Date: Nov 05, 2013 Source: Wall Street Journal Press Release (
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NASHVILLE, Tenn. -- Cumberland Pharmaceuticals Inc. (NASDAQ: CPIX), a specialty pharmaceutical company focused on hospital acute care and gastroenterology, today announced third quarter 2013 financial results.
Net Revenue: For the three months ended September 30, 2013, net revenue was $6.5 million compared to $12.5 million for the prior year period. Net revenue was $3.8 million for Acetadote, $2.2 million for Kristalose and $0.5 million for Caldolor.
For the nine months ended September 30, 2013, net revenue was $23.9 million compared with $35.2 million for the nine months ended September 30, 2012.
Operating Expenses: Total operating expenses for the three months ended September 30, 2013, were $8.0 million compared to $9.6 million during the prior year period.
For the nine months ended September 30, 2013, operating expenses were $25.2 million compared to $29.6 million for the prior year period.
Net Income (Loss): Net income (loss) attributable to common shareholders for the three months ended September 30, 2013, was $(0.8) million, or $(0.04) per diluted share.
For the nine months ended September 30, 2013, net income attributable to common shareholders was $(0.6) million, or $(0.03) per diluted share.
Cash Flow: Operating cash flows for the nine months ended September 30, 2013, were $0.9 million, compared to $5.1 million, for the prior year period.
Balance Sheet: As of September 30, 2013, Cumberland had $65.2 million in cash and marketable securities, with approximately $46.0 million in cash and equivalents and $19.2 million in marketable securities. Total assets at September 30, 2013, were $91.9 million.
"The recent addition of Omeclamox-Pak reflects our commitment to the expansion of our product portfolio and to help improve patient care, " said A.J. Kazimi, Chief Executive Officer of Cumberland Pharmaceuticals. "This important new development also reflects the successful implementation of our strategic plan."
