Columbia Laboratories Reports Third Quarter 2012 Financial Results

CRINONE ^® and PROCHIEVE ^® are registered trademarks of Watson Pharmaceuticals, Inc.

COLUMBIA LABORATORIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
					September 30, 2012 (unaudited)							December 31,2011
ASSETS
CURRENT ASSETS
Cash and cash equivalents					$		10,185,582					$		10,114,163
Short-term investments						15,379,011							15,023,999
Accounts receivable, net						4,866,249							4,695,410
Inventories						3,706,702							3,635,730
Prepaid expenses and other current assets						503,731							667,927
Total current assets						34,641,275							34,137,229
Property and equipment, net						2,019,996							1,481,071
Other assets						38,878							464,286
TOTAL ASSETS					$		36,700,149					$		36,082,586
LIABILITIES AND SHAREHOLDER'S EQUITY
CURRENT LIABILITIES:
Accounts payable					$		2,183,304					$		3,526,171
Accrued expenses						2,431,629							3,016,596
Series C redeemable shares						550,000							600,000
Deferred revenues						—							93,750
Total current liabilities						5,164,933							7,236,517
Deferred revenue						36,760							46,416
Common stock warrant liability						2,769,277							8,168,846
TOTAL LIABILITIES						7,970,970							15,451,779
SHAREHOLDERS' EQUITY:
Preferred stock, $.01 par value; 1,000,000 shares authorized,
Series B convertible preferred stock,130 shares issued and outstanding (liquidation preference of $13,000)						1							1
Series E convertible preferred stock, 22,740 shares issued and outstanding (liquidation preference of $2,274,000)						227							227
Common Stock $.01 par value; 150,000,000 shares authorized; 87,543,781 and 87,367,313 shares issued in 2012 and 2011, respectively						875,437							873,673
Capital in excess of par value						278,695,861							278,060,138
Less cost of 36,448 treasury shares						(125,381		)					(125,381		)
Accumulated deficit						(250,996,822		)					(258,282,753		)
Accumulated other comprehensive income						279,856							104,902
TOTAL SHAREHOLDERS' EQUITY						28,729,179							20,630,807
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY					$		36,700,149					$		36,082,586

COLUMBIA LABORATORIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
					Nine Months EndedSeptember 30,										Three Months EndedSeptember 30,
					2012					2011					2012					2011
REVENUES
Net product revenues (including amounts from related party:
2012 - $3,590,073; 2011 - $1,513,296)					$		16,101,350			$		12,536,141			$		5,620,889			$		4,129,112
Royalties (including amounts from related party:
2012 - $2,232,397; 2011 - $1,845,154)						2,532,197					2,070,226					1,017,609					782,694
Other revenues (including amounts from related party:
2012 - $0; 2011 - $21,974,383)						103,568					22,078,785					34,540					34,888
Total net revenues						18,737,115					36,685,152					6,673,038					4,946,694
COST OF PRODUCT REVENUES
Cost of product revenues (including amounts from related party:
2012 - $3,263,376; 2011 - $1,453,720)						9,655,624					8,161,210					3,186,792					3,124,284
Gross profit						9,081,491					28,523,942					3,486,246					1,822,410
OPERATING EXPENSES:
Selling and distribution						—					87,669					—					—
General and administrative						6,376,561					6,765,420					1,901,880					1,908,616
Research and development (net of reimbursement from related
party: 2012 - $435,199; 2011 - $2,690,163)						856,545					2,362,434					143,795					508,884
Net gain on U.S. sale of STRIANT						—					(2,533,127)					—					—
Total operating expenses						7,233,106					6,682,396					2,045,675					2,417,500
Income (loss) from operations						1,848,385					21,841,546					1,440,571					(595,090)
OTHER INCOME (EXPENSE):
Interest income						181,084					36,395					58,339					31,868
Interest expense						(22,459)					(11,663)					(22,459)					(3,887)
Change in fair value of redeemable warrants						—					(2,721,205)					—					—
Change in fair value of stock warrants						5,399,569					2,790,337					(1,065,498)					5,050,520
Other, net						(115,629)					(353,151)					(19,882)					(32,964)
Total other income (expense)						5,442,565					(259,287)					(1,049,500)					5,045,537
Income before taxes						7,290,950					21,582,259					391,071					4,450,447
Provision for income taxes						(5,018)					(37,710)					(2,342)					(33,206)
NET INCOME					$		7,285,932			$		21,544,549			$		388,729			$		4,417,241
NET INCOME PER COMMON SHARE:
Basic					$		0.08			$		0.25			$		0.00			$		0.05
Diluted					$		0.02			$		0.20			$		0.00			$		(0.01)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic						87,310,752					85,998,197					87,330,865					87,269,433
Diluted						88,451,364					92,561,710					88,542,827					89,240,246

« First ‹ Previous 1 2 3 4 5 6 Next › Last »