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QUARTERLY FINANCIAL DATA
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Data [Abstract]  
QUARTERLY FINANCIAL DATA

15. 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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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/(expense)

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2018 Quarters (unaudited)

(in thousands, except per share data)

 

First

 

Second

 

Third

Fourth

Net revenues

    

$

46,483

    

$

47,268

    

$

50,703

    

$

57,122

Total operating expenses

 

 

39,946

 

 

40,005

 

 

40,589

 

 

45,677

Operating income

 

 

6,537

 

 

7,263

 

 

10,114

 

 

11,445

Provision for income taxes

 

 

(592)

 

 

(726)

 

 

(1,329)

 

 

(1,910)

Net income

 

$

2,250

 

$

2,777

 

$

5,037

 

$

5,430

Basic and diluted earnings per share:

 

 

  

 

 

  

 

 

  

 

 

  

Basic earnings per share

 

$

0.19

 

$

0.24

 

$

0.43

 

$

0.46

Diluted earnings per share

 

$

0.19

 

$

0.23

 

$

0.42

 

$

0.46