$CPIX
CUMBERLAND PHARMACEUTICALS INC

2016 Q2 Form 10-Q Financial Statement

#000162828016018625 Filed on August 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $7.415M $8.910M
YoY Change -16.78% -8.62%
Cost Of Revenue $1.155M $1.237M
YoY Change -6.61% -4.76%
Gross Profit $6.260M $7.673M
YoY Change -18.42% -9.21%
Gross Profit Margin 84.42% 86.12%
Selling, General & Admin $5.147M $5.659M
YoY Change -9.05% -6.78%
% of Gross Profit 82.22% 73.76%
Research & Development $678.8K $828.1K
YoY Change -18.03% -3.84%
% of Gross Profit 10.84% 10.79%
Depreciation & Amortization $590.0K $580.0K
YoY Change 1.72% 45.0%
% of Gross Profit 9.43% 7.56%
Operating Expenses $5.825M $6.487M
YoY Change -10.2% -6.41%
Operating Profit -$105.3K $673.9K
YoY Change -115.63% -44.56%
Interest Expense $28.25K $18.49K
YoY Change 52.78% 50.59%
% of Operating Profit 2.74%
Other Income/Expense, Net
YoY Change
Pretax Income -$102.1K $713.3K
YoY Change -114.31% -42.14%
Income Tax -$41.14K $319.0K
% Of Pretax Income 44.72%
Net Earnings -$48.04K $407.4K
YoY Change -111.79% -43.62%
Net Earnings / Revenue -0.65% 4.57%
Basic Earnings Per Share $0.00 $0.02
Diluted Earnings Per Share $0.00 $0.02
COMMON SHARES
Basic Shares Outstanding 16.25M shares 16.82M shares
Diluted Shares Outstanding 16.25M shares 17.18M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.40M $53.08M
YoY Change -5.04% -1.48%
Cash & Equivalents $35.84M $38.94M
Short-Term Investments $14.57M $14.14M
Other Short-Term Assets $4.117M $4.520M
YoY Change -8.91% 20.71%
Inventory $4.922M $4.796M
Prepaid Expenses
Receivables $4.551M $5.808M
Other Receivables $0.00 $0.00
Total Short-Term Assets $63.99M $68.20M
YoY Change -6.17% -3.44%
LONG-TERM ASSETS
Property, Plant & Equipment $505.7K $568.8K
YoY Change -11.09% -21.75%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.510M $2.387M
YoY Change 5.15% -21.39%
Total Long-Term Assets $23.90M $24.72M
YoY Change -3.31% 8.23%
TOTAL ASSETS
Total Short-Term Assets $63.99M $68.20M
Total Long-Term Assets $23.90M $24.72M
Total Assets $87.89M $92.92M
YoY Change -5.41% -0.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.667M $4.110M
YoY Change -10.77% -2.61%
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 $8.895M $11.55M
YoY Change -22.97% -2.66%
LONG-TERM LIABILITIES
Long-Term Debt $3.500M $1.700M
YoY Change 105.88%
Other Long-Term Liabilities $1.100M $1.000M
YoY Change 10.0% 11.11%
Total Long-Term Liabilities $4.600M $2.700M
YoY Change 70.37% 200.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.895M $11.55M
Total Long-Term Liabilities $4.600M $2.700M
Total Liabilities $13.51M $14.21M
YoY Change -4.93% 11.61%
SHAREHOLDERS EQUITY
Retained Earnings $19.25M $19.27M
YoY Change -0.11% 10.73%
Common Stock $55.22M $59.47M
YoY Change -7.14% -6.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $74.47M $78.74M
YoY Change
Total Liabilities & Shareholders Equity $87.89M $92.92M
YoY Change -5.41% -0.59%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$48.04K $407.4K
YoY Change -111.79% -43.62%
Depreciation, Depletion And Amortization $590.0K $580.0K
YoY Change 1.72% 45.0%
Cash From Operating Activities -$1.140M $2.040M
YoY Change -155.88% 142.86%
INVESTING ACTIVITIES
Capital Expenditures -$450.0K -$630.0K
YoY Change -28.57% 75.0%
Acquisitions
YoY Change
Other Investing Activities $310.0K -$250.0K
YoY Change -224.0% -81.34%
Cash From Investing Activities -$150.0K -$880.0K
YoY Change -82.95% -48.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 690.0K -1.260M
YoY Change -154.76% -246.51%
NET CHANGE
Cash From Operating Activities -1.140M 2.040M
Cash From Investing Activities -150.0K -880.0K
Cash From Financing Activities 690.0K -1.260M
Net Change In Cash -600.0K -100.0K
YoY Change 500.0% -85899345920000020.0%
FREE CASH FLOW
Cash From Operating Activities -$1.140M $2.040M
Capital Expenditures -$450.0K -$630.0K
Free Cash Flow -$690.0K $2.670M
YoY Change -125.84% 122.5%

Facts In Submission

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CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3505486 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
7036401 USD
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3272279 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
6971241 USD
us-gaap Share Based Compensation
ShareBasedCompensation
549603 USD
us-gaap Share Based Compensation
ShareBasedCompensation
408226 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
408226 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
-835016 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
CY2016Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10000000.0 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
1689040 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
76887908 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
74470923 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
76819783 USD
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
74374458 USD
CY2015Q4 us-gaap Trading Securities
TradingSecurities
14564115 USD
CY2016Q2 us-gaap Trading Securities
TradingSecurities
14565154 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
44870 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
51213 USD
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
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16293744 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16820725 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 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
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16247028 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16916193 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16247028 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16293744 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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