$CPIX
CUMBERLAND PHARMACEUTICALS INC

2015 Q4 Form 10-Q Financial Statement

#000162828015008469 Filed on November 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q4
Revenue $8.037M $7.885M $9.329M
YoY Change -13.85% -18.95% 14.34%
Cost Of Revenue $1.590M $980.2K $1.360M
YoY Change 16.91% -26.84% -36.74%
Gross Profit $6.450M $6.905M $7.970M
YoY Change -19.07% -17.69% 32.61%
Gross Profit Margin 80.25% 87.57% 85.43%
Selling, General & Admin $5.370M $5.403M $5.740M
YoY Change -6.45% -9.65% -16.33%
% of Gross Profit 83.26% 78.25% 72.02%
Research & Development $400.0K $757.4K $770.0K
YoY Change -48.05% -18.97% -42.54%
% of Gross Profit 6.2% 10.97% 9.66%
Depreciation & Amortization $570.0K $540.0K $610.0K
YoY Change -6.56% -6.9% 60.53%
% of Gross Profit 8.84% 7.82% 7.65%
Operating Expenses $6.280M $6.161M $7.020M
YoY Change -10.54% -10.91% -17.22%
Operating Profit $162.7K $270.9K $946.1K
YoY Change -82.81% -72.61% -138.27%
Interest Expense $10.00K $19.82K $30.00K
YoY Change -66.67% -26.28% 0.0%
% of Operating Profit 6.15% 7.31% 3.17%
Other Income/Expense, Net
YoY Change
Pretax Income $170.0K $315.1K $980.0K
YoY Change -82.65% -70.55% -140.16%
Income Tax $40.00K $193.4K $330.0K
% Of Pretax Income 23.53% 61.38% 33.67%
Net Earnings $151.1K $126.6K $668.9K
YoY Change -77.42% -83.03% -144.58%
Net Earnings / Revenue 1.88% 1.61% 7.17%
Basic Earnings Per Share $0.01 $0.01 $0.04
Diluted Earnings Per Share $0.01 $0.01 $0.04
COMMON SHARES
Basic Shares Outstanding 16.45M shares 16.60M shares 17.36M shares
Diluted Shares Outstanding 17.00M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $52.77M $52.76M $54.71M
YoY Change -3.55% -2.81% -0.33%
Cash & Equivalents $38.20M $38.32M $39.87M
Short-Term Investments $14.56M $14.44M $14.84M
Other Short-Term Assets $3.998M $4.963M $5.002M
YoY Change -20.09% 11.66% 41.42%
Inventory $4.270M $4.206M $5.600M
Prepaid Expenses
Receivables $6.077M $5.798M $5.505M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $64.58M $67.72M $70.81M
YoY Change -8.8% -3.46% 3.11%
LONG-TERM ASSETS
Property, Plant & Equipment $536.5K $541.8K $651.0K
YoY Change -17.6% -25.9% -26.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.891M $2.573M $1.792M
YoY Change 5.53% -14.96% 33.17%
Total Long-Term Assets $27.34M $24.34M $24.59M
YoY Change 11.16% 2.45% 29.87%
TOTAL ASSETS
Total Short-Term Assets $64.58M $67.72M $70.81M
Total Long-Term Assets $27.34M $24.34M $24.59M
Total Assets $91.92M $92.06M $95.41M
YoY Change -3.65% -1.96% 8.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.877M $4.127M $3.243M
YoY Change -11.26% 28.75% 59.28%
Accrued Expenses $9.534M $10.51M
YoY Change -9.26% 90.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.41M $11.87M $13.75M
YoY Change -9.73% -2.31% 82.21%
LONG-TERM LIABILITIES
Long-Term Debt $1.700M $1.700M $0.00
YoY Change
Other Long-Term Liabilities $987.4K $900.0K $902.8K
YoY Change 9.37% 0.0% 16.33%
Total Long-Term Liabilities $987.4K $2.600M $902.8K
YoY Change 9.37% 188.89% 16.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.41M $11.87M $13.75M
Total Long-Term Liabilities $987.4K $2.600M $902.8K
Total Liabilities $15.10M $14.52M $14.65M
YoY Change 3.05% 11.49% 76.07%
SHAREHOLDERS EQUITY
Retained Earnings $19.55M $19.40M $18.82M
YoY Change 3.89% 6.88% 14.78%
Common Stock $57.34M $58.19M $61.94M
YoY Change -7.43% -7.56% -1.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $76.89M $77.59M $80.76M
YoY Change
Total Liabilities & Shareholders Equity $91.92M $92.06M $95.41M
YoY Change -3.65% -1.96% 8.89%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q4
OPERATING ACTIVITIES
Net Income $151.1K $126.6K $668.9K
YoY Change -77.42% -83.03% -144.58%
Depreciation, Depletion And Amortization $570.0K $540.0K $610.0K
YoY Change -6.56% -6.9% 60.53%
Cash From Operating Activities $1.330M $480.0K $2.730M
YoY Change -51.28% -77.57% -1536.84%
INVESTING ACTIVITIES
Capital Expenditures -$210.0K $310.0K -$1.490M
YoY Change -85.91% -131.31% -69.4%
Acquisitions
YoY Change
Other Investing Activities -$130.0K -$270.0K -$20.00K
YoY Change 550.0% -212.5% -100.39%
Cash From Investing Activities -$330.0K $40.00K -$1.510M
YoY Change -78.15% -105.33% -729.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.090M -1.160M -1.000M
YoY Change 9.0% 46.84% -80.69%
NET CHANGE
Cash From Operating Activities 1.330M 480.0K 2.730M
Cash From Investing Activities -330.0K 40.00K -1.510M
Cash From Financing Activities -1.090M -1.160M -1.000M
Net Change In Cash -90.00K -640.0K 220.0K
YoY Change -140.91% -206.67% -104.29%
FREE CASH FLOW
Cash From Operating Activities $1.330M $480.0K $2.730M
Capital Expenditures -$210.0K $310.0K -$1.490M
Free Cash Flow $1.540M $170.0K $4.220M
YoY Change -63.51% -94.57% -9.83%

