Cumberland 4Q profit falls on higher costs
Cumberland Pharmaceuticals said Wednesday its fourth-quarter profit fell on higher operating expenses and interest costs tied to the company's credit facility.
The company earned $300,000, or a penny per share, compared with $1.1 million, or 7 cents per share, a year prior. Revenue rose 9 percent to $10.7 million from $9.8 million.
Analysts polled by Thomson Reuters expected a penny per share profit on revenue of $11.5 million.
Operating expenses rose 20 percent to $10 million, mainly for sales and marketing costs as the company launched the injectable ibuprofen Caldolor.
For the full year, the company earned $3.1 million, or 17 cents per share, compared with profit of $4.8 million, or 29 cents per share, in 2008. Revenue rose 24 percent to $43.5 million.
Shares of Cumberland Pharmaceuticals Inc. fell 18 cents to $11.82 in morning trading.