BAUDETTE, Minn., Aug. 4, 2015 /PRNewswire/ -- ANI Pharmaceuticals,
Inc. ("ANI") (NASDAQ: ANIP) today reported financial results for
the three and six months ended June 30,
2015 and updated its financial guidance for 2015. The
Company will host its earnings conference call this morning,
August 4, 2015, at 10:30 AM ET. Investors and other interested
parties can join the call by dialing (855) 582-8078. The conference
ID is 90889796.
Year-to-Date Highlights Include:
- Year-to-date net revenues of $38.3 million, an increase of 118% as
compared to $17.5 million for the
same period in 2014.
- Year-to-date adjusted non-GAAP EBITDA of $22.3 million, an increase of 399% as
compared to $4.5 million for the same
period in 2014.
- Year-to-date operating income of $18.0
million, an increase of over 1,600% as compared to
$1.0 million for the same period in
2014.
- Year-to-date adjusted non-GAAP diluted earnings per share of
$1.12.
- Year-to-date diluted earnings per share of $0.68.
- Awarded two new contracts for EEMT, effective in the
2nd and 3rd quarters.
- Launched Etodolac capsules and Propafenone tablets.
- Received ANDA approval for Oxycodone Hydrochloride Oral
Solution.
- Received ANDA approval for Nimodipine capsules (via Sofgen
partnership).
- Acquired 22 generic products for $25.0
million.
- Acquired Flecainide ANDA for $4.5
million.
- Acquired 1% Testosterone Gel NDA.
Net revenues and
Adjusted
Non-GAAP EBITDA
(in
thousands)
|
Three months
ended
June
30,
|
Six months
ended
June
30,
|
|
2015
|
2014
|
2015
|
2014
|
Net
revenues
|
$ 19,516
|
$ 6,647
|
$ 38,315
|
$ 17,546
|
Adjusted Non-GAAP
EBITDA(a)
|
$ 10,858
|
$ 226
|
$ 22,320
|
$ 4,470
|
|
|
|
|
|
(a) See
Table 2 for US GAAP reconciliation.
|
|
Arthur S. Przybyl, President and
CEO, stated,
"ANI's first half 2015 results
yielded material increases in revenue, EBITDA, operating income,
and earnings per share over the prior year period, due primarily to
our acquisitions of Lithobid and Vancocin as well as the launch of
Methazolamide tablets, Etodolac capsules and Propafenone tablets,
three of the generic products we acquired in 2014. The revenue and
EBITDA contributions from these products demonstrate the importance
of our business development activities to our continued growth.
Consistent with that strategy,
year to date we have acquired 24 products representing $1.0 billion in IMS sales, including our most
recent acquisition in July, when we acquired 22 generic products
from Teva, bringing our total pipeline to 67 products, a
substantial product pipeline for a pharmaceutical company our size.
Equally important, 48 of our pipeline products can be
commercialized based on either CBE-30s or prior approval
supplements filed with the FDA.
We are similarly focusing on
organic growth as a revenue and EBITDA driver, by expanding our
internally-developed product pipeline and growing our market share
on our existing products. As previously announced, we received FDA
approval for our Oxycodone Hydrochloride Oral Solution and our
partnered Nimodipine Capsules, both of which we expect to launch in
the fourth quarter of 2015, and closed several new sales agreements
for EEMT in the first half of 2015. EEMT revenues increased from
$8.9 million in the first quarter to
$9.8 million in the second quarter
and we expect additional increases in our EEMT revenues beginning
in the third quarter."
Second Quarter
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Revenues
(in
thousands)
|
|
Three Months
Ended
June 30,
|
|
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
Generic
pharmaceutical products
|
|
$
|
13,764
|
|
$
|
4,836
|
|
$
|
8,928
|
|
185%
|
Branded
pharmaceutical products
|
|
|
2,136
|
|
|
569
|
|
|
1,567
|
|
275%
|
Contract
manufacturing
|
|
|
1,091
|
|
|
1,152
|
|
|
(61)
|
|
(5)%
|
Contract services and
other income
|
|
|
2,525
|
|
|
90
|
|
|
2,435
|
|
2,706%
|
Total net
revenues
|
|
$
|
19,516
|
|
$
|
6,647
|
|
$
|
12,869
|
|
194%
|
For the three months ended June 30,
2015, ANI reported net revenues of $19.5 million, an increase of 194%
from $6.6 million in the prior year
period, due to the following factors:
- Revenues from sales of generic pharmaceuticals increased 185%,
to $13.8 million from $4.8 million in the prior period, primarily due
to increased sales of EEMT, as well as sales from Methazolamide,
which was launched in the fourth quarter of 2014, and Etodolac and
Propafenone, which were launched in the first quarter of 2015. EEMT
revenues are expected to increase in the third quarter due to sales
agreements established in the first half of 2015.