Facts In Submission

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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
5684149 USD
us-gaap Proceeds From Sale Of Interest In Corporate Unit
ProceedsFromSaleOfInterestInCorporateUnit
1000005 USD
us-gaap Proceeds From Sale Of Interest In Corporate Unit
ProceedsFromSaleOfInterestInCorporateUnit
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
21366 USD
CY2014Q3 us-gaap Profit Loss
ProfitLoss
729184 USD
us-gaap Profit Loss
ProfitLoss
1713902 USD
CY2015Q3 us-gaap Profit Loss
ProfitLoss
121702 USD
us-gaap Profit Loss
ProfitLoss
542512 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
651030 USD
CY2015Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
541771 USD
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
934783 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2622310 USD
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
757442 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3444524 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
18818263 USD
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
19398555 USD
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
9729047 USD
us-gaap Sales Revenue Net
SalesRevenueNet
27572459 USD
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
7885048 USD
us-gaap Sales Revenue Net
SalesRevenueNet
25481563 USD
CY2014Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3821953 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
11365966 USD
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3608828 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
10645229 USD
us-gaap Share Based Compensation
ShareBasedCompensation
542118 USD
us-gaap Share Based Compensation
ShareBasedCompensation
426651 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
426651 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
491950 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
4669873 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
80760673 USD
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
77589693 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
80752791 USD
CY2015Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
77544031 USD
CY2014Q4 us-gaap Trading Securities
TradingSecurities
14841418 USD
CY2015Q3 us-gaap Trading Securities
TradingSecurities
14438830 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-138627 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
80321 USD
CY2014Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
303205 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
259846 shares
CY2015Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
391694 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
382494 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17848110 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16604682 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17990561 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16996376 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17193854 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17544905 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17730715 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16811360 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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