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Cumberland Pharmaceuticals Reports Second Quarter Financial Results
Date:8/6/2013

NASHVILLE, Tenn., Aug. 6, 2013 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company focused on hospital acute care and gastroenterology, today announced second quarter 2013 financial results.

Net Revenue:  For the three months ended June 30, 2013, net revenue was $7.1 million compared to $12.4 million for the prior year period.

Net revenue was $4.1 million for Acetadote, $2.0 million for Kristalose and $0.6 million for Caldolor. Other revenue was $0.3 million and includes upfront payments recognized as a result of new international agreements.

For the six months ended June 30, 2013, net revenue was $17.3 million compared with $22.6 million for the six months ended June 30, 2012.

Operating Expenses:  Total operating expenses for the three months ended June 30, 2013, were $8.2 million compared to $10.4 million during the prior year period. 

For the six months ended June 30, 2013, operating expenses were $17.2 million compared to $20.0 million for the prior year period.

Net Income (Loss):  Net income (loss) attributable to common shareholders for the three months ended June 30, 2013, was $(0.6) million, or $(0.03) per diluted share.

For the six months ended June 30, 2013, net income attributable to common shareholders was $0.2 million, or $0.01 per diluted share.

Cash Flow: Operating cash flows for the six months ended June 30, 2013, were $1.8 million, compared to $3.2 million, for the prior year period. 

Balance Sheet:  As of June 30, 2013, Cumberland had $69.2 million in cash and marketable securities, with approximately $49.7 million in cash and equivalents and $19.5 million in marketable securities.  Total assets at June 30, 2013, were $95.5 million.

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SOURCE Cumberland Pharmaceuticals Inc.
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