BAUDETTE, Minn., Nov. 3, 2015 /PRNewswire/ -- ANI Pharmaceuticals,
Inc. ("ANI") (NASDAQ: ANIP) today reported financial results for
the three and nine months ended September
30, 2015 and updated its financial guidance for 2015. The
Company will host its earnings conference call this morning,
November 3, 2015, at 10:30 AM ET. Investors and other interested
parties can join the call by dialing (844) 295-8236. The conference
ID is 59208657.
Arthur S. Przybyl, President and
CEO, stated,
"We are pleased to report a strong
third quarter, with increases over the prior year in revenue,
EBITDA, and operating income. We have a compelling product pipeline
of 85 drugs that represent over $4.6
billion in IMS sales. Recently, we launched two new generic
drugs, Oxycodone and Vancomycin, which will help to expand our
growing generic business segment and increased our total
currently-marketed products to 14. Our near-term focus is on
launching ten additional drugs over the next five quarters. Two of
these drugs represent the potential for significant upside to our
revenues and EBITDA. Business development activities included a new
agreement with IDT Australia to commercialize 18 previously
approved drugs and our announcement to acquire two Corticotropin
NDAs from Merck. These NDAs have the future potential to be the
largest selling drugs in ANI's portfolio."
Net revenues and
Adjusted Non-GAAP EBITDA
|
|
(in
thousands)
|
Three months
ended September
30,
|
|
Nine months
ended September
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net
revenues
|
$ 19,972
|
|
$ 17,387
|
|
$ 58,287
|
|
$ 34,933
|
Adjusted Non-GAAP
EBITDA(a)
|
$ 11,618
|
|
$ 10,078
|
|
$ 33,938
|
|
$ 14,549
|
|
|
(a)
|
See Table 2 for US
GAAP reconciliation.
|
Year-to-Date Highlights Include:
- Year-to-date net revenues of $58.3 million, an increase of 67% as
compared to $34.9 million for the
same period in 2014.
- Year-to-date adjusted non-GAAP EBITDA of $33.9 million, an increase of 133% as
compared to $14.5 million for the
same period in 2014.
- Year-to-date operating income of $26.4
million, an increase of 186% as compared to $9.2 million for the same period in 2014.
- Year-to-date adjusted non-GAAP net income per diluted share of
$2.20.
- Year-to-date diluted earnings per share of $1.07.
- Awarded two new contracts for EEMT, which were effective in the
2nd and 3rd quarters.
- Launched Oxycodone Hydrochloride oral solution.
- Launched Vancomycin capsules.
- Launched Etodolac capsules and Propafenone tablets.
- Received ANDA approval for Nimodipine capsules (via Sofgen
partnership).
- Entered into an agreement to acquire 2 NDAs for purified
Corticotropin gel and Corticotropin-zinc Hydroxide for $75 million.
- Entered into a collaborative arrangement with IDT Australia to
commercialize up to 18 drugs related to previously-approved
ANDAs.
- Acquired 22 generic products for $25.0
million.
- Acquired Flecainide ANDA for $4.5
million.
- Acquired 1% Testosterone Gel NDA.
Third Quarter
Results
|
|
Net
Revenues
(in
thousands)
|
|
Three Months
Ended
September 30,
|
|
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
% Change
|
Generic
pharmaceutical products
|
|
$
|
15,102
|
|
$
|
10,188
|
|
$
|
4,914
|
|
48 %
|
Branded
pharmaceutical products
|
|
|
2,253
|
|
|
4,806
|
|
|
(2,553)
|
|
(53)%
|
Contract
manufacturing
|
|
|
1,280
|
|
|
1,350
|
|
|
(70)
|
|
(5)%
|
Contract services and
other income
|
|
|
1,337
|
|
|
1,043
|
|
|
294
|
|
28 %
|
Total net
revenues
|
|
$
|
19,972
|
|
$
|
17,387
|
|
$
|
2,585
|
|
15 %
|
For the three months ended September 30,
2015, ANI reported net revenues of $20.0 million, an increase of 15%
from $17.4 million in the prior year
period, due to the following factors:
- Revenues from sales of generic pharmaceuticals increased 48%,
to $15.1 million from $10.2 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.
