Attached files
| file | filename |
|---|---|
| 8-K - BODY OF FORM 8-K - Teligent, Inc. | d78582_igi8k.htm |
Exhibit 99.1
News From
![[ex99_78582003.jpg]](ex99_78582003.jpg)
Release Date: March 20, 2012
Contact:
Jenniffer Collins
IGI Laboratories, Inc.
(856) 697-1441
www.igilabs.com
IGI LABORATORIES ANNOUNCES 4th QUARTER 2011 AND YEAR END 2011 RESULTS
BUENA, NJ - (BUSINESS WIRE) – IGI Laboratories, Inc. (NYSE Amex: IG), a New Jersey based topical generic drug development and manufacturing company, provided its financial results for the fourth quarter and year ended December 31, 2011.
Fourth Quarter 2011 Highlights vs. 2010
•
Total Revenues of $2.1 million, increase of 21% over same quarter in 2010
•
Net loss was unchanged at $0.5 million for the fourth quarter of 2011 and 2010
•
Net loss included research and development costs of $578,000 and $574,000 in 2011 and 2010
Year to Date 2011 Highlights vs. 2010
•
Total Revenues of $7.8 million, an increase of 28% over 2010
•
Net loss was $3.0 million in 2011 as compared to a net loss of $3.4 million in 2010
•
Net loss included research and development costs of $2.2 million and $1.5 million in 2011 and 2010
IGI’s President and Chief Executive Officer, Charlie Moore, stated, “We are extremely proud of both 2011’s fourth quarter and full year performance. We did a lot of great things in 2011. We ended the year with three straight quarters of revenue in excess of $2.0 million; we filed three more Abbreviated New Drug Applications (“ANDAs”) for topical generic pharmaceutical drug products; and we executed long term contracts with our two largest customers. We plan to continue to execute our strategic plan to expand our contract manufacturing services business in 2012, and continue to build a portfolio of prescription generic formulations in topical dosage forms and submit another four to six ANDAs in 2012.” IGI has filed five ANDAs to date.
IGI LABORATORIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the three months ended December 31, 2011 and 2010
(in thousands, except shares and per share information)
| Three months ended December 31, | ||||
|
| 2011 |
|
| 2010 |
Revenues: |
|
|
|
|
|
Product sales, net | $ | 1,699 |
| $ | 1,349 |
Research and development income |
| 383 |
|
| 318 |
Licensing and royalty income |
| - |
|
| 41 |
Other revenue |
| 13 |
|
| 17 |
Total revenues |
| 2,095 |
|
| 1,725 |
|
|
|
|
|
|
Costs and Expenses: |
|
|
|
|
|
Cost of sales |
| 1,433 |
|
| 1,137 |
Selling, general and administrative expenses |
| 778 |
|
| 745 |
Product development and research expenses |
| 578 |
|
| 574 |
Total costs and expenses |
| 2,789 |
|
| 2,456 |
Operating loss |
| (694) |
|
| (731) |
Interest expense |
| (73) |
|
| (8) |
Interest and other income, net |
| 2 |
|
| - |
Loss before benefit from income taxes |
| (765) |
|
| (739) |
Benefit from income taxes |
| 226 |
|
| 217 |
|
|
|
|
|
|
Net loss | $ | (539) |
| $ | (522) |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per common share | $ | (.01) |
| $ | (.01) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares of common stock outstanding |
|
|
|
|
|
Basic and diluted |
| 39,498,096 |
|
| 34,951,808 |
IGI LABORATORIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the years ended December 31, 2011 and 2010
(in thousands, except shares and per share information)
|
| 2011 |
|
| 2010 |
Revenues: |
|
|
|
|
|
Product sales, net | $ | 6,729 |
| $ | 5,163 |
Research and development income |
| 921 |
|
| 666 |
Licensing and royalty income |
| 100 |
|
| 248 |
Other revenue |
| 56 |
|
| 17 |
Total revenues |
| 7,806 |
|
| 6,094 |
|
|
|
|
|
|
Costs and Expenses: |
|
|
|
|
|
Cost of sales |
| 5,546 |
|
| 4,989 |
Selling, general and administrative expenses |
| 3,078 |
|
| 3,226 |
Product development and research expenses |
| 2,151 |
|
| 1,510 |
Total costs and expenses |
| 10,775 |
|
| 9,725 |
Operating loss |
| (2,969) |
|
| (3,631) |
Interest expense |
| (281) |
|
| (10) |
Interest and other income, net |
| 17 |
|
| 1 |
Loss before benefit from income taxes |
| (3,233) |
|
| (3,640) |
Benefit from income taxes |
| 226 |
|
| 217 |
|
|
|
|
|
|
Net loss |
| (3,007) |
|
| (3,423) |
|
|
|
|
|
|
Preferred stock dividends |
| - |
|
| (1,284) |
|
|
|
|
|
|
Net loss attributable to common stockholders | $ | (3,007) |
| $ | (4,707) |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per common share | $ | (.08) |
| $ | (.20) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares of common stock outstanding |
|
|
|
|
|
Basic and diluted |
| 39,448,706 |
|
| 23,822,167 |
IGI LABORATORIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended December 31, 2011 and 2010
(in thousands)
|
| 2011 |
|
| 2010 |
Cash flows from operating activities: |
|
|
|
|
|
Net loss | $ | (3,007) |
| $ | (3,423) |
Non-cash expenses |
| 1,117 |
|
| 1,311 |
Changes in operating assets and liabilities |
| (504) |
|
| (901) |
|
|
|
|
|
|
Net cash used in operating activities |
| (2,394) |
|
| (3,013) |
|
|
|
|
|
|
Net cash used in investing activities |
| (350) |
|
| (195) |
|
|
|
|
|
|
Net cash provided by financing activities |
| 542 |
|
| 7,200 |
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
| (2,202) |
|
| 3,992 |
Cash and cash equivalents at beginning of year |
| 5,116 |
|
| 1,124 |
Cash and cash equivalents at end of year | $ | 2,914 |
| $ | 5,116 |
IGI LABORATORIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share information)
|
| December 31, |
|
| December 31, |
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents | $ | 2,914 |
| $ | 5,116 |
Accounts receivable, less allowance for doubtful accounts of $16 in 2011 |
| 1,197 |
|
| 794 |
and $10 in 2010 |
|
|
|
|
|
Licensing and royalty income receivable |
| 11 |
|
| 21 |
Inventories |
| 1,195 |
|
| 816 |
Other receivables |
| 239 |
|
| 234 |
Prepaid expenses |
| 130 |
|
| 190 |
Total current assets |
| 5,686 |
|
| 7,171 |
Property, plant and equipment, net |
| 2,800 |
|
| 2,769 |
Restricted cash, long term |
| 54 |
|
| 54 |
License fee, net |
| 400 |
|
| 500 |
Debt issuance costs, net |
| 639 |
|
| 800 |
Other |
| 57 |
|
| 57 |
Total assets | $ | 9,636 |
| $ | 11,351 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable | $ | 629 |
| $ | 341 |
Accrued expenses |
| 611 |
|
| 476 |
Deferred income, current |
| 38 |
|
| 58 |
Capital lease obligation, current |
| 38 |
|
| 32 |
Total current liabilities |
| 1,316 |
|
| 907 |
|
|
|
|
|
|
Note payable, related party |
| 500 |
|
| - |
Deferred income, long term |
| 25 |
|
| 29 |
Capital lease obligation, long term |
| 30 |
|
| 68 |
Total liabilities |
| 1,871 |
|
| 1,004 |
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
| 500 |
|
| 500 |
Series C Convertible Preferred stock, liquidation preference - $1,686,527 at |
| 1,517 |
|
| 1,517 |
Common stock |
| 415 |
|
| 413 |
Additional paid-in capital |
| 46,246 |
|
| 45,823 |
Accumulated deficit |
| (39,518) |
|
| (36,511) |
Less treasury stock, 1,965,740 common shares at cost |
| (1,395) |
|
| (1,395) |
Total stockholders’ equity |
| 7,765 |
|
| 10,347 |
Total liabilities and stockholders' equity | $ | 9,636 |
| $ | 11,351 |
About IGI Laboratories, Inc.
IGI Laboratories is focused in the development and commercialization of products for the dermatology market.
IGI Laboratories, Inc. “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions, and other statements contained in this press release that are not historical facts and statements identified by words such as " will," "possible," "one time," "provides an opportunity," "continue" or words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to various risks and uncertainties, including those set forth under the caption "Risk Factors" in IGI Laboratories, Inc.’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors or IGI Laboratories, Inc.’s ability to implement business strategies. IGI Laboratories, Inc. does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.