Cumberland Pharmaceuticals posted profits of about $900,000 in the fourth quarter of 2011, in line with its numbers from the year before. Per diluted share, earnings were 4 cents, a penny below what analysts had been looking for.
Nashville-based Cumberland said revenues rose slightly from late 2010 to $13 million but added that its cost of goods sold and R&D spending pushed up total operating costs more than 6 percent to $11.3 million.
Looking ahead to the rest of 2012, Cumberland CEO A.J. Kazimi said his team expects to produce earnings per diluted share to be between 32 cents and 36 cents per share. That's well below analysts' consensus estimate of 46 cents.
Shares of Cumberland (Ticker: CPIX) closed at $7.93 on Wednesday, up more than 2 percent on the day. They've risen more than 30 percent in the past three months.
Automotive insurer First Acceptance reported a loss of $25.7 million in the quarter ended Dec. 31, a number that included a goodwill impairment charge of more than $21 million. Revenues for the quarter fell about 5 percent to $49.1 million.
Green Hills-based First Acceptance said its quarterly combined ratio — which measures underwriting expenses and losses versus premium revenues — rose to 110.5 percent from 105 percent in late 2010 in part because it needed to boost its loss reserves for previous quarters.
The $21.1 million impairment charge was due to a number of factors, including the December sale to the company by two co-founders of large blocks of shares. The move eliminates the last of First Acceptance's goodwill.
Shares of First Acceptance (Ticker: FAC) closed up 2 percent at $1.45 on Wednesday. They're up more than 20 percent in the past three months.
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