Date:2/28/2013

36,528779,305Excess tax benefit derived from exercise of stock options(3,760,766)(2,355,345)Noncash interest expense24,075137,487Noncash investment gains(45,814)—Net changes in assets and liabilities affecting operating activities:Accounts receivable1,065,689(1,937,396)Inventory(443,661)1,909,148Prepaid, other current assets and other assets(648,941)(399,393)Accounts payable and other accrued liabilities4,373,2762,296,535Other long-term liabilities56,787(40,224)Net cash provided by operating activities7,135,1828,722,147Cash flows from investing activities:Additions to property and equipment(464,893)(257,502)Additions to intangibles(2,071,926)(180,269)Proceeds from sale of marketable securities5,220,480—Purchases of marketable securities(21,860,802)—Net cash used in investing activities(19,177,141)(437,771)Cash flows from financing activities:Net borrowings (repayments) on line of credit(500,000)3,034,000Principal payments on note payable—(5,333,333)Payments made in connection with repurchase of common shares(8,086,594)(4,247,440)Costs of financing for long-term debt and credit facility—(17,637)Proceeds from exercise of stock options618,022629,865Excess tax benefit derived from exercise of stock options3,760,7662,355,345Net cash used in financing activities(4,207,806)(3,579,200)Net increase (decrease) in cash and cash equivalents(16,249,765)4,705,176Cash and cash equivalents, beginning of year70,599,14665,893,970Cash and cash equivalents, end of year$

54,349,381$

70,599,146 

 CUMBERLAND PHARMACEUTICALS INC. AND SUBSIDIARIES
Reconciliation of Net Income Attributable to Common Shareholders to Adjusted Net Income
Attributable to Common Shareholders and Adjusted Earnings Per Share Attributable to Common
Shareholders:
(unaudited)Three months ended
December 31,Years ended
December 31,2012201120122011Net income attributable to common shareholders$

1,805,500$

911,665$

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SOURCE Cumberland Pharmaceuticals Inc. Copyright©2012 PR Newswire. All rights reserved

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