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Pernix Therapeutics Holdings Reports Second Quarter 2011 Financial Results

Stocks in this article: PTX

Pernix Therapeutics Holdings, Inc. (“Pernix”) (NYSE Amex: PTX), a specialty pharmaceutical company primarily focused on the pediatric market, today announced financial results for the second quarter and first half of 2011.

Financial Results

For the second quarter of 2011, net revenues increased by approximately 178% to $12.0 million, compared to $4.3 million for the second quarter of 2010. The increase in net revenues was due primarily to higher volume of sales including the Company’s new CEDAX product formulation and certain generic products.

Net income for the second quarter of 2011 was approximately $1.5 million, or $0.07 per basic and diluted share, as compared to $0.2 million, or $0.01 per basic and diluted share, for the second quarter of 2010. Selling, general and administrative (“SG&A”) expenses in the second quarter of 2011 increased to approximately $4.7 million, as compared to approximately $2.8 million for the second quarter of 2010, primarily due to the doubling of the Company’s sales force and the addition of several key management positions in 2010. Depreciation and amortization expense increased to approximately $0.6 million for the second quarter of 2011, as compared to approximately $0.2 million for the second quarter of 2010. The increase is due to the amortization under certain commercial agreements, including the Company’s acquisitions of CEDAX and Macoven in 2010. The Company also recognized approximately $0.3 million in expenses related to its joint venture with SEEK for the development of Theobromine during the second quarter of 2011. For the second quarter of 2011, the Company recognized an income tax expense of approximately $0.9 million, as compared to an income tax expense of approximately $0.2 million for the second quarter of 2010.

Earnings before interest, taxes, depreciation and amortization (EBITDA, a non-GAAP measure) increased by approximately 435% to approximately $3.0 million for the second quarter of 2011, compared to approximately $0.6 million for the second quarter of 2010. See the table at the end of this press release for a reconciliation of EBITDA to GAAP net income.

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