- Revenues from sales of branded pharmaceuticals increased 275%,
to $2.1 million from $0.6 million in the prior period, primarily as a
result of sales of Lithobid and Vancocin, which were acquired in
the third quarter of 2014.
- Contract manufacturing revenue decreased by 5% to $1.1 million from $1.2
million in the prior year period, primarily as a result of
timing of customer orders.
- Contract services and other revenues increased by 2,706%, to
$2.5 million from
$0.1 million, primarily due to
royalties received on sales of the authorized generic of Vancocin.
In the second quarter, ANI's authorized generic partner for
Vancocin adjusted its estimates for chargebacks, rebates, and other
deductions from gross sales for the last five months of 2014, which
resulted in a non-recurring $1.4
million increase in royalty revenue. In the fourth quarter
of 2015, the Company expects to launch an authorized generic for
Vancocin under its own label, which will replace the authorized
generic product currently on the market.
Adjusted non-GAAP EBITDA was $10.9 million for the three months
ended June 30, 2015, compared to
$0.2 million in the prior year
period, an increase of over 4,700%. For a reconciliation of
adjusted non-GAAP EBITDA to GAAP operating income, please see Table
2.
Cost of sales decreased as a percentage of net revenues to 16%
from 32%, primarily due to higher margin sales of the Lithobid and
Vancocin branded products and margin increases for the Company's
generic products.
Research and development costs increased to $1.0 million for the three months
ended June 30, 2015, from
$0.9 million in the prior year
period. The increase was due to work on development projects,
including the ANDAs acquired in 2014, Flecainide, and new
collaborations.
Selling, general and administrative expenses increased to
$5.6 million for the
three months ended June 30, 2015,
from $5.4 million in the prior year
period. The increase was primarily due to increased expenses
associated with the Company's business development activities, and
increased personnel and compensation. These increases were
partially offset by a non-recurring prior period $1.3 million catch-up adjustment for non-cash
stock-based compensation expense recognized upon shareholder
approval of an increase in shares available for issuance under
ANI's stock compensation plan.
Operating income was $8.4 million for the three months
ended June 30, 2015, as compared to a
$2.5 million operating loss in the
prior year period.
Other expense increased to $2.7
million in the three months ended June 30, 2015 from $36
thousand in the prior year period, due to interest expense
related to the convertible debt issued in December 2014.
Net income was $3.6 million for the three months
ended June 30, 2015, reflecting an
effective tax rate of 37.0%, as compared to a $2.4 million net loss in the prior year period.
Diluted earnings per share for the three months ended June 30, 2015 was $0.31, based on 11,548,831 diluted shares
outstanding, as compared to diluted loss per share of $0.21 in the prior year period.
Adjusted non-GAAP diluted earnings per share was $0.55. For a reconciliation of adjusted non-GAAP
diluted earnings per share to GAAP net income, please see Table
3.
Results for Six
Months Ended June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Revenues
(in
thousands)
|
|
Six Months Ended
June 30,
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
%
Change
|
Generic
pharmaceutical products
|
|
$
|
26,021
|
|
$
|
12,880
|
|
$
|
13,141
|
|
102%
|
Branded
pharmaceutical products
|
|
|
6,408
|
|
|
1,353
|
|
|
5,055
|
|
374%
|
Contract
manufacturing
|
|
|
2,295
|
|
|
2,771
|
|
|
(476)
|
|
(17)%
|
Contract services and
other income
|
|
|
3,591
|
|
|
542
|
|
|
3,049
|
|
563%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net
revenues
|
|
$
|
38,315
|
|
$
|
17,546
|
|
$
|
20,769
|
|
118%
|
For the six months ended June 30,
2015, ANI reported net revenues of $38.3 million, an increase of 118%
from $17.5 million in the prior year
period, due to the following factors:
- Revenues from sales of generic pharmaceuticals increased 102%,
to $26.0 million from $12.9 million in the prior period, primarily due
to increased sales of EEMT, as well as sales from Methazolamide,
which was launched in the fourth quarter of 2014, and Etodolac and
Propafenone, which were launched in the first quarter of 2015. EEMT
revenues are expected to increase in the third quarter due to sales
agreements established in the first half of 2015.
