NASHVILLE, Tenn., Feb. 29, 2012 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company focused on hospital acute care and gastroenterology, today announced 2011 annual financial results.
Net Revenue: For the year ended December 31, 2011, net revenue increased to $51.1 million, up 11.5% compared with $45.9 million for 2010.
For the three months ended December 31, 2011, net revenue was $13.0 million, up from $12.8 million in the prior year period.
Operating Expenses: For the year ended December 31, 2011, total operating expenses were approximately $41.3 million, compared with $39.4 million for 2010. The difference was primarily a result of increased cost of products sold, research and development and general and administrative expenses, partially offset by lower selling and marketing expenses.
Total operating expenses for the three months ended December 31, 2011 were $11.3 million compared to $10.6 million the prior year period. Increases in cost of products sold, research and development expenses and general and administrative expenses were partially offset by a decrease in selling and marketing expenses compared to the prior year.
Net Income: Net income attributable to common shareholders for the year ended December 31, 2011 increased more than 130% to $5.7 million, or $0.28 per diluted share, compared to $2.5 million, or $0.12 per diluted share, for 2010.
Net income attributable to common shareholders for the three months ended December 31, 2011, was $0.9 million, or $0.04 per diluted share, similar to the same period in 2010.
Balance Sheet: As of December 31, 2011, Cumberland had $70.6 million in cash and cash equivalents, compared to $65.9 million at the end of 2010. Total assets at December 31, 2011, were $95.5 million co
|SOURCE Cumberland Pharmaceuticals Inc.|
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