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Spectrum Pharmaceuticals Reports Strong Revenues And Profits For Third Quarter; Revenues Of $69 Million Up 35% Over Last Year And GAAP Diluted EPS Of $0.33 And Non-GAAP Diluted EPS Of $0.42

Stocks in this article: SPPI

GAAP Results

The Company recorded net income of $21.3 million, or $0.36 per basic and $0.33 per diluted share in the three-month period ended September 30, 2012, compared to a net income of $20.3 million, or $0.38 per basic and $0.34 per diluted share in the comparable period in 2011. Total research and development expenses were $10.2 million in the quarter, as compared to $7.4 million in the same period in 2011. Selling, general and administrative expenses were $23.1 million in the quarter, compared to $15.8 million in the same period in 2011.

Non-GAAP Results

The Company recorded non-GAAP net income of $27.5 million, or $0.47 per basic share and $0.42 per diluted share in the three-month period ended September 30, 2012, compared to a net income of $22.5 million, or $0.42 per basic and $0.38 per diluted share in the comparable period in 2011. Non-GAAP research and development adjustments were $1.1 million, as compared to $0.3 million in the same period of 2011. Non-GAAP selling, general and administrative adjustments were $6.6 million, as compared to $1.1 million in the same period in 2011.

During the three-month period ended September 30, 2012, net cash provided by operations was approximately $63.9 million. Cash, equivalents, investments and receivables as of September 30, 2012 aggregated $237.5 million, as compared to $279 million as of June 30, 2011.

There were approximately 59.5 million shares of common stock issued and outstanding as of September 30, 2012.

Nine-Month Period Ended September 30, 2012 (All numbers are approximate)

The Company recorded net income of $85.9 million, or $1.47 per basic and $1.32 per diluted share, compared to income of $40.2 million, or $0.77 per basic and $0.70 per diluted share, in the nine-month period ended September 30, 2011. Consolidated revenue of $197.6 million was comprised of product sales of $188.3 million and $9.3 million from licensing fees. This represents a 41.1% increase from $140 million in consolidated revenue recorded in the first nine months of 2011, comprised of product sales of $130.8 million and $9.3 million from licensing fees. Total research and development expenses were $28.7 million, as compared to $20.9 million in the same period of 2011. Selling, general and administrative expenses were $64.7 million, compared to $47.3 million in the same period in 2011.

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