Attached files
| file | filename |
|---|---|
| 8-K - BODY OF FORM 8-K - Teligent, Inc. | d900952_igi8k.htm |
Exhibit 99.1
News From:
![[ex99_900952002.gif]](ex99_900952002.gif)
Release Date: April 25, 2013
Contact:
Jenniffer Collins
IGI Laboratories, Inc.
(856) 697-1441
IGI LABORATORIES ANNOUNCES 1st QUARTER 2013 RESULTS
BUENA, NJ - (BUSINESS WIRE) – IGI Laboratories, Inc. (NYSE MKT: IG), a New Jersey based topical generic drug development and manufacturing company, announced its financial results for the first quarter ended March 31, 2013.
First Quarter 2013 Highlights vs. 2012
•
Total revenues of $3.7 million in the first quarter of 2013, an increase of 101% over the same quarter in 2012
•
Total revenues in the first quarter of 2013 include $1.4 million of revenue generated from the sale of IGI label generic topical pharmaceutical products
•
Revenue from our formulation and manufacturing contract services business increased by 24% in the first quarter of 2013 as compared to the same quarter in 2012
•
Announced the purchase of the topical pharmaceutical product econazole nitrate cream 1%
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Gross profit increased to 30.1% in the first quarter of 2013 from 25.4% in the same quarter of 2012
•
Filed one Abbreviated Drug Application, or ANDA, with the U.S. Food and Drug Administration (FDA) in the first quarter of 2013
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Net loss was $0.3 million and $0.7 million in the first quarter of 2013 and 2012, respectively
•
Net loss included research and development costs of $0.7 million and $0.5 million in the first quarter of 2013 and 2012, respectively
•
Announced execution of three year turnkey supply agreement with a total of $3.0 million of minimum purchases over the contract lifespan
IGI’s President and Chief Executive Officer, Jason Grenfell-Gardner, stated, “The launch of our first ever IGI labeled topical pharmaceutical products has enabled us to more than double revenue compared to the first quarter of 2012. We believe that we are one step closer to our mission to become a leading player in the generic topical prescription drug market. At the same time, through the increase in orders from our pharmaceutical partners we were able to grow our formulation and manufacturing contract services revenue 24% over the first quarter of 2012. We believe that our sales strategy to increase revenue and improve our product mix resulted in an increase in gross profit to 30.1% in the first quarter of 2013, from 25.4% in the same period last year.” Mr. Grenfell-Gardner continued, “Our research and development team has filed two ANDAs in 2013, one in the first quarter in January and one in April, which should keep us on track with our plan to file at least six ANDAs in 2013. In addition, we are working on completing the transfer of econazole nitrate cream 1%, which pending FDA approval of our site transfer, will allow us to begin manufacturing another IGI labeled generic pharmaceutical product beginning in the third quarter of 2013. We remain committed to our target to at least double our 2012 total revenue and achieve profitability in 2013.”
