Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - K-V Pharmaceutical Co | kvpc_8k-011513.htm |
EXHIBIT 99.1
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United States Bankruptcy Court
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Southern District of New York
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X
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In re:
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:
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Chapter 11
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:
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K-V Discovery Solutions, Inc. et al.,
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:
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Case No. 12-13346 (ALG)
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:
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Debtors.
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X
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Jointly Administered
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Monthly Operating Report for the Period
December 1, 2012 to December 31, 2012
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Debtors’ Address:
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2280 Schuetz Road
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St. Louis, Missouri 63146
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Telephone: (314) 645-6600
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Debtors’ Attorneys:
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Willkie Farr & Gallagher LLP
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787 Seventh Avenue
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New York, New York 10019
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Telephone: (212) 728-8000
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This Monthly Operating Report ("MOR") has been prepared solely for the purposes of complying with the monthly reporting requirements applicable in these Chapter 11 cases and is in a format that the Debtors believe is acceptable to the United States Trustee. The financial information contained herein is limited in scope and covers a limited time period. Moreover, such information is preliminary and unaudited, and is not prepared in accordance with accounting principles generally accepted in the United States ("GAAP").
I declare under penalty of perjury that this report and the attached documents are true and correct to the best of my knowledge and belief.
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/s/ Thomas S. McHugh
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January 15, 2013
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Thomas S. McHugh
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Chief Financial Officer
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K-V Pharmaceutical Company
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In re
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K-V DISCOVERY SOLUTIONS, INC., et al.,
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Case No.
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12-13346 (ALG)
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Debtors.
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Reporting Period:
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12/1/12 -12/31/12
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Federal Tax I.D.#
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13-1587982
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CORPORATE MONTHLY OPERATING REPORT
File with the Court and submit a copy to the United States Trustee within 20 days after the end of the month and submit a copy of the report to any official committee appointed in the case.
(Reports for Rochester and Buffalo Divisions of Western District of New York are due 15 days after the end of the month, as are the reports for Southern District of New York.)
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REQUIRED DOCUMENTS
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Form No.
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Document
Attached
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Explanation
Attached
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Schedule of Cash Receipts and Disbursements
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MOR-1
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x
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Bank Reconciliation (or copies of debtor's bank reconciliations)
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MOR-1
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x
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Copies of bank statements
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x
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Cash disbursements journals
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x
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Statement of Operations
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MOR-2
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x
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Balance Sheet
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MOR-3
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x
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Status of Post-petition Taxes
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MOR-4
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x
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x
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Copies of IRS Form 6123 or payment receipt (See Notes to MOR 4)
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x
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||
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Copies of tax returns filed during reporting period (See Notes to MOR 4)
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x
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Summary of Unpaid Post-petition Debts (See Notes to MOR 4)
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MOR-4
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x
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Listing of Aged Accounts Payable (See MOR 7)
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x
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||
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Accounts Receivable Reconciliation and Aging
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MOR-5
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x
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Taxes Reconciliation and Aging (See MOR 7)
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MOR-5
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x
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Payments to Insiders and Professionals
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MOR-6
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x
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Post Petition Status of Secured Notes, Leases Payable
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MOR-6
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x
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Debtor Questionnaire
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MOR-7
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x
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Makena® Performance Metrics
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x
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- 2 -
NOTES TO MONTHLY OPERATING REPORT
This MOR includes activity from the following Debtors:
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Debtor
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Case Number
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K-V Discovery Solutions, Inc.
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12-13346
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K-V Pharmaceutical Company
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12-13347
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Ther-Rx Corporation
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12-13348
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K-V Generic Pharmaceuticals, Inc.
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12-13349
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Zeratech Technologies USA, Inc.
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12-13350
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Drug Tech Corporation
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12-13351
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K-V Solutions USA, Inc.
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12-13352
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FP1096, Inc.
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12-13353
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General Notes:
The financial statements and supplemental information contained herein are preliminary, unaudited, and may not comply in all material respects with GAAP. In addition, the financial statements and supplemental information contained herein represent consolidated information.
