IGI Laboratories, Inc. (NYSE Amex: IG), a New Jersey based
topical generic drug development and manufacturing company,
provided its financial results for the fourth quarter and year
ended December 31, 2011.
Fourth Quarter 2011 Highlights vs. 2010
- Total Revenues of $2.1 million,
increase of 21% over same quarter in 2010
- Net loss was unchanged at $0.5 million
for the fourth quarter of 2011 and 2010
- Net loss included research and
development costs of $578,000 and $574,000 in 2011 and 2010
Year to Date 2011 Highlights vs. 2010
- Total Revenues of $7.8 million, an
increase of 28% over 2010
- Net loss was $3.0 million in 2011 as
compared to a net loss of $3.4 million in 2010
- Net loss included research and
development costs of $2.2 million and $1.5 million in 2011 and
2010
IGI’s President and Chief Executive Officer, Charlie Moore,
stated, “We are extremely proud of both 2011’s fourth quarter and
full year performance. We did a lot of great things in 2011. We
ended the year with three straight quarters of revenue in excess of
$2.0 million; we filed three more Abbreviated New Drug Applications
(“ANDAs”) for topical generic pharmaceutical drug products; and we
executed long term contracts with our two largest customers. We
plan to continue to execute our strategic plan to expand our
contract manufacturing services business in 2012, and continue to
build a portfolio of prescription generic formulations in topical
dosage forms and submit another four to six ANDAs in 2012.” IGI has
filed five ANDAs to date.
IGI LABORATORIES, INC. AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS For the three months ended December
31, 2011 and 2010 (in thousands, except shares and per share
information)
Three months ended December 31,
2011 2010
Revenues: Product sales, net $ 1,699 $ 1,349 Research and
development income 383 318 Licensing and royalty income - 41 Other
revenue 13 17 Total revenues 2,095
1,725 Costs and Expenses: Cost of sales 1,433 1,137 Selling,
general and administrative expenses 778 745 Product development and
research expenses 578 574 Total costs
and expenses 2,789 2,456 Operating loss
(694 ) (731 ) Interest expense (73 ) (8 ) Interest and other
income, net 2 - Loss before benefit
from income taxes (765 ) (739 ) Benefit from income taxes
226 217
Net loss $ (539 ) $ (522
)
Basic and diluted loss per common share $
(.01 ) $ (.01 )
Weighted average shares of common
stock outstanding Basic and diluted 39,498,096
34,951,808
IGI LABORATORIES, INC. AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
For the years ended December 31, 2011 and 2010 (in
thousands, except shares and per share information)
2011 2010
Revenues: Product sales, net $ 6,729 $ 5,163 Research and
development income 921 666 Licensing and royalty income 100 248
Other revenue 56 17 Total revenues
7,806 6,094 Costs and Expenses: Cost of sales 5,546 4,989
Selling, general and administrative expenses 3,078 3,226 Product
development and research expenses 2,151 1,510
Total costs and expenses 10,775 9,725
Operating loss (2,969 ) (3,631 ) Interest expense (281 ) (10
) Interest and other income, net 17 1
Loss before benefit from income taxes (3,233 ) (3,640 ) Benefit
from income taxes 226 217
Net
loss (3,007 ) (3,423 ) Preferred stock dividends
- (1,284 )
Net loss attributable to common
stockholders $ (3,007 ) $ (4,707 )
Basic and
diluted loss per common share $ (.08 ) $ (.20 )
Weighted average shares of common stock outstanding Basic
and diluted 39,448,706 23,822,167
IGI LABORATORIES, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended
December 31, 2011 and 2010 (in thousands)
2011 2010
Cash flows from operating activities:
Net loss $ (3,007 ) $ (3,423 ) Non-cash expenses 1,117 1,311
Changes in operating assets and liabilities (504 )
(901 ) Net cash used in operating activities (2,394 ) (3,013
) Net cash used in investing activities (350 ) (195 )
Net cash provided by financing activities 542
7,200 Net increase (decrease) in cash and cash
equivalents (2,202 ) 3,992 Cash and cash equivalents at beginning
of year 5,116 1,124 Cash and cash
equivalents at end of year $ 2,914 $ 5,116
IGI LABORATORIES, INC. AND SUBSIDIARIES CONSOLIDATED
BALANCE SHEETS (in thousands, except share and per share
information) December 31, December
31, 2011 2010
ASSETS Current assets: Cash and cash equivalents $ 2,914 $
5,116
Accounts receivable, less allowance for
doubtful accounts of $16 in 2011 and $10 in 2010
1,197 794 Licensing and royalty income receivable 11 21 Inventories
1,195 816 Other receivables 239 234 Prepaid expenses 130
190 Total current assets 5,686 7,171 Property,
plant and equipment, net 2,800 2,769 Restricted cash, long term 54
54 License fee, net 400 500 Debt issuance costs, net 639 800 Other
57 57 Total assets $ 9,636 $
11,351
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities: Accounts payable $ 629 $ 341 Accrued expenses
611 476 Deferred income, current 38 58 Capital lease obligation,
current 38 32 Total current liabilities
1,316 907 Note payable, related party 500 - Deferred income,
long term 25 29 Capital lease obligation, long term 30
68 Total liabilities 1,871
1,004 Commitments and contingencies
Stockholders’ equity:
Series A Convertible Preferred stock,
liquidation preference - $500,000 at December 31, 2011 and December
31, 2010
500
500
Series C Convertible Preferred stock,
liquidation preference - $1,686,527 at December 31, 2011 and
$1,609,027 at December 31, 2010
1,517
1,517
Common stock 415 413 Additional paid-in capital 46,246 45,823
Accumulated deficit (39,518 ) (36,511 ) Less treasury stock,
1,965,740 common shares at cost (1,395 ) (1,395 )
Total stockholders’ equity 7,765 10,347
Total liabilities and stockholders' equity $ 9,636 $ 11,351
About IGI Laboratories, Inc.
IGI Laboratories is focused in the development and
commercialization of products for the dermatology market.
IGI Laboratories, Inc. “Safe Harbor” Statement under the Private
Securities Litigation Reform Act of 1995. This press release
includes certain "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to, plans,
objectives, expectations and intentions, and other statements
contained in this press release that are not historical facts and
statements identified by words such as " will," "possible," "one
time," "provides an opportunity," "continue" or words of similar
meaning. These statements are based on our current beliefs or
expectations and are inherently subject to various risks and
uncertainties, including those set forth under the caption "Risk
Factors" in IGI Laboratories, Inc.’s most recent Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q as filed with the
Securities and Exchange Commission. Actual results may differ
materially from these expectations due to changes in global
political, economic, business, competitive, market and regulatory
factors or IGI Laboratories, Inc.’s ability to implement business
strategies. IGI Laboratories, Inc. does not undertake any
obligation to update any forward-looking statements contained in
this document as a result of new information, future events or
otherwise.
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