Sucampo Pharmaceuticals 8-K/A Results of Operations and Financial Condition

Exhibit 99.1

Sucampo Pharmaceuticals, Inc.
Consolidated Statements of Operations and Comprehensive Income  (unaudited)
(in thousands, except per share data)
	Three Months Ended March 31,
	2014			2013
Revenues:
Research and development revenue	$	1,784		$	2,800
Product royalty revenue		13,501			11,677
Co-promotion revenue		362			61
Contract and collaboration revenue		202			164
Product sales revenue		6,312			2,217
Total revenues		22,161			16,919
Costs and expenses:
Cost of goods sold		3,517			1,282
Research and development		5,135			5,629
General and administrative		7,257			7,227
Selling and marketing		3,647			5,389
Total costs and expenses		19,556			19,527
Income (loss) from operations		2,605			(2,608	)
Non-operating income (expense):
Interest income		57			19
Interest expense		(400	)		(495	)
Other income (expense), net		(323	)		1,081
Total non-operating income (expense), net		(666	)		605
Income (loss) before income taxes		1,939			(2,003	)
Income tax provision		(1,264	)		(1,142	)
Net income (loss)	$	675		$	(3,145	)
Net income (loss) per share:
Basic net income (loss) per share	$	0.02		$	(0.08	)
Diluted net income (loss) per share	$	0.02		$	(0.08	)
Weighted average common shares outstanding - basic		43,401			41,461
Weighted average common shares outstanding - diluted		44,264			41,461
Comprehensive income (loss):
Net income (loss)	$	675		$	(3,145	)
Other comprehensive income (loss):
Unrealized loss on investments, net of tax effect		7			(14	)
Foreign currency translation		(118	)		51
Comprehensive income (loss)	$	564		$	(3,108	)

Sucampo Pharmaceuticals, Inc.
Consolidated Balance Sheets (unaudited)
(in thousands, except share data)
	March 31,			December 31,
	2014			2013
ASSETS:
Current assets:
Cash and cash equivalents	$	56,142		$	44,102
Investments, current		15,534			16,003
Product royalties receivable		13,501			14,829
Unbilled accounts receivable		2			1
Accounts receivable, net		4,441			5,407
Prepaid and income taxes receivable		-			9
Deferred tax assets, current		2,148			2,028
Deferred charge, current		673			673
Restricted cash, current		26,115			26,115
Inventory		455			209
Prepaid expenses and other current assets		3,618			3,977
Total current assets		122,629			113,353
Investments, non-current		5,716			7,219
Property and equipment, net		1,084			1,156
Intangibles assets, net		6,194			6,438
Deferred tax assets, non-current		1,314			1,212
Deferred charge, non-current		4,372			4,540
Restricted cash, non-current		2,481			2,471
Other assets		455			584
Total assets	$	144,245		$	136,973
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable	$	5,988		$	7,614
Accrued expenses		6,004			5,682
Deferred revenue, current		1,617			1,365
Income tax payable		694			701
Notes payable, current		27,348			26,892
Other current liabilities		1,922			358
Total current liabilities		43,573			42,612
Notes payable, non-current		25,819			25,828
Deferred revenue, non-current		5,998			6,169
Deferred tax liability, non-current		1,853			2,066
Other liabilities		1,596			2,150
Total liabilities		78,839			78,825
Stockholders' equity:
Preferred stock, $0.01 par value; 5,000,000 shares authorized at March 31, 2014 and December 31, 2013;
no shares issued and outstanding at March 31, 2014 and December 31, 2013		-			-
Class A common stock, $0.01 par value; 270,000,000 shares authorized at March 31, 2014 and December 31,
2013; 44,085,203 and 43,315,749 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively		440			432
Class B common stock, $0.01 par value; 75,000,000 shares authorized at March 31, 2014 and December 31,
2013;  no shares issued and outstanding at March 31, 2014 and December 31, 2013		-			-
Additional paid-in capital		78,795			72,109
Accumulated other comprehensive income		15,490			15,601
Treasury stock, at cost; 524,792 and 524,792 shares		(2,313	)		(2,313	)
Accumulated deficit		(27,006	)		(27,681	)
Total stockholders' equity		65,406			58,148
Total liabilities and stockholders' equity	$	144,245		$	136,973

Sucampo Pharmaceuticals, Inc.
Key Segment Information (unaudited)
(In thousands)	Americas			Europe			Asia			Consolidated
Three Months Ended March 31, 2014
Research and development revenue	$	1,784		$	-		$	-		$	1,784
Product royalty revenue		13,501			-			-			13,501
Product sales revenue		158			56			6,098			6,312
Co-promotion revenue		362			-			-			362
Contract and collaboration revenue		142			50			10			202
Total revenues		15,947			106			6,108			22,161
Cost of goods sold		150			25			3,342			3,517
Research and development expenses		2,589			1,412			1,134			5,135
Depreciation and amortization		188			166			7			361
Other operating expenses		7,841			2,234			468			10,543
Income (loss) from operations		5,179			(3,731	)		1,157			2,605
Interest income		21			3			33			57
Interest expense		(359	)		-			(41	)		(400	)
Other non-operating expense, net		(3	)		48			(368	)		(323	)
Income (loss) before income taxes	$	4,838		$	(3,680	)	$	781		$	1,939
Capital expenditures	$	41		$	-		$	-		$	41
Three Months Ended March 31, 2013
Research and development revenue	$	2,800		$	-		$	-		$	2,800
Product royalty revenue		11,677			-			-			11,677
Product sales revenue		1			8			2,208			2,217
Co-promotion revenue		61			-			-			61
Contract and collaboration revenue		141			12			11			164
Total revenues		14,680			20			2,219			16,919
Cost of goods sold		23			5			1,254			1,282
Research and development expenses		1,282			2,671			1,676			5,629
Depreciation and amortization		122			250			9			381
Other operating expenses		10,317			598			1,320			12,235
Income (loss) from operations		2,936			(3,504	)		(2,040	)		(2,608	)
Interest income		15			4			-			19
Interest expense		-			(460	)		(35	)		(495	)
Other non-operating expense, net		(16	)		(192	)		1,289			1,081
Income (loss) before income taxes	$	2,935		$	(4,152	)	$	(786	)	$	(2,003	)
Capital expenditures	$	14		$	103		$	3		$	120