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Impax's Second Quarter 2014 Revenues Increased 45% to $188.1 Million
Date:8/6/2014

t divided by total revenues. Refer to the "Non-GAAP Financial Measures" for a reconciliation of GAAP to non-GAAP items.Impax Product sales, net decreased 67.6% to $11.5 million in the second quarter 2014, compared to $35.3 million in the prior year period, due to lower sales of Zomig® tablet and orally disintegrating tablet products from the loss of exclusivity in May 2013, partially offset by higher sales of Zomig nasal spray which has patents expiring as late as May 2021.

Gross margin in the second quarter 2014 decreased to 27.7%, compared to 55.1% in the prior year period, due to an increase in inventory reserves. Adjusted gross margin in the second quarter 2014 decreased to 33.9%, compared to adjusted gross margin of 71.3% in the prior year period, primarily due to an increase in inventory reserves.

Total Impax Pharmaceuticals operating expenses in the second quarter 2014 increased to $22.2 million, compared to $18.1 million in the prior year period, due to an increase in research and development activity. Corporate and OtherThree Months EndedSix Months Ended(unaudited, amounts in thousands)June 30, June 30, 2014201320142013General and administrative expenses

$
,511
$
7,557
$
30,384
$
29,468
Loss from operations

$ (16,511)$ (17,557)$ (30,384)$ (29,468)General and administrative expenses in the second quarter 2014 decreased to $16.5 million, compared to $17.6 million in the prior year period. The decrease is primarily due to employee severance costs of $5.4 million included in the second quarter 2013, for which there was
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SOURCE Impax Laboratories, Inc.
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