IGI LABORATORIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the three months ended March 31, 2013 and 2012
(in thousands, except shares and per share information)
| Three months ended March 31, | ||||
| 2013 |
| 2012 | ||
Revenues: |
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|
|
|
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Product sales, net | $ | 3,467 |
| $ | 1,510 |
Research and development income |
| 159 |
|
| 308 |
Licensing, royalty and other revenue |
| 57 |
|
| 14 |
Total revenues |
| 3,683 |
|
| 1,832 |
|
|
|
|
|
|
Costs and Expenses: |
|
|
|
|
|
Cost of sales |
| 2,575 |
|
| 1,366 |
Selling, general and administrative expenses |
| 679 |
|
| 659 |
Product development and research expenses |
| 658 |
|
| 471 |
Total costs and expenses |
| 3,912 |
|
| 2,496 |
Operating loss |
| (229) |
|
| (664) |
Interest expense and other, net |
| (28) |
|
| (71) |
|
|
|
|
|
|
Net loss | $ | (257) |
| $ | (735) |
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Basic and diluted loss per share | $ | (0.01) |
| $ | (0.02) |
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Weighted average shares of common stock outstanding: |
|
|
|
|
|
Basic and diluted |
| 42,933,146 |
|
| 39,500,559 |
IGI LABORATORIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three months ended March 31, 2013 and 2012
(in thousands)
| 2013 |
| 2012 | ||
Cash flows from operating activities: |
|
|
|
|
|
Net loss | $ | (257) |
| $ | (735) |
Non-cash expenses |
| 196 |
|
| 237 |
Changes in operating assets and liabilities |
| (1,533) |
|
| 26 |
|
|
|
|
|
|
Net cash used in operating activities |
| (1,594) |
|
| (472) |
|
|
|
|
|
|
Net cash used in investing activities |
| (1,486) |
|
| (254) |
|
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|
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Net cash provided by financing activities |
| 1,190 |
|
| - |
|
|
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|
Net decrease in cash and cash equivalents |
| (1,890) |
|
| (726) |
Cash and cash equivalents at beginning of period |
| 2,536 |
|
| 2,914 |
Cash and cash equivalents at end of period | $ | 646 |
| $ | 2,188 |
IGI LABORATORIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share information)
| March 31, |
| December 31, | ||
ASSETS |
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Current assets: |
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Cash and cash equivalents | $ | 646 |
| $ | 2,536 |
Accounts receivable, net |
| 3,123 |
|
| 1,577 |
Inventories |
| 2,040 |
|
| 1,773 |
Prepaid expenses and other receivables |
| 452 |
|
| 253 |
Total current assets |
| 6,261 |
|
| 6,139 |
Property, plant and equipment, net |
| 2,657 |
|
| 2,691 |
Product acquisition costs |
| 1,426 |
|
| - |
Restricted cash, long term |
| 54 |
|
| 54 |
License fee, net |
| 275 |
|
| 300 |
Debt issuance costs, net |
| 92 |
|
| 100 |
Other |
| 155 |
|
| 143 |
Total assets | $ | 10,920 |
| $ | 9,427 |
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|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable | $ | 877 |
| $ | 1,091 |
Accrued expenses |
| 1,460 |
|
| 820 |
Deferred income, current |
| 127 |
|
| 48 |
Capital lease obligation, current |
| 17 |
|
| 17 |
Total current liabilities |
| 2,481 |
|
| 1,976 |
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Note payable, bank |
| 2,000 |
|
| 1,000 |
Deferred income, long term |
| 18 |
|
| 20 |
Capital lease obligation, long term |
| - |
|
| 4 |
Total liabilities |
| 4,499 |
|
| 3,000 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Series C Convertible Preferred stock, liquidation preference - $1,783,349 at |
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Common stock |
| 451 |
|
| 446 |
Additional paid-in capital |
| 47,655 |
|
| 47,409 |
Accumulated deficit |
| (43,702) |
|
| (43,445) |
Total stockholders’ equity |
| 6,421 |
|
| 6,427 |
Total liabilities and stockholders' equity | $ | 10,920 |
| $ | 9,427 |
* Derived from the audited December 31, 2012 financial statements
About IGI Laboratories, Inc.
IGI Laboratories is a developer and manufacturer of topical formulations for the pharmaceutical, OTC, and cosmetic markets. Our mission is to be a leading player in the generic topical prescription drug 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," “believe”, “target”, “plan,” "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 and other reports we file with the Securities and Exchange Commission. Actual results may differ materially from these expectations. actors that could cause actual results to differ materially from these expectations include, but are not limited to: our inability to meet current or future regulatory requirements in connection with existing or future ANDAs; our inability to achieve profitability; our failure to obtain FDA approvals as anticipated; our inability to execute and implement our business plan and strategy; the potential lack of market acceptance of our products; our inability to protect our intellectual property rights; changes in global political, economic, business, competitive, market and regulatory factors; and our inability to complete successfully future product acquisitions. 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.