UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 7, 2014
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Sucampo Pharmaceuticals, Inc.
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(Exact Name of Registrant as Specified in Charter)
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Delaware
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001-33609
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30-0520478
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(State or Other Juris-
diction of Incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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4520 East-West Highway, 3rd Floor
Bethesda, Maryland
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20814
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (301) 961-3400
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(Former Name or Former Address, if Changed Since Last Report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
On May 7, 2014, Sucampo Pharmaceuticals, Inc. (“the Company”) announced its consolidated financial results for the quarter ended March 31, 2014. The financial statement schedules were inadvertently not attached. Those schedules are attached to this amendment to the Current Report on Form 8-K/A.
The information in this Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following exhibit relating to Item 2.02 shall be deemed to be furnished, and not filed:
99.1 Financial Statement Schedules on May 7, 2014.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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SUCAMPO PHARMACEUTICALS, INC.
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Date: May 7, 2014
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By: |
/s/ Thomas J. Knapp
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Name: Thomas J. Knapp
Title: EVP, Chief Legal Officer and Corporate Secretary
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Exhibit 99.1
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Sucampo Pharmaceuticals, Inc.
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Consolidated Statements of Operations and Comprehensive Income (unaudited)
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(in thousands, except per share data)
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Three Months Ended March 31,
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2014
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2013
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Revenues:
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Research and development revenue
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$ | 1,784 | $ | 2,800 | ||||
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Product royalty revenue
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13,501 | 11,677 | ||||||
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Co-promotion revenue
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362 | 61 | ||||||
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Contract and collaboration revenue
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202 | 164 | ||||||
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Product sales revenue
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6,312 | 2,217 | ||||||
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Total revenues
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22,161 | 16,919 | ||||||
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Costs and expenses:
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Cost of goods sold
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3,517 | 1,282 | ||||||
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Research and development
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5,135 | 5,629 | ||||||
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General and administrative
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7,257 | 7,227 | ||||||
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Selling and marketing
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3,647 | 5,389 | ||||||
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Total costs and expenses
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19,556 | 19,527 | ||||||
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Income (loss) from operations
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2,605 | (2,608 | ) | |||||
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Non-operating income (expense):
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Interest income
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57 | 19 | ||||||
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Interest expense
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(400 | ) | (495 | ) | ||||
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Other income (expense), net
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(323 | ) | 1,081 | |||||
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Total non-operating income (expense), net
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(666 | ) | 605 | |||||
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Income (loss) before income taxes
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1,939 | (2,003 | ) | |||||
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Income tax provision
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(1,264 | ) | (1,142 | ) | ||||
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Net income (loss)
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$ | 675 | $ | (3,145 | ) | |||
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Net income (loss) per share:
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Basic net income (loss) per share
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$ | 0.02 | $ | (0.08 | ) | |||
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Diluted net income (loss) per share
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$ | 0.02 | $ | (0.08 | ) | |||
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Weighted average common shares outstanding - basic
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43,401 | 41,461 | ||||||
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Weighted average common shares outstanding - diluted
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44,264 | 41,461 | ||||||
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Comprehensive income (loss):
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Net income (loss)
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$ | 675 | $ | (3,145 | ) | |||
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Other comprehensive income (loss):
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Unrealized loss on investments, net of tax effect
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7 | (14 | ) | |||||
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Foreign currency translation
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(118 | ) | 51 | |||||
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Comprehensive income (loss)
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$ | 564 | $ | (3,108 | ) | |||
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Sucampo Pharmaceuticals, Inc.
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Consolidated Balance Sheets (unaudited)
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(in thousands, except share data)
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March 31,
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December 31,
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2014
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2013
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ASSETS:
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Current assets:
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Cash and cash equivalents
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$ | 56,142 | $ | 44,102 | ||||
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Investments, current
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15,534 | 16,003 | ||||||
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Product royalties receivable
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13,501 | 14,829 | ||||||
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Unbilled accounts receivable
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2 | 1 | ||||||
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Accounts receivable, net
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4,441 | 5,407 | ||||||
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Prepaid and income taxes receivable
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- | 9 | ||||||
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Deferred tax assets, current
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2,148 | 2,028 | ||||||
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Deferred charge, current
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673 | 673 | ||||||
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Restricted cash, current
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26,115 | 26,115 | ||||||
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Inventory
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455 | 209 | ||||||
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Prepaid expenses and other current assets
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3,618 | 3,977 | ||||||
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Total current assets
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122,629 | 113,353 | ||||||
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Investments, non-current
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5,716 | 7,219 | ||||||
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Property and equipment, net
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1,084 | 1,156 | ||||||
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Intangibles assets, net
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6,194 | 6,438 | ||||||
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Deferred tax assets, non-current
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1,314 | 1,212 | ||||||
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Deferred charge, non-current
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4,372 | 4,540 | ||||||
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Restricted cash, non-current
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2,481 | 2,471 | ||||||
