General and administrative expenses increased $2.8 million and $5.1 million for the three and six months ended June 30, 2009 compared to the three and six months ended June 30, 2008, respectively. These increases were primarily due to increases in our workforce; an increase in legal and accounting costs, most of which relate to increased requirements as a result of becoming a public company and costs associated with the Chiesi transaction; FDA regulatory-related fees; and product liability and other insurance-related costs.
For the three and six months ended June 30, 2009, the Company had operating income of $3.1 million and $13.4 million, respectively, or 12.4% and 24.1% of net revenues, respectively. This is compared with operating income of $3.0 million and $4.4 million, or 21.5% and 18.7% of net revenues, respectively, for the same periods in 2008. The Company's second quarter 2009 net income and diluted earnings per share were $1.7 million and $0.13, respectively. For the six months ended June 30, 2009, Cornerstone's net income and diluted earnings per share were $8.1 million and $0.60, respectively.
"It has been an extremely busy and successful several months on multiple fronts for Cornerstone," said Craig A. Collard, Cornerstone's President and Chief Executive Officer. "We recently closed our transaction with Chiesi and are excited to add Curosurf(R), the world-leading treatment approved by the FDA for Respiratory Distress Syndrome in premature infants, to our
|SOURCE Cornerstone Therapeutics Inc.|
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