Pernix Therapeutics Holdings, Inc. (“Pernix” or the “Company”) (NYSE Amex: PTX), a specialty pharmaceutical company, today announced financial results for the quarter and year ended December 31, 2011.
For the fourth quarter of 2011, net revenues increased by 74% to $21.4 million, compared to $12.3 million for the fourth quarter of 2010. The increase in net revenues was due primarily to higher volume of product sales resulting from the launch of the Company’s new CEDAX product formulation, NATROBA, and certain generic products.
Net income for the fourth quarter of 2011 was $3.9 million, or $0.15 per basic and diluted share, compared to $1.5 million, or $0.07 per basic and diluted share, for the fourth quarter of 2010. Excluding a $0.4 million impairment charge on land owned by Pernix based on an updated appraisal, net income for the quarter ended December 31, 2011 was $4.3 million, or $0.16 per diluted share.Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA, a non-GAAP measure) increased 94% to $7.0 million for the fourth quarter of 2011, compared to $3.6 million for the fourth quarter of 2010. See the table at the end of this press release for a reconciliation of EBITDA and adjusted EBITDA to net income. Selling, general and administrative (“SG&A”) expenses in the fourth quarter of 2011 increased to $7.0 million, compared to $5.3 million for the fourth quarter of 2010. The increase was primarily due to the addition of several key management positions, bonuses, commissions, incentives and stock compensation expense. The increase included the $0.4 million impairment charge on the land owned by Pernix. Depreciation and amortization expense was $0.6 million for the fourth quarter of 2011, compared to $0.7 million for the fourth quarter of 2010. The Company recognized an income tax expense of $2.1 million for the fourth quarter of 2011, compared to $1.4 million in the fourth quarter of 2010.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV