BUENA, N.J., Oct. 29, 2013 /PRNewswire/ -- IGI
Laboratories, Inc. (NYSE MKT: IG), a New
Jersey based topical generic drug development and
manufacturing company, announced its financial results for the
third quarter ended September 30,
2013.
(Logo:
http://photos.prnewswire.com/prnh/20130827/MM70487LOGO)
Third Quarter and Year to Date 2013 Highlights
- Total revenues of $4.0 million in
the third quarter of 2013, an increase of 100% over the same
quarter in 2012
- Total revenues of $11.5 million
for the nine months ended September 30,
2013, an increase of 84% over the same period in 2012
- Total net revenues generated from the sale of IGI label generic
topical pharmaceutical products for the three and nine months ended
September 30, 2013 were $1.4 million, and $4.2
million, respectively
- Gross profit remained consistent year over year, equaling 31.0%
for the nine months ended September 30,
2013 from 31.7% in the same period of 2012
- IGI filed its eleventh and twelfth Abbreviated Drug
Application, or ANDA, with the U.S. Food and Drug Administration
(FDA) on July 24, 2013 and
September 18, 2013 respectively
- Net loss was $0.1 million and
$1.4 million in the third quarter of
2013 and 2012, respectively
- Net loss included research and development costs of
$0.7 million and $0.6 million in the third quarter of 2013 and
2012, respectively
- Net loss was $0.8 million and
$2.7 million for the nine months
ended September 30, 2013 and 2012,
respectively
IGI's President and Chief Executive Officer, Jason Grenfell-Gardner, stated, "Our team has
done a tremendous job this quarter. This quarter marks the
fifth consecutive quarter of top line growth. Our net loss is
rapidly approaching break even for the first time at IGI in over
twenty-two quarters. We have solidified our market position
in our first three IGI labeled topical pharmaceutical products, and
we have successfully launched our fourth product, econazole nitrate
cream 1%, which we acquired earlier this year, during the third
quarter of 2013." Mr. Grenfell-Gardner continued, "Our
research and development team has now filed four ANDAs in 2013,
which brings our total filings pending with the US FDA to
twelve. Based on current IMS data, the addressable market for
our pipeline of twelve ANDAs, pending approval at the US FDA
is estimated at over $300
million. Our team is committed to our plan to file at
least six ANDAs in 2013. We believe we are on track to at
least double our 2012 total revenue and achieve profitability in
2013."
The Company will hold a conference call today at 4:30 pm ET to discuss 3rd quarter 2013
results.
The Company invites you to listen to the call by dialing
1-877-415-3182. International participants should call
1-857-244-7325. The passcode for the conference call is
58610371.
This call is being webcast by Thomson and can be accessed at
IGI's website at www.igilabs.com.
The webcast is also being distributed through the Thomson
StreetEvents Network. Individual investors can listen to the call
at www.earnings.com, Thomson's individual investor portal, powered
by StreetEvents (www.streetevents.com), a password-protected event
management site.
|
IGI LABORATORIES,
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands,
except share and per share information)
(Unaudited)
|
|
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|
2013
|
2012
|
2013
|
2012
|
|
Revenues:
|
|
|
|
|
|
Product sales, net
|
$
3,950
|
$
1,464
|
$
11,124
|
$
4,835
|
|
Research and development
income
|
10
|
496
|
278
|
1,368
|
|
Licensing, royalty and other
income
|
35
|
26
|
97
|
52
|
|
Total revenues
|
3,995
|
1,986
|
11,499
|
6,255
|
|
|
|
|
|
|
Cost and
expenses:
|
|
|
|
|
|
Cost of sales
|
2,684
|
1,222
|
7,932
|
4,271
|
|
Selling, general and
administrative expenses
|
692
|
980
|
2,078
|
2,254
|
|
Product development and
research expenses
|
661
|
620
|
2,123
|
1,735
|
|
Total costs and expenses
|
4,037
|
2,822
|
12,133
|
8,260
|
|
Operating
loss
|
(42)
|
(836)
|
(634)
|
(2,005)
|
|
Interest expense and
other, net
|
(53)
|
(586)
|
(121)
|
(740)
|
|
Net
loss
|
$
(95)
|
$
(1,422)
|
$
(755)
|
$
(2,745)
|
|
|
|
|
|
|
Basic and diluted
loss per share
|
$
(0.00)
|
$
(0.04)
|
$
(0.02)
|
$
(0.07)
