$ANIP
ANI Pharmaceuticals Inc

2018 Q1 Form 10-Q Financial Statement

#000114420418026158 Filed on May 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $46.48M $36.63M
YoY Change 26.91% 78.2%
Cost Of Revenue $20.69M $16.39M
YoY Change 26.28% 380.53%
Gross Profit $25.79M $20.24M
YoY Change 27.41% 18.06%
Gross Profit Margin 55.48% 55.26%
Selling, General & Admin $8.956M $7.293M
YoY Change 22.8% 23.53%
% of Gross Profit 34.73% 36.03%
Research & Development $2.102M $1.618M
YoY Change 29.91% 67.49%
% of Gross Profit 8.15% 7.99%
Depreciation & Amortization $8.195M $6.706M
YoY Change 22.2% 45.5%
% of Gross Profit 31.78% 33.13%
Operating Expenses $11.06M $8.911M
YoY Change 24.09% 29.71%
Operating Profit $6.537M $4.625M
YoY Change 41.34% -18.37%
Interest Expense -$3.634M -$2.932M
YoY Change 23.94% 5.39%
% of Operating Profit -55.59% -63.39%
Other Income/Expense, Net -$61.00K -$18.00K
YoY Change 238.89% -1000.0%
Pretax Income $2.842M $1.675M
YoY Change 69.67% -41.96%
Income Tax $592.0K -$523.0K
% Of Pretax Income 20.83% -31.22%
Net Earnings $2.250M $1.152M
YoY Change 95.31% -14.41%
Net Earnings / Revenue 4.84% 3.15%
Basic Earnings Per Share $0.19 $0.10
Diluted Earnings Per Share $0.19 $0.10
COMMON SHARES
Basic Shares Outstanding 11.59M 11.53M shares
Diluted Shares Outstanding 11.71M 11.65M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $52.00M $10.80M
YoY Change 381.48% -86.1%
Cash & Equivalents $51.97M $10.83M
Short-Term Investments
Other Short-Term Assets $2.300M $3.600M
YoY Change -36.11% 176.92%
Inventory $34.30M $45.90M
Prepaid Expenses
Receivables $54.80M $46.70M
Other Receivables $100.0K $0.00
Total Short-Term Assets $143.4M $107.0M
YoY Change 34.02% -8.23%
LONG-TERM ASSETS
Property, Plant & Equipment $21.90M $12.90M
YoY Change 69.77% 53.57%
Goodwill $1.838M
YoY Change
Intangibles $221.9M
YoY Change
Long-Term Investments
YoY Change
Other Assets $823.0K $32.00M
YoY Change -97.43% 83.91%
Total Long-Term Assets $274.6M $250.1M
YoY Change 9.8% 42.92%
TOTAL ASSETS
Total Short-Term Assets $143.4M $107.0M
Total Long-Term Assets $274.6M $250.1M
Total Assets $418.0M $357.1M
YoY Change 17.06% 22.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.886M $4.800M
YoY Change 1.79% 57.89%
Accrued Expenses $2.612M $18.20M
YoY Change -85.65% 953.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.805M
YoY Change
Total Short-Term Liabilities $39.65M $32.40M
YoY Change 22.38% 100.0%
LONG-TERM LIABILITIES
Long-Term Debt $68.57M $152.5M
YoY Change -55.04% 32.38%
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $68.57M $152.5M
YoY Change -55.04% 32.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.65M $32.40M
Total Long-Term Liabilities $68.57M $152.5M
Total Liabilities $238.4M $184.9M
YoY Change 28.92% 40.7%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $179.6M $172.2M
YoY Change
Total Liabilities & Shareholders Equity $418.0M $357.1M
YoY Change 17.05% 22.47%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $2.250M $1.152M
YoY Change 95.31% -14.41%
Depreciation, Depletion And Amortization $8.195M $6.706M
YoY Change 22.2% 45.5%
Cash From Operating Activities $22.93M $6.529M
YoY Change 251.2% -40.48%
INVESTING ACTIVITIES
Capital Expenditures $2.278M $2.138M
YoY Change 6.55% 56.17%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$50.96M
YoY Change -100.0% -39.46%
Cash From Investing Activities -$2.278M -$53.09M
YoY Change -95.71% -37.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 170.0K $30.03M
YoY Change -99.43% -1374.95%
NET CHANGE
Cash From Operating Activities 22.93M $6.529M
Cash From Investing Activities -2.278M -$53.09M
Cash From Financing Activities 170.0K $30.03M
Net Change In Cash 20.82M -$16.54M
YoY Change -225.89% -78.5%
FREE CASH FLOW
Cash From Operating Activities $22.93M $6.529M
Capital Expenditures $2.278M $2.138M
Free Cash Flow $20.65M $4.391M
YoY Change 370.33% -54.26%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left"><b>Use of Estimates</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.25in; font-size-adjust: none; font-stretch: normal" align="left">The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying unaudited interim condensed consolidated financial statements, estimates are used for, but not limited to, stock-based compensation, allowance for doubtful accounts, accruals for chargebacks, administrative fees and rebates, government rebates, returns and other allowances, allowance for inventory obsolescence, valuation of financial instruments and intangible assets, accruals for contingent liabilities, fair value of long-lived assets, deferred taxes and valuation allowance, deferred tax valuation allowance, purchase price allocations, and the depreciable lives of long-lived assets. Because of the uncertainties inherent in such estimates, actual results may differ from those estimates. Management periodically evaluates estimates used in the preparation of the financial statements for reasonableness.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
2846000 USD
CY2018Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
3639000 USD
CY2017Q4 us-gaap Long Term Debt Percentage Bearing Fixed Interest Rate
LongTermDebtPercentageBearingFixedInterestRate
0.030 pure
CY2018Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
P5M
CY2018Q1 anip Percentage Of Royalties On Net Sales Of Unapproved Products
PercentageOfRoyaltiesOnNetSalesOfUnapprovedProducts
less than 1%
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2018Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
284716000 USD
CY2018Q1 us-gaap Inventory Gross
InventoryGross
34801000 USD
CY2017Q4 us-gaap Inventory Gross
InventoryGross
38077000 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
26992000 USD
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
28540000 USD
CY2017Q1 us-gaap Depreciation
Depreciation
300000 USD
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2017Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.312 pure
CY2017Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
284716000 USD
CY2018Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
62799000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
54926000 USD
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1360000 USD
CY2017Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1371000 USD
CY2018Q1 anip Acquired Finitelived Intangible Asset Amortization Description
AcquiredFinitelivedIntangibleAssetAmortizationDescription
we are amortizing 80% of the value of the intangible assets over the first five years of useful lives of the assets and amortizing the remaining 20% of the value of the intangible assets over the second five years of useful lives of the assets.
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4600000 shares
CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.208 pure
CY2017Q1 anip Percentage Of Royalties On Net Sales Of Unapproved Products
PercentageOfRoyaltiesOnNetSalesOfUnapprovedProducts
less than 1%
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
46483000 USD
CY2017Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
36628000 USD

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