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Cumberland Pharmaceuticals Reports Second Quarter 2010 Financial Results

s of financial condition and results of operations" in Cumberland's Form 10-K filed with the SEC on March 19, 2010. There can be no assurance that results anticipated by the Company will be realized or that they will have the expected effects. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company does not undertake any obligation to publicly revise these statements to reflect events after the date hereof. Investor Contact:Media Contact:Angela Novak

Rebecca KirkhamCorporate Relations

Lovell Communications (615) 255-0068


rebecca@lovell.comCUMBERLAND PHARMACEUTICALS INC. AND SUBSIDIARIESCondensed Consolidated Balance Sheets(Unaudited)June 30,December 31,20102009ASSETSCurrent assets:Cash and cash equivalents

$ 71,495,305$   78,701,682Accounts receivable, net of allowances


7,967,0894,822,873Other current assets

3,238,1513,472,455Total current assets

86,660,67493,173,595Property and equipment, net

958,766918,412Intangible assets, net

7,705,0847,956,009Other assets

1,377,5061,676,304Total assets

$ 96,702,030$  103,724,320LIABILITIES AND EQUITYCurrent liabilities:Current portion of long-term debt

$   6,000,000$
9,061,973Current portion of other long-term obligations

24,592144,828Accounts payable

5,993,0065,632,796Other accrued liabilities

3,409,0973,784,777Total current liabilities

15,426,69518,624,374Revolving line of credit

1,825,9511,825,951Long-term debt, excluding current portion

5,938,0278,938,027Other long-term obligations, excluding current portion

209,327184,632Total liabilities

23,400,00029,572,984Commitments and contingenciesRedeemable common stock

SOURCE Cumberland Pharmaceuticals Inc.
Copyright©2010 PR Newswire.
All rights reserved

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