NASHVILLE, Tenn., May 3, 2012 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company focused on hospital acute care and gastroenterology markets, today announced first quarter 2012 financial results.
Net Revenues: For the three months ended March 31, 2012, net revenues were $10.3 million, compared to $10.7 million in the prior year period. Revenues for the quarter were impacted by the timing of wholesaler buying patterns. During the quarter, the Company recognized revenue of $0.5 million related to an upfront payment received in connection with its recent license agreement for China.
Operating Expenses: Total operating expenses for the three months ended March 31, 2012, were $9.6 million compared with $9.3 million for the prior year period. The net effect of the increase was primarily due to increases in research and development and general and administrative expenses partially offset by a decrease in selling and marketing expenses.
Net Income: Net income attributable to common shareholders for the three months ended March 31, 2012, was $0.4 million, or $0.02 per diluted share, compared to $0.7 million, or $0.03 per diluted share, for the prior year period.
Cash Flow: Operating cash flows for the three months ended March 31, 2012, were $2.6 million, up from $1.0 million, for the prior year period. The same wholesaler buying patterns that impacted revenues during the quarter positively affected cash flow from operations as those receivables were collected during the quarter.
Balance Sheet: As of March 31, 2012, Cumberland had $71.6 million in cash and securities, with approximately $55.6 million in cash and equivalents and $16.0 million in marketable securities. Total assets at March 31, 2012, were $94.6
|SOURCE Cumberland Pharmaceuticals Inc.|
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