2012 Q2 Form 10-Q Financial Statement
#000110465912030962 Filed on May 01, 2012
Income Statement
| Concept | 2012 Q2 | 2012 Q1 | 2011 Q1 |
|---|---|---|---|
| Revenue | $1.500M | $750.0K | $0.00 |
| YoY Change | 275.0% | -100.0% | |
| Cost Of Revenue | |||
| YoY Change | |||
| Gross Profit | |||
| YoY Change | |||
| Gross Profit Margin | |||
| Selling, General & Admin | $5.460M | $6.160M | $5.750M |
| YoY Change | 12.81% | 7.13% | -29.79% |
| % of Gross Profit | |||
| Research & Development | $20.92M | $17.90M | $15.11M |
| YoY Change | 22.29% | 18.52% | -13.33% |
| % of Gross Profit | |||
| Depreciation & Amortization | $610.0K | $552.0K | $447.0K |
| YoY Change | 29.79% | 23.49% | 44.19% |
| % of Gross Profit | |||
| Operating Expenses | $20.92M | $17.90M | $15.11M |
| YoY Change | -4.67% | 18.52% | -41.02% |
| Operating Profit | -$24.88M | -$23.31M | -$20.86M |
| YoY Change | 11.74% | ||
| Interest Expense | $140.0K | $0.00 | $80.00K |
| YoY Change | 75.0% | -100.0% | 300.0% |
| % of Operating Profit | |||
| Other Income/Expense, Net | |||
| YoY Change | |||
| Pretax Income | -$24.74M | -$23.17M | -$20.78M |
| YoY Change | 15.23% | 11.5% | -6.94% |
| Income Tax | $0.00 | $0.00 | $0.00 |
| % Of Pretax Income | |||
| Net Earnings | -$24.74M | -$23.17M | -$20.78M |
| YoY Change | 15.23% | 11.5% | -6.94% |
| Net Earnings / Revenue | -1649.33% | -3089.33% | |
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$346.2K | -$324.4K | -$397.5K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 71.45M shares | 71.42M shares | 52.28M shares |
| Diluted Shares Outstanding | 71.42M shares | 52.28M shares |
Balance Sheet
| Concept | 2012 Q2 | 2012 Q1 | 2011 Q1 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $202.6M | $223.3M | $155.5M |
| YoY Change | -27.41% | 43.6% | 42.01% |
| Cash & Equivalents | $26.15M | $22.03M | $25.71M |
| Short-Term Investments | $176.5M | $201.3M | $129.8M |
| Other Short-Term Assets | $3.700M | $2.800M | $2.900M |
| YoY Change | 5.71% | -3.45% | 7.41% |
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | |||
| Other Receivables | |||
| Total Short-Term Assets | $206.4M | $226.1M | $158.4M |
| YoY Change | -26.96% | 42.72% | -25.39% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $6.100M | $5.904M | $4.900M |
| YoY Change | 17.31% | 20.49% | 104.17% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $1.900M | $1.932M | $2.300M |
| YoY Change | -9.52% | -16.0% | -4.17% |
| Total Long-Term Assets | $8.000M | $7.836M | $7.300M |
| YoY Change | 9.59% | 7.34% | 52.08% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $206.4M | $226.1M | $158.4M |
| Total Long-Term Assets | $8.000M | $7.836M | $7.300M |
| Total Assets | $214.4M | $233.9M | $165.7M |
| YoY Change | -26.04% | 41.17% | -23.68% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $1.900M | $1.922M | $1.300M |
| YoY Change | 26.67% | 47.85% | -64.86% |
| Accrued Expenses | $7.200M | $5.900M | $5.200M |
| YoY Change | 22.03% | 13.46% | -48.0% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | $500.0K | ||
| YoY Change | -50.0% | ||
| Total Short-Term Liabilities | $9.500M | $8.039M | $7.000M |
| YoY Change | 21.79% | 14.84% | -93.92% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | -100.0% | ||
| Other Long-Term Liabilities | $9.100M | $112.0K | $9.300M |
| YoY Change | -3.19% | -98.8% | 8.14% |
| Total Long-Term Liabilities | $9.100M | $112.0K | $9.300M |
| YoY Change | -3.19% | -98.8% | 1.09% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $9.500M | $8.039M | $7.000M |
| Total Long-Term Liabilities | $9.100M | $112.0K | $9.300M |
| Total Liabilities | $18.60M | $8.151M | $16.40M |
| YoY Change | 8.14% | -50.3% | -86.82% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$684.6M | ||
| YoY Change | |||
| Common Stock | $901.1M | ||
| YoY Change | |||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $195.8M | $216.6M | $149.3M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $214.4M | $233.9M | $165.7M |
| YoY Change | -26.04% | 41.17% | -23.68% |
Cashflow Statement
| Concept | 2012 Q2 | 2012 Q1 | 2011 Q1 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$24.74M | -$23.17M | -$20.78M |
| YoY Change | 15.23% | 11.5% | -6.94% |
| Depreciation, Depletion And Amortization | $610.0K | $552.0K | $447.0K |
| YoY Change | 29.79% | 23.49% | 44.19% |
| Cash From Operating Activities | -$20.74M | -$23.27M | -$20.76M |
| YoY Change | 20.79% | 12.09% | -10.09% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$820.0K | $1.574M | $860.0K |
| YoY Change | 17.14% | 83.02% | -295.45% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $24.79M | $27.76M | $38.65M |
| YoY Change | -123.33% | -28.18% | 58.14% |
| Cash From Investing Activities | $23.97M | $26.19M | $37.79M |
| YoY Change | -122.41% | -30.7% | 57.46% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | $488.0K | $52.00K | |
| YoY Change | 838.46% | -35.0% | |
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 880.0K | 490.0K | -200.0K |
| YoY Change | -99.38% | -345.0% | -16.67% |
| NET CHANGE | |||
| Cash From Operating Activities | -20.74M | -23.27M | -20.76M |
| Cash From Investing Activities | 23.97M | 26.19M | 37.79M |
| Cash From Financing Activities | 880.0K | 490.0K | -200.0K |
| Net Change In Cash | 4.110M | 3.410M | 16.83M |
| YoY Change | -76.16% | -79.74% | 2411.94% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$20.74M | -$23.27M | -$20.76M |
| Capital Expenditures | -$820.0K | $1.574M | $860.0K |
| Free Cash Flow | -$19.92M | -$24.84M | -$21.62M |
| YoY Change | 20.95% | 14.91% | -4.55% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2011Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
4882000 | USD |
| CY2011Q4 | us-gaap |
Assets Current
AssetsCurrent
|
250233000 | USD |
| CY2011Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
2593000 | USD |
| CY2011Q4 | us-gaap |
Assets
Assets
|
257106000 | USD |
| CY2011Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
1991000 | USD |
| CY2011Q4 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
1556000 | USD |
| CY2012Q1 | us-gaap |
Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
|
133685000 | USD |
| CY2011Q1 | us-gaap |
Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
|
77573000 | USD |
| CY2012Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
1574000 | USD |
| CY2011Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
860000 | USD |
| CY2012Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2011Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-20781000 | USD |
| CY2011Q1 | us-gaap |
Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
|
251000 | USD |
| CY2011Q1 | us-gaap |
Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
|
38922000 | USD |
| CY2012Q1 | us-gaap |
Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
