NASHVILLE, Tenn., May 4, 2011 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company focused on hospital acute care and gastroenterology markets, today announced first quarter 2011 financial results.
Net Revenue: For the three months ended March 31, 2011, net revenue was $10.7 million, up from $10.1 million during the corresponding period in 2010. Revenue grew year-over-year despite a brief, planned halt in shipments of Acetadote during the launch of the new product formulation.
Operating Expenses: Total operating expenses for the three months ended March 31, 2011, were comparable to the prior year period at $9.3 million. This was due to the net effect of decreases in selling and marketing expense and cost of products sold, offset by increases in research and development and general and administrative expenses.
EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) were $1.7 million for the first quarter in 2011, up from $1.0 million for the prior year period. This growth was attributable to the increase in net revenue and consistent total operating expenses.
Net Income: Net income attributable to common shareholders for the quarter ending March 31, 2011, was $0.7 million, or $0.03 per diluted share, up 122% from net income of $0.3 million, or $0.02 per diluted share, for the same period in 2010.
Balance Sheet: As of March 31, 2011, Cumberland had $66.0 million in cash and cash equivalents, compared to $65.9 million at December 31, 2010. Total assets at March 31, 2011, were $91.6 million. As of March 31, 2011, Cumberland had total debt of $6.5 million, including a current portion of $2.7 million, compared to $7.2 million in total debt at the end of 2010.
"The first quarter of 2011 was marked by s
|SOURCE Cumberland Pharmaceuticals Inc.|
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