|
|
|
|
|
|
|
Weighted Average
of Common Stock and Common
Stock Equivalents Outstanding
|
|
|
|
|
|
Basic and
diluted
|
43,395,980
|
39,508,217
|
43,179,898
|
39,510,540
|
|
IGI LABORATORIES,
INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
For the nine months ended September 30, 2013 and
2012
(in thousands)
(Unaudited)
|
|
|
2013
|
|
2012
|
|
Cash flows from
operating activities:
|
|
|
|
|
Net loss
|
$
(755)
|
|
$
(2,745)
|
|
Non-cash expenses
|
671
|
|
1,388
|
|
Changes in operating assets
and liabilities
|
(1,307)
|
|
156
|
|
|
|
|
|
Net cash used in
operating activities
|
(1,391)
|
|
(1,201)
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
Product acquisition
costs
|
(1,826)
|
|
-
|
|
Capital
expenditures
|
(223)
|
|
(323)
|
|
|
|
|
|
Net cash used in
investing activities
|
(2,049)
|
|
(323)
|
|
|
|
|
|
Net cash provided by
financing activities
|
2,306
|
|
385
|
|
|
|
|
|
Net decrease in cash
and cash equivalents
|
(1,134)
|
|
(1,139)
|
|
Cash and cash
equivalents at beginning of period
|
2,536
|
|
2,914
|
|
Cash and cash
equivalents at end of period
|
$
1,402
|
|
$
1,775
|
|
IGI LABORATORIES,
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in thousands,
except share and per share information)
|
|
|
September 30,
2013
|
|
December 31,
2012*
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
1,402
|
|
$
2,536
|
|
Accounts receivable,
net
|
2,895
|
|
1,577
|
|
Inventories
|
2,523
|
|
1,773
|
|
Prepaid expenses and other
receivables
|
232
|
|
253
|
|
Total current assets
|
7,052
|
|
6,139
|
|
Property, plant and
equipment, net
|
2,634
|
|
2,691
|
|
Product acquisition
costs, net
|
1,796
|
|
-
|
|
Restricted cash, long
term
|
54
|
|
54
|
|
License fee,
net
|
225
|
|
300
|
|
Debt issuance costs,
net
|
77
|
|
100
|
|
Other
|
155
|
|
143
|
|
Total assets
|
$
11,993
|
|
$
9,427
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts payable
|
$
1,561
|
|
$
1,091
|
|
Accrued expenses
|
1,079
|
|
820
|
|
Deferred income,
current
|
179
|
|
48
|
|
Capital lease obligation,
current
|
8
|
|
17
|
|
Total current liabilities
|
2,827
|
|
1,976
|
|
|
|
|
|
Note payable,
bank
|
3,000
|
|
1,000
|
|
Deferred income, long
term
|
6
|
|
20
|
|
Capital lease
obligation, long term
|
-
|
|
4
|
|
Total liabilities
|
5,833
|
|
3,000
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
Series A Convertible
Preferred stock, liquidation preference - $0 and $500,000 at September 30, 2013 and
December 31, 2012
|
-
|
|
500
|
|
Series C Convertible
Preferred stock, liquidation preference - $1,822,205
at September 30, 2013 and
$1,764,240 at December 31, 2012
|
1,517
|
|
1,517
|
|
Common
stock
|
457
|
|
446
|
|
Additional paid-in
capital
|
48,386
|
|
47,409
|
|
Accumulated deficit
|
(44,200)
|
|
(43,445)
|
|
Total stockholders' equity
|
6,160
|
|
6,427
|
|
Total liabilities and stockholders' equity
|
$
11,993
|
|
$
9,427
|
|
|
* Derived from the
audited December 31, 2012 financial
statements
|
About IGI Laboratories, Inc.
IGI Laboratories is a developer and manufacturer of topical
formulations for the pharmaceutical, OTC, and cosmetic markets. Our
mission is to be a leading player in the generic topical
prescription drug 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," "believe",
"target", "estimated," "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 and other reports we file with the
Securities and Exchange Commission. Actual results may differ
materially from these expectations. Factors that could cause actual
results to differ materially from these expectations include, but
are not limited to: our inability to meet current or future
regulatory requirements in connection with existing or future
ANDAs; our inability to achieve profitability; our failure to
obtain FDA approvals as anticipated; our inability to execute and
implement our business plan and strategy; the potential lack of
market acceptance of our products; our inability to protect our
intellectual property rights; changes in global political,
economic, business, competitive, market and regulatory factors; and
our inability to complete successfully future product acquisitions.
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.
SOURCE IGI Laboratories, Inc.