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Sucampo Pharmaceuticals, Inc. Reports Third Quarter And Nine Months 2012 Financial And Operating Results

Stocks in this article: SCMP

Net Loss

Net loss for the third quarter of 2012 was $5.9 million, compared to net loss of $4.1 million for the same period in 2011. Net loss for the first nine months of 2011 was $8.7 million, compared to a net loss of $20.0 million for the same period in 2011.

Comprehensive Loss

Comprehensive loss for the third quarter of 2012 was $6.1 million, compared to comprehensive loss of $6.1 million for the same period in 2011. Comprehensive loss for the first nine months of 2012 was $10.4 million, compared to comprehensive loss of $18.7 million for the same period in 2011.

Cash, Cash Equivalents, Restricted Cash and Marketable Securities

At September 30, 2012, cash, cash equivalents, restricted cash and investments were $82.1 million, compared to $93.4 million at December 31, 2011. At September 30, 2012, notes payable were $61.2 million, compared to $59.6 million at December 31, 2011. These include current notes payable of $20.3 million at September 30, 2012, compared to $20.4 million at December 31, 2011.

Conversion of Class B common stock

On August 30, 2012, Sucampo announced that its majority shareholder and only holder of its class B common stock, S&R Technology Holdings, LLC, or S&R, had converted all of its 26,191,050 issued and outstanding shares of Sucampo’s class B common stock into shares of Sucampo’s class A common stock. S&R held all of Sucampo’s class B common stock. Class B common stock holders were entitled to ten votes per share while class A common stock holders were entitled to one vote per share. Sucampo’s articles of incorporation permit the holder of class B common stock to convert the shares of class B common stock into shares of class A common stock at any time and on a one-for-one basis. As a result of the conversion, there is now only a single class of Sucampo’s common stock outstanding, totaling 41,905,364 shares, each of which is entitled to one vote per share.

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