Results Driven by 49% Growth in
Revenue
Sucampo Pharmaceuticals, Inc. (Sucampo) (NASDAQ:SCMP), a global
biopharmaceutical company, today reported consolidated financial
results for the second quarter ended June 30, 2016.
|
Summary of Results |
Q2-16 |
% Increase / (Decrease)over Q2-15 |
|
Revenue |
$52.0M |
|
49 |
% |
|
Net Loss GAAP |
($0.8M) |
|
(109 |
%) |
|
EPS GAAP – diluted |
($ |
0.02 |
) |
|
(109 |
%) |
|
EBITDA |
$20.5M |
|
75 |
% |
|
Adjusted Net Income |
$10.0M |
|
2 |
% |
|
Adjusted EPS – diluted |
$ |
0.23 |
|
|
10 |
% |
|
Adjusted EBITDA |
$24.9M |
|
68 |
% |
| |
“Our strong second quarter results demonstrate
the continued growth of AMITIZA and the sustained significant
benefit derived from our acquisition of R-Tech Ueno,” said Peter
Greenleaf, Chairman and Chief Executive Officer of Sucampo.
“As we look to the second half of the year, we will continue our
focus on AMITIZA growth and focus our pipeline efforts on our life
cycle management programs for lubiprostone, our partnership with
Cancer Prevention Pharmaceuticals regarding its Phase 3 familial
adenomatous polyposis program, and continuing to evolve our company
through business development.”
For the three months ended June 30, 2016,
Sucampo reported year-over-year total revenue growth of 49% to
$52.0 million. Product sales revenue increased to $28.4
million, representing 96% year-over-year growth, and product
royalty revenue grew 16% year-over-year to $18.7 million.Revenue
for the quarter included an additional $13.8 million as a result of
the R-Tech Ueno acquisition. Excluding this additional revenue from
the acquisition, base revenue grew by 9%.
Sucampo reported a GAAP net loss of $0.8
million, or ($0.02) per diluted share during the second quarter of
2016 compared to net income of $9.6 million, or $0.21 per diluted
share, during the second quarter of 2015, a decrease of 109% and
109% respectively. On an adjusted basis, Sucampo reported net
income of $10.0 million, or $0.23 per diluted share, during the
second quarter of 2016, compared to net income of $9.8 million, or
$0.21 per diluted shares, during the second quarter of 2015, an
increase year-over-year of 2% and 10% respectively.
Second Quarter 2016 Operational
Review
AMITIZA
United States
- AMITIZA total prescriptions were 366,524 in the second quarter
of 2016, as reported by IMS, an increase of 1% compared to the
second quarter of 2015. For the first six months of 2016, AMITIZA
total prescriptions were 726,695, an increase of 3% compared to the
first six months of 2015. Net sales of AMITIZA,
reported by Takeda Pharmaceuticals U.S.A., Inc. (Takeda) for
royalty calculation purposes, increased 15% to $101.7 million for
the second quarter of 2016, compared to $88.2 million in the same
period of 2015. Royalty revenue was $18.7 million compared to
$16.1 million, an increase of 16%. Also included in second quarter
revenue are Takeda AMITIZA sales from R-Tech Ueno of $12.4
million.
Global Markets
- In Japan, Sucampo's revenue from sales of AMITIZA to Mylan N.V.
was $14.6 million for the second quarter of 2016, compared to $14.5
million in the same period of 2015.
Corporate
- In July, Paul Edick was appointed to Sucampo’s Board of
Directors.
Research and Development
- An ongoing phase 3 trial of AMITIZA in pediatric functional
constipation in children six to seventeen years of age completed
enrollment during April. Top-line data from this trial and a
new drug application (NDA) filing are expected in the second half
of this year, with the potential for approval in the second half of
2017.
- Sucampo discontinued the development of cobiprostone after
top-line data from a Phase 2a study of cobiprostone in patients
with proton pump inhibitor (PPI)-refractory non-erosive reflux
disease (NERD) or symptomatic gastroesophageal reflux disease
(sGERD) did not meet its primary endpoints and also based on the
results of a futility analysis of a Phase 2a study in the
prevention of oral mucositis in patients undergoing radio
chemotherapy for head and neck cancer. There were no safety
concerns identified and cobiprostone demonstrated a well-tolerated
safety profile consistent with earlier Phase 1 studies.
Second Quarter 2016 Financial
Review
- On a GAAP basis, Sucampo reported a net loss of $0.8 million
and a diluted loss per share of $.02 during the second quarter of
2016, compared to net income of $9.6 million and diluted EPS of
$0.21 in the same period in 2015. Adjusted net income was $10.0
million, or $0.23 per diluted share, during the second quarter of
2016, compared to net income of $9.8 million, or $0.21 per diluted
share, in the same period of 2015, an increase year-over-year of 2%
and 10% respectively.
- EBITDA was $20.5 million for the second quarter of 2016
compared to EBITDA of $11.7 million for the same period in 2015.
Adjusted EBITDA, defined as net income before interest, taxes,
depreciation, amortization, stock-based compensation expense,
restructuring and intangible impairment, was $24.9 million for the
second quarter of 2016 compared to $14.8 million in the same period
in 2015, an increase of 68%.
- Total revenues were $52.0 million for the second quarter of
2016 compared to $34.9 million in the same period in 2015, an
increase of $17.1 million or 49%. The increase was primarily
due to the inclusion of R-Tech Ueno results and increase in royalty
revenues from Takeda.
- Cost of goods sold were $20.4 million for the second quarter of
2016 compared to $7.3 million for the same period in 2015, an
increase of $13.1 million or 180%. The increase was primarily
due to the amortization of the R-Tech Ueno inventory step-up and
acquired intangible asset amortization. Excluding the step-up
of inventory and intangible asset amortization of $12.7 million,
cost of goods sold was $7.7 million. The amortization of inventory
step-up costs continued through May 2016.
- Gross margin calculated as product sales revenue less cost of
goods sold as a percentage of product sales revenue, was 28% for
the second quarter of 2016, compared to 50% for the same period in
2015, a decrease of 22%. The decrease was primarily due to
the amortization of the R-Tech Ueno inventory step-up and acquired
intangible asset amortization. Excluding the step-up of inventory
and intangible asset amortization, gross margin was 73%, an
increase of 23%.
- Research and development expenses were $11.3 million for the
second quarter of 2016 compared to $6.7 million for the same period
of 2015, an increase of $4.6 million or 68%. The increase was
primarily due to increased spending on lubiprostone pediatric
studies and costs associated with cobiprostone clinical
development.
- General and administrative expenses were $12.0 million for the
second quarter of 2016 compared to $8.7 million for the same period
of 2015, an increase of $3.3 million or 38%. The increase was
primarily due to the inclusion of R-Tech Ueno in 2016 and
restructuring costs related to the integration of R-Tech.
- Selling and marketing expenses were $0.6 million for the second
quarter of 2016 compared to $0.6 million for the same period of
2015.
- The effective tax rate for the second quarter of 2016 was 5.8%,
compared to 29% in the same period of 2015. The decrease in the tax
rate is primarily due to the treatment of non-U.S. income.
Certain prior year non-GAAP amounts have
been reclassified for consistency with the current period- adjusted
presentation. These reclassifications had no effect on the reported
results of operations. A reconciliation of
adjusted Net Income to GAAP Net Income and adjusted EBITDA to
income from operations, the most directly comparable GAAP financial
measure, is included in the tables below.
|
Consolidated Statements of Operations and Comprehensive
Income (unaudited) |
| (in thousands,
except per share data) |
Three months ended June 30, |
| |
2016 |
2015 |
| Adjusted
Non-GAAP Income |
|
|
| GAAP net
income |
|
(832 |
) |
|
9,576 |
|
| Amortization
Intangibles |
|
6,329 |
|
|
- |
|
| Amortization Inventory
Step Up |
|
6,303 |
|
|
- |
|
| Restructuring
Costs |
|
1,504 |
|
|
- |
|
| Acquisition Related
Expenses |
|
1,105 |
|
|
278 |
|
| Amortization of
Financing Costs |
|
889 |
|
|
- |
|
| Tax Effect of
Adjustments |
|
(5,347 |
) |
|
(92 |
) |
| Adjusted Net
Income |
|
9,951 |
|
|
9,762 |
|
| |
|
|
| Adjusted Net Income Per
Share: |
|
|
| Diluted |
$ |
0.23 |
|
$ |
0.21 |
|
| |
|
|
| |
|
| |
2016 |
2015 |
|
EBITDA |
|
|
| GAAP Income from
Operations |
|
7,620 |
|
|
11,580 |
|
| Depreciation |
|
205 |
|
|
129 |
|
| Amortization of
Acquired Intangibles |
|
6,329 |
|
|
- |
|
| Amortization Inventory
Step Up |
|
6,303 |
|
|
- |
|
|
EBITDA |
|
20,458 |
|
|
11,709 |
|
| |
|
|
| Non-GAAP
Adjustments |
|
|
| Share Based
Compensation Expense |
|
1,783 |
|
|
2,820 |
|
| Restructuring
Costs |
|
1,504 |
|
|
- |
|
| Acquisition Related
Expenses |
|
1,105 |
|
|
278 |
|
| Adjusted
EBITDA |
|
24,850 |
|
|
14,807 |
|
| |
Cash, Cash Equivalents, Restricted Cash
and Marketable Securities
At June 30, 2016, cash, cash equivalents,
restricted cash and investments were $154.9 million compared to
$163.5 million at December 31, 2015. This change is primarily due
to the investment in CPP of $5.0 million and the associated option
payment of $3.0 million made in January 2016. At June 30,
2016 and December 31, 2015, notes payable were $224.1 million and
$252.4 million, respectively, including current portions of $21.7
million and $39.1 million, respectively. The change in the overall
note payable balance is due to debt repayments made during 2016.
Sucampo’s net debt position at June 30, 2016 is $69.2 million,
compared to $88.9 million at December 31, 2015.
Geographic Sales
Company revenues by product type and geographic
location for the three months ended June 30, 2016 and 2015 were as
follows
| |
|
Three months ended June 30, 2016 |
|
Three months ended June 30, 2015 |
| (In
thousands) |
|
USA |
|
Japan |
|
Total |
|
USA |
|
Japan |
|
Total |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| AMITIZA Product
sales |
|
12,375 |
|
14,626 |
|
27,001 |
|
- |
|
14,500 |
|
14,500 |
| AMITIZA Royalty |
|
18,735 |
|
- |
|
18,735 |
|
16,136 |
|
- |
|
16,136 |
| Rescula Product
Sales |
|
2 |
|
1,385 |
|
1,387 |
|
- |
|
11 |
|
11 |
| Total |
|
31,112 |
|
16,011 |
|
47,123 |
|
16,136 |
|
14,511 |
|
30,647 |
| |
Guidance
Sucampo today reiterated its earnings guidance
for the full year ending December 31, 2016. Sucampo expects total
revenue of $195.0 million to $205.0 million, adjusted net income of
$45.0 million to $50.0 million, adjusted EPS of $0.97 to $1.07, and
adjusted EBITDA of $100.0 million to $105.0 million. Adjusted net
income guidance excludes amortization of acquired intangibles of
approximately $17.6 million and amortization of the remaining
inventory step-up costs of approximately $8.9 million.
Non-GAAP Financial Measures
This press release contains non-GAAP earnings as
listed in the first table above, which is GAAP net income before
interest, tax, depreciation, amortization, stock option expense and
intangible impairment. Sucampo believes that this non-GAAP measure
of financial results provides useful information to management and
investors relating to its results of operations. Sucampo's
management uses this non-GAAP measure to compare Sucampo's
performance to that of prior periods for trend analyses, and for
budgeting and planning purposes, as management believes this
provides a more comparable measure of our continuing business, as
it adjusts for special items that are not reflective of the normal
earnings of our business. Sucampo believes that the use of non-GAAP
financial measures provides an additional tool for investors to use
in evaluating ongoing operating results and trends and in comparing
the Sucampo's financial measures with other companies in its
industry, many of which present similar non-GAAP financial measures
to investors, and that it allows for greater transparency with
respect to key metrics used by management in its financial and
operational decision-making.
Adjusted EBITDA provides us with an
understanding of one aspect of earnings before the impact of
investing and financing charges, income taxes and special
items. Adjusted EBITDA may be useful to an investor in
evaluating our operating performance and liquidity because this
measure is widely used by investors to measure a company’s
operating performance without regard to items excluded from the
calculation of such measure, which can vary substantially from
company to company. In addition, this is a financial measure
that is used by rating agencies, lenders and other parties to
evaluate credit worthiness. Finally, this measure is used by
management for various purposes, including as a measure of
performance of our operating entities and as a basis for strategic
planning and forecasting.
Management of the company does not consider
non-GAAP measures in isolation or as an alternative to financial
measures determined in accordance with GAAP. The principal
limitation of non-GAAP financial measures is that they exclude
significant expenses that are required by GAAP to be recorded in
the Sucampo's financial statements. In order to compensate for
these limitations, management presents non-GAAP financial measures
together with GAAP results. Non-GAAP measures should be considered
in addition to results and guidance prepared in accordance with
GAAP, but should not be considered a substitute for, or superior
to, GAAP results. Reconciliation tables of the most comparable GAAP
financial measure to the non-GAAP financial measure used in this
press release are included with the financial tables at the end of
this release. Sucampo urges investors to review the reconciliation
and not to rely on any single financial measure to evaluate the
Sucampo's business. In addition, other companies, including
companies in our industry, may calculate similarly named non-GAAP
measures differently than we do, which limits their usefulness in
comparing our financial results with theirs.
Company to Host Conference Call
Today
Sucampo will host a conference call and webcast today,
Wednesday, August 3rd at 8:30 am ET.Conference call and Webcast
participation details are as follows:Dial-in number: 888-636-8238
(domestic) or 484-747-6635 (international)Passcode: 49003599Webcast
link: http://www.sucampo.com/investors/events-presentations/
Conference call replay:Dates: Starting at 11:30 AM ET, August
3rd, 2016 a replay of the teleconference and webcast will be
available Dial-in number: 855-859-2056 (domestic) or 404-537-3406
(international)Passcode: 49003599Webcast link:
http://www.sucampo.com/investors/events-presentations/; then click
‘Archived Events’
About AMITIZA®
(lubiprostone)
AMITIZA (lubiprostone) is a chloride channel
activator that acts locally in the small intestine. By increasing
intestinal fluid secretion, lubiprostone increases motility in the
intestine, thereby facilitating the passage of stool and
alleviating symptoms associated with CIC. Lubiprostone, via
activation of apical CIC-2 channels in intestinal epithelial cells,
bypasses the antisecretory action of opiates that results from
suppression of secretomotor neuron excitability. Activation of
CIC-2 by lubiprostone has also been shown to stimulate recovery of
mucosal barrier function and reduce intestinal permeability via the
restoration of tight junction protein complexes in ex vivo studies
of ischemic porcine intestine.
AMITIZA (24 mcg twice daily) is indicated in the
U.S. for the treatment of adults with CIC and opioid-induced
constipation (OIC) with chronic, non-cancer pain. AMITIZA (8 mcg
twice daily) is also approved in the U.S. for irritable bowel
syndrome with constipation (IBS-C) in women 18 years of age and
older. In Japan, AMITIZA (24 mcg twice daily) is indicated for the
treatment of chronic constipation (excluding constipation caused by
organic diseases). In Canada, AMITIZA (24 mcg twice daily) is
indicated for the treatment of CIC in adults. In the U.K., AMITIZA
(24 mcg twice daily) is indicated for the treatment of CIC and
associated symptoms in adults, when response to diet and other
non-pharmacological measures (e.g. educational measures, physical
activity) are inappropriate. In Switzerland, AMITIZA (24 mcg twice
daily) is indicated for the treatment of CIC in adults and for the
treatment of OIC and associated signs and symptoms such as stool
consistency, straining, constipation severity, abdominal
discomfort, and abdominal bloating in adults with chronic,
non-cancer pain. The efficacy of AMITIZA for the treatment of OIC
in patients taking opioids of the diphenylheptane class, such as
methadone, has not been established.
About RESCULA®
Unoprostone isopropyl 0.12% (trade named
RESCULA) first received marketing authorization in 1994 in Japan
for the treatment of glaucoma and ocular hypertension.
RESCULA is marketed in Japan by Santen Pharmaceutical Co., Ltd.
(Santen). We acquired RESCULA as part of the acquisition of
R-Tech Ueno in 2015.
About Sucampo Pharmaceuticals,
Inc.
Sucampo Pharmaceuticals, Inc. is focused on the
development and commercialization of medicines that meet major
unmet medical needs of patients worldwide. Sucampo has two marketed
products – AMITIZA, its lead product, and RESCULA – and a pipeline
of product candidates in clinical development. A global company,
Sucampo is headquartered in Rockville, Maryland, and has operations
in Japan, Switzerland and the U.K. For more information, please
visit www.sucampo.com.
The Sucampo logo and the tagline, The Science of
Innovation, are registered trademarks of Sucampo AG. AMITIZA is a
registered trademark of Sucampo AG.
Follow us on Twitter (@Sucampo_Pharma). Follow
us on LinkedIn (Sucampo Pharmaceuticals).
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Sucampo Forward-Looking
Statement
This press release contains "forward-looking
statements" as that term is defined in the Private Securities
Litigation Reform Act of 1995. These statements are based on
management's current expectations and involve risks and
uncertainties, which may cause results to differ materially from
those set forth in the statements. The forward-looking statements
may include statements regarding product development, and other
statements that are not historical facts. The following factors,
among others, could cause actual results to differ from those set
forth in the forward-looking statements: the impact of
pharmaceutical industry regulation and health care legislation;
Sucampo's ability to accurately predict future market conditions;
dependence on the effectiveness of Sucampo's patents and other
protections for innovative products; the effects of competitive
products on Sucampo’s products; and the exposure to litigation
and/or regulatory actions.
No forward-looking statement can be guaranteed
and actual results may differ materially from those projected.
Sucampo undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events, or otherwise. Forward-looking statements in this
press release should be evaluated together with the many
uncertainties that affect Sucampo's business, particularly those
mentioned in the risk factors and cautionary statements in
Sucampo's most recent Form 10-K as filed with the Securities and
Exchange Commission on March 11, 2016, as amended, as well as its
filings with the Securities and Exchange Commission on Forms 8-K
and 10-Q since the filing of the Form 10-K, all of which Sucampo
incorporates by reference.
|
Sucampo Pharmaceuticals, Inc. |
|
Consolidated Statements of Operations and Comprehensive
Income (Loss) (unaudited) |
| (in
thousands, except per share data) |
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
2016 |
|
2015 |
|
2016 |
|
2015 |
| Revenues: |
|
|
|
|
|
|
|
| Product royalty revenue |
$ |
18,735 |
|
|
$ |
16,136 |
|
|
$ |
35,451 |
|
|
$ |
31,881 |
|
| Product sales revenue |
|
28,389 |
|
|
|
14,511 |
|
|
|
54,984 |
|
|
|
25,656 |
|
| Research and development
revenue |
|
3,369 |
|
|
|
2,409 |
|
|
|
6,799 |
|
|
|
4,754 |
|
| Contract and collaboration
revenue |
|
1,458 |
|
|
|
1,828 |
|
|
|
1,925 |
|
|
|
2,073 |
|
| Total revenues |
|
51,951 |
|
|
|
34,884 |
|
|
|
99,159 |
|
|
|
64,364 |
|
| |
|
|
|
|
|
|
|
| Costs and
expenses: |
|
|
|
|
|
|
|
| Costs of goods sold |
|
20,354 |
|
|
|
7,260 |
|
|
|
43,692 |
|
|
|
13,370 |
|
| Research and development |
|
10,933 |
|
|
|
7,124 |
|
|
|
25,604 |
|
|
|
13,917 |
|
| General and administrative |
|
12,423 |
|
|
|
8,328 |
|
|
|
21,350 |
|
|
|
14,611 |
|
| Selling and marketing |
|
623 |
|
|
|
592 |
|
|
|
1,398 |
|
|
|
1,232 |
|
| Total costs and expenses |
|
44,333 |
|
|
|
23,304 |
|
|
|
92,044 |
|
|
|
43,130 |
|
| |
|
|
|
|
|
|
|
| Income (loss) from
operations |
|
7,618 |
|
|
|
11,580 |
|
|
|
7,115 |
|
|
|
21,234 |
|
| Non-operating income
(expense): |
|
|
|
|
|
|
|
| Interest income |
|
10 |
|
|
|
53 |
|
|
|
35 |
|
|
|
93 |
|
| Interest expense |
|
(5,972 |
) |
|
|
(265 |
) |
|
|
(12,242 |
) |
|
|
(541 |
) |
| Other income (expense), net |
|
(2,539 |
) |
|
|
2,063 |
|
|
|
(2,886 |
) |
|
|
1,860 |
|
| Total non-operating expense,
net |
|
(8,501 |
) |
|
|
1,851 |
|
|
|
(15,093 |
) |
|
|
1,412 |
|
| |
|
|
|
|
|
|
|
| Income (loss) before
income taxes |
|
(883 |
) |
|
|
13,431 |
|
|
|
(7,978 |
) |
|
|
22,646 |
|
| Income tax benefit
(provision) |
|
51 |
|
|
|
(3,855 |
) |
|
|
3,089 |
|
|
|
(6,662 |
) |
| Net income (loss) |
$ |
(832 |
) |
|
$ |
9,576 |
|
|
$ |
(4,889 |
) |
|
$ |
15,984 |
|
| |
|
|
|
|
|
|
|
| Net income (loss) per
share: |
|
|
|
|
|
|
|
| Basic |
$ |
(0.02 |
) |
|
$ |
0.21 |
|
|
$ |
(0.11 |
) |
|
$ |
0.36 |
|
| Diluted |
$ |
(0.02 |
) |
|
$ |
0.21 |
|
|
$ |
(0.11 |
) |
|
$ |
0.35 |
|
| Weighted average common
shares outstanding: |
|
|
|
|
|
|
|
| Basic |
|
42,759 |
|
|
|
44,627 |
|
|
|
42,649 |
|
|
|
44,497 |
|
| Diluted |
|
42,759 |
|
|
|
46,199 |
|
|
|
42,649 |
|
|
|
46,046 |
|
| |
|
|
|
|
|
|
|
| Comprehensive income
(loss): |
|
|
|
|
|
|
|
| Net income (loss) |
$ |
(832 |
) |
|
$ |
9,576 |
|
|
$ |
(4,889 |
) |
|
$ |
15,984 |
|
| Other comprehensive
income (expense): |
|
|
|
|
|
|
|
| Unrealized gain (loss) on pension
benefit obligation |
|
33 |
|
|
|
(12 |
) |
|
|
25 |
|
|
|
(19 |
) |
| Unrealized gain (loss) on
investments, net of tax effect |
|
- |
|
|
|
18 |
|
|
|
- |
|
|
|
12 |
|
| Foreign currency translation gain
(loss) |
|
20,700 |
|
|
|
(337 |
) |
|
|
36,255 |
|
|
|
(162 |
) |
| Comprehensive income (loss) |
$ |
19,901 |
|
|
$ |
9,245 |
|
|
$ |
31,391 |
|
|
$ |
15,815 |
|
|
|
|
Sucampo Pharmaceuticals, Inc. |
|
Consolidated Balance Sheets (unaudited) |
| (in
thousands, except share and per share data) |
| |
June 30, |
|
December 31, |
| |
2016 |
|
2015 |
|
ASSETS |
|
|
|
| Current assets: |
|
|
|
| Cash and cash equivalents |
$ |
127,981 |
|
|
$ |
108,284 |
|
| Product royalties receivable |
|
18,744 |
|
|
|
22,792 |
|
| Accounts receivable, net |
|
18,167 |
|
|
|
22,759 |
|
| Restricted cash |
|
26,916 |
|
|
|
55,218 |
|
| Inventories |
|
21,570 |
|
|
|
33,121 |
|
| Prepaid expenses and other current
assets |
|
24,324 |
|
|
|
9,186 |
|
| Total current assets |
|
237,702 |
|
|
|
251,360 |
|
| Property and equipment,
net |
|
6,340 |
|
|
|
6,393 |
|
| Intangible assets |
|
139,347 |
|
|
|
130,315 |
|
| Goodwill |
|
71,839 |
|
|
|
60,937 |
|
| In-process research and
development |
|
7,228 |
|
|
|
6,171 |
|
| Deferred charge,
non-current |
|
1,400 |
|
|
|
1,400 |
|
| Convertible note
receivable |
|
5,118 |
|
|
|
- |
|
| Other assets |
|
770 |
|
|
|
605 |
|
| Total assets |
$ |
469,744 |
|
|
$ |
457,181 |
|
| |
|
|
|
| LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
| Current
liabilities: |
|
|
|
| Accounts payable |
$ |
6,166 |
|
|
$ |
11,213 |
|
| Accrued expenses |
|
13,298 |
|
|
|
10,886 |
|
| Collaboration obligation |
|
3,797 |
|
|
|
5,623 |
|
| Income tax payable |
|
6,274 |
|
|
|
6,507 |
|
| Notes payable, current |
|
21,679 |
|
|
|
39,083 |
|
| Other current liabilities |
|
4,421 |
|
|
|
14,815 |
|
| Total current liabilities |
|
55,635 |
|
|
|
88,127 |
|
| |
|
|
|
| Notes payable,
non-current |
|
202,410 |
|
|
|
213,277 |
|
| Deferred revenue,
non-current |
|
937 |
|
|
|
1,088 |
|
| Deferred tax liability,
net |
|
68,570 |
|
|
|
52,497 |
|
| Other liabilities |
|
18,428 |
|
|
|
15,743 |
|
| Total liabilities |
|
345,980 |
|
|
|
370,732 |
|
| |
|
|
|
| |
|
|
|
| Preferred stock, $0.01
par value; 5,000,000 shares authorized at June 30, 2016 and
December 31, 2015; no shares issued and outstanding at June 30,
2016 and December 31, 2015 |
|
- |
|
|
|
- |
|
| Class A common stock,
$0.01 par value; 270,000,000 shares authorized at June 30, 2016 and
December 31, 2015; 45,820,058 and 45,509,150 shares issued and
outstanding at June 30, 2016 and December 31, 2015,
respectively |
|
458 |
|
|
|
455 |
|
| Class B common stock,
$0.01 par value; 75,000,000 shares authorized at June 30, 2016 and
December 31, 2015; no shares issued and outstanding at June 30,
2016 and December 31, 2015 |
|
- |
|
|
|
- |
|
| Additional paid-in
capital |
|
105,133 |
|
|
|
99,212 |
|
| Accumulated other
comprehensive income |
|
49,692 |
|
|
|
13,412 |
|
| Treasury stock, at
cost; 3,009,942 shares at June 30, 2016 and December 31, 2015 |
|
(46,269 |
) |
|
|
(46,269 |
) |
| Retained earnings |
|
14,750 |
|
|
|
19,639 |
|
| Total stockholders' equity |
|
123,764 |
|
|
|
86,449 |
|
| Total liabilities and stockholders'
equity |
$ |
469,744 |
|
|
$ |
457,181 |
|
| |
|
|
|
Contact:
Sucampo Pharmaceuticals, Inc.
Silvia Taylor
Senior Vice President, Investor Relations and Corporate Affairs
1-240-223-3718
staylor@sucampo.com
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