Exhibit 99.1
IGI LABORATORIES, INC. AND SUBSIDIARIES
PROFORMA CONSOLIDATED BALANCE SHEET
(in thousands, except share and per share information)
| March 31, | |
ASSETS |
|
|
Current assets: |
|
|
Cash and cash equivalents | $ | 4,481 |
Accounts receivable less allowance for doubtful accounts of $75 |
| 354 |
Licensing and royalty income receivable |
| 87 |
Inventories |
| 828 |
Prepaid expenses and other current assets |
| 130 |
Total current assets |
| 5,880 |
Property, plant and equipment, net |
| 2,282 |
Restricted cash – long term |
| 50 |
License fee, net |
| 675 |
Other |
| 100 |
Total assets | $ | 8,987 |
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
Current liabilities: |
|
|
Accounts payable | $ | 342 |
Accrued expenses |
| 343 |
Deferred income, current |
| 216 |
Total current liabilities |
| 901 |
Deferred income, long term |
| 38 |
|
|
|
Total liabilities |
| 939 |
|
|
|
Commitments and contingencies |
|
|
|
|
|
Stockholders’ equity: |
|
|
Series A Convertible Preferred stock, $.01 par value, 100 shares |
|
|
Series B-1 Convertible Preferred stock, $.01 par value, 1,030 shares |
|
|
Common stock, $.01 par value, 50,000,000 shares authorized; 18,110,659 and |
|
|
Additional paid-in capital |
| 31,519 |
Accumulated deficit |
| (28,608) |
Less treasury stock, 1,965,740 common shares at cost |
| (1,395) |
Total stockholders’ equity |
| 8,048 |
Total liabilities and stockholders' equity | $ | 8,987 |
IGI LABORATORIES, INC. AND SUBSIDIARIES
PROFORMA CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except shares and per share information)
| Three months ended | |
Revenues: |
|
|
Product sales, net | $ | 505 |
Licensing and royalty income |
| 88 |
Research and development income |
| 1 |
Total revenues |
| 594 |
|
|
|
Costs and Expenses: |
|
|
Cost of sales |
| 600 |
Selling, general and administrative expenses |
| 648 |
Product development and research expenses |
| 119 |
Operating (loss) income |
| (773) |
Interest (expense), net |
| (951) |
|
|
|
Net (loss) income |
| (1,724) |
|
|
|
Dividend accreted for beneficial conversion features |
| (2,488) |
|
|
|
Net (Loss) Income Attributable to Common Stockholders | $ | (4,212) |
|
|
|
|
|
|
Basic (loss) income per share | $ | (.28) |
Diluted (loss) income per share |
| (.28) |
|
|
|
|
|
|
Weighted average shares of common stock outstanding: |
|
|
Basic |
| 14,924,768 |
Diluted |
| 14,924,768 |