- Revenues from sales of branded pharmaceuticals increased 374%,
to $6.4 million from $1.4 million in the prior period, primarily as a
result of sales of Lithobid and Vancocin, which were acquired in
the third quarter of 2014.
- Contract manufacturing revenue decreased by 17% to $2.3 million from $2.8
million in the prior year period, primarily as a result of
timing of customer orders.
- Contract services and other revenues increased by 563%, to
$3.6 million from
$0.5 million, primarily due to
royalties received on sales of the authorized generic of Vancocin.
In the second quarter, ANI's authorized generic partner for
Vancocin adjusted its estimates for chargebacks, rebates, and other
deductions from gross sales for the last five months of 2014, which
resulted in a non-recurring $1.4
million increase in royalty revenue. In the fourth quarter
of 2015, the Company expects to launch an authorized generic for
Vancocin under its own label, which will replace the authorized
generic product currently on the market.
Adjusted non-GAAP EBITDA was $22.3 million for the six months
ended June 30, 2015, compared to
$4.5 million in the prior year
period, an increase of 399%. For a reconciliation of adjusted
non-GAAP EBITDA to GAAP operating income, please see Table
2.
Cost of sales decreased as a percentage of net revenues to 15%
from 27%, primarily due to higher margin sales of the Lithobid and
Vancocin branded products and margin increases for the Company's
generic products.
Research and development costs increased to $1.4 million for the six months ended
June 30, 2015, from $1.2 million in the prior year period. The
increase was due to work on development projects, including the
ANDAs acquired in 2014 and new collaborations.
Selling, general and administrative expenses increased to
$10.3 million for the six
months ended June 30, 2015, from
$9.1 million in the prior year
period. The increase was primarily due to increased expenses
associated with the Company's business development activities, and
increased personnel and compensation. These increases were
partially offset by a non-recurring prior period $1.3 million catch-up adjustment for non-cash
stock-based compensation expense recognized upon shareholder
approval of an increase in shares available for issuance under
ANI's stock compensation plan.
Operating income was $18.0 million for the six months
ended June 30, 2015, as compared to
$1.0 million in the prior year
period.
Other expense increased to $5.4
million in the six months ended June
30, 2015 from $7 thousand in
the prior year period, due to interest expense related to the
convertible debt issued in December
2014.
Net income was $7.9 million for the six months ended
June 30, 2015, reflecting an
effective tax rate of 36.9%, as compared to $1.0 million in the prior year period. Diluted
earnings per share for the six months ended June 30, 2015 was $0.68, based on 11,555,522 diluted shares
outstanding, as compared to diluted earnings per share of
$0.09 in the prior year period.
Adjusted non-GAAP diluted earnings per share was $1.12. For a reconciliation of adjusted non-GAAP
diluted earnings per share to GAAP net income, please see Table
3.
ANI's Updated Guidance
ANI's updated guidance is based on management's current
estimates of the Company's market share for its products, product
pricing, cost of sales, and operating costs. The following tables
provide summaries of ANI's updated 2015 second half and full year
guidance ranges:
(in
millions, except EPS)
|
2H 2015
Guidance
|
|
|
Net
revenues
|
$44 - $46
|
Adjusted non-GAAP
EBITDA(a)
|
$26 - $28
|
Adjusted non-GAAP
diluted EPS(b)
|
$1.32 -
$1.38
|
(in
millions, except EPS and %s)
|
Full Year 2015
Current
|
Full Year 2015
Prior(c)
|
|
|
|
Net
revenues
|
$82 - $84
|
$80 - 88
|
Cost of
sales(d)
|
15.5% -
16.5%
|
15% -
17.5%
|
Operating
expenses(e)
|
$17 -
$17.5
|
$16.2 -
$16.5
|
Research and
development costs
|
$3.5 - $4
|
$3
|
Adjusted non-GAAP
EBITDA(a)
|
$48 - $50
|
$48.8 -
$53.1
|
Depreciation and
amortization
|
$5.75
|
$5.5
|
Total interest
expense
|
$11.2
|
$11.2
|
Cash interest
expense
|
$4.3
|
$4.3
|
Non-cash interest
expense
|
$6.9
|
$6.9
|
Estimated effective
tax rate
|
37%
|
36.8%
|
Adjusted non-GAAP
EPS(b)
|
$2.44 -
$2.50
|
$2.44 -
$2.67
|
|
|
|
(a)
Excludes non-cash stock compensation expense. See Table 2 for US
GAAP reconciliation.