|
105926000 | USD |
| CY2011Q1 | rigl |
Increase Decrease In Deferred Rent And Other Long Term Liabilities
IncreaseDecreaseInDeferredRentAndOtherLongTermLiabilities
|
-123000 | USD |
| CY2012Q1 | rigl |
Increase Decrease In Deferred Rent And Other Long Term Liabilities
IncreaseDecreaseInDeferredRentAndOtherLongTermLiabilities
|
5000 | USD |
| CY2011Q1 | us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
55000 | USD |
| CY2011Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
255000 | USD |
| CY2012Q1 | us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
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| CY2012Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
182000 | USD |
| CY2012Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
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| CY2012Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
552000 | USD |
| CY2011Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
447000 | USD |
| CY2012Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
3098000 | USD |
| CY2011Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
3837000 | USD |
| CY2012Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
366000 | USD |
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Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
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Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
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Increase Decrease In Employee Related Liabilities
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Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
|
199000 | USD |
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Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
|
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Net Cash Provided By Used In Operating Activities Continuing Operations
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|
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|
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Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
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Stockholders Equity
StockholdersEquity
|
216580000 | USD |
| CY2012Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
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Accumulated Other Comprehensive Income Loss Net Of Tax
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|
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Common Stock Value
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|
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Liabilities Current
LiabilitiesCurrent
|
8039000 | USD |
| CY2012Q1 | us-gaap |
Deferred Rent Credit Current
DeferredRentCreditCurrent
|
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Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
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| CY2012Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
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Accounts Payable Current
AccountsPayableCurrent
|
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Assets
Assets
|
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Other Assets Noncurrent
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|
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Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
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Assets Current
AssetsCurrent
|
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Prepaid Expense And Other Assets Current
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|
2775000 | USD |
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Available For Sale Securities Current
AvailableForSaleSecuritiesCurrent
|
201267000 | USD |
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Cash And Cash Equivalents At Carrying Value
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|
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Liabilities And Stockholders Equity
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|
257106000 | USD |
| CY2011Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
236149000 | USD |
| CY2011Q4 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
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|
6000 | USD |
| CY2011Q4 | us-gaap |
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|
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Preferred Stock Shares Issued
PreferredStockSharesIssued
|
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Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
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Preferred Stock Par Or Stated Value Per Share
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|
0.001 | |
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Common Stock Shares Outstanding
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|
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Common Stock Shares Issued
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|
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| CY2011Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
100000000 | shares |
| CY2011Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
5754000 | USD |
| CY2011Q1 | us-gaap |
Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
|
15106000 | USD |
| CY2012Q1 | us-gaap |
Comprehensive Income Net Of Tax
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|
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| CY2011Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
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Net Cash Provided By Used In Investing Activities Continuing Operations
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|
37791000 | USD |
| CY2011Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
71000 | USD |
| CY2011Q4 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
117000 | USD |
| CY2011Q4 | us-gaap |
Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
|
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| CY2011Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
11527000 | USD |
| CY2011Q4 | us-gaap |
Deferred Rent Credit Current
DeferredRentCreditCurrent
|
129000 | USD |
| CY2011Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
2571000 | USD |
| CY2011Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
7271000 | USD |
| CY2012Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
488000 | USD |
| CY2011Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
52000 | USD |
| CY2012Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
488000 | USD |
| CY2011Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
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| CY2012Q1 | us-gaap |
