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$
711,283$
313,498Adjustments to reconcile net income to net cash flows from operating activities:Depreciation and amortization expense
262,306231,332Nonemployee equity compensation
19,8563,972Stock-based compensation - employee stock options
147,207130,915Excess tax benefit derived from exercise of stock options
(141,080)(206,418)Noncash interest expense
24,01067,380Net changes in assets and liabilities affecting operating activities:Accounts receivable
(96)2,361,638Inventory
(139,030)(2,583,529)Other current assets and other assets
126,084132,847Accounts payable and other accrued liabilities
(23,990)127,104Other long-term obligations
(2,570)(59,266)Net cash provided by operating activities
983,980519,473Cash flows from investing activities:Additions to property and equipment
(34,260)(64,085)Additions to patents
(20,289)-Net cash used in investment activities
(54,549)(64,085)Cash flows from financing activities:Principal payments on note payable
(666,667)(4,561,973)Costs of financing for long-term debt and credit facility
-(27,500)Proceeds from exercise of stock options
433,055807,496Excess tax benefit derived from exercise of stock options
141,080206,418Payments made in connection with repurchase of common shares
(772,025)(1,828,697)Net cash used in financing activities
(864,557)(5,404,256)Net increase (decrease) in cash and cash equivalents
64,874(4,948,868)Cash and cash equivalents at beginning of period
65,893,97078,701,682Cash and cash equivalents at end of period
$ 65,958,844$ 73,752,814Non-cash investing and financing activities:Fixed asset additions not yet paid
26,689-
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| SOURCE Cumberland Pharmaceuticals Inc. Copyright©2010 PR Newswire. All rights reserved |