|
(b)
Excludes non-cash stock compensation and non-cash interest expense.
See Table 3 for US GAAP reconciliation.
|
(c) Per
ANI's Q1 2015 earnings press release dated May 5, 2015.
|
(d)
Exclusive of depreciation and amortization.
|
(e)
Excludes non-cash stock compensation expense.
|
Selected Balance
Sheet Data
|
|
|
|
|
|
(in
thousands)
|
|
|
|
June 30,
2015
|
December 31,
2014
|
Cash
|
$
166,731
|
$
169,037
|
Accounts Receivable,
net
|
$
18,880
|
$
17,297
|
Inventory,
net
|
$
12,701
|
$
7,518
|
Current
Assets
|
$
208,948
|
$
203,478
|
Current
Liabilities
|
$
6,949
|
$
13,233
|
ANI generated $2.3 million of
positive cash flows from operations in the six months ended
June 30, 2015. Also during the first
half of 2015, ANI acquired a generic product, Flecainide tablets,
for $4.5 million. As a result of the
net effect of these sources and uses of cash, ANI had $166.7 million of cash at
June 30, 2015.
Net accounts receivable increased from $17.3 million to $18.9 million. ANI's net inventory increased from
$7.5 million to $12.7 million, as a direct result of raw
materials acquired for key products, and inventories related to
EEMT, Lithobid and Vancocin. ANI's total current assets increased
to $208.9 million at
June 30, 2015, from $203.5 million at December
31, 2014.
ANI Product Development Pipeline
Overview
ANI's July 2015 acquisition of the
ANDAs for 22 generic products brings the Company's pipeline to 67
products, 54 of which were acquired. Of these products, ANI expects
that 48 can be commercialized based on either CBE-30s or prior
approval supplements filed with the FDA.
Product Launches
ANI anticipates launching eleven products by the end of
2016:
Product
|
|
Total Annual
Market Size(a)
|
|
Estimated
Launch
|
|
FDA Approvals
Required
|
Oxycodone HCl oral
solution
|
|
$30M
|
|
Q4 2015
|
|
Approved
|
Nimodipine capsules
(partnered with Sofgen)
|
|
$25M
|
|
Q4 2015
|
|
Approved
|
Flecainide
tablets
|
|
$67M
|
|
Q1 2016
|
|
CBE-30
|
Dexcel
product
|
|
$53M
|
|
Q1 2016
|
|
ANDA
|
Anti-cancer drug,
(TAD(b) 2/26/2016)
|
|
Undisclosed
|
|
Q1 2016
|
|
ANDA
|
Five ANDAs acquired
in July
|
|
$253M
|
|
Q4 2016
|
|
CBE-30
|
Testosterone 1%
gel
|
|
$300M
|
|
Q4 2016
|
|
PAS
|
|
|
|
|
|
|
|
(a) Per
IMS Health
|
|
|
|
|
|
|
(b) FDA's
Target Action Date, per FDA communications
|
|
|
|
Product Development
Research and development costs of $1.0
million during the second quarter of 2015 represent a 147%
increase over the first quarter, due primarily to several upcoming
product filings. ANI expects to file three prior approval
supplements, six CBE-30s, the Company's first Paragraph IV filing,
and one internally-developed ANDA in the next 18 months. A table
summarizing ANI's pipeline of products is below:
Products
|
|
ANI
|
|
Partnered
|
|
Total
|
At FDA
|
|
5
|
|
2
|
|
7
|
Development
|
|
3
|
|
3
|
|
6
|
Acquired
Products
|
|
54
|
|
0
|
|
54
|
ANI's product development pipeline includes extended-release
products, narcotics, anti-cancers, oral solutions, suspensions and
solid dosage forms. These 67 generic products address a total
annual market size of approximately $4.0
billion, based on data from IMS Health.