The unaudited consolidated financial statements have been derived from the books and records of the Debtors and exclude activity for their non-debtor subsidiaries. This information has not been subject to certain procedures that would typically be applied to financial information in accordance with GAAP, and upon application of such procedures the financial information could be subject to changes, and these changes could be material.
The financial information contained herein is presented on a preliminary and unaudited basis and remains subject to future adjustment. The Debtors are reviewing their books and records and other information on an ongoing basis to determine whether the financial statements should be supplemented or otherwise amended. The Debtors reserve the right to file, at any time, such supplements or amendments to the financial statements that form a part of this MOR. The financial statements should not be considered an admission regarding any of the Debtors’ income, expenditures or general financial condition, but rather, a current compilation of the Debtors’ books and records. The Debtors do not make, and specifically disclaim, any representation or warranty as to the completeness or accuracy of the information set forth herein.
The unaudited consolidated financial statements contained herein have been prepared on a going concern basis and do not reflect or provide all of the possible consequences of the ongoing chapter 11 cases. Specifically, the unaudited consolidated financial statements do not present the amount which will ultimately be paid to settle liabilities and contingencies which may be required in these cases. As a result of the chapter 11 proceedings, the Debtors may take, or may be required to take, actions which may cause assets to be realized, or liabilities to be liquidated, for amounts other than those reflected in the unaudited consolidated financial statements.
Certain footnote disclosures normally included in unaudited consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of expenses during the reporting period. The results of operations contained herein are not necessarily indicative of results which may be expected for any other period or for the full year and may not necessarily reflect the consolidated results of operations and financial position of the Debtors in the future.
- 3 -
MOR-1:
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS 1
(Dollars in thousands)
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Debtor
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Case Number
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Cash Receipts
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||||||
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K-V Pharmaceutical Company
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12-13347 | $ | 86,946 | 2 | ||||
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Ther-Rx Corporation
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12-13348 | 7,655 | ||||||
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DrugTech Corporation
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12-13351 | 6 | ||||||
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K-V Discovery Solutions, Inc.
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12-13346 | 0 | ||||||
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K-V Generic Pharmaceuticals, Inc.
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12-13349 | 0 | ||||||
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Zeratech Technologies USA, Inc.
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12-13350 | 0 | ||||||
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K-V Solutions USA Inc.
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12-13352 | 0 | ||||||
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FP1096, Inc.
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12-13353 | 0 | ||||||
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Total Cash Receipts
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$ | 94,607 | ||||||
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Debtor
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Case Number
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Cash 3 Disbursements
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||||||
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K-V Pharmaceutical Company
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12-13347 | $ | (70,062 | ) 4 | ||||
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Ther-Rx Corporation
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12-13348 | (1,467 | ) | |||||
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DrugTech Corporation
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12-13351 | (6 | ) | |||||
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K-V Discovery Solutions, Inc.
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12-13346 | 0 | ||||||
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K-V Generic Pharmaceuticals, Inc.
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12-13349 | 0 | ||||||
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Zeratech Technologies USA, Inc.
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12-13350 | 0 | ||||||
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K-V Solutions USA Inc.
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12-13352 | 0 | ||||||
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FP1096, Inc.
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12-13353 | 0 | ||||||
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Total Cash Disbursements
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$ | (71,535 | ) | |||||
Notes
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1 –
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Cash is received and disbursed by the Debtors as described in the Debtors’ motion to approve continued use of their cash management system (which motion was granted on an interim basis pursuant to an order entered by the Bankruptcy Court on August 7, 2012 and on a second interim basis pursuant to an order entered by the Bankruptcy Court on September 28, 2012) and is consistent with the Debtors’ historical cash management practices. All amounts listed are the balances reported by the bank as of the end of the reporting period. Copies of bank statements will be provided upon reasonable request in writing to counsel for the Debtors.
