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Sucampo Pharmaceuticals, Inc. Reports Second Quarter And Six Months 2012 Financial And Operating Results

Stocks in this article: SCMP

Net Income (Loss)

Net loss for the second quarter of 2012 was $0.8 million, compared to net loss of $9.0 million for the same period in 2011. Net loss for the first six months of 2011 was $2.7 million, compared to a net loss of $15.9 million for the same period in 2011.

Comprehensive Income (Loss)

Comprehensive loss for the second quarter of 2012 was $0.8 million, compared to comprehensive loss of $6.2 million for the same period in 2011. Comprehensive loss for the first six months of 2012 was $4.3 million, compared to comprehensive loss of $12.6 million for the same period in 2011.

Cash, Cash Equivalents, Restricted Cash and Marketable Securities

At June 30, 2012, cash, cash equivalents, restricted cash and investments were $88.6 million, compared to $93.4 million at December 31, 2011. The slight decrease in cash reflects the improvement in operating results discussed above, as well as continued working capital management. At June 30, 2012, notes payable were $60.4 million, compared to $59.6 million at December 31, 2011. These include current notes payable of $20.1 million at June 30, 2012, compared to $20.4 million at December 31, 2011.

Deferred Charges and Deferred Liabilities

In September 2011, we internally transferred certain intellectual property and licenses subject to certain consents, including the Takeda Agreement, from our subsidiaries including SPA our U.S. based subsidiary to Sucampo AG, our Switzerland based subsidiary. Following the ICC arbitration decision on the Takeda Agreement, Sucampo has determined that the internal transfer of the intellectual property is only partially complete, resulting in a reassessment of the deferred charge, deferred tax liability and the mix of profits and losses earned in each jurisdiction. As a result of this reassessment, Sucampo reduced the deferred charge and deferred tax liability by approximately $23.8 million and $24.1 million, respectively, which are non-cash balance sheet adjustments. We are actively working to complete the internal transfer of the remaining intellectual property, which could occur in 2012. An additional deferred charge will be recorded in the period in which the transfer is completed.

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