Non-GAAP Financial Measures
Adjusted Non-GAAP EBITDA
ANI's management considers adjusted non-GAAP EBITDA to be an
important financial indicator of ANI's operating performance,
providing investors and analysts with a useful measure of operating
results unaffected by non-cash stock-based compensation and
differences in capital structures, tax structures, capital
investment cycles, ages of related assets and compensation
structures among otherwise comparable companies. Management uses
adjusted non-GAAP EBITDA when analyzing Company performance.
Adjusted non-GAAP EBITDA is defined as operating income/(loss),
excluding depreciation, amortization, and stock-based compensation
expense. Adjusted non-GAAP EBITDA should be considered in addition
to, but not in lieu of, net income or loss reported under GAAP. A
reconciliation of adjusted non-GAAP EBITDA to the most directly
comparable GAAP financial measure is provided in Table 2.
Adjusted non-GAAP Diluted Earnings per Share
ANI's management considers adjusted non-GAAP diluted earnings
per share to be an important financial indicator of ANI's operating
performance, providing investors and analysts with a useful measure
of operating results unaffected by non-cash stock-based
compensation and non-cash interest expense. Management uses
adjusted non-GAAP diluted earnings per share when analyzing Company
performance.
Adjusted non-GAAP diluted earnings per share is defined as net
income/(loss), excluding stock-based compensation and non-cash
interest expense, divided by the diluted weighted average shares
outstanding during the period. Adjusted non-GAAP diluted earnings
per share should be considered in addition to, but not in lieu of,
earnings or loss per share reported under GAAP. A reconciliation of
adjusted non-GAAP diluted earnings per share to the most directly
comparable GAAP financial measure is provided in Table 3.
About ANI
ANI Pharmaceuticals, Inc. (the "Company" or "ANI") is an
integrated specialty pharmaceutical company developing,
manufacturing, and marketing branded and generic prescription
pharmaceuticals. The Company's targeted areas of product
development currently include narcotics, oncolytics (anti-cancers),
hormones and steroids, and complex formulations involving extended
release and combination products. For more information, please
visit the Company's website www.anipharmaceuticals.com.
Forward-Looking Statements
To the extent any statements made in this release deal with
information that is not historical, these are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements include, but are not limited
to, statements about price increases, the Company's future
operations, products financial position, operating results and
prospects, the Company's pipeline or potential markets therefor,
and other statements that are not historical in nature,
particularly those that utilize terminology such as "anticipates,"
"will," "expects," "plans," "potential," "future," "believes,"
"intends," "continue," other words of similar meaning, derivations
of such words and the use of future dates.
Uncertainties and risks may cause the Company's actual results
to be materially different than those expressed in or implied by
such forward-looking statements. Uncertainties and risks include,
but are not limited to, the risk that the Company may face with
respect to importing raw materials; increased competition; delays
or failure in obtaining product approval from the U.S. Food and
Drug Administration; general business and economic conditions;
market trends; products development; regulatory and other approvals
and marketing.