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2 –
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Cash receipts for K-V Pharmaceutical Company during the month of December 2012 include $85,000 under the Debtors’ debtor-in-possession financing facility (the “DIP Facility”), which was approved pursuant to an order of the Bankruptcy Court entered on December 27, 2012 [Docket No. 497]. The net proceeds of the DIP Facility are held in an account (the “DIP Account”) in the name of Silver Point Finance, LLC, the agent for the DIP Facility.
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3 –
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Cash disbursements during the month of December 2012 include $1,095 of outstanding checks.
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4 –
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Cash disbursements for K-V Pharmaceutical Company during the month of December 2012 include a $60,000 payment to Hologic Inc. pursuant to the settlement agreement between the Debtors and Hologic Inc. (the “Hologic Settlement Agreement”), which was approved pursuant to an order of the Bankruptcy Court entered on December 27, 2012 [Docket No. 498], and $3,900 in fees and expenses incurred in connection with entry into the DIP Facility.
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- 4 -
MOR-1 (CON’T):
BANK RECONCILIATIONS 1, 2, 3, 4, 5
(Dollars in thousands)
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Debtor
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Case Number
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Bank and Account Description
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Bank Account No.
Ending In
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Bank Balance
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K-V Pharmaceutical Company
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12-13347 |
Fifth Third Money Market / Investment Account.
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1225 | 21,688 | |||||||||
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K-V Pharmaceutical Company
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12-13347 |
Fifth Third Bank / Operating Account
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9158 | 13,302 | |||||||||
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K-V Pharmaceutical Company
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12-13347 |
Fifth Third Bank / PDI Escrow Account
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1876 | 6 | 1,819 | ||||||||
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K-V Pharmaceutical Company
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12-13347 |
Commerce Bank / Deposit Account
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6373 | 7 | 1,025 | ||||||||
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K-V Pharmaceutical Company
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12-13347 |
Fifth Third Bank / Nesher Escrow Account
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0383 | 501 | |||||||||
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K-V Pharmaceutical Company
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12-13347 |
Commerce Bank / Certificate of Deposit
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2433 | 150 | |||||||||
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K-V Pharmaceutical Company
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12-13347 |
AMEX Centurion Bank / Certificate of Deposit
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8420 | 60 | |||||||||
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K-V Pharmaceutical Company
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12-13347 |
Fifth Third Bank / Utility Deposit
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0479 | 8 | 2 | ||||||||
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Drug Tech Corporation
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12-13351 |
Wells Fargo Bank/ DrugTech Operating Acct
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6823 | 6 | |||||||||
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Drug Tech Corporation
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12-13351 |
US Bank / DrugTech Custody Account
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3256 | 4 | |||||||||
| $ | 38,557 | ||||||||||||
Notes
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1 –
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The Debtors have not included copies of their bank statements or cash disbursement journals due to the voluminous nature of these reports. Copies of the Debtors’ bank statements and cash disbursement journals will be provided upon reasonable request in writing to counsel for the Debtors.
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2 –
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The Debtors reconcile their bank accounts on a monthly basis.
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3 –
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The Debtors have excluded accounts with no balance as of the end of the reporting period.
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4 –
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The Debtors’ bank balances exclude $1,142 of outstanding checks.
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5 –
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During this reporting period, the Debtors opened a bank account in the name of K-V Pharmaceutical Company with Fifth Third Bank (“Deposit account”, bank account no. ending in 0941). That account had a zero balance at the end of the current reporting period and is not listed on the Bank Reconciliations schedule.
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6 –
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This account was inadvertently identified in the Debtors’ motion to approve continued use of their cash management system as ending in 4187.
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7 –
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During this reporting period, the Debtors opened a bank account in the name of K-V Pharmaceutical Company with Commerce Bank.
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8 –
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The Debtors opened this bank account post-petition on August 28, 2012 in accordance with the order of the Bankruptcy Court, entered on August 23, 2012, that, among other things, established procedures for providing deposits to the Debtors’ utility service providers that request adequate assurance of payment and deemed such utility service providers to have adequate assurance of payment.
