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Cumberland Pharmaceuticals Reports Second Quarter 2014 Financial Results
Date:8/5/2014

NASHVILLE, Tenn., Aug. 5, 2014 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company focused on hospital acute care and gastroenterology, today announced second quarter 2014 financial results.

SUMMARY FINANCIAL RESULTS: During the second quarter 2014, net revenues were $9.8 million, up nearly 38% from the prior year period. Operating cash flow was $1.8 million for the six months as the Company managed expenses in line with its revenue during the first half of the year.  Cumberland returned to profitability in 2014 with $1.0 million in net income during the first half of the year or $0.06 per diluted share.

As of June 30, 2014, the Company had nearly $54 million in cash and investments, $94 million in total assets and no debt.  Cumberland also had approximately $43 million in tax net operating loss carryforwards, resulting from the prior exercise of stock options.

SUMMARY QUARTER HIGHLIGHTS:

  • In May 2014, Cumberland launched promotional efforts to support Vaprisol® following the brand's acquisition from Astellas in February.
  • The launch of Omeclamox®-Pak and a new marketing strategy for Kristalose® also contributed to the Company's second quarter growth.
  • During the quarter, Cumberland announced a new research and development initiative with its Chinese partner, Gloria Pharmaceuticals, with each company contributing $1.0 million to Cumberland Emerging Technologies.
  • Cumberland also entered into a new three year line of credit with SunTrust Bank providing up to $20 million in debt financing availability to support the Company's growth and acquisition initiatives.
  • "The launch of our two new products, Vaprisol and Omeclamox-Pak, has diversified our business and has contributed to our return to profitability in 2014," said
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    SOURCE Cumberland Pharmaceuticals Inc.
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