I G I (AMEX:IG)
Historical Stock Chart
2 Years : From May 2011 to May 2013
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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