Net Cash Provided By Used In Continuing Operations
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|
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| CY2011Q1 | us-gaap |
Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
|
16829000 | USD |
| CY2011Q4 | us-gaap |
Available For Sale Securities Current
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|
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| CY2011Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
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|
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| CY2012Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
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Common Stock Shares Issued
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|
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Common Stock Shares Authorized
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|
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Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
| CY2012Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
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Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
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Preferred Stock Shares Outstanding
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|
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Preferred Stock Shares Issued
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|
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Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
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| CY2011Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
| CY2012Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
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|
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| CY2012Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
71422000 | shares |
| CY2012Q1 | us-gaap |
Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
|
19000 | USD |
| CY2011Q1 | us-gaap |
Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
|
73000 | USD |
| CY2012Q1 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
136000 | USD |
| CY2012Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-23310000 | USD |
| CY2012Q1 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
24060000 | USD |
| CY2012Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
6156000 | USD |
| CY2012Q1 | us-gaap |
Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
|
17904000 | USD |
| CY2012Q1 | us-gaap |
Contracts Revenue
ContractsRevenue
|
750000 | USD |
| CY2011Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
52275000 | shares |
| CY2011Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
52275000 | shares |
| CY2011Q1 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
90000 | USD |
| CY2011Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-20860000 | USD |
| CY2011Q1 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
20860000 | USD |
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Cash And Cash Equivalents At Carrying Value
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|
8877000 | USD |
| CY2011Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
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|
25706000 | USD |
| CY2012Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
RIGEL PHARMACEUTICALS INC | |
| CY2012Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001034842 | |
| CY2012Q1 | dei |
Document Type
DocumentType
|
10-Q | |
| CY2012Q1 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2012-03-31 | |
| CY2012Q1 | dei |
Amendment Flag
AmendmentFlag
|
false | |
| CY2012Q1 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | |
| CY2012Q1 | dei |
Entity Current Reporting Status
EntityCurrentReportingStatus
|
Yes | |
| CY2012Q1 | dei |
Entity Filer Category
EntityFilerCategory
|
Accelerated Filer | |
| CY2012Q2 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
71454495 | shares |
| CY2012Q1 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2012 | |
| CY2012Q1 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
| CY2012Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold" size="2">1.</font></b><b><font style="FONT-SIZE: 3pt; FONT-WEIGHT: bold" size="1">              </font></b><b><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold" size="2">Nature of Operations</font></b></p> <p style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" size="2"> </font></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" size="2">We were incorporated in the state of Delaware on June 14, 1996. We are engaged in the discovery and development of novel, small-molecule drugs for the treatment of inflammatory and autoimmune diseases, as well as muscle disorders.</font></p></td></tr></table> | |
| CY2012Q1 | us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold" size="2">2.</font></b><b><font style="FONT-SIZE: 3pt; FONT-WEIGHT: bold" size="1">              </font></b><b><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold" size="2">Basis of Presentation</font></b></p> <p style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" size="2"> </font></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" size="2">Our accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP), for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Act of 1933, as amended, or the Securities Act. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed financial statements include all normal and recurring adjustments that we believe are necessary to fairly state our financial position and the results of our operations and cash flows. Interim-period results are not necessarily indicative of results of operations or cash flows for a full-year or any subsequent interim period. The balance sheet at December 31, 2011 has been derived from audited financial statements at that date, but does not include all disclosures required by U.S. GAAP for complete financial statements. Because all of the disclosures required by U.S. GAAP for complete financial statements are not included herein, these interim unaudited condensed financial statements and the notes accompanying them should be read in conjunction with our audited financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2011.</font></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" size="2"> </font></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" size="2">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from these estimates.</font></p></td></tr></table> | |
| CY2012Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.32 | |
| CY2011Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.40 | |
| CY2012Q1 | us-gaap |
Interest Expense
InterestExpense
|
00 | USD |
