NASHVILLE, Tenn., May 2, 2013 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company focused on hospital acute care and gastroenterology, today announced first quarter 2013 financial results.
Net Revenue: For the three months ended March 31, 2013, net revenue was $10.3 million, in line with net revenues from the first quarter of 2012.
Operating Expenses: Total operating expenses for the three months ended March 31, 2013, were $8.9 million compared to $9.6 million during the prior year period. This decrease was driven primarily by the realignment of the sales force in late 2012.
Net Income: Net income attributable to common shareholders for the three months ended March 31, 2013, was $0.9 million, or $0.05 per diluted share, compared to $0.4 million, or $0.02 per diluted share, for the same period in 2012.
Cash Flow: Operating cash flows for the three months ended March 31, 2013, were $1.7 million, compared to $2.6 million, for the prior year period.
Balance Sheet: As of March 31, 2013, Cumberland had $70.2 million in cash and marketable securities, with approximately $51.2 million in cash and equivalents and $19.0 million in marketable securities. Total assets at March 31, 2013, were $98.3 million.
"Our progress during the first quarter included top line results from three new Caldolor studies and new international partnerships for India and Indonesia," said A.J. Kazimi, Chief Executive Officer of Cumberland Pharmaceuticals. "We were also pleased with the first quarter financial results maintaining revenues from the prior year quarter, while significantly increasing our net income through the efficient management of our expenses."
In January 2013, Cumberland init
|SOURCE Cumberland Pharmaceuticals Inc.|
Copyright©2012 PR Newswire.
All rights reserved