NASHVILLE, Tenn., Feb. 28, 2013 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company focused on hospital acute care and gastroenterology, today announced fourth quarter and annual 2012 financial results.
Net Revenue: For the three months ended December 31, 2012, net revenue was $13.7 million, up from $13.0 million in the prior year period.
For the year ended December 31, 2012, net revenues were $48.9 million, compared with $51.1 million for 2011.
Operating Expenses: Total operating expenses for the three months ended December 31, 2012 were $10.4 million compared to $11.3 million the prior year period. During the fourth quarter of 2012, operating expenses included $0.7 million of non-recurring expenses associated with the realignment of our sales organization.
For the year ended December 31, 2012, total operating expenses were approximately $40.0 million compared with $41.3 million for 2011.
Net Income: Net income attributable to common shareholders for the three months ended December 31, 2012, was $1.8 million, or $0.09 per diluted share, compared to $0.9 million, or $0.04 per diluted share, for the same period in 2011. This increase resulted from quarter- over-quarter sales growth along with reduced expenses.
Net income attributable to common shareholders for the year ended December 31, 2012 increased to $5.8 million, or $0.30 per diluted share, compared to $5.7 million, or $0.28 per diluted share, for 2011. After excluding the one-time sales realignment expenses, adjusted diluted earnings per share were $0.32. (1)
Balance Sheet: As of December 31, 2012, Cumberland had $71.0 million in cash and marketable securities, compared to $70.6 million at the end of 2011. Total assets at December 31, 2012, were $98.6 million compared to $95.5 million in 2011. At D
|SOURCE Cumberland Pharmaceuticals Inc.|
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