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- 5 -
MOR-2:
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited; Dollars in thousands)
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For the
Month Ended
December 31,
20121
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||||
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Net revenues
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$ | 6,984 | ||
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Cost of sales
|
254 | |||
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Gross profit
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6,730 | |||
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Research and development
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690 | |||
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Selling and administrative
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4,580 | |||
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Operating expenses
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5,270 | |||
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Operating income
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1,460 | |||
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Gain on debt extinguishment 2
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(34,937 | ) | ||
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Interest, net and other
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(674 | ) | ||
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Reorganization items, net
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2,968 | |||
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Total other (income), net
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(32,643 | ) | ||
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Income from continuing operations before income taxes
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34,103 | |||
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Income tax provision
|
1,008 | |||
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Net income from continuing operations
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$ | 33,095 | ||
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Gain on sale of discontinued operations 3
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6,540 | |||
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Net income
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$ | 39,635 | ||
Notes
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1 –
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The Debtors prepare their income statement on an accrual basis. Accordingly, the Debtors’ Statement of Operations, as set forth in this MOR, reflects the results of the Debtors’ operations for the month of December 2012.
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2 –
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The gain on debt extinguishment reflects the net difference between the previously estimated Hologic liability recorded on the Debtors’ balance sheet and the $60,000 payment in satisfaction thereof under the Hologic Settlement Agreement, which was approved pursuant to an order of the Bankruptcy Court entered on December 27, 2012 [Docket No. 498]. Previously, the liability was included in Total Liabilities Subject to Compromise on the Debtors’ consolidated balance sheet.
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3 –
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The gain on sale of discontinued operations reflects the reporting of the Settlement Agreement with Nesher Pharmaceuticals (USA), LLC and Zydus Pharmaceuticals (USA), Inc. which was approved pursuant to an order of the Bankruptcy Court entered on November 16, 2012 [Docket No. 383] and consummated when the funds were released from escrow on December 4, 2012. Previously, this amount was recorded as a deferred gain on the Debtors’ consolidated balance sheet.
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- 6 -
MOR-3:
CONSOLIDATED BALANCE SHEET
(Unaudited; Dollars in thousands)
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As of
December 31,
2012 |
||||
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ASSETS
|
||||
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Current Assets:
|
||||
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Cash and cash equivalents
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$ | 34,883 | ||
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Restricted cash
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2,380 | |||
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Undrawn DIP Facility proceeds
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21,950 | |||
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Receivables, net
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13,722 | |||
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Inventories, net
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5,688 | |||
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Other current assets
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8,103 | |||
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Income taxes receivable
|
382 | |||
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Total Current Assets
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87,108 | |||
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Property and equipment, less accumulated depreciation
|
1,764 | |||
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Intangible assets, net
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116,293 | |||
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Other assets
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15,275 | |||
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Total Assets
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$ | 220,440 | ||
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LIABILITIES
|
||||
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LIABILITIES NOT SUBJECT TO COMPROMISE:
|
||||
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Current Liabilities:
|
||||
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Accounts payable
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$ | 3,622 | ||
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Accrued expenses
|
24,232 | |||
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Other current liabilities
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2,359 | |||
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Debtor-in-Possession Financing 1
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85,000 | |||
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Total Current liabilities
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115,213 | |||
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Total Liabilities not subject to compromise
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115,213 | |||
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Total liabilities subject to compromise
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579,416 | |||
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Total Liabilities
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694,629 | |||
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SHAREHOLDERS' DEFICIT
|
||||
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Preferred Stock
|
0 | |||
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Class A Common Stock
|
643 | |||
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Class B Common Stock
|
112 | |||
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Additional paid-in capital
|
206,033 | |||
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Accumulated deficit
|
(623,568 | ) | ||
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Less: Treasury stock
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(57,409 | ) | ||
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Total Shareholders' Deficit
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(474,189 | ) | ||
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Total Liabilities and Shareholders' Deficit
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$ | 220,440 | ||
Notes
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1 –
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Debtor-in-Possession Financing in the amount of $85,000 is reflective of the Debtors’ DIP Facility, which was approved pursuant to an order of the Bankruptcy Court entered on December 27, 2012.