- Revenues from sales of branded pharmaceuticals decreased 53%,
to $2.3 million from $4.8 million in the prior period, primarily as a
result of lower unit sales of Reglan, decreases in unit sales of
Lithobid and Vancocin, and increased Medicaid utilization and
Medicaid rebates for both Lithobid and Vancocin.
- Contract manufacturing revenue decreased by 5% to $1.3 million from $1.4
million in the prior year period, primarily as a result of
timing of customer orders.
- Contract services and other revenues increased by 28%, to
$1.3 million from $1.0 million, primarily due to royalties received
on sales of the authorized generic of Vancocin. In November, the
Company launched an authorized generic for Vancocin under its own
label, which replaced the authorized generic product previously on
the market.
Adjusted non-GAAP EBITDA was $11.6 million for the three months
ended September 30, 2015, compared to
$10.1 million in the prior year
period, an increase of 15%. 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 18%, primarily due to a favorable shift in product mix toward
the Company's higher-margin products and margin increases for the
Company's generic products.
Research and development costs decreased to $0.8 million for the three months
ended September 30, 2015, from
$0.9 million in the prior year
period. The decrease was due to timing of work on development
projects. Major development projects include the ANDAs acquired in
2014 and 2015, Flecainide, and collaborations with partners.
Selling, general and administrative expenses increased to
$5.4 million for the
three months ended September 30,
2015, from $4.1 million in the
prior year period. The increase was primarily due to increased
business development activities and increased personnel and
compensation costs.
Operating income was $8.5 million for the three months
ended September 30, 2015, as compared
to $8.2 million in the prior year
period.
Other income/expense changed to $2.8
million of expense in the three months ended September 30, 2015, from $0.1 million of income in the prior year period,
due to interest expense related to the convertible debt issued in
December 2014.
Net income was $4.6 million for the three months
ended September 30, 2015, as compared
to net income of $6.7 million in the
prior year period. Diluted earnings per share for the three months
ended September 30, 2015 was
$0.39, based on 11,563 thousand
diluted shares outstanding, as compared to diluted earnings per
share of $0.59 in the prior year
period.
Adjusted non-GAAP net income per diluted share was $0.80. For a reconciliation of adjusted non-GAAP
net income per diluted share to GAAP net income, please see Table
3.
Results for Nine
Months Ended September 30, 2015
|
|
Net
Revenues
(in
thousands)
|
|
Nine Months
Ended
September 30,
|
|
|
|
|
|
|
2015
|
|
2014
|
|
Change
|
|
% Change
|
Generic
pharmaceutical products
|
|
$
|
41,122
|
|
$
|
23,077
|
|
$
|
18,045
|
|
78%
|
Branded
pharmaceutical products
|
|
|
8,662
|
|
|
6,149
|
|
|
2,513
|
|
41%
|
Contract
manufacturing
|
|
|
3,576
|
|
|
4,121
|
|
|
(545)
|
|
(13)%
|
Contract services and
other income
|
|
|
4,927
|
|
|
1,586
|
|
|
3,341
|
|
211%
|
Total net
revenues
|
|
$
|
58,287
|
|
$
|
34,933
|
|
$
|
23,354
|
|
67%
|
For the nine months ended September 30,
2015, ANI reported net revenues of $58.3 million, an increase of 67%
from $34.9 million in the prior year
period, due to the following factors:
- Revenues from sales of generic pharmaceuticals increased 78%,
to $41.1 million from $23.1 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.
- Revenues from sales of branded pharmaceuticals increased 41%,
to $8.7 million from $6.1 million in the prior period, primarily as a
result of sales of Lithobid and Vancocin, which were acquired in
the third quarter of 2014, partially offset by lower unit sales of
Reglan and increased Medicaid utilization and Medicaid rebates for
Lithobid and Vancocin.
- Contract manufacturing revenue decreased by 13% to $3.6 million from $4.1
million in the prior year period, primarily as a result of
timing of customer orders.
- Contract services and other revenues increased by 211%, to
$4.9 million from $1.6 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 November, the Company launched an authorized
generic for Vancocin under its own label, which replaced the
authorized generic product previously on the market.
Adjusted non-GAAP EBITDA was $33.9 million for the nine months
ended September 30, 2015, compared to
$14.5 million in the prior year
period, an increase of 133%. 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 22%, 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 $2.2 million for the nine months
ended September 30, 2015, from
$2.1 million in the prior year
period. The increase was due to work on development projects,
including the ANDAs acquired in 2014 and 2015, Flecainide, and
collaborations with partners.
Selling, general and administrative expenses increased to
$15.7 million for the
nine months ended September 30, 2015,
from $13.2 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 $26.4 million for the nine months
ended September 30, 2015, as compared
to $9.2 million in the prior year
period.
Other income/expense changed to $8.2
million of expense in the nine months ended September 30, 2015, from $0.1 million of income in the prior year period,
due to interest expense related to the convertible debt issued in
December 2014.
Net income was $12.5 million for the nine months
ended September 30, 2015, as compared
to $7.7 million in the prior year
period. Diluted earnings per share for the nine months ended
September 30, 2015 was $1.07, based on 11,559 thousand diluted shares
outstanding, as compared to diluted earnings per share of
$0.70 in the prior year period.
Adjusted non-GAAP net income per diluted share was $2.20. For a reconciliation of adjusted non-GAAP
net income per diluted 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 fourth quarter and full
year guidance ranges:
(in millions,
except EPS)
|
4Q 2015
Guidance
|
|
|
Net
revenues
|
$17.2 -
$20.0
|
Adjusted non-GAAP
EBITDA(a)
|
$9.4 -
$11.5
|
Adjusted non-GAAP net
income per diluted share(b)
|
$0.63 -
$0.76
|
|
|
|
|
(in
millions, except EPS and %s)
|
Full Year 2015
Current
|
|
|
Net
revenues
|
$75.5 -
$78.3
|
Cost of
sales(c)
|
16.0%
|
Operating
expenses(d)
|
$17.3
|
Research and
development costs
|
$2.8 -
$3.1
|
Adjusted non-GAAP
EBITDA(a)
|
$43.3 -
$45.4
|
Depreciation and
amortization
|
$6.9
|
Total interest
expense, net
|
$11.1
|
Cash interest
expense, net
|
$4.2
|
Non-cash interest
expense
|
$6.9
|
Estimated effective
tax rate
|
31.5%
|
Adjusted non-GAAP net
income per diluted share (b)
|
$2.83 -
$2.96
|
|
|
(a)
|
See Table 2 for US
GAAP reconciliation.
|
(b)
|
See Table 3 for US
GAAP reconciliation.
|
(c)
|
Exclusive of
depreciation and amortization.
|
(d)
|
Excludes non-cash
stock compensation expense.
|
Selected Balance
Sheet Data
|
|
(in
thousands)
|
|
|
September 30,
2015
|
December 31,
2014
|
Cash
|
$
150,913
|
$
169,037
|
Accounts Receivable,
net
|
$
21,645
|
$
17,297
|
Inventory,
net
|
$
13,741
|
$
7,518
|
Current
Assets
|
$
197,522
|
$
203,478
|
Current
Liabilities
|
$
12,190
|
$
13,233
|
ANI generated $12.6 million of
positive cash flows from operations in the nine months ended
September 30, 2015. Also during the
first nine months of 2015, ANI acquired a basket of ANDAs for 22
products for $25 million and 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 $150.9 million of cash at
September 30, 2015. As previously
announced, the Company entered into an asset purchase agreement to
acquire purified Corticotropin gel and Corticotropin-zinc Hydroxide
from Merck (known as MSD outside of the
United States and Canada)
for $75 million in cash and a
percentage of future net sales. The asset acquisition is expected
to close in January 2016.
Net accounts receivable increased from $17.3 million to $21.6 million. ANI's net inventory increased from
$7.5 million to $13.7 million, as a direct result of raw
materials acquired for key products. ANI's total current assets
decreased to $197.5 million at September 30, 2015, from $203.5 million at December
31, 2014.
ANI Product Development Pipeline
Overview
ANI's pipeline consists of 85 products, 54 of which were
acquired. Of these acquired products, ANI expects that 47 can be
commercialized based on either CBE-30s or prior approval
supplements filed with the FDA.
Product Launches
Having launched Oxycodone Hydrochloride oral solution in October
and Vancomycin capsules in November, ANI anticipates launching ten
additional products by the end of 2016:
Product
|
|
Total Annual
Market Size(a)
|
|
Estimated
Launch
|
|
FDA Approvals
Required
|
Nimodipine capsules
(partnered with Sofgen)
|
|
$24M
|
|
Q4 2015
|
|
Approved
|
Flecainide
tablets
|
|
$79M
|
|
Q4 2015
|
|
CBE-30
|
Dexcel
product
|
|
$47M
|
|
Q2 2016
|
|
ANDA
|
Anti-cancer drug,
(TAD(b) 2/26/2016)
|
|
Undisclosed
|
|
Q1 2016
|
|
ANDA
|
Five ANDAs acquired
in July
|
|
$264M
|
|
Q4 2016
|
|
CBE-30
|
Testosterone 1%
gel
|
|
$370M
|
|
Q4 2016
|
|
CBE-30
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Per IMS
Health
|
(b)
|
FDA's Target Action
Date, per FDA communications
|
Product Development
ANI expects to file three prior approval supplements, seven
CBE-30s, the Company's first Paragraph IV filing, and one
internally-developed ANDA in the next 15 months. A table
summarizing ANI's pipeline of products is below:
Products
|
|
ANI
|
|
Partnered
|
|
Total
|
At FDA
|
|
5
|
|
2
|
|
7
|
Development
|
|
3
|
|
21
|
|
24
|
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 85 generic products address a total
annual market size of approximately $4.6
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 Net Income
ANI's management considers adjusted non-GAAP net income 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, non-cash
interest expense, depreciation amortization, and deferred tax
expenses and benefits. Management uses adjusted non-GAAP net income
when analyzing Company performance.
Adjusted non-GAAP net income is defined as net income/(loss),
plus tax expense, stock-based compensation expense, non-cash
interest expense, depreciation and amortization expense, less the
current portion of the tax provision. Adjusted non-GAAP net income
should be considered in addition to, but not in lieu of, net income
reported under GAAP. A reconciliation of adjusted non-GAAP net
income to the most directly comparable GAAP financial measure is
provided in Table 3.
Adjusted non-GAAP Net Income per Diluted Share
ANI's management considers adjusted non-GAAP net income per
diluted 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, non-cash interest expense, depreciation,
amortization, and deferred tax expenses and benefits. Management
uses adjusted non-GAAP net income per diluted share when analyzing
Company performance.
Adjusted non-GAAP net income per diluted share is defined as
adjusted non-GAAP net income, as defined above, divided by the
diluted weighted average shares outstanding during the period.
Adjusted non-GAAP net income per diluted 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 net
income per diluted 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 approvals 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
September 30,
|
|
Nine months
ended
September 30,
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Net
Revenues
|
|
$19,972
|
|
$17,387
|
|
$58,287
|
|
$34,933
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
Cost of
sales (excl. depreciation and
amortization)
|
|
3,260
|
|
3,061
|
|
9,152
|
|
7,800
|
Research and
development
|
|
815
|
|
883
|
|
2,213
|
|
2,110
|
Selling,
general and administrative
|
|
5,399
|
|
4,057
|
|
15,701
|
|
13,193
|
Depreciation
and amortization
|
|
2,047
|
|
1,187
|
|
4,789
|
|
2,596
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses
|
|
11,521
|
|
9,188
|
|
31,855
|
|
25,699
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
8,451
|
|
8,199
|
|
26,432
|
|
9,234
|
|
|
|
|
|
|
|
|
|
Other
(Expense)/Income
|
|
|
|
|
|
|
|
|
Interest
(expense)/income, net
|
|
(2,766)
|
|
10
|
|
(8,240)
|
|
13
|
Other
(expense)/income, net
|
|
(28)
|
|
82
|
|
40
|
|
72
|
|
|
|
|
|
|
|
|
|
Income Before
Provision For Income Taxes
|
|
5,657
|
|
8,291
|
|
18,232
|
|
9,319
|
|
|
|
|
|
|
|
|
|
Provision for Income
Taxes
|
|
(1,098)
|
|
(1,545)
|
|
(5,733)
|
|
(1,577)
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$ 4,559
|
|
$ 6,746
|
|
$12,499
|
|
$ 7,742
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per
Share
|
|
|
|
|
|
|
|
|
Basic Earnings Per
Share
|
|
$ 0.40
|
|
$ 0.59
|
|
$ 1.09
|
|
$ 0.71
|
Diluted Earnings Per
Share
|
|
$ 0.39
|
|
$ 0.59
|
|
$ 1.07
|
|
$ 0.70
|
|
|
|
|
|
|
|
|
|
Basic
Weighted-Average Shares Outstanding
|
|
11,384
|
|
11,235
|
|
11,352
|
|
10,824
|
Diluted
Weighted-Average Shares Outstanding
|
|
11,563
|
|
11,302
|
|
11,559
|
|
10,865
|
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
September 30,
|
|
Nine months
ended
September 30,
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
$8,451
|
|
$8,199
|
|
$26,432
|
|
$9,234
|
|
|
|
|
|
|
|
|
|
Add back
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
2,047
|
|
1,187
|
|
4,789
|
|
2,596
|
|
|
|
|
|
|
|
|
|
Add
back
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
1,120
|
|
692
|
|
2,717
|
|
2,719
|
Adjusted non-GAAP EBITDA
|
|
$11,618
|
|
$10,078
|
|
$33,938
|
|
$14,549
|
ANI
Pharmaceuticals, Inc. and Subsidiary
|
Table 3: Adjusted
non-GAAP Net Income and Adjusted non-GAAP Net Income per Diluted
Share Reconciliation
|
(unaudited, in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
September 30, 2015
|
|
Nine months
ended
September 30, 2015
|
|
|
|
|
|
Net Income
|
|
$4,559
|
|
$12,499
|
|
|
|
|
|
Add back
|
|
|
|
|
Tax provision
|
|
1,098
|
|
5,733
|
Depreciation and amortization expense
|
|
2,047
|
|
4,789
|
Non-cash interest expense
|
|
1,721
|
|
5,109
|
Stock-based compensation
|
|
1,120
|
|
2,717
|
Less
|
|
|
|
|
Current portion of tax provision
|
|
(1,252)
|
|
(5,444)
|
|
|
|
|
|
Adjusted non-GAAP Net
Income
|
|
$9,293
|
|
$25,403
|
|
|
|
|
|
|
|
|
|
|
Diluted
Weighted-Average Shares
Outstanding
|
|
11,563
|
|
11,559
|
|
|
|
|
|
Adjusted
non-GAAP Net Income Per
Diluted Share
|
|
$ 0.80
|
|
$ 2.20
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ani-pharmaceuticals-reports-third-quarter-and-year-to-date-2015-results-and-highlights-300170695.html
SOURCE ANI Pharmaceuticals, Inc.