$CPIX
CUMBERLAND PHARMACEUTICALS INC

2015 Q2 Form 10-Q Financial Statement

#000162828015006327 Filed on August 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $8.910M $9.750M
YoY Change -8.62% 37.69%
Cost Of Revenue $1.237M $1.299M
YoY Change -4.76% 12.47%
Gross Profit $7.673M $8.451M
YoY Change -9.21% 42.61%
Gross Profit Margin 86.12% 86.68%
Selling, General & Admin $5.659M $6.070M
YoY Change -6.78% 12.47%
% of Gross Profit 73.76% 71.83%
Research & Development $828.1K $861.2K
YoY Change -3.84% -37.91%
% of Gross Profit 10.79% 10.19%
Depreciation & Amortization $580.0K $400.0K
YoY Change 45.0% 25.0%
% of Gross Profit 7.56% 4.73%
Operating Expenses $6.487M $6.931M
YoY Change -6.41% 2.17%
Operating Profit $673.9K $1.216M
YoY Change -44.56% -206.58%
Interest Expense $18.49K $12.28K
YoY Change 50.59% -40.69%
% of Operating Profit 2.74% 1.01%
Other Income/Expense, Net
YoY Change
Pretax Income $713.3K $1.233M
YoY Change -42.14% -210.84%
Income Tax $319.0K $523.3K
% Of Pretax Income 44.72% 42.45%
Net Earnings $407.4K $722.6K
YoY Change -43.62% -213.08%
Net Earnings / Revenue 4.57% 7.41%
Basic Earnings Per Share $0.02 $0.04
Diluted Earnings Per Share $0.02 $0.04
COMMON SHARES
Basic Shares Outstanding 16.82M shares 17.74M shares
Diluted Shares Outstanding 17.18M shares 18.03M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.08M $53.88M
YoY Change -1.48% -22.12%
Cash & Equivalents $38.94M $39.05M
Short-Term Investments $14.14M $14.83M
Other Short-Term Assets $4.520M $3.744M
YoY Change 20.71% 17.1%
Inventory $4.796M $6.997M
Prepaid Expenses
Receivables $5.808M $6.014M
Other Receivables $0.00 $0.00
Total Short-Term Assets $68.20M $70.63M
YoY Change -3.44% -14.32%
LONG-TERM ASSETS
Property, Plant & Equipment $568.8K $726.9K
YoY Change -21.75% -31.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.387M $3.036M
YoY Change -21.39% 130.1%
Total Long-Term Assets $24.72M $22.84M
YoY Change 8.23% 75.34%
TOTAL ASSETS
Total Short-Term Assets $68.20M $70.63M
Total Long-Term Assets $24.72M $22.84M
Total Assets $92.92M $93.47M
YoY Change -0.59% -2.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.110M $4.220M
YoY Change -2.61% 36.4%
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 $11.55M $11.86M
YoY Change -2.66% 94.65%
LONG-TERM LIABILITIES
Long-Term Debt $1.700M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.000M $900.0K
YoY Change 11.11% 50.0%
Total Long-Term Liabilities $2.700M $900.0K
YoY Change 200.0% -86.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.55M $11.86M
Total Long-Term Liabilities $2.700M $900.0K
Total Liabilities $14.21M $12.74M
YoY Change 11.61% 1.14%
SHAREHOLDERS EQUITY
Retained Earnings $19.27M $17.40M
YoY Change 10.73% -7.01%
Common Stock $59.47M $63.53M
YoY Change -6.39% -1.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $78.74M $80.93M
YoY Change
Total Liabilities & Shareholders Equity $92.92M $93.47M
YoY Change -0.59% -2.09%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $407.4K $722.6K
YoY Change -43.62% -213.08%
Depreciation, Depletion And Amortization $580.0K $400.0K
YoY Change 45.0% 25.0%
Cash From Operating Activities $2.040M $840.0K
YoY Change 142.86% 600.0%
INVESTING ACTIVITIES
Capital Expenditures -$630.0K -$360.0K
YoY Change 75.0% -59.09%
Acquisitions
YoY Change
Other Investing Activities -$250.0K -$1.340M
YoY Change -81.34% 119.67%
Cash From Investing Activities -$880.0K -$1.700M
YoY Change -48.24% 14.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.260M 860.0K
YoY Change -246.51% -577.78%
NET CHANGE
Cash From Operating Activities 2.040M 840.0K
Cash From Investing Activities -880.0K -1.700M
Cash From Financing Activities -1.260M 860.0K
Net Change In Cash -100.0K 0.0000000001164
YoY Change -85899345920000020.0% -100.0%
FREE CASH FLOW
Cash From Operating Activities $2.040M $840.0K
Capital Expenditures -$630.0K -$360.0K
Free Cash Flow $2.670M $1.200M
YoY Change 122.5% 20.0%

Facts In Submission

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us-gaap Research And Development Expense
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2687082 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
18818263 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
8909741 USD
us-gaap Sales Revenue Net
SalesRevenueNet
17596515 USD
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3930082 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
7544013 USD
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3505486 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
7036401 USD
us-gaap Share Based Compensation
ShareBasedCompensation
325344 USD
us-gaap Share Based Compensation
ShareBasedCompensation
549603 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
549603 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
335321 USD
CY2010Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10000000.0 USD
CY2011Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10000000.0 USD
CY2012Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10000000.0 USD
CY2013Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10000000.0 USD
CY2015Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10000000.0 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
3356633 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
80760673 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
78741243 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
80752791 USD
CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
78701892 USD
CY2014Q4 us-gaap Trading Securities
TradingSecurities
14841418 USD
CY2015Q2 us-gaap Trading Securities
TradingSecurities
14136925 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-181950 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
44870 USD
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
282518 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
268217 shares
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
363620 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
377894 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18025913 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18093391 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17184345 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17294087 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17743395 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17825174 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16820725 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16916193 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;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:8px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In preparing the condensed consolidated financial statements in conformity with U.S. GAAP, 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 results could differ from those estimates under different assumptions and conditions. The Company's most significant estimates include: (1) its allowances for chargebacks and accruals for rebates and product returns, (2) the allowances for obsolescent or unmarketable inventory and (3) the projection of future taxable income for the realization of deferred tax assets.</font></div></div>

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