Date:2/29/2012

equivalents$
70,599,146$   65,893,970Accounts receivable, net of allowances7,082,8905,145,494Inventories5,774,6947,683,842Prepaid and other current assets1,627,4551,336,765Deferred tax assets2,223,882978,771Total current assets87,308,06781,038,842Property and equipment, net1,119,3391,220,010Intangible assets, net7,023,0647,427,223Deferred tax assets-2,265,192Other assets67,846102,787Total assets$
95,518,316$   92,054,054LIABILITIES AND EQUITYCurrent liabilities:Current portion of long-term debt$
-$
2,666,668Accounts payable1,513,5482,124,654Other accrued liabilities5,086,4004,436,298Total current liabilities6,599,9489,227,620Revolving line of credit4,859,9511,825,951Long-term debt, excluding current portion -2,666,665Deferred tax liability645,029-Other long-term obligations, excluding current portion 578,119618,343Total liabilities12,683,04714,338,579Commitments and contingenciesEquity:Shareholders' equity:Common stock – no par value; 100,000,000 shares authorized; 20,020,535 and 20,338,461shares issued and outstanding as of December 31, 2011 and 2010, respectively 70,272,15570,778,874Retained earnings12,656,6626,998,806Total shareholders' equity82,928,81777,777,680Noncontrolling interests(93,548)(62,205)Total equity82,835,26977,715,475Total liabilities and equity$
95,518,316$   92,054,054CUMBERLAND PHARMACEUTICALS INC. AND SUBSIDIARIESCondensed Consolidated Statements of Income(Unaudited)Years ended December 31, 2011, 2010 and 2009201120102009Revenues:Net product revenue$   50,893,794$   44,704,570$   43,142,350Other revenue248,9821,171,801394,928Net revenues51,142,77645,876,37143,537,278Costs and expenses:Cost of products sold5,362,5543,586,6464,136,541Selling and marketing20,940,06022,674,50520,194,074Research and development5,028,0724,327,4854,993,278General and administrative9,197,9557,990,2227,643,070Amortization655,302686,911686,904Other109,346108,855106,776Total costs and expenses41,293,28939,374,62437,760,6
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SOURCE Cumberland Pharmaceuticals Inc. Copyright©2010 PR Newswire. All rights reserved

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