More detailed information on these and additional factors that
could affect the Company's actual results are described in the
Company's filings with the Securities and Exchange Commission,
including its most recent annual report on Form 10-K and quarterly
reports on Form 10-Q, as well as its proxy statement. All
forward-looking statements in this news release speak only as of
the date of this news release and are based on the Company's
current beliefs, assumptions, and expectations. The Company
undertakes no obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
For more information about ANI, please contact:
Investor Relations
IR@anipharmaceuticals.com
ANI
Pharmaceuticals, Inc. and Subsidiary
|
Table 1: US GAAP
Income Statement
|
(unaudited, in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three months
ended
June 30,
|
|
Six months
ended
June 30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Net
Revenues
|
$ 19,516
|
|
$ 6,647
|
|
$ 38,315
|
|
$ 17,546
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
Cost of
sales (excl. depreciation
|
|
|
|
|
|
|
|
and
amortization)
|
3,141
|
|
2,117
|
|
5,892
|
|
4,739
|
Research and
development
|
995
|
|
851
|
|
1,398
|
|
1,227
|
Selling, general and
administrative
|
5,551
|
|
5,433
|
|
10,302
|
|
9,136
|
Depreciation and
amortization
|
1,415
|
|
706
|
|
2,742
|
|
1,409
|
|
|
|
|
|
|
|
|
Total Operating
Expenses
|
11,102
|
|
9,107
|
|
20,334
|
|
16,511
|
|
|
|
|
|
|
|
|
Operating
Income/(Loss)
|
8,414
|
|
(2,460)
|
|
17,981
|
|
1,035
|
|
|
|
|
|
|
|
|
Other
(Expense)/Income
|
|
|
|
|
|
|
|
Interest
(expense)/income, net
|
(2,749)
|
|
3
|
|
(5,474)
|
|
3
|
Other
(expense)/income, net
|
-
|
|
(39)
|
|
68
|
|
(10)
|
|
|
|
|
|
|
|
|
Income/(Loss) Before
(Provision For)/
Benefit From Income Taxes
|
5,665
|
|
(2,496)
|
|
12,575
|
|
1,028
|
|
|
|
|
|
|
|
|
(Provision
for)/benefit from income taxes
|
(2,094)
|
|
133
|
|
(4,635)
|
|
(32)
|
|
|
|
|
|
|
|
|
Net
Income/(Loss)
|
$ 3,571
|
|
$
(2,363)
|
|
$
7,940
|
|
$
996
|
|
|
|
|
|
|
|
|
Basic
Earnings/(Loss) Per Share
|
|
|
|
|
|
|
|
Basic Earnings/(Loss)
Per Share
|
$
0.31
|
|
$
(0.21)
|
|
$
0.70
|
|
$
0.09
|
Diluted
Earnings/(Loss) Per Share
|
$
0.31
|
|
$
(0.21)
|
|
$
0.68
|
|
$
0.09
|
|
|
|
|
|
|
|
|
Basic
Weighted-Average Shares Outstanding
|
11,344
|
|
11,233
|
|
11,335
|
|
10,612
|
Diluted
Weighted-Average Shares Outstanding
|
11,549
|
|
11,233
|
|
11,556
|
|
10,640
|
ANI
Pharmaceuticals, Inc. and Subsidiary
|
Table 2: Adjusted
non-GAAP EBITDA Calculation and US GAAP to Non-GAAP
Reconciliation
|
(unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
Three months
ended
June 30,
|
|
Six months
ended
June 30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Operating
Income/(Loss)
|
$8,414
|
|
($2,460)
|
|
$17,981
|
|
$1,035
|
|
|
|
|
|
|
|
|
Add back
|
|
|
|
|
|
|
|
Depreciation and amortization
|
1,415
|
|
706
|
|
2,742
|
|
1,409
|
|
|
|
|
|
|
|
|
Add
back
|
|
|
|
|
|
|
|
Stock-based compensation
|
1,029
|
|
1,980
|
|
1,597
|
|
2,026
|
Adjusted non-GAAP EBITDA
|
$10,858
|
|
$226
|
|
$22,320
|
|
$4,470
|
ANI
Pharmaceuticals, Inc. and Subsidiary
|
Table 3: Adjusted
non-GAAP Diluted Earnings Per Share Reconciliation
|
(unaudited, in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three months
ended
June 30, 2015
|
|
Six months
ended
June 30, 2015
|
|
|
|
|
Net Income
|
$
3,571
|
|
$
7,940
|
|
|
|
|
Add back
|
|
|
|
Non-cash interest expense
|
1,705
|
|
3,388
|
Stock-based compensation
|
1,029
|
|
1,597
|
|
|
|
|
Adjusted Net Income
Used in Calculating Adjusted
non-GAAP Diluted Earnings Per Share
|
$
6,305
|
|
$
12,925
|
|
|
|
|
|
|
|
|
Diluted
Weighted-Average
|
|
|
|
Shares
Outstanding
|
11,549
|
|
11,556
|
|
|
|
|
Adjusted
non-GAAP
|
|
|
|
Diluted Earnings Per Share
|
$
0.55
|
|
$
1.12
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ani-pharmaceuticals-reports-second-quarter-and-year-to-date-2015-results-and-highlights-300122251.html
SOURCE ANI Pharmaceuticals, Inc.