,029,641 |
85,566,487 |
|||||
Total liabilities and equity |
$ |
98,277,750 |
$ |
98,593,731 |
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) | |||||||
Three months ended | |||||||
2013 |
2012 | ||||||
Net revenues |
$ |
10,258,132 |
$ |
10,256,212 |
|||
Costs and expenses: |
|||||||
Cost of products sold |
1,108,635 |
848,550 |
|||||
Selling and marketing |
3,673,939 |
4,980,553 |
|||||
Research and development |
1,448,718 |
1,404,022 |
|||||
General and administrative |
2,575,739 |
2,265,025 |
|||||
Amortization |
125,050 |
112,047 |
|||||
Total costs and expenses |
8,932,081 |
9,610,197 |
|||||
Operating income |
1,326,051 |
646,015 |
|||||
Interest income |
92,377 |
72,281 |
|||||
Interest expense |
(17,735) |
(22,427) |
|||||
Income before income taxes |
1,400,693 |
695,869 |
|||||
Income tax expense |
(559,367) |
(282,028) |
|||||
Net income |
841,326 |
413,841 |
|||||
Net loss at subsidiary attributable to noncontrolling interests |
13,383 |
9,367 |
|||||
Net income attributable to common shareholders |
$ |
854,709 |
$ |
423,208 |
|||
Earnings per share attributable to common shareholders |
|||||||
- basic |
$ |
0.05 |
$ |
0.02 |
|||
- diluted |
$ |
0.05 |
$ |
0.02 |
|||
Weighted-average shares outstanding |
|||||||
- basic |
18,758,383 |
20,007,998 |
|||||
- diluted |
18,925,165 |
20,234,438 |
|||||
Comprehensive income |
$ |
841,326 |
$ |
413,841 |
Condensed Consolidated Statements of Cash Flows (Unaudited) | |||||||
Three months ended | |||||||
2013 |
2012 | ||||||
Cash flows from operating activities: |
|||||||
Net income |
$ |
841,326 |
$ |
413,841 |
|||
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||
Depreciation and amortization expense |
290,508 |
217,263 |
|||||
Deferred tax expense |
65,413 |
— |
|||||
Share-based compensation |
128,625 |
214,381 |
|||||
Excess tax benefit derived from exercise of stock options |
(478,698) |
(191,081) |
|||||
Noncash interest expense |
6,019 |
6,019 |
|||||
Noncash investment gains (losses) |
10,571 |
(8,800) |
|||||
Net changes in assets and liabilities affecting operating activities: |
|||||||
Accounts receivable |
49,570 |
2,619,523 |
|||||
Inventory |
226,324 |
(230,784) |
|||||
Other current assets and other assets |
(8,298) |
(324,954) |
|||||
Accounts payable and other current liabilities |
492,983 |
(282,862) |
|||||
Other long-term liabilities |
46,308 |
178,120 |
|||||
Net cash provided by operating activities |
1,670,651 |
2,610,666 |
|||||
Cash flows from investing activities: |
|||||||
Additions to property and equipment |
(60,911) |
(32,800) |
|||||
Purchases of marketable securities |
(2,970,000) |
(15,992,822) |
|||||
Proceeds from sale of marketable securities |
686,755 |
— |
|||||
Additions to intangible assets |
(961,013) |
(180,787) |
|||||
Net cash used in investment activities |
(3,305,169) |
(16,206,409) |
|||||
Cash flows from financing activities: |
|||||||
Net borrowings on line of credit |
— |
250,000 |
|||||
Proceeds from exercise of stock options |
(41,292) |
545,601 |
|||||
Excess tax benefit derived from exercise of stock options |
478,698 |
191,081 |
|||||
Repurchase of common shares |
(1,942,725) |
(2,346,524) |
|||||
Net cash used in financing activities |
(1,505,319) |
(1,359,842) |
|||||
Net decrease in cash and cash equivalents |
(3,139,837) |
(14,955,585) |
|||||
Cash and cash equivalents at beginning of period |
54,349,381 |
70,599,146 |
|||||
Cash and cash equivalents at end of period |
$ |
51,209,544 |
$ |
55,643,561 |
|||
Supplemental disclosure of cash flow information: |
|||||||
Non-cash investing and financing activities: |
|||||||
Net change in unpaid additions to intangibles, property and equipment |
$ |
160,272 |
$ |
82,696 |
SOURCE
News Provided by Acquire Media