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Cornerstone Therapeutics Reports Fourth Quarter And Full Year 2009 Financial Results

The non-GAAP measures are subject to inherent limitations because (1) they do not reflect all of the expenses associated with the results of operations as determined in accordance with GAAP and (2) the exclusion of these expenses involved the exercise of judgment by Cornerstone's management.  Even though Cornerstone has excluded stock-based compensation expense, amortization of product rights and acquisition-related expenses from the non-GAAP financial measures, stock-based compensation is an integral part of Cornerstone's compensation structure, the acquisition of product rights is an important part of its business strategy and the transaction with Chiesi resulted in significant cash expenses.  

    
    
    
                             Cornerstone Therapeutics Inc.
                     Reconciliation of Non-GAAP Financial Measures
              (In thousands, except share and per share data - unaudited)
    
    The following tables show the non-GAAP financial measures used in this
     press release reconciled to the most directly comparable GAAP financial
     measures.
    
                                 Three Months Ended          Year Ended 
                                     December 31,            December 31,
                                  2009        2008         2009         2008
                                  ----        ----         ----         ----
    GAAP (loss)
     income from
     operations                 $3,474       $(140)     $15,878      $10,628
      Add: stock-based
       compensation(1)             321         493        1,478          749
      Add: amortization
       of product
       rights                    3,587         377        6,115        1,334
      Add: acquisition-
       related
       expenses(2)                   -           -        3,563            -
                                   ---         ---        -----          ---
    Non-GAAP income
     from operations            $7,382        $730      $27,034      $12,711
                                ======        ====      =======      =======
    
    GAAP net income             $2,688      $2,862      $10,203       $8,993
      Add: stock-based
       compensation(1)             321         493        1,478          749
      Add: amortization
       of product
       rights                    3,587         377        6,115        1,334
      Add: acquisition-
       related
       expenses(2)                   -           -        3,563            -
      Less: tax effects
       related to above
       items(3)                 (1,376)        (38)      (3,927)         (92)
                                ------         ---       ------          ---
    Non-GAAP net
     income                     $5,220      $3,694      $17,432      $10,984
                                ======      ======      =======      =======
    
    GAAP net income
     per share,
     diluted                     $0.11       $0.29        $0.54        $1.14
                                 =====       =====        =====        =====
    Non-GAAP net
     income per
     share, diluted              $0.20       $0.34        $0.93        $1.40
                                 =====       =====        =====        =====
    
    Shares used in diluted net
     income per share
     calculation:
      GAAP net income       24,972,954   9,970,920   18,776,588    7,861,119
                            ==========   =========   ==========    =========
      Non-GAAP net
       income               25,751,756  10,809,831   18,776,588    7,861,119
                            ==========  ==========   ==========    =========
    
    

(1) Stock-based compensation excludes stock-based compensation charges incurred in connection with the Chiesi transaction, which are included in acquisition-related expenses.

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