EX-99.2 3 exhibit2.htm EX-99.2

EX-99.2

CUMBERLAND PHARMACEUTICALS INC.
CONSOLIDATED STATEMENT OF INCOME
FOR THE THREE MONTHS ENDED DECEMBER 31, 2009

Revenues:
Net product revenue		$	10,612,781
Other revenue			101,525
Net revenues			10,714,306
Costs and expenses:
Cost of products sold			865,178
Selling and marketing			5,582,278
Research and development			951,559
General and administrative			2,424,145
Amortization of product license right			171,726
Other			25,985
Total costs and expenses			10,020,871
Operating income			693,435
Interest income			37,322
Interest expense			(342,720	)
Income before income taxes			388,037
Income tax expense			(104,836	)
Net income			283,201
Net loss at subsidiary attributable to noncontrolling interests			6,116
Net income attributable to Cumberland Pharmaceuticals Inc.		$	289,317
Earnings per share attributable to common shareholders
– Basic		$	0.01
– Diluted		$	0.01
Weighted-average shares outstanding
– Basic			20,139,020
– Diluted			21,456,162

(1) Net product revenue was comprised of the following:
Acetadote		$	8,117,526
Kristalose			2,465,255
Caldolor			30,000
		$	10,612,781

Non-GAAP Financial Information:

		Three Months Ended
		December 31, 2009
Net income		$	289,317
Income tax expense			104,836
Depreciation & amortization			210,985
Interest (income) expense, net			305,398
EBITDA			910,536
Adjustments:
Non-cash stock compensation			161,102
Payroll taxes from stock option exercises			–
Caldolor milestone expenses			–
Adjusted EBITDA		$	1,071,638