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- 7 -
MOR-4:
STATUS OF POST-PETITION TAXES 1, 2
(Dollars in thousands)
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Federal
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Beginning Tax
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Amount Withheld and/or Accrued
|
Amount Paid
|
Ending Tax
|
||||||||||||
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Withholding
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$ | 0 | $ | 201 | $ | (201 | ) | $ | 0 | |||||||
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FICA-Employee
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0 | 43 | (43 | ) | 0 | |||||||||||
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FICA-Employer
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0 | 56 | (56 | ) | 0 | |||||||||||
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Total Federal Taxes
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$ | 0 | $ | 300 | $ | (300 | ) | $ | 0 | |||||||
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State and Local
|
||||||||||||||||
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Withholding
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$ | 0 | $ | 57 | $ | (57 | ) | $ | 0 | |||||||
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Sales Tax
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10 | 0 | 0 | 10 | ||||||||||||
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Real Property
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10 | 0 | 0 | 10 | ||||||||||||
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Personal Property
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34 | 0 | (13 | ) | 21 | |||||||||||
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Franchise Tax
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(15 | ) | 20 | 0 | 5 | |||||||||||
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Total State and Local
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$ | 39 | $ | 77 | $ | (70 | ) | $ | 46 | |||||||
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Total Taxes
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$ | 39 | $ | 377 | $ | (370 | ) | $ | 46 | |||||||
Notes
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1 -
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The Debtors have not annexed copies of tax returns filed with various taxing authorities during the current reporting period to this MOR, nor have they included the Debtors’ IRS Form 6123 with this MOR. Copies of such tax returns and IRS Form 6123 will be provided upon reasonable request in writing to counsel for the Debtors.
|
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2 -
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The Debtors believe they are paying all undisputed taxes and preparing and filing all tax returns when due or obtaining extensions where necessary.
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- 8 -
MOR-4 (CON’T):
SUMMARY OF UNPAID POST-PETITION DEBTS 1
(Dollars in thousands)
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Description
|
Amount
|
|||
|
0 - 30 days old
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$ | 3,622 | ||
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31+ days old
|
0 | |||
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Total Vendor Accounts Payable Post-petition
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$ | 3,622 | ||
Notes
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1 -
|
The Debtors believe they are paying all undisputed post-petition obligations according to terms.
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- 9 -
MOR-5:
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
(Dollars in thousands)
|
Description
|
Amount
|
|||
|
0 - 30 days old
|
$ | 13,626 | ||
|
31 - 60 days old
|
41 | |||
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61 - 90 days old
|
16 | |||
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90+ days old
|
993 | |||
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Total Customer Accounts Receivable
|
$ | 14,676 | ||
|
Customer Allowances
|
(954 | ) | ||
|
Total Accounts Receivable
|
$ | 13,722 | ||
- 10 -
MOR-6:
PAYMENTS TO INSIDERS AND PROFESSIONALS
(Dollars in thousands)
|
INSIDERS
|
|||||||||
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Name
|
Type of Payment 1
|
Current Month
Amount Paid
|
Total Paid Since
August 4, 2012 2
|
||||||
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Christmas, Patrick
|
Salary/Expenses
|
$ | 19 | $ | 104 | ||||
|
Divis, Gregory
|
Salary/Expenses
|
33 | 151 | ||||||
|
McHugh, Thomas
|
Salary/Expenses
|
19 | 107 | ||||||
|
Hermelin, David
|
Director Fees/Expenses
|
53 | 84 | ||||||
|
Dow, Mark
|
Director Fees/Expenses
|
58 | 92 | ||||||
| Total | $ | 182 | $ | 538 | |||||
Notes
|
1 –
|
Additional detail concerning payments to the Debtors’ insiders will be provided upon reasonable request in writing to counsel for the Debtors.
|
|
2 –
|
This table lists only those insiders who received a payment during the current reporting period. Additional insiders have received payments during the Debtors’ chapter 11 cases. For information regarding the total amount paid to such insiders during the Debtors’ chapter 11 cases, please refer to previously filed MORs.
