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Cumberland Pharmaceuticals Reports 24% Increase in Net Revenue With Full Year 2009 Financial Results
Date:3/10/2010

Net income for the three months ended December 31, 2009, was $0.3 million, or $0.01 per diluted share, compared to $1.1 million, or $0.07 per diluted share, for the corresponding period in 2008.  The decrease in net income is due primarily to a $0.9 million increase in net revenues offset by a $1.7 million increase in operating expenses and increased interest expense associated with the Company's new credit facility. This change in earnings per share was due to the decrease in net income and an increase in shares outstanding from Cumberland's initial public offering.

EBITDA:  Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) for the year ended December 31, 2009 was $6.6 million compared to $8.1 million for the same period in 2008. Excluding $0.7 million of non-cash stock compensation expense, $1.1 million in payroll taxes from non-qualified stock option exercises and $2.0 million in Caldolor milestone expenses in 2009, and $0.6 million in non-cash compensation expense in 2008, adjusted EBITDA would have been $10.4 million and $8.6 million in 2009 and 2008,
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SOURCE Cumberland Pharmaceuticals Inc.
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