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IGI Laboratories Announces 4th Quarter 2011 And Year End 2011 Results

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,
  2011     2010  
ASSETS
Current assets:
Cash and cash equivalents $ 2,914 $ 5,116

Accounts receivable, less allowance for doubtful accounts of $16 in 2011 and $10 in 2010

1,197 794
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:

Series A Convertible Preferred stock, liquidation preference - $500,000 at December 31, 2011 and December 31, 2010

500

500

Series C Convertible Preferred stock, liquidation preference - $1,686,527 at December 31, 2011 and $1,609,027 at December 31, 2010

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.

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