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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  
 




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