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Other assets
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455 | 584 | ||||||
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Total assets
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$ | 144,245 | $ | 136,973 | ||||
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LIABILITIES AND STOCKHOLDERS' EQUITY:
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Current liabilities:
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Accounts payable
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$ | 5,988 | $ | 7,614 | ||||
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Accrued expenses
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6,004 | 5,682 | ||||||
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Deferred revenue, current
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1,617 | 1,365 | ||||||
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Income tax payable
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694 | 701 | ||||||
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Notes payable, current
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27,348 | 26,892 | ||||||
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Other current liabilities
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1,922 | 358 | ||||||
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Total current liabilities
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43,573 | 42,612 | ||||||
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Notes payable, non-current
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25,819 | 25,828 | ||||||
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Deferred revenue, non-current
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5,998 | 6,169 | ||||||
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Deferred tax liability, non-current
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1,853 | 2,066 | ||||||
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Other liabilities
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1,596 | 2,150 | ||||||
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Total liabilities
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78,839 | 78,825 | ||||||
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Stockholders' equity:
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Preferred stock, $0.01 par value; 5,000,000 shares authorized at March 31, 2014 and December 31, 2013;
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no shares issued and outstanding at March 31, 2014 and December 31, 2013
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- | - | ||||||
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Class A common stock, $0.01 par value; 270,000,000 shares authorized at March 31, 2014 and December 31,
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2013; 44,085,203 and 43,315,749 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively
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440 | 432 | ||||||
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Class B common stock, $0.01 par value; 75,000,000 shares authorized at March 31, 2014 and December 31,
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2013; no shares issued and outstanding at March 31, 2014 and December 31, 2013
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- | - | ||||||
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Additional paid-in capital
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78,795 | 72,109 | ||||||
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Accumulated other comprehensive income
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15,490 | 15,601 | ||||||
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Treasury stock, at cost; 524,792 and 524,792 shares
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(2,313 | ) | (2,313 | ) | ||||
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Accumulated deficit
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(27,006 | ) | (27,681 | ) | ||||
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Total stockholders' equity
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65,406 | 58,148 | ||||||
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Total liabilities and stockholders' equity
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$ | 144,245 | $ | 136,973 | ||||
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Sucampo Pharmaceuticals, Inc.
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Key Segment Information (unaudited)
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(In thousands)
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Americas
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Europe
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Asia
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Consolidated
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Three Months Ended March 31, 2014
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Research and development revenue
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$ | 1,784 | $ | - | $ | - | $ | 1,784 | ||||||||
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Product royalty revenue
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13,501 | - | - | 13,501 | ||||||||||||
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Product sales revenue
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158 | 56 | 6,098 | 6,312 | ||||||||||||
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Co-promotion revenue
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362 | - | - | 362 | ||||||||||||
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Contract and collaboration revenue
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142 | 50 | 10 | 202 | ||||||||||||
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Total revenues
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15,947 | 106 | 6,108 | 22,161 | ||||||||||||
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Cost of goods sold
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150 | 25 | 3,342 | 3,517 | ||||||||||||
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Research and development expenses
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2,589 | 1,412 | 1,134 | 5,135 | ||||||||||||
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Depreciation and amortization
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188 | 166 | 7 | 361 | ||||||||||||
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Other operating expenses
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7,841 | 2,234 | 468 | 10,543 | ||||||||||||
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Income (loss) from operations
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5,179 | (3,731 | ) | 1,157 | 2,605 | |||||||||||
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Interest income
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21 | 3 | 33 | 57 | ||||||||||||
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Interest expense
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(359 | ) | - | (41 | ) | (400 | ) | |||||||||
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Other non-operating expense, net
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(3 | ) | 48 | (368 | ) | (323 | ) | |||||||||
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Income (loss) before income taxes
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$ | 4,838 | $ | (3,680 | ) | $ | 781 | $ | 1,939 | |||||||
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Capital expenditures
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$ | 41 | $ | - | $ | - | $ | 41 | ||||||||
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Three Months Ended March 31, 2013
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Research and development revenue
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$ | 2,800 | $ | - | $ | - | $ | 2,800 | ||||||||
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Product royalty revenue
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11,677 | - | - | 11,677 | ||||||||||||
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Product sales revenue
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1 | 8 | 2,208 | 2,217 | ||||||||||||
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Co-promotion revenue
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61 | - | - | 61 | ||||||||||||
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Contract and collaboration revenue
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141 | 12 | 11 | 164 | ||||||||||||
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Total revenues
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14,680 | 20 | 2,219 | 16,919 | ||||||||||||
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Cost of goods sold
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23 | 5 | 1,254 | 1,282 | ||||||||||||
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Research and development expenses
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1,282 | 2,671 | 1,676 | 5,629 | ||||||||||||
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Depreciation and amortization
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122 | 250 | 9 | 381 | ||||||||||||
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Other operating expenses
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10,317 | 598 | 1,320 | 12,235 | ||||||||||||
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Income (loss) from operations
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2,936 | (3,504 | ) | (2,040 | ) | (2,608 | ) | |||||||||
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Interest income
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15 | 4 | - | 19 | ||||||||||||
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Interest expense
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- | (460 | ) | (35 | ) | (495 | ) | |||||||||
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Other non-operating expense, net
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(16 | ) | (192 | ) | 1,289 | 1,081 | ||||||||||
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Income (loss) before income taxes
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$ | 2,935 | $ | (4,152 | ) | $ | (786 | ) | $ | (2,003 | ) | |||||
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Capital expenditures
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$ | 14 | $ | 103 | $ | 3 | $ | 120 | ||||||||