This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Stocks in this article: IG

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.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs