QUARTERLY FINANCIAL DATA (unaudited)

12 Months Ended

Dec. 31, 2020

QUARTERLY FINANCIAL DATA (unaudited)

QUARTERLY FINANCIAL DATA (unaudited)

17. QUARTERLY FINANCIAL DATA (unaudited)

The following table presents unaudited quarterly consolidated operating results for each of our last eight fiscal quarters. The information below has been prepared on a basis consistent with our audited consolidated financial statements.

	2020 Quarters (unaudited)
(in thousands, except per share data)	First		Second		Third		Fourth
Net revenues	$	49,774	$	48,470	$	52,979	$	57,252
Total operating expenses		57,616		59,777		50,177		56,921
Operating (loss)/income		(7,842)		(11,307)		2,802		331
Benefit/(provision) for income taxes		2,853		1,443		371		(1,253)
Net (loss)/income	$	(7,011)	$	(12,336)	$	434	$	(3,635)
Basic and diluted (loss)/earnings per share:
Basic (loss)/earnings per share	$	(0.59)	$	(1.03)	$	0.04	$	(0.30)
Diluted (loss)/earnings per share	$	(0.59)	$	(1.03)	$	0.04	$	(0.30)

	2019 Quarters (unaudited)
(in thousands, except per share data)	First		Second		Third		Fourth(1)
Net revenues	$	52,887	$	54,357	$	51,337	$	47,966
Total operating expenses		48,485		45,065		44,009		52,637
Operating income/(loss)		4,402		9,292		7,328		(4,671)
(Provision)/benefit for income taxes		(469)		653		(64)		2,817
Net income/(loss)	$	449	$	6,585	$	3,895	$	(4,835)
Basic and diluted earnings/(loss) per share:
Basic earnings/(loss) per share	$	0.04	$	0.55	$	0.32	$	(0.41)
Diluted earnings/(loss) per share	$	0.04	$	0.53	$	0.32	$	(0.41)

(1) During the fourth quarter 2019, we recognized a $4.6 million inventory reserve charge, primarily related to our exit from the market of Methylphenidate Extended Release. We also recognized Cortrophin pre-launch charges of $6.5 million.