Igi Laboratories Announces First Quarter 2014 Results


The following excerpt is from the company's SEC filing.

BUENA, NJ - (PR NEWSWIRE) – IGI Laboratories, Inc. (NYSE MKT: IG), a New Jersey based topical generic drug development and manufacturing company, announced its financial results for the first quarter ended March 31, 2014.

 • Total net revenues generated from the sale of IGI label generic topical pharmaceutical products for the three months ended March 31, 2014 were $2.9 million, an increase of 108% over the same quarter in 2013

 • Gross profit for the period ended March 31, 2014 grew to 42% as compared to 30% in the same period of 2013

 • Net income was $0.2 million in the first quarter of 20 14, compared to a net loss of $0.3 million in the same period in 2013

IGI’s President and Chief Executive Officer, Jason Grenfell-Gardner, stated, “The first quarter represents a strong start to our year of transformation. We received our first ANDA approval for lidocaine hydrochloride USP 4% topical solution in March. This was a huge milestone for IGI, and validated our organic research and development expertise. On the financial front, we increased total revenue 86 percent over the same quarter last year, and improved margins to end the first quarter of 2014 with a gross margin of 42%, compared to 30% one year ago. As promised, we maintained profitability in the first quarter of 2014, even though we significantly increased our expenses related to research and development. We continue to expect to file at least ten ANDAs in 2014, and we have accelerated our R&D efforts in order to meet our commitments.” Mr. Grenfell-Gardner continued, “We continue to expect revenue to increase between 40% and 45% over 2013. We are committed to sustain profitability in 2014, even though we plan to at least double our spending in research and development in 2014 over 2013.” The Company will hold a conference call today at 4:30 pm ET to discuss first quarter 2014 results. The Company invites you to listen to the call by dialing 1-866-515-2913. International participants should call 1-617-399-5127. The passcode for the conference call is 66700649. This call is being webcast by NASDAQ OMX and can be accessed at IGI's website at www.igilabs.com. The webcast is also being distributed through third party distribution channels, including the StreetEvents Network operated by Thompson Reuters (Markets) LLC and its affiliates. 1 IGI LABORATORIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS For the three months ended March 31, 2014 and 2013 (in thousands, except shares and per share information) (Unaudited)  2014  2013 Revenues:            Product sales, net $ 6,383   $ 3,467       Research and development income  313    159       Licensing, royalty and other revenue  157    57            Total revenues  6,853    3,683         Costs and Expenses:            Cost of sales  3,987    2,575       Selling, general and administrative expenses  1,282    679       Product development and research expenses  1,365    658            Total costs and expenses  6,634    3,912  Operating income (loss)  219    (229) Interest expense and other, net  (52)   (28)        Net Income (Loss) $ 167   $ (257)             Basic income (loss) per share $ 0.00   $ (0.01)      Diluted income (loss) per share $ 0.00   $ (0.01)        Weighted average shares of common stock outstanding:            Basic 46,826,733   42,933,146       Diluted 48,529,603   42,933,146  2 IGI LABORATORIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share information) (Unaudited)

     Common stock, $0.01 par value, 60,000,000 shares authorized;       47,019,121 and 46,748,575 shares issued and outstanding as of       March 31, 2014 and December 31, 2013, respectively   490     487 

*Derived from the audited December 31, 2013 financial statements 3 IGI LABORATORIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the three months ended March 31, 2014 and 2013 (in thousands) (Unaudited)

IGI Laboratories is a developer and manufacturer of topical formulations for the pharmaceutical, OTC, and cosmetic markets. Our mission is to be a leading player in the generic topical prescription drug market.

The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here. IGI Laboratories next reports earnings on April 29, 2014.

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