$CPIX
CUMBERLAND PHARMACEUTICALS INC

2014 Q2 Form 10-Q Financial Statement

#000144530514003560 Filed on August 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $9.750M $7.081M
YoY Change 37.69% -42.74%
Cost Of Revenue $1.299M $1.155M
YoY Change 12.47% 4.7%
Gross Profit $8.451M $5.926M
YoY Change 42.61% -47.39%
Gross Profit Margin 86.68% 83.69%
Selling, General & Admin $6.070M $5.397M
YoY Change 12.47% -29.35%
% of Gross Profit 71.83% 91.07%
Research & Development $861.2K $1.387M
YoY Change -37.91% -10.71%
% of Gross Profit 10.19% 23.4%
Depreciation & Amortization $400.0K $320.0K
YoY Change 25.0% 45.45%
% of Gross Profit 4.73% 5.4%
Operating Expenses $6.931M $6.784M
YoY Change 2.17% -26.2%
Operating Profit $1.216M -$1.141M
YoY Change -206.58% -158.79%
Interest Expense $12.28K $20.70K
YoY Change -40.69% 23.8%
% of Operating Profit 1.01%
Other Income/Expense, Net
YoY Change
Pretax Income $1.233M -$1.112M
YoY Change -210.84% -155.63%
Income Tax $523.3K -$463.4K
% Of Pretax Income 42.45%
Net Earnings $722.6K -$639.0K
YoY Change -213.08% -136.63%
Net Earnings / Revenue 7.41% -9.02%
Basic Earnings Per Share $0.04 -$0.03
Diluted Earnings Per Share $0.04 -$0.03
COMMON SHARES
Basic Shares Outstanding 17.74M shares 18.41M shares
Diluted Shares Outstanding 18.03M shares 18.41M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.88M $69.18M
YoY Change -22.12% -1.87%
Cash & Equivalents $39.05M $49.66M
Short-Term Investments $14.83M $19.51M
Other Short-Term Assets $3.744M $3.198M
YoY Change 17.1% -5.95%
Inventory $6.997M $6.094M
Prepaid Expenses
Receivables $6.014M $3.971M
Other Receivables $0.00 $0.00
Total Short-Term Assets $70.63M $82.44M
YoY Change -14.32% -4.47%
LONG-TERM ASSETS
Property, Plant & Equipment $726.9K $1.056M
YoY Change -31.15% -4.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.036M $1.320M
YoY Change 130.1% 88.51%
Total Long-Term Assets $22.84M $13.02M
YoY Change 75.34% 43.13%
TOTAL ASSETS
Total Short-Term Assets $70.63M $82.44M
Total Long-Term Assets $22.84M $13.02M
Total Assets $93.47M $95.47M
YoY Change -2.09% 0.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.220M $3.094M
YoY Change 36.4% 6.69%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.86M $6.095M
YoY Change 94.65% -14.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $5.900M
YoY Change -100.0% 34.09%
Other Long-Term Liabilities $900.0K $600.0K
YoY Change 50.0% -14.29%
Total Long-Term Liabilities $900.0K $6.500M
YoY Change -86.15% 27.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.86M $6.095M
Total Long-Term Liabilities $900.0K $6.500M
Total Liabilities $12.74M $12.59M
YoY Change 1.14% 4.07%
SHAREHOLDERS EQUITY
Retained Earnings $17.40M $18.71M
YoY Change -7.01%
Common Stock $63.53M $64.31M
YoY Change -1.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $80.93M $83.03M
YoY Change
Total Liabilities & Shareholders Equity $93.47M $95.47M
YoY Change -2.09% 0.07%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $722.6K -$639.0K
YoY Change -213.08% -136.63%
Depreciation, Depletion And Amortization $400.0K $320.0K
YoY Change 25.0% 45.45%
Cash From Operating Activities $840.0K $120.0K
YoY Change 600.0% -81.25%
INVESTING ACTIVITIES
Capital Expenditures -$360.0K -$880.0K
YoY Change -59.09% 79.59%
Acquisitions
YoY Change
Other Investing Activities -$1.340M -$610.0K
YoY Change 119.67% -72.52%
Cash From Investing Activities -$1.700M -$1.480M
YoY Change 14.86% -45.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 860.0K -180.0K
YoY Change -577.78% -86.15%
NET CHANGE
Cash From Operating Activities 840.0K 120.0K
Cash From Investing Activities -1.700M -1.480M
Cash From Financing Activities 860.0K -180.0K
Net Change In Cash 0.0000000001164 -1.540M
YoY Change -100.0% -54.17%
FREE CASH FLOW
Cash From Operating Activities $840.0K $120.0K
Capital Expenditures -$360.0K -$880.0K
Free Cash Flow $1.200M $1.000M
YoY Change 20.0% -11.5%

Facts In Submission

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us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;text-decoration:underline;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:5px;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In preparing the condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles, management must make decisions that impact the reported amounts and the related disclosures. Such decisions include the selection of the appropriate accounting principles to be applied and the assumptions on which to base accounting estimates. In reaching such decisions, management applies judgments based on its understanding and analysis of the relevant circumstances, historical experience, and other available information. Actual amounts could differ from those estimated at the time the condensed consolidated financial statements are prepared. The Company's most significant estimates include: (1) its allowances for chargebacks and accruals for rebates and product returns and (2) the allowances for obsolescent or unmarketable inventory.</font></div></div>
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
175800 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
268217 shares
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
282518 shares
CY2013Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18093391 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18756691 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18025913 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18405522 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17825174 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17743395 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18580891 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18405522 shares
cpix Increase Decrease In Current Operating Liabilities
IncreaseDecreaseInCurrentOperatingLiabilities
-1707560 USD
cpix Increase Decrease In Current Operating Liabilities
IncreaseDecreaseInCurrentOperatingLiabilities
2165828 USD
CY2014Q1 cpix Inventory Extended Shelf Life
InventoryExtendedShelfLife
P6Y
CY2014Q1 cpix Inventory Shelf Life
InventoryShelfLife
P5Y
CY2014Q2 cpix Loans Forgivenin Exchange For Share Issued Amount
LoansForgiveninExchangeForShareIssuedAmount
2400000 USD
cpix Numberof Product Lines Acquired
NumberofProductLinesAcquired
2 product_line
CY2014Q2 cpix Other Long Term Obligations Excluding Current Portion
OtherLongTermObligationsExcludingCurrentPortion
873246 USD
CY2013Q4 cpix Other Long Term Obligations Excluding Current Portion
OtherLongTermObligationsExcludingCurrentPortion
776125 USD
CY2013Q2 cpix Revenue Number Of Agreements With International Partners For Commercialization In International Markets
RevenueNumberOfAgreementsWithInternationalPartnersForCommercializationInInternationalMarkets
2 agreement
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001087294
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
17577699 shares
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
CUMBERLAND PHARMACEUTICALS INC

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0001445305-14-003560-index-headers.html Edgar Link pending
0001445305-14-003560-index.html Edgar Link pending
0001445305-14-003560.txt Edgar Link pending
0001445305-14-003560-xbrl.zip Edgar Link pending
a1033revolvingcreditloanag.htm Edgar Link pending
cpix-20140630.xml Edgar Link completed
cpix-20140630.xsd Edgar Link pending
cpix-20140630_cal.xml Edgar Link unprocessable
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