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Obagi Medical Products’ Reports Second Quarter 2012 EPS Rose To $0.18 Vs. $0.16 A Year Ago; Revenue Rose To $30.5 Million

Obagi Medical Products, Inc. (NASDAQ: OMPI), a leader in topical aesthetic and therapeutic skin health systems, today reported financial results for the second quarter and six months ended June 30, 2012.

Net sales for the second quarter of 2012 were up approximately 6% to $30.5 million from $28.9 million for the second quarter of 2011.

Net income for the second quarter of 2012 rose to $3.4 million, or $0.18 per diluted share, compared with $2.9 million, or $0.16 per diluted share in the second quarter of 2011. The results for the three months ended June 30, 2012 included approximately $1.2 million (or an impact of $0.04 per diluted share) of pre-tax charges for the development of the Company’s e-Commerce initiative and other growth initiatives as previously announced.

Operating expenses for the second quarter of 2012 were $18.7 million, compared with $17.5 million for the same period last year, which included $0.7 million in costs associated with the Zein Obagi litigation and settlement.

Gross margin for the second quarter of 2012 was 79.8%, up from 77.4% a year ago.

Highlights from the quarter included:
  • Generating positive cash flow from operations of $1.7 million, bringing cash and cash equivalents at June 30, 2012 to $40.2 million.
  • Adding 306 new accounts, resulting in active accounts totaling 6,602 at quarter’s end, up 1% from a year ago.
  • Thirty percent of the new account additions derived from physicians in Texas.

Al Hummel, the Company’s President and CEO, stated, “I am pleased with this quarter’s financial performance as we saw strong international sales and license fees and made progress in re-building our account base in Texas where we re-introduced our hydroquinone products in early May.

“Our initiatives to broaden the market for Obagi products via the Internet and e-Commerce are advancing well. Our intent is to expand, simplify and expedite the means by which our products can be purchased and distributed, both for the benefit of our physicians and our end-users. We believe this significant undertaking will transform our operations by greatly expanding our marketing outreach and multiplying our potential for wholesale and retail delivery on a real-time basis.

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