Cumberland Pharmaceuticals Inc. (CPIX) has reported a 16.15 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $0.11 million, or $0.01 a share in the quarter, compared with $0.13 million, or $0.01 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $0.96 million, or $0.06 a share compared with $0.68 million or $0.04 a share, a year ago.
Revenue during the quarter grew 11.50 percent to $8.79 million from $7.89 million in the previous year period. Gross margin for the quarter contracted 1002 basis points over the previous year period to 77.55 percent. Total expenses were 98.52 percent of quarterly revenues, up from 96.56 percent for the same period last year. That has resulted in a contraction of 196 basis points in operating margin to 1.48 percent.
Operating income for the quarter was $0.13 million, compared with $0.27 million in the previous year period.
"We have been busy putting the pieces in place to build our sales momentum while expanding our clinical pipeline and maintaining a strong financial position." said A.J. Kazimi, Chief Executive Officer of Cumberland Pharmaceuticals. "We entered the second half of 2016 with renewed excitement and remain focused on our key operating objectives which we believe will take the company to the next level."
Operating cash flow turns negative
Cumberland Pharmaceuticals, Inc. has spent $0.25 million cash to meet operating activities during the nine month period as against cash inflow of $4.55 million in the last year period.
The company has spent $1.62 million cash to meet investing activities during the nine month period as against cash outgo of $2.01 million in the last year period.
The company has spent $0.79 million cash to carry out financing activities during the nine month period as against cash outgo of $4.10 million in the last year period.
Cash and cash equivalents stood at stood at $35.55 million as at Sep. 30, 2016.
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