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IGI Laboratories Announces 3rd Quarter 2012 Results

IGI Laboratories, Inc. (NYSE Amex: IG), a New Jersey based topical generic drug development and manufacturing company, provided its financial results for the third quarter ended September 30, 2012.

Third Quarter 2012 Highlights vs. 2011
  • Total year to date revenues of $6.3 million, an increase of 10% over the same period in 2011
  • Total revenues of $2.0 million for Q3 2012, a decrease of 6% over same quarter in 2011
  • Gross margins year to date improved to 32% in 2012 as compared to 28% in 2011
  • Gross margins improved to 38% in Q3 2012 as compared to 30% in Q3 2011
  • Non-GAAP cash provided from operations was $1.1 million for the nine months ended September 30, 2012, as compared to Non-GAAP cash used in operations of $0.9 million in 2011
  • Net loss was $1.4 million in Q3 2012, which included $0.5 million of amortization of debt issuance costs and approximately $0.4 million related to costs associated with the change in the executive team in July of 2012. Net loss was $0.5 million in Q3 2011
  • Net loss per share was $0.04 in the third quarter of 2012 as compared to $0.01 in 2011
  • Net loss included research and development costs of $0.6 million and $0.4 million in Q3 2012 and Q3 2011
  • IGI entered into a Loan and Security Agreement with Square 1 Bank and drew down $1.0 million in principal amount on August 31, 2012
  • IGI gained authorization to launch its first IGI label topical prescription products
  • IGI enters into partnership with DDN to provide logistical support services

IGI’s President and Chief Executive Officer, Jason Grenfell-Gardner, stated, “IGI completed its third quarter with total revenues of $2.0 million and improved margins as we continue to see the shift in our customer base to include product sales from more pharmaceutical customers. We have executed all of the significant steps in our go to market strategy and we are on track to launch our first IGI products later this quarter. We successfully refinanced our outstanding credit facility and significantly reduced our borrowing costs, which will allow us more flexibility to finance our business needs in the near term. While the changes to our credit facility and changes to the executive team, negatively impacted the net loss for the quarter, the Company is confident these were necessary steps as IGI focuses on being a leading player in the generic topical pharmaceutical market.”

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