|
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PROFESSIONALS 1
|
|||||||||||||||||
|
Name
|
Date of Court
Order
Authorizing
Payment
|
Amount
Requested 2
|
Current
Month
Amount Paid
|
Total Paid
To Date 3
|
Total Incurred
& Unpaid
|
||||||||||||
|
Alston & Bird, LLP
|
September 14, 2012
|
$ | 0 | $ | 31 | $ | 174 | $ | 0 | ||||||||
| Arnall Golden Gregory, LLP | October 10, 2012 | 17 | 0 | 0 | 21 | ||||||||||||
|
Duff & Phelps, LLC
|
October 10, 2012
|
126 | 102 | 266 | 192 | ||||||||||||
|
Epiq Bankruptcy Solutions
|
September 27, 2012
|
0 | 0 | 148 | 7 | ||||||||||||
|
Ernst & Young, LLP
|
September 28, 2012
|
3 | 0 | 0 | 4 | ||||||||||||
|
Fortgang Consulting
|
September 14, 2012
|
0 | 0 | 0 | 0 | ||||||||||||
|
Houlihan & Lokey Capital, Inc.
|
September 14, 2012
|
154 | 154 | 781 | 154 | ||||||||||||
|
Jefferies & Company, Inc.
|
October 10, 2012
|
340 | 850 | 4 | 850 | 340 | |||||||||||
|
Stroock, Stroock & Lavan, LLP
|
October 10, 2012
|
674 | 263 | 475 | 464 | ||||||||||||
|
Weil, Gotshal & Manges, LLP
|
September 27, 2012
|
0 | 707 | 1,088 | 0 | ||||||||||||
|
Willkie, Farr & Gallagher, LLP
|
September 27, 2012
|
701 | 713 | 1,885 | 1,157 | ||||||||||||
|
Total
|
$ | 2,015 | $ | 2,820 | $ | 5,667 | $ | 2,339 | |||||||||
Notes
|
1 –
|
Represents professional services exclusive of those rendered by professionals retained by the Debtors pursuant to the September 27, 2012 order of the Bankruptcy Court authorizing the Debtors to employ and retain professionals utilized in the ordinary course of business professional service providers.
|
|
2 –
|
Represents amounts requested during the current reporting period.
|
|
3 –
|
Represents payments made from the date of the Bankruptcy Court’s order authorizing each firm’s retention.
|
|
4 –
|
The $850 paid to Jefferies & Company, Inc. was on account of fees incurred in connection with the Debtors’ entry into the DIP Facility.
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- 11 -
MOR-6 (CON’T):
POST-PETITION STATUS OF SECURED NOTES, LEASES PAYABLE
AND ADEQUATE PROTECTION PAYMENTS1
(Dollars in thousands)
|
Name of Creditor
|
Scheduled Monthly
Payment Due
|
Amount Paid
During Month
|
||||||
|
Building lease payable
|
$ | 42 | $ | 42 | ||||
|
Total Payments
|
$ | 42 | ||||||
Notes
|
1 -
|
The Debtors’ schedule of lease payments, as set forth in this MOR, only reflects payments made pursuant to the Debtors’ real property lease. Immaterial leases of personal property are not included in this MOR-6.
|
- 12 -
MOR-7:
DEBTOR QUESTIONNAIRE
|
Must be completed each month. If the answer to any of the questions is "Yes", provide a detailed explanation of each item. Attach additional sheets if necessary.
|
Yes
|
No
|
||
|
1
|
Have any assets been sold or transferred outside the normal course of business this reporting period?
|
X
|
||
|
2
|
Have any funds been disbursed from any account other than a debtor in possession account this reporting period?
|
X
|
||
|
3
|
Is the Debtor delinquent in the timely filing of any post-petition tax returns?
|
X
|
||
|
4
|
Are workers compensation, general liability or other necessary insurance coverages expired or cancelled, or has the debtor received notice of expiration or cancellation of such policies?
