Drug marketer Cumberland Pharmaceuticals posted net income in the second quarter of $709,536, or 4 cents per diluted share, compared to a loss of $648,854 from the same period the year prior.
The company booked revenues in the quarter of $9.8 million, up from $7.1 million in Q2 of 2013. The combined sales of Cumberland's largest drugs, Kristalose and Acetadote, totaled $6.7 million. The company also announced a new three-year line of credit with SunTrust Bank, providing up to $20 million in debt financing to support growth and acquisition initiatives.
"The launch of our two new products, Vaprisol and Omeclamox-Pax, has diversified our business and has contributed to our return to profitability in 2014," CEO A.J. Kazimi said in a release. "We were also pleased to expand our relationship with SunTrust and extend our access to the important source of capital."
Shares of Cumberland Pharmaceutical (Ticker: CPIX) rose slightly Tuesday to close at $4.53. Year to date, they're down 11 percent.
Delek Logistics Partners posted a Q2 profit of $21.8 million versus $11.8 million for the same quarter in 2013. Revenues climbed slightly to $236 million, helped by some early-year asset acquisitions, but the higher margins were also helped by better pricing in the company's wholesale division.
Per diluted limited partner unit, net income rose to 87 cents from 47 cents in the spring of 2013. The company's main wholesale marketing and terminalling business produced a segment contribution margin of $16.0 million during the quarter, up from $6.6 million a year earlier. Through the first half of this year, overall cash flow from operations has more than tripled to $44.8 million.
"Our performance so far in 2014 allows us to declare an increase in the second quarter distribution of 20.3 percent per limited partner unit on a year-over-year basis," said Uzi Yemin, chairman and CEO of Delek Logistics' general partner. "Our distributable cash flow coverage ratio was 2.0 times for the second quarter which gives us the financial flexibility to drive continued growth in both our operations and distributions going forward."
The limited partner units of Delek Logistics (Ticker: DKL) ended Tuesday trading at $33.96. Year to date, they're up 7 percent.
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