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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

Management uses non-GAAP net income (loss) in its evaluation of the Company's core after-tax results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Management believes that providing these non-GAAP financial measures allows investors to view the Company's financial results in the way that management views the financial results.

The non-GAAP financial measures presented herein have certain limitations in that they do not reflect all of the costs associated with the operations of the Company's business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by the Company may be different from the non-GAAP financial measures used by other companies.

Condensed Consolidated Statements of Income and Reconciliation of Non-GAAP Adjustments

(In thousands, except share and per share data)

(Unaudited)

 
     

Three months ended September 30, 2012

 

Nine months ended September 30, 2012

2012

 

2011

2012

 

2011

GAAP selling, general and administrative expenses 23,114 15,811 64,723 47,261
Non GAAP adjustments to G&A:
Reduction in staff 1,602 -- 1,874 --
Stock-based compensation 2,800 4,056 8,109 14,037
Allos tender offer and Bayer agreement for licensing rights to market ZEVALIN outside the U.S. 2,166 -- 6,224 --
Change in fair market value of common stock warrant liability --   (2,999 ) --   3,488  
Total adjustments to G&A 6,568 1,057 16,207 17,525
 
Non-GAAP selling, general and administrative 16,546   14,754   48,516   29,736  
 
GAAP research and development 10,183 7,388 28,657 20,904
Non-GAAP adjustments to R&D:
Stock-based compensation 528 280 1,316 1,179
Reduction in staff 548 -- 548 --
One-time payment for co-development agreement --   --   1,000   --  
Total adjustments to R&D 1,076 280 2,864 1,179
Non-GAAP research and development 9,107   7,108   25,793   19,725  
 
 
GAAP amortization of purchased intangibles 1,824 930 4,400 2,790
Non-GAAP adjustments to purchased intangibles:
Amortization 1,834   930   4,400   2,790  
Total adjustments to amortization of purchased intangibles 1,834 930 4,440 2,790
Non-GAAP amortization of purchased intangibles --   --   --   --  
 
GAAP income before income taxes 23,049 20,905 67,345 42,536
Total non-GAAP adjustments 9,478   2,267   23,471   21,494  
Non-GAAP income before income taxes 32,527   23,172   90,816   64,030  
 
GAAP (provision)/benefit for income taxes (1,737 ) (650 ) 18,579 (2,300 )
Adjustment to (provision)/benefit for income taxes (3,316 ) --   (35,049 ) --  
Non-GAAP (provision)/benefit for income taxes (5,053 ) (650 ) (16,470 ) (2,300 )
 
GAAP net income 21,312 20,255 85,924 40,236
Non-GAAP adjustments 6,162   2,267   (11,578 ) 21,494  
Non-GAAP net income 27,474   22,522   74,346   61,730  
 
Non-GAAP income per share:
Basic 0.47   0.42   1.27   1.18  
Diluted 0.42   0.38   1.15   1.08  
 
Weighted average shares outstanding:
Basic 58,912,031   53,810,047   58,564,176   52,477,789  
Diluted 65,139,606   59,469,863   64,880,786   57,326,069  
 




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