|
X
|
||
|
5
|
Is the Debtor delinquent in paying any insurance premium payment?
|
X
|
||
|
6
|
Have any payments been made on pre-petition liabilities this reporting period?
|
X
|
||
|
7
|
Are any post-petition receivables (accounts, notes or loans) due from related parties?
|
X
|
||
|
8
|
Are any post-petition payroll taxes past due?
|
X
|
||
|
9
|
Are any post-petition State or Federal income taxes past due?
|
X
|
||
|
10
|
Are any post-petition real estate taxes past due?
|
X
|
||
|
11
|
Are any other post-petition taxes past due?
|
X
|
||
|
12
|
Have any pre-petition taxes been paid during this reporting period?
|
X
|
||
|
13
|
Are any amounts owed to post-petition creditors delinquent?
|
X
|
||
|
14
|
Are any wages payments past due?
|
X
|
||
|
15
|
Have any post-petition loans been received by the Debtor from any party?
|
X
|
||
|
16
|
Is the Debtor delinquent in paying any US Trustee fees?
|
X
|
||
|
17
|
Is the Debtor delinquent with any court ordered payments to attorneys or other professionals?
|
X
|
||
|
18
|
Have the owners or shareholders received any compensation outside of the normal course of business?
|
X
|
||
Explanations
|
2
|
For administrative purposes, the net proceeds of the DIP Facility are being held in the DIP Account in the name of Silver Point Finance, LLC, the agent for the DIP Facility. Funds disbursed from the DIP Account (including such funds paid to Hologic, Inc. pursuant to the Hologic Settlement Agreement) were disbursed in accordance with the terms of the DIP Facility.
|
||
|
6
|
Pursuant to various orders entered by the Bankruptcy Court, the Debtors were authorized to pay certain pre-petition employee salary and benefit obligations, as well as certain pre-petition vendor, warehousemen and common carrier obligations. The Bankruptcy Court also approved the Debtors’ motion to honor certain prepetition obligations to their customers.
|
||
|
13
|
The Debtors believe that all undisputed post-petition accounts payable have been and are being paid according to agreed-upon terms specific to each vendor and/or service provider. Any aged amounts represent items subject to valid disputes and certain items which have been paid subsequent to the end of this reporting period.
|
||
|
15
|
On December 27, 2012, the Bankruptcy Court entered an order authorizing Debtor K-V Pharmaceutical Company, as borrower, to enter into the DIP Facility. K-V Pharmaceutical Company’s obligations under the DIP Facility are guaranteed by each of the other Debtors.
|
||
- 13 -
MAKENA® PERFORMANCE METRICS
Makena® (hydroxyprogesterone caproate injection) is the Debtors’ single-most valuable product. The information below addresses certain key performance metrics related to Makena®. The amounts shown are based on estimates and are subject to change. Gross revenues are preliminary and unaudited, and are not prepared in accordance with GAAP.
|
Three Months
Ended
|
Gross Revenues ($ in thousands)(1)
|
Total Prescriptions (2)
|
Vials Shipped
to Customers (3)
|
|||||||||
|
9/30/2011
|
$ | 1,318 | 1,255 | 382 | ||||||||
|
12/31/2011
|
$ | 1,670 | 1,687 | 484 | ||||||||
|
3/31/2012
|
$ | 6,396 | 2,240 | 1,854 | ||||||||
|
6/30/2012
|
$ | 13,393 | 2,577 | 3,882 | ||||||||
| $ | 13,006 | 3,046 | 3,770 | |||||||||
|
12/31/2012
|
$ | 23,495 | 3,438 | 6,810 | ||||||||
|
Notes:
|
|||||||||||
|
(1) Amounts shown are estimated based on the number of vials shipped and list price/vial.
|
|||||||||||
|
(2) Represents total prescriptions reported to the Debtors and does not include cancellations.
|
|||||||||||
|
(3) Represents paid vials shipped to the Debtors' customers, which include specialty pharmacies and distributors.
|
|||||||||||
- 14 -