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IGI Laboratories Announces 4th Quarter 2011 and Year End 2011 Results

Date : 03/20/2012 @ 8:00AM
Source : Business Wire
Stock : Igi, Laboratories Inc. (IG)
Quote : 5.17  0.0 (0.00%) @ 5:31AM
I G I share price Chart

IGI Laboratories Announces 4th Quarter 2011 and Year End 2011 Results

I G I (AMEX:IG)
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3 Years : From Apr 2011 to Apr 2014

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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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